Investment Rating - The report maintains a "Positive" investment rating for the machinery industry [1] Core Insights - The machinery sector underperformed in 2024 with a 5.04% increase in the Shenwan Machinery Equipment Index, lagging behind the Shanghai Composite Index by 7.63 percentage points and the Shenzhen Component Index by 4.3 percentage points. However, from the beginning of 2025, the index has risen by 10.44%, outperforming both major indices [2][17] - In 2024, the machinery industry's operating revenue reached CNY 19,995.67 billion, a year-on-year increase of 6.55%, while the net profit attributable to the parent company decreased by 3.28% to CNY 863.64 billion. In Q1 2025, operating revenue grew by 11.23% to CNY 4,540.09 billion, but net profit saw a significant decline of 30.03% [2][20][26] Summary by Sections Investment Summary - The machinery sector's performance in 2024 was below expectations, but it has shown strong recovery in 2025, leading the market [2][17] - The report suggests focusing on more proactive fiscal policies and new quality productivity to drive growth [4][41] Sector Performance - The internal segmentation of the machinery industry shows significant disparities, with semiconductor equipment (39.08%), photovoltaic processing equipment (29.60%), and motorcycles (17.85%) leading in revenue growth for 2024. In Q1 2025, semiconductor equipment (33.38%) and motorcycles (30.74%) continued to show strong growth [3][39] - The report highlights that the machinery sector's public fund allocation increased from 2.79% in 2024 to 3.27% in Q1 2025 [30] Policy Recommendations - The report emphasizes the importance of proactive fiscal policies to boost engineering machinery sales, with significant government bond issuance planned for infrastructure projects [5][44] - It also suggests continuous attention to new quality productivity sectors, including low-altitude economy, deep-sea technology, humanoid robots, and industrial mother machines [6][49] Emerging Opportunities - The low-altitude economy is expected to benefit from government support, with projections indicating substantial growth in drone deliveries and eVTOL aircraft by 2035 [7][50] - Deep-sea technology is crucial for energy security, with significant potential for domestic equipment replacement in deep-water oil and gas extraction [8][52] - Humanoid robots are positioned to address customization challenges in manufacturing, supported by government initiatives to expand application scenarios [9][53] - Industrial mother machines are identified as essential for reducing costs in mass production, with a growing market for core components [10][54]

华源证券近日发布深海科技系列（一）：深海通常指水深超过200米的海域，深海科技 是指用于探索、开发和利用深海资源，并研究深海极端环境的一系列先进技术和跨学科体 系。其定义不仅包含技术工具，更承载国家战略安全、经济新增长极和国际竞争格局重塑的 多重使命。 以下为研究报告摘要： 2025年3月12日政府工作报告首提"深海科技"，对标商业航天及低空经济，"深海科 技"首次被正式列入国家未来产业发展重点。"深海"在政府报告中并非首次提及，其内涵在 政策支持下逐渐丰富。作为国家战略性新兴产业的核心领域，深海科技正从科研探索向产业 化加速迈进，叠加2024年海洋经济突破10万亿元的产业基础，深海资源开发、装备制造新能 源及信息技术等多个产业迎来系统性发展新 机遇。 深海通常指水深超过200米的海域，深海科技是指用于探索、开发和利用深海资源，并 研究深海极端环境的一系列先进技术和跨学科体系。其定义不仅包含技术工具，更承载国家 战略安全、经济新增长极和国际竞争格局重塑的多重使命。 深海科技为多个产业带来发展新机遇 深海科技主要有六大产业方向：深海能源与矿产；深海高端装备制造：深潜器与作业平 台、水下机器人；深海信息技术；深海 ...

Economic Development - Sanya's GDP surpassed 90 billion yuan in 2023 and is projected to exceed 100 billion yuan in 2024, marking a significant growth compared to 2006 levels [2] - The city aims to create a modern industrial system and high-quality development through the "one benchmark, five districts" strategy [2][7] Tourism and Consumption - Sanya has transformed from a remote destination to a preferred international tourist spot, with the opening of the Phoenix International Airport facilitating access [3] - The city is developing an international tourism consumption center, enhancing service experiences and promoting high-end tourism products [3][4] - Sanya International Duty-Free City has become a key player in integrating commerce and tourism, attracting over 92 million visitors since its opening in 2014 [4][5] Infrastructure and Connectivity - Sanya has established 26 international routes and connections to 20 overseas cities, enhancing its global connectivity [3] - The city is focusing on developing a modern trade and financial services environment, with significant growth in revenue and foreign investment since 2020 [9] Industrial Diversification - Sanya is shifting from a single-industry economy to a diversified industrial matrix, with initiatives to develop various sectors including deep-sea technology, modern agriculture, and high-end services [7][8] - The city has introduced a "chain leader system" for industrial development, aiming to create a comprehensive industrial cluster by 2030 [7] Innovation and Technology - Sanya is enhancing its technological innovation capabilities, with the establishment of multiple national and provincial research platforms and partnerships with leading research institutions [11] - The city is positioning itself as a hub for seed and deep-sea technology innovation, contributing to national food security and marine exploration efforts [12][13]

Core Viewpoint - The market is experiencing a rebound, with expectations for further upward movement in the index, particularly with a focus on small-cap stocks and technology sectors [2][3]. Index Analysis - The index opened at 3295, with a pressure point identified at 3313, which was surpassed, reaching 3316-3317 by the end of the trading day [2]. - The next resistance level is projected at 3326, aligning with the 60-day moving average, indicating a potential for further gains [2][3]. - The overall market sentiment is positive, with most sectors showing gains, except for the banking sector, which was in the red [2]. Sector Performance - A shift in market style is noted, transitioning from large-cap to small-cap stocks, and from defensive to aggressive sectors, with controllable nuclear fusion leading the gains [2][3]. - Other sectors showing strong performance include humanoid robots, consumer electronics, and semiconductors [2][3]. Investment Opportunities - Two main investment opportunities are highlighted: 1. Core sectors such as computing power and humanoid robots, which are expected to lead the market [3]. 2. Potential rebound sectors that have lagged behind, such as deep-sea technology, which may catch up in the coming days [3]. Trading Strategy - The current market position suggests an opportunity to increase positions, with a focus on strong performers and avoiding distractions from weaker stocks [4]. - Emphasis is placed on aligning trading strategies with market trends rather than following popular sentiment [4]. ETF Insights - Food and Beverage ETF (515170) has seen a slight decline of 0.67% over the past five days, with a market cap of 56.9 billion and a net outflow of 247.4 million [7]. - Gaming ETF (159869) has increased by 4.17% recently, with a market cap of 62.1 billion and a net outflow of 572.3 million [7]. - Semiconductor ETF (588170) has gained 1.50%, with a market cap of 2.3 billion and a net inflow of 641.2 million [8]. - Cloud Computing ETF (516630) has risen by 5.13%, with a market cap of 5.3 billion and a net inflow of 177.8 million [8].

智通财经4月23日电，神开股份涨停，巨力索具、邵阳液压、尤夫股份涨超5%，佛山照明、克莱特、坤 博精工、海默科技等跟涨。消息面上，东吴证券发布研报称，全球95%的深海区域尚未开发，深海资源 的巨大潜力成为推动深海科技发展的核心动力。 深海科技概念股震荡反弹 神开股份涨停 ...

PPPPAAAARRRRTTTT 1111 两个关键时点 年内还有两个关键：一是4月初外部风险落地后的交易性机会，二是年中中美经济和政策周期同频后的配 置性机会。 图片来源：摄图网 两个关键时点 裘翔 刘春彤 杨家骥 高玉森 沈思越 连一席 遥远 玛西高娃 年内两个关键时点：一是4月初外部风险落地后带来的交易性机会，二是年中中美经济和政策周期同频后带 来的配置性机会。从风险落地后的进攻方向看，经过3月大幅调整且后期有催化的科技主题预计会成为4~5 月最好的方向。中美经济和政策周期有利于打开内需叙事的向上空间，解除中国核心资产的估值压制，且 随着更多传统核心资产走出业绩拐点，市场将迎来2021年以来最重要的一次风格切换。配置上继续聚焦A股 和港股核心资产。 风险因素：中美科技、贸易、金融领域摩擦加剧；国内政策力度、实施效果及经济复苏不及预期；海内外 宏观流动性超预期收紧；俄乌、中东地区冲突进一步升级；我国房地产库存消化不及预期。 点击查看全文 主题聚焦 策略聚焦 万亿深海孕生机 关注业绩稳健、估值低位 主题 秦培景 刘易 王冠然 侯苏洋 卿施典 任恒毅 白弘伟 田鹏 王涛 王子昂 建议关注业绩稳健的低位主题，包 ...

深海科技在2 0 2 5年的"两会"上被首次写入政府工作报告中：开展新技术新产品新场景大规模应用示范行动，推动商业航天、低空经济、深海科 技等新兴产业安全健康发展。深海科技包含深潜装备、深海探测、深海资源开发、深海组网等多方面的内容，发展深海科技具备重大的政治、 经济、科技、军事意义，也具备广阔的发展前景。据自然资源部数据，2 0 2 4年全国海洋生产总值首次突破1 0万亿元，达1 0 5 , 4 3 8亿元，同比 +5 . 9%。此外，上海在即将出台的新一轮海洋产业发展规划中也有望推动深海科技的持续发展。我们预计后续沿海地区的地方政府有望陆续出 台相关刺激政策，助力深海科技这一新质生产力的腾飞。 文 ｜ 付宸硕 陈卓 刘意 张清源 深海科技在2 0 2 5年"两会"中被首次写入政府工作报告，体现了高层领导对深海开发的重视。我们认为，后续地方的相关产业支持政策预计将陆 续出台，深海科技作为新质生产力之一也有望迎来类似于低空经济和商业航天的发展契机。在投资上，深海科技产业链涉及到上游核心零部件和 原材料的配套、中游整机装备以及下游的运营和服务等多个环节，我们建议优先关注产业链上下游当中的核心参与厂商。 ▍ 政策 ...

Core Viewpoint - The article discusses the transition of the market from "policy expectation-driven" to "fundamental performance-driven" as it approaches April, indicating a critical period for investment decisions based on company earnings and economic data [2][3]. Group 1: Market Performance - The market experienced a mixed performance with major indices showing slight gains, while over 3,800 stocks declined, indicating a broad market weakness [1]. - The trading volume in the Shanghai and Shenzhen markets was 1.45 trillion, a decrease of 100 billion from the previous trading day, reflecting reduced market activity [1]. Group 2: April Decision-Making - April is identified as a key period for making directional investment choices based on policy implementation, economic data validation, and corporate earnings reports [2][4]. - The article highlights the historical impact of April decisions on annual market trends, suggesting that sectors with strong performance in April often become the main investment themes for the year [4]. Group 3: Investment Directions - Three main investment directions are emphasized for the upcoming period: 1. **AI Computing Hardware Localization**: The article notes the implementation of policies supporting AI development, with expectations for significant growth in AI-related hardware and applications, potentially leading to over 50% earnings growth for related companies by 2025 [5]. 2. **Consumer Recovery and Policy Stimulus**: The government is expected to stimulate consumer spending through various policies, with high-performing sectors like premium liquor and smart home products likely to outperform the market [7]. 3. **Cyclical Stocks and "Special Valuation"**: The anticipated economic recovery and positive PPI trends are expected to benefit resource stocks, with a dual impact of value reassessment and earnings elasticity [8].

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].

本文作者： 刘晨明/郑恺/ 杨泽蓁/ 陈振威 | 时间 | 此前占优风格 | 区间占优风格 | 区间涨跌幅 | 区间后占优风格 | | --- | --- | --- | --- | --- | | 2013.10.9-2013.12.5 | 成长 | 消费 | 创业板指：-13.4% | 成长 | | | | | 消费: -1.0% | | | 2014.11.1-2015.1.5 | 稳定 (央国企) | 金融 | 稳定: 45.2% | 成长 | | | | | 金融:69.3% | | | 2018.2.6-2018.4.2 | 金融 | 成长 | 金融: -14.7% | 金融 | | | | | 创业板指：12.6% | | | 2020.2.25-2020.4.13 | 成长 | 消费 | 创业板指：-15.1% | 成长&消费 | | | | | 消费: -0.3% | | | 2022.4.15-2022.7.15 | 红利 | 成长、消费 | 红利: -10.5% | 红利 | | | | | 创业板指：11.9% | | | | | | 消费:3.1% | | 2.从过去15年的日历效应 ...