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 ...

Group 1: Bond Market Overview - The bond market sentiment has eased, with yields initially rising and then declining due to stable economic data released on Monday, indicating that the economy is expected to maintain rapid growth in Q1 [1] - Industrial production growth for January-February reached 5.9%, while service sector production grew by 5.6%, suggesting a potential for over 5% growth in Q1 [1] - Despite strong production, demand appears weak, with real estate sales showing a marginal decline and industrial sales rates hitting a record low for January-February, indicating increasing supply-demand imbalances [1] Group 2: Policy and Liquidity - The central bank has maintained a hawkish stance since the beginning of the year, focusing on the risks associated with rapid interest rate declines and currency depreciation, which has led to yield inversions [2] - The liquidity situation has improved slightly in March compared to February, with the central bank's increased interventions indicating a marginal change in its stance [1][2] Group 3: Stock Market Performance - The stock market experienced a pullback, with all major indices declining, particularly the ChiNext index which fell over 3%, attributed to a significant drop on Friday [3] - The overall trading volume in the A-share market decreased to an average of 1.55 trillion, reflecting a weakening market sentiment [3] - Value stocks outperformed in a weak market environment, while sectors such as oil, steel, and building materials showed better performance amidst a chaotic market structure [3] Group 4: Economic Indicators and Global Context - Economic indicators for January-February show a mixed picture, with strong industrial production and infrastructure investment but weak consumer demand and declining import growth [4] - The Federal Reserve has decided to maintain interest rates and slow down its balance sheet reduction, while Japan's central bank continues to keep rates unchanged, indicating a cautious global economic outlook [4]

Core Viewpoint - The stock of Ocean King (002724) experienced significant volatility, including a limit down and subsequent limit up, indicating strong market interest and trading activity [1][2]. Group 1: Stock Performance - The stock reached a price of 9.33 yuan per share, with approximately 40,000 orders at the limit up price [1]. - Over the past 8 trading days, the stock has achieved 6 limit up days, reflecting a strong upward trend [2]. Group 2: Company Operations - The company has stated that its recent operational conditions are normal, with no significant changes in the internal or external business environment [2]. - There are no undisclosed major matters related to the company, its controlling shareholders, or actual controllers [2]. Group 3: Market Perception - The company has been associated with the "Deep Sea Technology" concept, which has garnered considerable market attention [2]. - However, the company clarified that it currently has no business or products related to "Deep Sea Technology" and is not connected to this concept [3].

Market Overview - The three major indices experienced slight declines, with the Shanghai Composite Index down by 0.25%, the Shenzhen Component down by 0.38%, and the ChiNext Index down by 0.4% [1] - The total trading volume in the Shanghai and Shenzhen markets was 873.1 billion, a decrease of 87.5 billion compared to the previous trading day [1] Sector Performance - The tourism sector showed resilience, with stocks like Emei Mountain A and Zhangjiajie hitting the daily limit [1][2] - The cyclical sectors, particularly non-ferrous metals, were active, with Electric Alloy reaching the daily limit [1][4] - The robotics and computing power sectors continued to adjust, with several stocks hitting the daily limit down [1][9] Individual Stock Highlights - Emei Mountain A rose by 10.01%, Zhangjiajie increased by 10.04%, and Dalian Shengya gained 9.99% [2][16] - Electric Alloy surged by 20.00%, while North Copper and New Weiling also saw significant gains [4][19] - The number of stocks hitting the daily limit was 32, with a 44% limit-up rate [1] Travel Trends - Recent reports from online travel platforms indicate a rise in travel enthusiasm for the Qingming holiday, with short-distance trips being the primary focus [3] - Major cities like Beijing, Shanghai, and Guangzhou are seeing increased travel activity, particularly in the surrounding areas [3] Commodity Prices - International copper prices have been rising, with COMEX copper futures reaching a new high of $5.1490 per pound and LME copper prices exceeding $10,000 per ton [5][19] - The closure of a major production facility in Rotterdam by global chemical giants is expected to impact the chemical sector significantly [7][14]

证券研究报告 工业 海工、油服、船舶等有望受益"深海 科技"的全产业链布局 华泰研究 地方政府积极响应深海科技：3 月 20 日，上海宣布将出台《上海市海洋产 业发展规划（2025-2035 年）》，《上海市海洋观测网规划（2025-2035 年）》； 2025 年 3 月 14 日厦门市海洋发展局表示将出台《进一步促进海洋经济高质 量发展若干措施》、《厦门市海洋经济发展"十五五"规划》；2025 年 3 月 15 日深圳"深海未来 2025——科技引领海洋新质生产力大会"召开，汇聚 16 家企业，推动深海通信、数字孪生技术产业化。从中央到地方对于"深 海科技"的重视有望刺激相关行业发展。 "深海科技"前身是"深海探测"和"深海工程"， 单一环节转型全产业链 2025 年 3 月 23 日│中国内地 动态点评 2025 年政府工作报告提出"深海科技"概念，催化建设深海产业链 2025 年政府工作报告提出将"深海科技"纳入新兴产业重点领域，将深海 科技与商业航天、低空经济并列，并强调推动"开展新技术新产品新场景大 规模应用示范行动"，释放了明确的政策信号，指引深海领域从技术探索迈 向产业化落地转型。深海概念已从 ...

Summary of Key Points from Conference Call Records Industry Overview Deep Sea Technology - Deep sea technology has been included in the government work report for the first time, alongside low-altitude economy and commercial aerospace, primarily targeting the B2B market. Key areas include resource extraction, energy development, and related equipment and materials. By 2025, the marine production value is expected to exceed 13 trillion yuan, with deep sea technology-related industries accounting for over 25%, resulting in a market size exceeding 3.25 trillion yuan [1][8]. Domestic Large Aircraft Market - The domestic large aircraft market is expected to develop significantly beyond expectations, with COMAC (China Commercial Aircraft Corporation) playing a crucial role. The production capacity plan for 2025 has been increased from 50 to 75 aircraft, with procurement expected to rise by 70% from 200 billion yuan in 2024. Key sectors include complete aircraft manufacturing, engines, onboard systems, components, and materials [1][5][11]. Engineering Machinery Industry - The engineering machinery industry is projected to continue growing by over 10% in 2025, building on a strong performance in 2024. New opportunities from the deep sea economy and technology may drive growth in shipbuilding and military industries. SANY Heavy Industry has recently repurchased 1 to 2 billion yuan for employee stock ownership, with Q1 performance expected to grow by 20% to 30% [1][6][10]. Humanoid Robotics Industry - The humanoid robotics industry is gradually entering everyday life, with a business model primarily targeting the consumer market (B2C). The industry chain is expanding beyond Tesla to include major domestic equipment manufacturers and core components such as harmonic reducers, sensors, and dexterous hands [1][7][10]. Core Insights and Arguments Performance of Indices - In 2025, the humanoid robotics index has risen by 34%, outperforming the Hang Seng Technology Index by 26% and exceeding the artificial intelligence index by nearly 20%. Growth sectors include engineering machinery and lithium battery equipment, with engineering machinery continuing to grow by over 10% [2]. Low Altitude Economy - The low-altitude economy is expected to scale up in 2025, with new technologies and products set to be widely applied under policy support. A guiding document is anticipated in Q2 to accelerate investment and operational progress in six pilot cities [3][12]. New Energy Vehicles - The penetration rate of new energy vehicles has rapidly increased, benefiting both manufacturers and component suppliers. BYD is recommended as a leading manufacturer, while component companies focusing on lidar, vision technology, and chips are also highlighted. King Long Motors has shown strong export performance, with increasing average prices and profit margins [3][14][15]. Key Companies in Deep Sea Technology - Important companies in the deep sea technology sector include Yaxing Anchor Chain, China Offshore Oil Engineering, and Oriental Cable, which hold significant positions in shipbuilding, oil and gas extraction, and wind power [4][8][9]. Engineering Machinery and Humanoid Robotics Companies - In the engineering machinery sector, SANY Heavy Industry's recent stock buyback indicates confidence in future growth, with Q1 performance expected to increase significantly. In humanoid robotics, the industry chain is expanding, with key players including Wuzhou New Spring and Jinwo Co., focusing on North American clients [10]. Additional Important Insights Giant Star Technology - Giant Star Technology has a leading overseas production layout, with over 60% of its revenue coming from the North American market. The company is less affected by tariffs, with only about 10% risk exposure from potential tariffs on exports to the U.S. The aging housing market in the U.S. supports stable demand for tools, indicating long-term growth potential [18][19]. Market Expectations for Companies with Overseas Production - Companies with overseas production capabilities are expected to have better market pricing due to their enhanced competitiveness in U.S. exports and reduced tariff impacts. This positions them favorably for potential earnings recovery [20].

Group 1: Deep Sea Technology - The government work report for 2025 has included "deep sea technology" as a key focus for future industrial development, indicating its rising status as an emerging industry [3] - The report emphasizes the promotion of safe and healthy development of emerging industries such as commercial aerospace, low-altitude economy, and deep sea technology, providing policy support and development guarantees for the deep sea technology sector [3] - Deep sea technology requires the integration of multiple disciplines including oceanography, materials science, artificial intelligence, and bioengineering to drive innovations in bionic robots, pressure-resistant alloys, and deep-sea sensors [3] - The total market potential for deep sea technology is expected to reach a scale of trillions, becoming a new growth engine for the future economy [3] Group 2: Ningde Times - In 2024, the company achieved revenue of 362.01 billion yuan, a year-on-year decrease of 9.7%, while net profit attributable to shareholders was 50.75 billion yuan, an increase of 15.0% year-on-year [4] - The average battery price decreased to 0.65 yuan/Wh in 2024 from 0.89 yuan/Wh in 2023, yet the company's net profit margin continued to improve, reaching 14.3% in Q4, up 2.1 percentage points year-on-year [4] - The company accelerated overseas capacity construction, with a total capacity under construction reaching 219 GWh by the end of 2024, significantly enhancing its global competitiveness [4][6] - The global installed capacity for the company in 2024 was 339.3 GWh, a year-on-year increase of 31.7%, with market share rising to 37.9%, an increase of 1.3 percentage points from the previous year [6] Group 3: Consumption Stimulus Plan - The government's "Consumption Stimulus Action Plan" includes 30 key tasks across 8 areas aimed at promoting long-term stable growth in consumption by enhancing residents' income and improving the consumption environment [7] - A special national bond of 150 billion yuan has been allocated for consumer subsidies, with plans to increase this to 300 billion yuan by 2025, optimizing subsidies for sectors like 3C digital products and two-wheeled vehicles [7] - In early 2025, social retail sales increased by 4.0% year-on-year, with categories such as sporting goods, furniture, and home appliances performing well, particularly sporting goods which saw a growth of 26.2% [7][8] Group 4: AI and Data Center Services - AIDC (Artificial Intelligence Data Center) shows significant improvements over traditional IDC in terms of chip power consumption, server power consumption, cabinet power, IT costs, and server rental fees [9] - The global IT load for data centers is projected to grow from 49 GW in 2023 to 96 GW by 2026, with 90% of this growth driven by AI computing demand [9] - Major telecom operators in China, including China Mobile, China Telecom, and China Unicom, dominate the domestic data center resources and are well-positioned to benefit from the growing AI computing demand [11]

Market Overview - A-shares experienced a significant decline today, with the Shanghai Composite Index dropping over 1% and falling below 3400 points, while the ChiNext and STAR Market indices fell more than 2% [1][2] - The Hong Kong market also saw a downturn, with the Hang Seng Index decreasing nearly 2% and falling below 24000 points, and the Hang Seng Tech Index dropping over 3% [1][2] Automotive Industry - The automotive supply chain stocks faced substantial declines, with companies like Taide Co. falling over 16%, and BYD, which has a market capitalization exceeding 1 trillion, dropping 7% after reaching a historical high of 400 yuan [4][5] - Longyuan Automotive's stock fell over 4% amid reports of multiple app failures affecting vehicle access for owners, leading to a temporary inability to unlock vehicles [5] Ocean Economy Concept - The ocean economy sector saw a strong rally, with companies like Haimer Technology and Shaoyang Hydraulic hitting the daily limit up of 20%, and ShenKai Co. achieving a seven-day consecutive limit up [6][7] - The government has prioritized "deep-sea technology" as a key emerging industry, indicating a strategic shift towards industrial application from research exploration, which is expected to drive growth in deep-sea resource extraction and related technologies [7][8]

Market Overview - A-shares and Hong Kong stocks experienced a collective adjustment, with the ChiNext Index leading the decline and the Shanghai Composite Index falling below 3400 points. The Shanghai Composite Index dropped by 1.29%, the Shenzhen Component Index fell by 1.76%, and the ChiNext Index decreased by 2.17% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 1.55 trillion, an increase of 109.3 billion compared to the previous trading day, with over 4200 stocks declining [1] - In the Hong Kong market, the Hang Seng Index fell nearly 2%, and the Hang Seng Tech Index dropped nearly 3% [1] Hong Kong Technology Stocks - The Hang Seng Tech Index saw a significant decline, dropping over 3% and losing support from the 20-day and 30-day moving averages. Major stocks like Kingsoft Cloud and BYD fell over 8%, while companies like Xpeng Motors and Semiconductor Manufacturing International Corporation (SMIC) dropped over 6% [3][2] - The recent trend in the Hong Kong market indicates a pattern of profit-taking following earnings releases, possibly due to previously high expectations and the behavior of southbound capital [5] A-share Market Dynamics - The A-share market saw all three major indices decline, with the Shanghai Composite Index falling below 3400 points. Large-cap indices like the CSI 300 and SSE 50 experienced smaller declines compared to mid and small-cap indices [7] - BYD, a major player in the market, experienced a significant drop of 7% [8] Earnings Season Impact - Analysts noted that the upcoming earnings season could lead to increased volatility, particularly for small-cap stocks, as historical data suggests a decline in performance during this transition period [11] - The focus for technology stocks will be on the authenticity of earnings reports, with a potential divergence in performance based on actual results versus high valuations [11] Ocean Economy Sector - The ocean economy sector continues to show strength, with companies like ShenKai Co. achieving multiple consecutive trading limits. The sector is supported by recent government initiatives aimed at enhancing marine economic development [12][15] - The Shanghai Municipal Oceanic Administration plans to implement development plans for the marine industry, which is expected to positively impact related industries [15][16]