Investment Rating - The report provides an investment rating of "Outperform the Market" for the marine economy sector, particularly focusing on marine fisheries [47]. Core Insights - The report emphasizes the transformation and upgrading opportunities in marine fisheries, driven by the government's focus on "deep-sea technology" as highlighted in the 2025 government work report [4]. - The marine fisheries sector is expected to see continuous growth in total output value, with the potential emergence of leading companies due to innovations in breeding models and the shift from nearshore to offshore fishing [6][36]. - The report identifies various innovative development models in marine aquaculture, including "Fisheries+", "Marine Engineering+", "Ecological+", "Leisure+", and "New Energy+" [5][18][21][24][33]. Summary by Sections Marine Economy Overview - The domestic marine production value has surpassed 10 trillion yuan, becoming a significant driver of GDP growth, with a reported value of 10.54 trillion yuan in 2024, reflecting a year-on-year growth of 5.9% [9]. - The marine fisheries sector's annual output value is nearing 800 billion yuan, with marine aquaculture contributing 488.5 billion yuan and marine capture fisheries contributing 261.8 billion yuan in 2023 [12]. Development Trends - The report outlines the historical development phases of marine fisheries, indicating a shift towards sustainable practices and ecological protection since 2012 [15][16]. - The future transformation of domestic marine fisheries is anticipated to accelerate, with a focus on optimizing resource utilization and enhancing offshore fishing capabilities [39]. Innovative Models in Marine Aquaculture - The "Fisheries+" model focuses on value-added aquaculture, utilizing artificial reefs and ecological farming methods [18]. - The "Marine Engineering+" model aims to integrate high-end equipment and technology into marine ranching, promoting collaboration with tourism and new energy sectors [21]. - The "Ecological+" model emphasizes environmental protection and restoration, facilitating the development of tourism and public services [24]. - The "Leisure+" model combines recreational fishing with tourism and cultural experiences [28]. - The "New Energy+" model integrates renewable energy projects with aquaculture activities, promoting sustainable development [33]. Offshore Fishing Trends - The report notes a significant trend of moving from nearshore to offshore fishing due to the depletion of nearshore resources, with large specialized fishing companies expected to lead this transition [36]. - The implementation of fishing moratoriums and policies to protect marine resources is highlighted as a strategic goal for the development of offshore fisheries [39]. Potential Investment Targets - The report suggests focusing on leading companies in marine aquaculture and capture fisheries, which are well-positioned to benefit from the ongoing transformation in the industry [7][44].

Investment Rating - The industry rating is "Outperform the Market" (maintained rating) [1] Core Viewpoints - The report emphasizes the continuous high growth of global defense spending and anticipates a new cycle for military informationization [3] - The introduction of "deep-sea technology" in the 2025 government work report marks a strategic upgrade from technological exploration to industrial application, which is expected to enhance the prosperity of the military-civilian deep-sea industrial chain [4][5] - The deep-sea technology is identified as a core driver for transforming the marine economy from "scale expansion" to "high added value" [5] - The report highlights the need for technological breakthroughs in deep-sea resource development, particularly in the context of China's strategic mineral resource shortages [5] Summary by Sections Industry Overview - The report discusses the strategic importance of deep-sea technology, which encompasses advanced technologies for exploring, developing, and utilizing deep-sea resources [4] - It notes that the global naval powers are accelerating the construction of new underwater combat systems, with significant investments from the U.S. military in deep-sea capabilities [6] Investment Opportunities - The report suggests focusing on the entire deep-sea technology industrial chain, particularly in four core areas: surveying, extraction, transportation, and communication [7] - Specific companies to watch include: - Surveying: Zhongke Xingtou, Weiguang Co., China Marine Defense, Tianhai Defense, Zhongke Haixun, Changying Tong [7] - Resource Extraction: Baotai Co., Baose Co., Western Materials, Fushun Special Steel, Longda Co., Yingliu Co. [7] - Transportation: China Shipbuilding [7] - Information Support: Hailanxin [7] - Equipment Support: AVIC Heavy Machinery, Parker New Materials, Aerospace Technology, Steel Research High-Tech [7]

Summary of Conference Call on Deep Sea Technology and Related Companies Industry Overview - The deep sea technology sector is highlighted in the 2025 government work report, indicating strong national commitment to its development [2][2] - Deep sea technology is recognized as a crucial component of new productivity, expected to enhance the performance of related companies, particularly in materials, equipment, and engineering services [2][2] Key Companies and Their Prospects 1. **Macco Xincai** - Leading domestic industrial coatings company, benefiting from rising container shipping prices, with container coatings revenue expected to grow over 200% year-on-year [2][4] - Holds over 40% market share in wind turbine blade coatings and is expanding into marine coatings, indicating potential for significant performance breakthroughs [2][4] 2. **Dalian Heavy Industry** - A major machinery manufacturing enterprise with steady revenue and profit growth, expected to see a 40% year-on-year profit increase in 2025 [2][5] - New high-end wind power casting capacity supports future growth, with a strong order backlog from 2021 to 2024 [2][5][16] 3. **CNOOC (China National Offshore Oil Corporation)** - A leader in China's offshore and deep-sea sectors, with significant technological capabilities and a strong production record [2][8] - "Deep Sea No. 1" project has produced over 110 billion cubic meters of natural gas, with further production expected from rich reserves in the South China Sea [2][9] 4. **CNOOC Engineering** - Benefiting from high capital expenditure from CNOOC, with expected performance growth of 10%-20% in 2025 [2][10] - Plans to establish a base in the Middle East to enhance operational efficiency and reduce costs [2][15] 5. **CNOOC Services** - Engaged in high-precision technical services, filling gaps in China's 3D seismic exploration data [2][12] - Expected to maintain rapid growth over the next 1-2 years, with a low valuation of around 8 times PE, indicating investment potential [2][12] Financial Insights - CNOOC's capital expenditure is projected to remain high, between 100 billion to 130 billion, with production growth rates of 3%-5% anticipated [2][13] - CNOOC's A-share price is approximately 30% higher than its Hong Kong counterpart, with potential for this discount to narrow as liquidity improves [2][14] Market Trends and Recommendations - The deep sea economy is expected to drive growth in oil and gas engineering and services sectors [2][7] - Recommended companies to watch include Macco Xincai, Dalian Heavy Industry, CNOOC Engineering, and CNOOC Services, all of which are positioned to benefit from advancements in energy and deep sea technology [2][19] Conclusion - The deep sea technology sector is poised for significant growth, supported by government policy and increasing demand, with several key companies likely to benefit from this trend.

Core Viewpoint - Deep-sea technology has been included in the government work report for the first time during the 2025 "Two Sessions," indicating the high-level leadership's emphasis on deep-sea development. This sector is expected to receive supportive policies from local governments, similar to the development opportunities seen in low-altitude economy and commercial aerospace [1][2]. Policy Support and Development - The government work report emphasizes the promotion of deep-sea technology alongside commercial aerospace and low-altitude economy, highlighting its political, economic, technological, and military significance. The national marine production value is projected to exceed 10 trillion yuan in 2024, reaching 105.438 billion yuan, with a year-on-year growth of 5.9% [2][5]. - Local governments in coastal areas are anticipated to introduce related stimulus policies to support the development of deep-sea technology as a new productive force [2][5]. Key Policies - The "Shanghai Marine Industry Development Plan (2025-2035)" aims to promote high-quality development of the marine economy, focusing on deep-sea technology and marine observation network construction [5]. - The central government has established a 50 billion yuan fund to support deep-sea exploration, equipment manufacturing, and resource development [5]. - Various provinces are developing their marine industry frameworks, emphasizing deep-sea resource development, marine biotechnology, and high-end marine equipment manufacturing [6]. Development Pathways - The development of deep-sea technology focuses on three key areas: deep diving, deep drilling, and deep networking. High-performance manned and unmanned submersibles are becoming a priority for many countries, with China advancing significantly in deep-sea exploration [7][24]. - The deep-sea sector is characterized by high pressure and corrosion, making materials like titanium and carbon fiber composites essential for equipment development [13][14]. Investment Opportunities - Investment should prioritize core manufacturers across the deep-sea technology supply chain, particularly in deep-sea equipment, deep-sea information technology, and upstream materials [24][26]. - The demand for underwater communication technologies is expected to grow, with a shift towards multi-modal communication methods to meet various operational needs [13][19].

Group 1: Overseas Policy and Tariffs - The article suggests that April may be a critical time for the implementation of Trump's tariff policies, with key events such as the results of the "America First Trade Policy Memorandum" and the introduction of "reciprocal tariffs" [1] - It is noted that "reciprocal tariffs" should be viewed differently from tariffs on China, as their primary goal is to pressure trade partners to lower tariffs on U.S. goods rather than imposing universal tariffs globally [1] - The article indicates that the 20% tariffs imposed on China are more a reflection of U.S. domestic politics, and that negotiations between the U.S. and China may become more substantive after April [1] Group 2: Deep Sea Technology - Deep sea technology has been included in the government work report for the first time, highlighting its importance and potential for development [3] - The investment landscape for deep sea technology is expected to benefit from supportive local policies, with a focus on the entire industry chain from core components to operational services [3][4] - The article emphasizes that the deep sea technology sector is positioned similarly to low-altitude economy and commercial aerospace, suggesting significant growth potential [4] Group 3: Monetary Policy and Economic Cycles - The article discusses the shift in MLF operations to a multi-price bidding model, which may reduce funding costs for banks and stabilize market expectations [8][10] - It is anticipated that if economic momentum weakens due to tariffs and other factors, the central bank may consider further monetary easing measures [10] Group 4: Solid-State Battery Development - The Zhuhai government has released an action plan for solid-state battery development, setting clear timelines for industry growth and production targets [12][13] - The plan aims to establish a solid-state battery industry cluster by 2027 and achieve mass production by 2030, indicating strong governmental support for this sector [12] Group 5: Water Pricing Reform - Shenzhen is set to hold a hearing on water price reform, with proposed increases of 13%, which could alleviate cost pressures on local water supply companies [14] - The article suggests that successful price adjustments in major cities could catalyze similar reforms across the country, improving the long-term returns of the water supply industry [14] Group 6: Alcohol Industry Insights - The Spring Sugar Conference showed stable performance in the alcohol sector, with a narrowing decline in sales for major brands like Moutai and Wuliangye, indicating a potential bottoming out of the market [16] - The article recommends increasing investments in quality assets within the alcohol industry, considering the recovery potential and current valuations [16]

A股，成交量跌破1.5万亿，大资金表态了，3400点前最后的洗盘了？ 今日股市收盘点评（周一，3月24日） 今日大盘探底回升，小幅反弹。 盘中虽然权重股护盘，但题材股暴跌。微盘股指最大跌幅接近6%，至收盘跌幅在3.95%。 盘中沪指最低探至3340.24点，回补了3月6日向上的一个小跳空缺口，解除了大盘的一个隐患。 午后大盘有一波急跌，在市场一片绝望中，股指开始企稳回升，直至股指翻红。 个股普跌，下跌个股达到三千九百多只， 而上涨个股仅有一千多只，总成交量大幅萎缩。 内资主力资金继续大幅净流出，这是大盘调整的重要原因。 从技术面看，大盘调整基本到位。 尾盘突然拉升，原因是什么？ 原因一：港股市场以南向资金为主，A股市场以内资资金为主，外资对中国资产的信心更足，造成港股在午间率先迎来探底回升的行情，A股的相关板块情 绪受到提振，三大指数回暖。 一、每日早评回顾 今天盘前计划："奋达科技，大连重工"表现最佳，其他都表现中小阳线，已经跑赢了大盘许多。 明天周二计划，提前发出了，需再自阅 原因二：当下市场"稳股市"的作用仍然明显，类似，今天午间，跌停股一度超过涨停股，不过，尾盘的拉升，如果属于权重搭台，市场再度进入探 ...

Summary of Key Points from Conference Call Records Industry or Company Involved - A-share market and various sectors including technology, consumer, real estate, and automotive industries Core Insights and Arguments 1. **Market Outlook**: The A-share market is currently in a phase of mixed performance, with some sectors showing strength while others decline. The market is expected to enter a new active phase driven by AI technology in April and May, with a focus on domestic demand policies around mid-year [1][2][3] 2. **Profit Improvement by Industry**: As of March 23, approximately 65% of annual reports have been disclosed, indicating positive net profit growth for sectors such as non-banking financials, electronics, transportation, automotive, telecommunications, non-ferrous metals, and banking. Industries that have turned profitable include aquaculture and commerce [4][6] 3. **Investment Trends**: The A-share market remains a stock market, but there is a notable increase in domestic capital allocation to Hong Kong stocks, which may lead to a return of funds to the A-share market due to the stagnation of Hong Kong stocks [3][5] 4. **AI Sector Focus**: The theme of edge AI is highlighted as a significant investment opportunity, with a strong catalyst period expected from April to June. Key events include major product launches and conferences that could drive market interest [14][15][24] 5. **Currency Outlook**: The RMB is expected to fluctuate between 7.20 and 7.35 in the short term, with potential depreciation risks in the medium to long term due to external factors such as US tariffs and a strong dollar [9][10] Other Important but Possibly Overlooked Content 1. **Deep Sea Technology**: The government has included deep-sea technology in its work report, indicating a strategic focus on this emerging sector. Companies involved in deep-sea technology are expected to benefit from upcoming policies and market growth [16][39][40] 2. **Automotive Industry Dynamics**: The automotive sector, particularly companies like BYD, is experiencing fluctuations due to external news and market conditions. However, the overall outlook remains positive with a focus on high-end, intelligent, and electric vehicles [29][30][31] 3. **Copper Supply and Demand**: The copper market is facing supply constraints, with expectations of strong price performance due to reduced production and potential tariff impacts. The outlook suggests that copper prices may return to previous highs [49] 4. **Consumer Sector Trends**: The consumer sector, particularly in retail and hospitality, is expected to rebound as demand recovers. Companies like Yonghui Supermarket are adjusting their store formats to improve profitability [56][59] This summary encapsulates the key insights and trends discussed in the conference call, providing a comprehensive overview of the current market landscape and future expectations across various sectors.

摘要 下一个"低空经济"出现？ "深海科技"已被提升至与"低空经济"和商业航天并列的战略高度，这一新兴产业正迎来前所未有的 发展机遇。中央定调与政策推动下，深海科技产业链也走向完善，而锂电池凭借其高能量密度、高 安全性等优势，逐步成为深海装备的核心能源选择。 今年，深海科技首次被纳入政府工作报告 ，标志着国家层面对该领域的发展方向已做出明确部 署。报告提出，要"开展新技术新产品新场景大规模应用示范行动"，并将深海科技置于与商业航 天、低空经济并列的关键地位。 各地政府随即积极响应，上海、海南、深圳、青岛、厦门等地相继出台相关规划，进一步加大对海 洋产业，尤其是深海科技领域的支持力度。 中科院青岛能源所崔光磊团队基于复合固态电解质材料体系，已成功研发出能量密度超过 500Wh/kg的深海电力系统， 并将其搭载于"青能-I"，为"万泉号"深海着陆器完成9次下潜，最大 工作深度达10918米，实现了中国万米全海深电力系统的首次示范应用。 行业分析人士 认为， 产业链中的深海装备制造将率先迎来快速增长。 由于深海环境极端，对装备 的耐压性、安全性和抗腐蚀性提出了严苛要求，长期以来，高端深海装备市场主要由国际企业主 导 ...

深海科技是近年来中国政府重点发展的领域之一，其发展背景可以追溯到对海 洋经济的重视。自 2012 年十八大以来，国家提出建设海洋强国，并在 2021 年 的"十四五"规划中继续强调拓展海洋经济的发展空间。2024 年的中央工作会 议进一步提到大力发展海洋经济和湾区经济。根据 2024 年的统计公报，海洋经 济生产总值约为 10 万亿元，占 GDP 的 7.8%，其中增量占 GDP 增量的 12%。主要 • 2024 年中国海洋经济生产总值达 10 万亿元，占 GDP 的 7.8%，增量占 GDP 增量的 12%，海洋经济已成为国家经济增长的重要驱动力，预示着相关产 业的巨大发展潜力。 • 今年两会首次将深海科技纳入政府工作报告，深海科技市场空间约为 3 万 亿元，超过低空经济，标志着深海科技上升为国家战略重点，将吸引更多 政策支持和资源投入。 • 深海科技产业链长，覆盖上游原材料、中游装备制造、下游资源开发等多 个环节，商业化潜力和远期前景广阔，为投资者提供了多元化的投资机会。 • 中国交建作为全球最大的港口设计建造企业，积极响应国家战略，超前布 局深海科技原创策源地，市值 1,500 亿元，自由流通市值仅 ...

盘中必读|今日共49股涨停，沪指震荡翻红收涨 0.15%，有色金属尾盘拉升 盘面上，有色金属尾盘拉升，北方铜业、天和磁材、威领股份等涨停；深海科技持续活跃，中信重工、 太阳电缆、海洋王、振华重工、大连重工、亚星锚链等涨停；电力板块震荡走高，卧龙电驱、江苏新 能、晨光电缆、华西能源等涨停；AI眼镜概念移动拉升，瀛通通讯、奋达科技等涨停；化工板块迎来 反弹，湖北宜化、六国化工、中毅达等涨停；旅游板块局部活跃，峨眉山A、张家界、天府文旅、大连 圣亚等涨停。下跌方面，算力、脑机接口板块走弱。 3月24日，市场探底回升，三大股指尾盘集体翻红，截至收盘，沪指报3370.03点，涨0.15%；深成指报 10695.49点， 涨0.07%；创指报2152.55点，涨0.01%。总体来看，个股跌多涨少，下跌个股超3800只。 沪深两市全天成交额1.45万亿，较上个交易日缩量1001亿。 3月24日，市场探底回升，三大股指尾盘集体翻红，截至收盘，沪指报3370.03点，涨0.15%；深成指报 10695.49点， 涨0.07%；创指报2152.55点，涨0.01%。总体来看，个股跌多涨少，下跌个股超3800只。 沪深两市全天成交 ...