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 ...

市场全天探底回升尾盘翻红，三大指数微涨，大小指数走势分化，微盘股指数跌超4%， 全市场超38 0 0只个股下跌。 盘面上，有色金属等周期股表现活跃，北方铜业涨停。旅游股震荡走强，峨眉山A涨停。 深海科技概念股探底回升，亚星锚链等多股涨停。下跌方面，算力概念股震荡走低，锦鸡 股份跌超10%。截至收盘，沪指涨0 . 1 5%，深成指涨0.07%，创业板指涨0.01%。 市场热 点较为杂乱，个股跌多涨少，全市场超3800只个股下跌。沪深两市全天成交额1 . 4 5万 亿，较上个交易日缩量1 0 0 1亿。 A股市场历来存在显著的"日历效应"， 其中"春季躁动"、"四月决断"是最具代表性的现 象之一。 "春躁"行情从1月开始到现在大盘涨到3400，诞生了每日互动、襄阳轴承、首 都在线等一大批牛股，这两天市场情绪退潮，那么接下来市场会进入"四决断"行情吗？我 们又该如何应对？ 0 1"四月决断"，聚焦业绩确定性！ 4 月决断，指的是指每年4月前后市场基于政策落地、经济数据验证及上市公司财报披露 等等因素，对全年投资主线和趋势做出方向性选择的关键时期。 核心逻辑在于市场从 "政策预期驱动" 向 "基本面业绩驱动"转变。 ...

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 ...

随着机器人、AI、固态电池等多个热门题材退潮，两市股指今日早盘呈现震荡调整走势，盘中突然跳水，上证指数跌破3400点，截至中午收盘，上证指数跌 0.94%，深证成指跌1.42%，创业板指跌1.70%，科创50指数跌2.02%。 海洋经济赛道全线大涨。 港股亦走弱，截至发稿，恒生指数跌超2%，恒生科技指数跌超3%。个股方面，蔚来、比亚迪等新能源汽车股跌幅明显，中芯国际、华虹半导体、上海复旦等 芯片股多数下跌。 海洋经济赛道延续强势 分时 五日 日K 周K 月K 更多。 [0] 850.28 7.01% 831.71 4.68% 2.34% 0.00% 794.56 775.99 -2.34% 757.41 -4.68% 738.84 -7.01% 11:30/13:00 09:30 15:00 | 海工装备(02003601) | | | --- | --- | | 午间休市 03-21 11:30:23 | | | 2563.54 | | | +120.25 +4.92% | | | 今 开 2454.25 最 高 2601.90 成交量3975.62万手 | | | PE 收 2443.29 最低 | 24 ...

Group 1: Port Industry Insights - The port industry valuation has increased due to sentiment catalysts and re-evaluation factors, particularly after the sale of terminal assets by Cheung Kong, which achieved an EV/EBITDA of 11 times, while the industry average is between 6-8 times, indicating significant re-evaluation potential [1] - Xiamen Port Development, as the only listed platform under Fujian Port Group, leverages the strategic location of Xiamen Port (the 14th largest container port globally) to establish three core businesses: bulk cargo terminals, port logistics, and port services [1] - The company plans to expand into the container terminal sector through a major asset restructuring by 2025, enhancing its position as a comprehensive modern port logistics service provider [1] - With the gradual recovery of global trade and the ongoing Belt and Road Initiative, Xiamen Port's container throughput and domestic logistics demand are expected to continue growing [1] - Xiamen Port Development is well-positioned for long-term growth due to strong port resources, policy support, and market competitiveness, especially in the context of the overall re-evaluation of the port industry [1] - Investors are encouraged to pay attention to companies like COSCO Shipping Ports and China Merchants Port, particularly COSCO Shipping Ports, which benefits from being part of the world's largest container shipping alliance [1] Group 2: AI and Data Center Infrastructure - The demand for data center infrastructure (AIDC) is entering a new cycle as global internet giants, particularly Alibaba, ByteDance, and Tencent, increase their investments in AI capabilities [4] - North America's four major cloud service providers are expected to exceed $315 billion in capital expenditures by 2025, driven by AI-related demand, leading to significant expansion in the data center industry [4] - The demand for key IT power supplies in data centers is projected to double from 49 GW in 2023 to 96 GW by 2026, with 90% of this growth attributed to AI-related needs [4] - The global market for temperature control in data centers is expected to grow from approximately $7.7 billion in 2023 to $17.8 billion by 2028, with a CAGR of about 18.4% [4] - Liquid cooling technology is becoming increasingly important in data centers, with its market share expected to rise to 33% due to the trend of increasing server cabinet power [4] - Domestic brands are likely to replace foreign brands in the backup power supply segment within data centers, especially under tight supply-demand conditions [4] Group 3: Emerging Technologies and Market Trends - Deep-sea technology has been officially included in the national future industry development priorities in the 2025 government work report, indicating the rise of this emerging industry and gaining national policy support [10] - The deep-sea technology sector has significant industrial potential, aligning with national strategic needs and offering broad market prospects, potentially becoming a new growth area for the economy [10] - The industry requires the integration of various technologies, including oceanography, artificial intelligence, and bioengineering, to advance technologies such as bionic robots and deep-sea sensors [10] - The marine economy is expected to grow robustly, with China's marine economy projected to exceed 10 trillion yuan in total by 2024 [10] - AI technology can enhance sustainable development by using intelligent sensor networks and big data analysis to assess fishery resources and formulate protection strategies [10]

受央视"3·15"晚会曝光影响，A股多家涉事个股遭遇杀跌。 百亚股份盘中跌停，收跌9.36%，稳健 医疗跌近6.12%、浪莎股份跌超1%、九鼎投资跌超3%。 2025年央视"3·15"晚会曝光卫生巾、纸尿裤残次料被翻新"二次销售"乱象，其中提及百亚股份旗 下品牌自由点和好之。深交所对此高度关注，3月16日早间向百亚股份下发了关注函。 3月15日晚间，百亚股份旗下卫生巾品牌自由点发布声明称，坚决打击非法回收、翻新、销售残次 品以及制假售假违法行为，针对此次"3·15"晚会提及的梁山希希纸制品有限公司违法回收自由点 残次料翻新售假行为，已成立专项调查组进行全面调查并将在第一时间向公安机关报案。 长按即可免费加入哦 A股三大指数今日窄幅震荡，截至收盘，沪指涨0.19%，深成指跌0.19%，创业板指跌0.52%。全 市场成交额16209亿元，较上日缩量2200亿元，全市场超3100只个股上涨。 今年以来，中国股市持续回暖，走出了较为独立的行情，而海外市场则出现了明显的波动。在近 期发布的研报中，摩根士丹利上调了中国股票市场评级，认为中国股票市场迎来了结构性机制转 变，并有望持续改善，"我们认为，现在是建议全球投资人增 ...

▍ 深海水深超2 0 0米高压黑暗，矿业渔业油气资源丰富。 深海通常指水深超过2 0 0米的海域，阳光无法照射到，具有高压、低温、黑暗、地质复杂等特 点。深海矿产资源丰富，包括：1）多金属结核，含镍、钴、铜、锰等金属，2）海底硫化物，富 含铜、锌、金、银等金属，3）富钴结壳，铁锰氧化物层，钴含量达陆地矿床的3倍。据新华网报 道，2 0 1 8年深海采矿船"鹦鹉螺新纪元"出坞，船体总长2 2 7米，宽4 0米，深1 8 . 2米，吃水1 3 . 2 米，可以在2 5 0 0米水深进行采矿作业，装载矿货达3 9 0 0 0吨。除矿物资源外，深海还蕴含丰富的 渔业、油气等资源，开发价值巨大。 文 ｜ 付宸硕 陈卓 刘意 张清源 3月1 2日新华社发布2 0 2 5年《政府工作报告》，相较3月5日的《政府工作报告（摘登）》，本次新 增"深海科技"，体现了高层领导对深海开发的重视。由于深海黑暗高深的特性，我们认为深海感知 通信等多采用声学，深潜平台需采用钛合金打造，关注声学及钛材投资机会。 ▍ 《政府工作报告》新增深海科技，政策助力产业落地。 3月1 2日新华社发布2 0 2 5年《政府工作报告》，报告提出"开展新技术 ...

Core Viewpoint - The article highlights the ongoing market adjustments, with a focus on the potential growth in the deep-sea technology sector, which is expected to significantly contribute to China's marine economy by 2025 [3]. Market Overview - The market continues to adjust, with the Shanghai Composite Index showing relative strength supported by blue-chip stocks, while the Shenzhen Composite Index and the ChiNext Index both declined by around 1% [1]. - Recent hot sectors, particularly robotics and AI computing stocks, have weakened, indicating a noticeable retreat in short-term market sentiment [2][6]. Deep-Sea Technology Sector - The government work report has introduced the direction to accelerate deep-sea technology research and industrialization, projecting a market potential of 3.25 trillion yuan by 2025, making it a key growth area within the 13 trillion yuan marine economy [3]. - Deep-sea technology encompasses advanced technologies and disciplines for exploring, developing, and utilizing deep-sea resources, including deep-sea detection, resource development, communication, navigation, and engineering technologies [3]. - The marine economy is expected to surpass 10 trillion yuan in 2024, with deep-sea technology being a significant growth driver [3]. Investment Opportunities in Deep-Sea Technology - Companies involved in deep-sea technology and equipment are highlighted, including: - Baose Co., Ltd. (19.73 billion yuan market cap) is engaged in national key deep-sea titanium alloy equipment projects [5]. - Baotai Co., Ltd. (82.00 billion yuan market cap) is the largest titanium and titanium alloy production and research base in China [5]. - Other notable companies include Jushi Co., Ltd., Haimeite Technology, and Zhongke Haixun, all of which are involved in various aspects of deep-sea technology and equipment [5]. Coal Sector Recovery - The coal sector has shown a recovery, with the sector index rising over 6% in six trading days, driven by increased industrial demand and a potential stabilization in coal prices [7]. - Factors contributing to this recovery include: - Economic recovery leading to higher industrial production and coal demand [7]. - Market funds shifting towards stable investment options, with coal being a traditional resource sector with risk resilience [7]. - The coal sector's high performance, cash flow, and dividend attributes, maintaining its appeal as a high-yield investment [7][8]. Conclusion - The article emphasizes the potential of the deep-sea technology sector as a significant growth area in China's marine economy, while also noting the recovery of the coal sector as a stable investment opportunity amidst market adjustments [3][7].