Investment Rating - The report highlights the deep-sea technology sector as a strategic emerging industry, with a projected global market size exceeding $500 billion by 2025, growing at an annual rate of over 15% [1][4]. Core Insights - The report emphasizes the rapid development of the global deep-sea technology market, with significant investment opportunities in sub-sectors such as deep-sea equipment manufacturing, resource exploration, and deep-sea biomedicine [1][4]. - The Chinese deep-sea economy is expected to reach approximately $3.25 trillion by 2025, accounting for 25% of the total marine economy, with a growth rate exceeding 20% [43][44]. Summary by Sections Industry Overview - The deep-sea technology sector has been recognized as a key area for strategic development, with the Chinese government prioritizing its growth in the 2025 Government Work Report [1][4]. - The global deep-sea technology market is projected to surpass $500 billion by 2025, with a compound annual growth rate (CAGR) of over 15% [1][4]. Industry Status - The report indicates that the global deep-sea technology market is experiencing rapid growth, with the deep-sea oil and gas sector remaining a cornerstone, while emerging fields like underwater mining and underwater vehicles are also expanding significantly [37][39]. - The underwater mining market is expected to grow from approximately $3.7 billion in 2024 to $15.9 billion by 2029, with a CAGR of 33.7% [37][39]. Investment Strategy - The report suggests focusing on investment opportunities in extreme environment equipment that relies on high-strength titanium alloys, nanocomposite materials, and intelligent control systems [4][37]. - Short-term strategies include capitalizing on domestic replacements driven by policy support, while long-term strategies should focus on breakthroughs in materials and core components [4][37]. Industry Chain and Key Enterprises - The report categorizes the industry chain into upstream (materials and technology), midstream (precision components and complete equipment), and downstream (applications and commercialization scenarios) [52][53]. - Key players in the upstream segment include companies like Western Materials and BaoTi Co., while midstream players include China Shipbuilding and China Heavy Industry [52][53].

证 券 研 究 报 告 2025 年 6 月 9 日星期一 2 年期美债收益率涨 11.02 个基点报 4.0345% 5 年期美债收益率涨 12.79 个基点报 4.1225% 10 年期美债收益率涨 11.11 个基点报 4.5056% 【实时热点】 【美国债市】 资料来源：BLOOMBERG、AASTOCKS、WIND、格隆汇、国元证券经纪（香港）整理 1 请务必阅读免责条款 美国 5 月非农就业人数增加 13.9 万人，高于市场预期 特朗普仍敦促美联储主席鲍威尔将利率下调一个百分点 美联储哈克：美联储今年晚些时候仍有可能降息 日本央行据悉考虑放缓削减购债规模的步伐 俄央行下调基准利率至 20% 印度央行降息 50 个基点，为今年连续第三次降息 哈佛报告称中国生物技术有望超美 中国 2024 年海洋生产总值首次突破 10 万亿元 崔东树：5 月新能源车促销降到 11%的中高位 雷军：小米 su7ultra 即将入驻《Gran Turismo 7》 【经济数据】 | 重要指数 | 收市价 | 涨跌(%) | 海外市场重要指数 | 收市价 | 涨跌(%) | | --- | --- | --- | --- ...

上周A股 过去一周（6月3日—6月6日），三大股指集体上涨。截至6月6日收盘，上证指数周涨幅1.13%，报 3385.36点；深证成指周涨幅1.42%，报10183.70点；创业板指周涨幅2.32%，报2039.44点。 具体来看，约75%的个股周内实现上涨，103股周涨超15%，13股跌幅超15%。元件、非金属材料、通信 设备、文娱用品、金属新材料等板块涨幅居前，商用车、白色家电、饮料乳品、调味发酵品、动物保健 等板块跌幅居前。 | 名称 | 最新点位 | 涨跌幅 | | --- | --- | --- | | 上证指数 | 3385 36 | +37.87 (1.13%) | | 深证指数 | 10183.7 | +143.07 (1.42%) | | 创业板指 | 2039.44 | +46.25(2.32%) | | | 日期:6月2日-6月6日 制图:21投资通 | | 周五外盘 纽约股市三大股指6月6日上涨。截至6月6日收盘，道琼斯工业平均指数比前一交易日上涨443.13点，收 于42762.87点，涨幅为1.05%；标准普尔500种股票指数上涨61.06点，收于6000.36点，涨幅为1.03% ...

Macro Economic Indicators - As of the end of May, China's gold reserves stood at 73.83 million ounces (approximately 2,296.37 tons), marking an increase of 60,000 ounces (about 1.86 tons) month-on-month, representing the seventh consecutive month of gold accumulation by the central bank [1][3]. - The National Bureau of Statistics released the Consumer Price Index (CPI) and Producer Price Index (PPI) for May on June 9 [2][3]. - The 2025 China Marine Economy Development Index was released on June 8, indicating a 2.3% year-on-year growth, with the index projected to reach 125.2 in 2024, reflecting strong momentum in marine economic development [1][3]. Company Developments - BYD held its 2024 shareholder meeting on June 6, where Chairman Wang Chuanfu expressed confidence in achieving a sales target of 10 million vehicles in the next 5-10 years, emphasizing the importance of intelligent driving technology [15]. - Stone Technology announced plans to issue H-shares and list on the Hong Kong Stock Exchange to enhance global brand recognition and optimize capital structure [18]. - China Petroleum & Chemical Corporation (Sinopec) and Shanghai Electric Group discussed expanding their cooperation following a strategic agreement signed last year [18]. Market Trends - The first quarter of this year saw a 67.8% year-on-year increase in international cruise passenger transport in China, highlighting the robust growth of the marine economy [12]. - The number of newly registered private equity securities investment funds increased by over 45% year-on-year as of May 31, indicating a surge in both new and existing capital entering the market [13]. - High dividend returns and value enhancement strategies are being promoted by the Shanghai Stock Exchange to boost investor confidence and market activity [8]. Regulatory and Governance Updates - The State-owned Assets Supervision and Administration Commission (SASAC) issued new guidelines for the development planning of central enterprises, establishing a three-tier planning system [6]. - The China Securities Regulatory Commission approved the Central Huijin Investment Co., Ltd. as the actual controller of several securities and fund management companies [9][11].

Group 1: Emerging Marine Industries - The marine economy structure in China is optimizing and upgrading, with an index of 131.0, reflecting a 1.8% increase from the previous year [2] - The added value of emerging marine industries has grown by 7.2% year-on-year, indicating a rising proportion within the marine economy [2] - The IPO financing scale for marine-related enterprises reached 11.4 billion yuan, accounting for 17.0% of the total IPO financing [2] Group 2: Deep Sea Technology Developments - The National Ocean Comprehensive Test Field (Deep Sea) has been launched, covering an area of approximately 400 square kilometers at depths of 1300 to 1500 meters [3] - The test field aims to enhance capabilities in deep sea access, exploration, and development, serving as a public service platform for technology R&D and product incubation [3] - A digital intelligent system for deep-sea seamounts will be officially released at the UN Ocean Conference, marking a significant advancement in AI applications in deep-sea technology [3] Group 3: Marine Tourism Growth - The marine tourism market in China is experiencing significant growth, with a 14% year-on-year increase in domestic tourist numbers in coastal cities [4] - The marine tourism industry is projected to achieve an added value of 1.6135 trillion yuan in 2024, reflecting a 9.2% increase from the previous year [4] - Royal Caribbean International plans to continue deploying cruise services in China, enhancing the integration of cruise vacations into urban lifestyles [4][5]

Group 1: Marine Economy Development - The marine economy in China has maintained a GDP contribution of around 8% since the start of the 14th Five-Year Plan, highlighting its significance in high-quality development [1] - The marine economy is emerging as a new engine of productivity, with sectors like methane hydrate extraction and offshore wind power gaining traction [1] Group 2: Shandong's Marine Industry - Shandong province, which has a coastline accounting for one-sixth of the national total, is actively developing a modern marine economy [3] - The province is focusing on marine engineering equipment manufacturing, marine pharmaceuticals, marine power, and seawater desalination as key emerging industries [5] Group 3: Ningbo-Zhoushan Port - Ningbo-Zhoushan Port is the only port in the world to have an annual cargo throughput exceeding 1 billion tons for 16 consecutive years, with over 200 deep-water berths [6] - The port has achieved a container throughput of 13.568 million TEUs from January to April this year, representing a year-on-year growth of 9.9% [7] Group 4: Marine Aquaculture - China has established 169 national-level marine ranches, with deep-sea aquaculture water bodies reaching 56.6 million cubic meters and an annual output of 470,000 tons, accounting for nearly 60% of global aquaculture production [18] - The marine product output in the first quarter of this year saw a year-on-year increase of 4.5%, with seawater aquaculture production rising by 5.7% [19]

Core Viewpoint - The construction of a maritime power is a significant strategic task for the realization of the great rejuvenation of the Chinese nation, as emphasized by General Secretary Xi Jinping, who has consistently highlighted the importance of ocean development and management [2][3]. Group 1: Ocean Economic Development - The ocean covers 70% of the Earth's surface and is rich in mineral, oil, gas, and biological resources, making ocean economic development promising [3]. - Xi Jinping has advocated for enhancing marine resource development capabilities and transitioning to a quality and efficiency-oriented marine economy [3]. - The 20th National Congress of the Communist Party of China proposed to improve the system and mechanism for promoting marine economic development, indicating a commitment to high-quality growth in this sector [4]. Group 2: Marine Technology Advancement - Advanced marine technology is a key indicator of a maritime power, with a focus on achieving high-level self-reliance and strength in marine technology [5][9]. - Significant achievements in marine technology include the successful deep-sea explorations by various submersibles and drilling vessels, which reflect China's growing capabilities in deep-sea exploration and research [8][9]. Group 3: Marine Ecological Protection - The development of the marine economy must be balanced with the protection of the marine ecological environment, as highlighted in the 20th National Congress report [10][11]. - Xi Jinping has emphasized the importance of protecting marine biodiversity and integrating ecological civilization into marine development strategies [13][14]. Group 4: Building a Maritime Community - The concept of a maritime community, proposed by Xi Jinping, emphasizes the importance of international cooperation in ocean governance and sustainable development [15][16]. - China's participation in global ocean governance and the promotion of a maritime community are seen as essential for addressing global marine issues and fostering peaceful and prosperous seas [17][18].

Group 1 - The core theme of the article emphasizes the transition of the marine economy towards a "green" model, highlighting the ecological improvements and the potential for sustainable development [1][2] - China's marine economy is projected to exceed 10 trillion yuan in total output by 2024, accounting for 7.8% of GDP, indicating strong growth resilience and potential [1] - The number of registered deep-sea technology-related enterprises in China has surpassed 10,000, with a total of 172,700 such companies, nearly 60% of which were established within the last three years [1] Group 2 - Various regions are showcasing innovative practices, such as Fujian's initiatives in fishery carbon sinks, transforming "blue pastures" into extensive "carbon pools" [2] - The integration of marine tourism and ecological protection is evident, with tourism revenues being reinvested into ecological restoration and industrial upgrades, promoting a harmonious relationship between economy and environment [2] - The article calls for strategic long-term planning to ensure the sustainable development of deep-sea industries, contributing to China's high-quality economic growth [2]

Core Viewpoint - The article highlights the significant growth of China's marine economy, projected to exceed 10 trillion yuan in 2024, emphasizing the harmonious coexistence of economic development and ecological protection in marine industries [1][12]. Marine Economy Development - China's marine economy is experiencing robust growth across various sectors, including marine fisheries, manufacturing, services, and emerging industries, contributing significantly to national economic growth [1][12]. - In Hainan, the marine production value is expected to grow by 10.4% in 2024, accounting for 34.1% of the regional GDP, driven by technological and industrial innovation [12]. Innovative Agricultural Practices - The cultivation of salt-tolerant crops, such as "sea worm grass," in saline-alkali land demonstrates an innovative approach to utilizing coastal areas for agriculture, promoting both economic and ecological benefits [2][5]. - The economic value of sea worm grass is substantial, with stable income of approximately 50,000 yuan per acre, while also contributing to environmental restoration by filtering nutrients from aquaculture [2][5]. Marine Engineering Materials - Research on long-lasting engineering materials is crucial for marine activities facing harsh conditions, with a new national laboratory established to address material corrosion issues that result in significant global economic losses [6][8]. - The laboratory aims to develop materials that can withstand the unique challenges of tropical marine environments, enhancing the durability of marine equipment [6][8]. Ecological Restoration Efforts - The Hainan Dongzhai Port National Nature Reserve, the largest mangrove area in China, is undergoing comprehensive ecological restoration, balancing protection and development [8][9]. - Increased public awareness and community involvement have led to improved biodiversity, with the number of bird species in the reserve rising from 185 to 230, indicating successful ecological recovery [9].

今天(6月8日)是第十七个"世界海洋日"和第十八个"全国海洋宣传日"。自然资源部在海南发布的《2025 中国海洋经济发展指数》显示，去年我国海洋生产总值首次突破10万亿元，比上年增长5.9%。(央视新 闻) ...