Investment Rating - The report indicates a focus on the manufacturing sector, which is a critical pillar of the Chinese economy, accounting for approximately 25% of the national GDP [8]. Core Insights - The Chinese government is considering a new version of the "Made in China 2025" initiative to promote high-tech product manufacturing, particularly in semiconductor manufacturing equipment, amidst ongoing trade tensions with the U.S. [5][19] - The upcoming five-year plan aims to maintain the manufacturing sector's contribution to GDP at a stable level, reflecting challenges in achieving the U.S. goal of economic rebalancing with China [5][7] - There is a significant emphasis on enhancing domestic consumption, which currently accounts for about 40% of China's GDP, compared to 50% to 70% in developed economies, indicating a persistent imbalance [16][22] Summary by Sections Manufacturing Sector - The manufacturing industry is viewed as essential for national security and job creation, with the government aiming to strengthen its position and reduce reliance on foreign technology [14][21] - The "Made in China 2025" plan has seen success in several key technologies, with China leading in five out of thirteen tracked technologies [17] Economic Planning - The next five-year plan is expected to be unveiled in March 2026, with discussions ongoing about whether to include specific consumption targets in GDP [7][10] - The government is focusing on breaking through bottlenecks in economic growth, particularly in semiconductor and new energy materials technologies [24] Trade Relations - The report highlights the ongoing trade tensions, with the U.S. imposing tariffs and seeking to decouple strategically from China, while China maintains control over critical resources like rare earths [7][19]

摘要 Q&A 深海科技在 2025 年政府工作报告中被提及，显示了国家发展深海科技的决心。 深海科技作为新生产力的重要组成部分，将如何影响相关企业的业绩？ 深海科技作为新的生产力的重要组成部分，伴随着需求后续释放，有望带动包 括材料端、设备端，尤其工程服务端等相关企业的业绩提升。国家在 2025 年的 政府工作报告中将深海科技与商业航天、低空经济等新兴产业一同写入，显示 了我国发展深海科技，实现海洋强国的坚定决心。这一政策支持将促进相关企 • 国家政策大力支持深海科技发展，将其与商业航天、低空经济并列，预示 着相关产业将迎来业绩提升，尤其利好材料、设备及工程服务企业。麦加 芯彩、大连重工、中海油服等公司有望受益于此政策红利。 • 麦加芯彩作为国产工业涂料龙头，受益于集运价格上涨，集装箱涂料业务 预计营收同比增长超两倍。风电叶片涂料市场份额超 40%，珠海新基地产 能充足，并积极拓展船舶涂料等海工领域，有望实现业绩突破。 • 大连重工作为大型机械装备制造企业，营收与利润稳步上升，新增大型高 端风电铸件产能投产，在手订单持续高增长，预计 2025 年利润同比增长 40%，国企改革优化管理将进一步提升净利率。 • ...