Core Insights - The marine strategic emerging industries in China are experiencing significant growth, with new orders, delivered orders, and hand-held orders increasing by 57.1%, 114.3%, and 24.2% year-on-year respectively in Q1 of this year [1] - The added value of marine emerging industries is projected to grow by 7.2% in 2024, surpassing the growth rate of the marine gross production value by 1.3 percentage points [1] Group 1: Industry Development - The marine strategic emerging industries include sectors such as seawater utilization, marine biotechnology, marine renewable energy, marine new materials, marine equipment manufacturing, deep-sea strategic resource development, and modern marine services [1] - Increased investment and research from research institutions and enterprises are accelerating the technological upgrades in marine strategic emerging industries [1] Group 2: Policy and Support - There is a need for enhanced policy support, including the formulation of development plans, financial subsidies, tax incentives, and diversified capital investment channels to promote sustainable industry growth [2] - Establishing industrial bases and parks to nurture leading technology enterprises and specialized small and medium-sized enterprises in the marine emerging industries is essential for fostering industry clusters [2] Group 3: Innovation and Collaboration - Promoting collaborative innovation across the entire industry chain is crucial, particularly in developing marine renewable energy technologies and deep-sea biological resource utilization [2] - Strengthening cooperation between enterprises and educational institutions is necessary to ensure the output and transformation of research results, accelerating the cultivation of high-quality projects in marine strategic emerging industries [2] Group 4: Energy Security - Accelerating the exploration of marine oil and gas resources and the construction of deep-water oil and gas fields is vital for ensuring sustainable marine energy supply [3] - The development of integrated offshore photovoltaic demonstration projects is aimed at creating a new energy cycle involving photovoltaic power generation, hydrogen production, and new energy storage [3]

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每周一景： 湖南永州九嶷山风景名胜区 点击右上角菜单，收听朗读版 【 策略】 中国股市十大投资 主题： 前沿技术篇 十大投资主题展望：主题开路作先锋，看好中国"转型牛"。 在遍历冲击后，投资人对经济形势的认识已然充分，中国股市预期和估值的主要矛盾已经发生转 变，可以看到： 1 ）新技术趋势和商业模式开始涌现； 2 ）投资股票的机会成本降低，无风险利率下降增量入市； 3 ）经济政策更及时、得当与合理，资本 市场改革更重视投资者回报，投资人对风险的认识与保守态度同步转向积极。因此，贴现率下降不仅是中国股市上升的关键动力，也为主题投资创造有利土 壤，产业性主题和交易性主题均将获得机会。本文以聚焦前沿技术、先进制造、格局改善三大方向共计十大主题，讨论 2025H2 投资机会。 主题一： AI 与具身智能。 1 ）人工智能具备产业趋势投资的所有重要特征，投资路径有望遵循"信息基建建设"、"基础软件部署"、"线上应用爆发"、"重塑线 下行业"的规律， AI 智能体成为 AI 应用商业化的关键催化，且有望拉升算力需求曲线。看好具备资本开支与用户入口优势的互联网大厂；受益算力需求曲线 提升的 AIDC 和国产算力产业链。 2 ...

Investment Rating - The report indicates a strong investment interest in the deep-sea technology sector, particularly following the inclusion of "deep-sea technology" in the 2025 government work report, elevating its strategic importance alongside low-altitude economy and commercial aerospace [3]. Core Insights - The deep-sea technology market is projected to have significant growth potential, with China's marine economy expected to exceed 10 trillion yuan in 2024, marking a year-on-year growth of 5.9% [4]. - Deep-sea technology possesses both economic and national defense strategic value, with rich resources such as polymetallic nodules and rare metals expected to be increasingly sourced from deep-sea mining [5]. - There is substantial room for domestic substitution in the deep-sea technology sector, as the current localization rate is below 30%, indicating a significant opportunity for local manufacturers [6]. Summary by Sections Government Support and Market Potential - The 2025 government work report marks a pivotal moment for deep-sea technology, highlighting its transition from research exploration to industrial driving force, which is expected to resonate across military and civilian sectors [3]. - The marine economy's total value reached 10.5438 trillion yuan in 2024, contributing 7.9% to the national GDP, with specific sectors like marine shipbuilding and marine power showing growth rates exceeding 9% [4]. Industry Characteristics - Deep-sea technology focuses on three main areas: deep diving, deep drilling, and deep networking, which are essential for exploration and resource extraction [11][12]. - The industry chain includes upstream materials and core components, midstream deep-sea equipment manufacturing, and downstream application services, indicating a long chain with significant economic impact [13]. Technological Advancements - The report emphasizes the importance of specialized materials such as titanium alloys and carbon fiber composites, which are well-suited for the high-pressure and corrosive deep-sea environment [15]. - Energy systems in deep-sea applications are expected to utilize high-density lithium-ion batteries, which are crucial for the operational efficiency of deep-sea equipment [17]. Comparative Analysis - Deep-sea technology shares similarities with low-altitude economy and commercial aerospace in terms of military-civilian integration and economic spillover effects, with all three sectors being prioritized by national policy [23][24]. - The report outlines the high technical barriers in deep-sea technology, which includes advanced underwater communication systems and deep-sea mining technologies, distinguishing it from the relatively lower barriers in low-altitude and aerospace sectors [25]. Industry Players - The report provides a comprehensive overview of the deep-sea technology industry chain, highlighting key players across upstream materials, midstream equipment manufacturing, and downstream application services [29].

策略研究 / 2025.06.17 中国股市十大投资主题:先进制造篇 方奕(分析师) 021-38676666 2025年中期投资策略展望十大投资主题系列 登记编与 S0880520120005 本报告导读: 黄维驰(分析师) 贴现率下降不仅是中国股市上升的关键动力,也为主题投资创造有利土壤,产业性 021-38676666 主题和交易性主题均将获得机会。本文以聚焦前沿技术、先进制造、格局改善三大 登记编与 方向共计十大主题,讨论 2025H2 投资机会。 投资要点: 苏徽(分析师) 0 十大投资主题展望:主题开路作先锋,看好中国"转型牛"。在遍历 登记编号 冲击后,投资人对经济形势的认识已然充分,中国股市预期和估值 的主要矛盾已经发生转变,可以看到:1)新技术趋势和商业模式开 始涌现;2)投资股票的机会成本降低,无风险利率下降增量入市; 分研究报 策 制造、格局改善三大方向共计十大主题,讨论 2025H2 投资机会。 o 主题四:低空经济与商业航天。首批载人类民用无人驾驶航空器运 营合格证颁发,我国低空经济正式进入"载人时代"。非管制空域的 划设为低空经济发展打开了物理空间,适航取证加速为低空经济发 展打开 ...

在调研座谈会上，代表们围绕高质量发展海洋经济，科学谋划"十五五"规划积极建言献策。代表们 一致表示，海南立足实际，聚焦大力发展海洋新质生产力，积极发展海洋经济新业态，加快实施海洋强 省建设目标，全省海洋经济、海洋科技、海洋生态等方面取得明显进步。要进一步深入贯彻党中央决策 部署，落实好《高质量发展海洋经济推进建设海洋强省三年行动方案(2024-2026)》，加快实现再造一 个"海上海南"目标，助力海南自由贸易港建设。 海南日报海口6月13日讯(海南日报全媒体记者 袁宇)按照全国人大常委会工作部署，6月10日至12 日，省人大常委会组织驻琼十四届全国人大代表围绕"向海图强，高质量发展海洋经济"开展专题调研， 并在海口、三亚分别召开省政府汇报会和调研座谈会。 全国人大代表，全国人大常委会委员、全国人大民族委员会副主任委员，海南省人大常委会副主任 苻彩香担任调研组组长;全国人大代表、全国人大环境与资源保护委员会副主任委员王宏，全国人大代 表曹献坤、丁晖、周军平、吕妍、林豪、陈凡、林恒、景柱、黄海文、雷亚飞、苏少洪、吴少玉参加调 研。省委常委、常务副省长巴特尔在省政府汇报会上介绍相关工作情况。 海南省十四届全国人大代 ...

在海洋强国战略指引下，海南正以"向海洋要生产力"的魄力，开辟"以场带产深海智造"新赛道。依托全国唯一的国家海洋综合试验场（深海），海南瞄 准深海油气矿产、深海高端装备制造、海洋新能源等新兴产业，推动海洋经济年均增速超16%，2024年海洋生产总值占GDP比重达34.1%；2025年第一季 度，海洋经济占全省GDP比重达到41.7%。海南省委、省政府提出，通过打造"智慧海洋"深海科技创新策源地，力争用十年左右时间，再造一个"海上海 南"，为海洋强国建设贡献海南方案。 自然资源禀赋 "以场带产深海智造"发展海洋产业 浩瀚而神秘的深远海是有待于人类深度开发的领域，然而，要发展深远海产业却并非易事：深海装备制造技术门槛高、产业链长，需以重大科技基础设 施为依托。当前，我国深海资源开发、海洋安全等领域仍面临"卡脖子"问题。海南作为南海资源开发前沿，肩负着服务国家深海工程的重任。 国家海洋综合试验场（深海）具有可为海洋仪器装备提供定点、长期、连续海上试验测试的独特优势，是促进海洋技术原始创新和应用（如海洋仪器设 备和装备研发）、完善海洋观测监测网技术标准体系，促进海洋高新科技成果转化和提高基于海洋生态观测监测体系的海洋综 ...

证券研究报告 | 行业联合报告 2025 年 06 月 09 日 深蓝之钥：解锁海洋未来，布局深海科技核心资产 ——深海科技专题报告（一） 2025 年《政府工作报告》首次将"深海科技"列为战略性新兴产业重点领域， 明确提出推动其安全健康发展，培育海洋新质生产力，成为对标"商业航天"、 "低空经济"的重要新域新质方向。目前全球深海科技领域正处于高速发展阶 段，根据测算，全球深海科技市场规模将于 2025 年突破 5000 亿美元，年均增 长率达到 15%以上。 ❑ 产业链及代表企业标的： ❑ 风险提示：政策落地不及预期、主观预测存在偏差、产业发展不及预期。 行业联合报告 | 张夏 | S1090513080006 | | --- | --- | | zhangxia1@cmschina.com.cn | | | 王超 | S1090514080007 | | wangchao18@cmschina.com.cn | | | 李昊阳 | S1090524120005 | | lihaoyang1@cmschina.com.cn | | | 吴洋 | S1090523080001 | | wuyang2@cmsc ...

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 - 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]