Core Insights - Deep-sea technology is entering a "policy-driven → technological breakthrough → industrial expansion" golden period, similar to the initial stage of the low-altitude economy in 2024 [1][14] - The performance support for deep-sea technology is stronger than that of the early low-altitude economy, and both belong to national strategic emerging industries, indicating a potential continuation of the market trend [1][14] Industry Value Dimensions - **Resources**: Deep-sea resources include abundant energy, minerals, and biological resources, with over 70% of major oil and gas discoveries coming from depths exceeding 1,000 meters [2][4] - **Military**: The militarization of deep-sea regions is accelerating due to global competition for resources, with major military powers developing capabilities for deep-sea operations [2][4] - **Scientific Research**: The deep sea serves as a "natural laboratory" for studying life origins, geological evolution, and climate change, with significant potential yet to be explored [2][4] - **Economic Impact**: China's marine economy is projected to exceed 10 trillion yuan in 2024, with deep-sea technology as a core driver [3][4] Deep-Sea Technology Industry Chain - **Upstream**: Focuses on basic materials and core components, requiring high strength and corrosion resistance due to deep-sea conditions [6] - **Midstream**: Involves equipment manufacturing and system integration, with underwater robots being a key area of development [6] - **Downstream**: Applications include resource development, marine observation, and military defense [7] Key Segments of Deep-Sea Technology - **Underwater Operations Equipment**: The global UUV market is valued at 57 billion yuan in 2023, expected to grow to 85 billion yuan by 2028, with a CAGR of 8.32% [10] - **Marine Engineering Equipment**: The marine engineering sector is experiencing an upturn, benefiting major companies like Zhenhua Heavy Industries and China Shipbuilding [10] - **Offshore Power Generation**: Floating wind and solar power generation are emerging trends, with high entry barriers and promising market potential [11] - **Marine Resource Development**: Offshore oil and gas production is becoming a major source of China's energy increase, with significant reserves in the South China Sea [12] - **Marine Aquaculture**: The marine fishery sector is a crucial part of China's economy, with substantial growth potential in deep-sea aquaculture [13] Investment Logic and Stock Analysis - Deep-sea technology is positioned for growth through a cycle of policy support, technological advancements, and industrial expansion, mirroring the low-altitude economy's development path [14] - Relevant stocks include Zhongtian Technology, Dongfang Cable, and China Shipbuilding, among others [14]

Core Viewpoint - The article highlights the significant growth potential of China's marine economy, driven by supportive government policies and a projected increase in economic value, with the total expected to exceed 10 trillion yuan by 2024, marking a 75.9% increase over the past decade [1][7]. Policy Support - The Central Financial Committee's sixth meeting emphasized the need for high-quality development of the marine economy, advocating for enhanced top-level design and increased policy support to encourage social capital participation [2][3]. - Recent policies from various provinces, including Guangdong and Shanghai, focus on modernizing marine industries and establishing development funds to support marine economic growth [5][6]. Market Dynamics - As of 2024, the marine economy is projected to reach 10.54 trillion yuan, with a year-on-year growth of 5.9%, contributing 7.8% to the national GDP [7]. - The OECD forecasts that by 2030, the global economic value of the ocean will surpass 3 trillion USD, equivalent to the fifth-largest economy in the world [7]. Industry Growth Areas - The marine economy encompasses various sectors, including marine fisheries, transportation, engineering equipment manufacturing, and tourism, with a shift towards high-end and diversified development [7][8]. - The deep-sea technology sector is expected to see significant advancements, with a focus on resource exploration, extraction, and processing, supported by government policies [8][9]. Investment Opportunities - Analysts suggest focusing on high-end marine equipment manufacturing and deep-sea technology, as these areas are likely to benefit from the recent policy initiatives and market growth [9].

Domestic Market Overview - The domestic market experienced a V-shaped reversal with a slight increase on July 1, with the Shanghai Composite Index closing at 3457.75 points, up 0.39% [1][4] - The Shenzhen Component Index closed at 10476.29 points, up 0.11%, while the ChiNext Index fell by 0.24% [1][4] - A total of 14965 billion yuan was traded in the A-share market, showing a slight decrease compared to the previous day [1][4] - Among the 30 CITIC first-level industries, 18 sectors saw an increase, with pharmaceuticals, non-ferrous metals, and banking leading the gains, while comprehensive finance, computers, and retail saw significant declines [1][4] Overseas Market Overview - The US stock market saw a general increase on July 1, with the Dow Jones Industrial Average rising by 0.91% [2][4] - The S&P 500 index fell by 0.11%, and the Nasdaq Composite dropped by 0.82% [2][4] - Chinese concept stocks showed mixed results, with the Nasdaq Golden Dragon China Index up 0.2% and the Wande Chinese Technology Leaders Index up 0.27% [2][4] Key News Highlights - The Central Economic Committee held its sixth meeting, focusing on advancing the construction of a unified national market and high-quality development of the marine economy [10][11] - The National Healthcare Security Administration and the National Health Commission issued measures to support the high-quality development of innovative drugs [14] - A series of national standards were implemented starting July 1, covering various sectors including proton exchange membrane fuel cells and electric vehicle battery replacement stations [16] - SEMI projected a shortage of approximately 1 million skilled workers in the global semiconductor industry by 2030 [17]

Core Viewpoint - The article discusses the contrasting performance of cyclical sectors and technology stocks, highlighting a rebound in cyclical sectors such as banking, non-ferrous metals, liquor, and new energy, while technology stocks, particularly in the semiconductor and AI hardware sectors, experienced a pullback [1][4]. Group 1: Banking Sector - The banking sector saw significant gains, with stocks like China Construction Bank and Shanghai Pudong Development Bank reaching new historical highs [2]. - The stock of Changxin Bochuang (300548), a leader in AI hardware, initially dropped over 4% but later rebounded to close up 2.28%, also hitting a historical high during the session [2]. Group 2: Marine Economy - The marine economy sector showed strong performance, with sub-sectors such as marine engineering equipment, oil and gas extraction, aquaculture, and wind power experiencing notable increases [6]. - A surge in marine engineering equipment stocks was observed, with companies like Deepwater Haina and Daye Intelligent hitting the 20% daily limit up [6][8]. - Recent government meetings and policy announcements indicate a push towards developing a modern marine industry system, with a focus on various marine-related sectors [8][9]. Group 3: Consumer Sector - The consumer sector rebounded, particularly in the sugar substitute concept, with stocks like Sanyuan Biological and Bolingbao seeing significant gains [11]. - The liquor sector also performed well, with major brands like Moutai, Wuliangye, and Luzhou Laojiao all experiencing increases, and the stock of Jiu Gui Jiu rising over 7% [11][15]. - Analysts suggest that the liquor sector is currently at a historically low valuation, presenting potential bottom-fishing opportunities, especially for high-end brands and resilient regional leaders [15].

Core Viewpoint - The marine economy concept stocks have surged significantly, becoming one of the strongest performing sectors in the A-share market this morning [1][3]. Group 1: A-share Market Performance - The A-share market exhibited mixed performance this morning, with major indices showing limited volatility [4]. - The marine economy concept sector led the gains, with an overall increase of over 6%, and several stocks, including Deepwater Haina, reached the daily limit of 20% [5]. Group 2: Policy Support for Marine Economy - The Central Financial Committee's sixth meeting emphasized the importance of high-quality development of the marine economy, focusing on innovation, efficient collaboration, and industry updates [7]. - Key initiatives include enhancing top-level design, increasing policy support, and encouraging social capital participation in marine economic development [7]. - The meeting highlighted the need to strengthen marine technology innovation capabilities and develop leading marine technology enterprises [7]. Group 3: Hong Kong Market Activity - The Hong Kong market showed overall positive performance, with the Hang Seng Index rising by over 1% at one point [2]. - Notably, the stock of Leading Pharmaceutical Biotechnology experienced a dramatic increase of over 200% during trading [8][9]. Group 4: Potential Acquisition in Hong Kong - Leading Pharmaceutical Biotechnology announced a memorandum of understanding regarding a potential acquisition, which is contingent upon the target company completing the acquisition of Conflux assets [9][10]. - The acquisition aims to diversify the company's revenue sources and expand into the digital innovation sector, particularly blockchain technology [10].

Group 1: Marine Economy Sector - The marine economy concept experienced a significant surge, with the sector index rising over 7%, reaching a historical high, and trading volume surpassing the previous day's total within the first hour of trading [2][7] - The fishing sector index soared nearly 12%, approaching its highest point of the year, with all stocks in the sector rising, except for one that increased by over 7% but did not hit the limit up [5] - Key stocks such as Deepwater Haina and Klete reached their respective limit up, with many others also showing strong gains, indicating robust investor interest in marine-related industries [2][5] Group 2: Policy Support and Development - The Central Financial Committee's recent meeting emphasized the need for high-quality development of the marine economy, focusing on innovation, efficient collaboration, and industry upgrades [7] - The meeting highlighted the importance of enhancing top-level design and increasing policy support to encourage social capital participation in marine economic development [7] - Recommendations were made to focus on investment opportunities in deep-sea material research, deep-sea equipment manufacturing, and deep-sea digital applications, reflecting a trend towards high-end, intelligent, and green development in the marine economy [7] Group 3: Hong Kong Biotechnology Sector - The Hong Kong biotechnology sector, particularly the leading pharmaceutical company, saw a dramatic increase, with stock prices soaring by over 239% at one point, marking an eight-year high [8][10] - The company announced a memorandum of understanding for a potential acquisition of a blockchain technology firm, aiming to diversify its business and explore new profit growth avenues [10] - Despite a previous announcement of expected losses of approximately HKD 550 million to 600 million due to significant impairment losses and interest expenses, the stock's performance indicates strong market interest and potential for recovery [11]

Core Insights - The report emphasizes the ongoing recovery of the Chinese economy, with consumption and investment as the main driving forces, suggesting a favorable environment for long-term investments in the stock market [5][9][12] - The report highlights the performance of various sectors, with banking, electricity, and chemical pharmaceuticals leading the market, while software development and automotive parts lag behind [5][9][12] - The report suggests a balanced investment strategy, focusing on companies with strong mid-year performance and reasonable valuations, particularly in the banking, electricity, and chemical pharmaceutical sectors [5][9][12] Domestic Market Performance - The Shanghai Composite Index closed at 3,457.75, with a slight increase of 0.39%, while the Shenzhen Component Index rose by 0.11% to 10,476.29 [3] - The average price-to-earnings ratios for the Shanghai Composite and ChiNext indices are 14.13 and 38.67, respectively, indicating a suitable environment for medium to long-term investments [5][9] International Market Performance - Major international indices, including the Dow Jones and S&P 500, experienced declines of 0.67% and 0.45%, respectively, reflecting a mixed global market sentiment [4] Industry Analysis - The photovoltaic industry saw a record high in new installations in May, with 92.92 GW added, marking a year-on-year increase of 388.03% [14][15] - The report notes a significant increase in solar power generation capacity, with a focus on the integration of solar energy in desertification control projects [13][14] - The semiconductor industry continues to show growth, with global sales reaching $56.96 billion in April, a year-on-year increase of 22.7% [18] Investment Recommendations - The report recommends focusing on sectors with strong fundamentals and stable profitability, such as traditional engineering machinery and high-speed rail equipment, while also considering emerging technologies like humanoid robots and AIDC [29][30] - In the media sector, the report suggests monitoring the performance of films during the summer box office season, with several high-profile releases scheduled [32][35]

| | | | | 申银万国期货研究所 唐广华（从业资格号：F3010997；交易咨询号：Z0011162） | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | tanggh@sywgqh.com.cn 021-50586292 | | | | | | | | | TS2509 | TS2512 | TF2509 | TF2512 | T2509 | T2512 | TL2509 | TL2512 | | | 昨日收盘价 前日收盘价 | 102.488 102.498 | 102.632 102.638 | 106.205 106.160 | 106.295 106.255 | 109.005 108.895 | 109.040 108.930 | 120.74 120.42 | 120.6 120.29 | | | 涨跌 | -0.010 | -0.006 | 0.045 | 0.040 | 0.110 | 0.110 | 0.320 | 0.310 | | | 涨跌幅 | -0.01% | ...

| 申万期货品种策略日报——股指 | 2025/7/2 | 星期三 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 申银万国期货研究所 贾婷婷（从业资格号：F3056905；交易咨询号：Z0016232 ）jiatt@sywgqh.com.cn;15921620356 | 申银万国期货研究所 柴玉荣 （从业资格号：F03111639；交易咨询号：Z0018586）chaiyr@sywgqh.com.cn;18802979529 | | | | | | | | | | | 一、股指期货市场 | IF当月 | IF下月 | IF下季 | IF隔季 | | | | | | | | 前两日收盘价 | 3906.40 | 3893.20 | 3885.80 | 3855.60 | 前日收盘价 | 3911.60 | 3895.00 | 3886.00 | 3850.20 | | | 涨跌 | 3.80 | 0.40 | -1.00 | -6.40 | 沪深300 | 涨跌幅 | 0.10 | ...

Core Insights - Shenzhen aims to establish itself as a "global marine center city," targeting a marine production value of 540.9 billion yuan by 2024, accounting for 14.7% of its GDP [3][5] Group 1: Marine Economy Development - Qianhai, as a key area for Shenzhen's marine economy, features 68 kilometers of coastline, 600 square kilometers of sea area, and 13 islands, with plans for marine new towns and tourism resources [3][5] - Unlike traditional marine cities, Qianhai focuses on marine technology and modern marine service industries rather than heavy industries like shipbuilding [3][5] Group 2: Technological Advancements - Shenzhen Zhongyuan Shipping Digital Technology Co., Ltd. aims to create a "high-tech map" for maritime navigation, enhancing shipping technology through data, communication, and software [4][5] - The Dalan Bay Terminal is implementing smart port technologies, including AI for logistics optimization and testing of unmanned trucks, improving efficiency and reducing emissions [5] Group 3: Marine Tourism Growth - The Shekou Cruise Homeport is expected to receive 4.45 million passengers in 2024, with cruise passengers increasing by 323% to 89,000, and new domestic and international routes being established [7][8] - The Shenzhen Bay Yacht Club serves as a hub for yacht tourism, facilitating 259 visits from Hong Kong and Macau, and is the first yacht bonded area in the country, supporting around 100 related businesses [9] Group 4: Strategic Collaborations - Qianhai has attracted industry leaders and established high-level research institutions, fostering collaboration and innovation in marine technology and services [4][5] - The region is actively seeking partnerships with high-tech enterprises to explore new opportunities in the marine sector [5]