Core Viewpoint - China's marine economy is accelerating towards a new stage of development, with the marine GDP expected to exceed 10 trillion yuan in 2024, driven by emerging marine industries, ecological protection, and large-scale offshore wind power development [2][3][4]. Marine Emerging Industries: Innovation Engine Driving Economic Upgrade - The marine economy encompasses activities that develop marine resources and utilize marine space, with significant growth in marine engineering equipment manufacturing and marine biomedicine over the past two decades [3][4]. - The 2025 China Marine Economy Development Index shows a value of 125.2 for 2024, indicating a 2.3% increase from the previous year, reflecting strong momentum in marine economic development [3]. - In 2024, the added value of China's emerging marine industries grew by 7.2%, with marine high-end equipment manufacturing and marine biomedicine showing particularly strong performance [4]. Marine Ecological Protection: Technology Empowering Ecological Barriers - The 2024 China Marine Ecological Early Warning Monitoring Bulletin indicates that the overall marine ecological status is stable, with key ecosystems like coral reefs and seagrass beds showing good conditions [7]. - A comprehensive monitoring network has been established, integrating various technologies to monitor 136 typical ecological system distribution areas and 350 typical islands [7][8]. - The principle of land-sea coordination has been emphasized in policy, aiming for sustainable development and effective ecological protection [8][9]. Offshore Wind Power: Clean Energy Leading Industrial Transformation - In 2024, China's newly installed offshore wind power capacity reached 2.47 million kilowatts, with a cumulative capacity of 39.1 million kilowatts, maintaining the world's leading position for four consecutive years [10]. - The development of offshore wind power is supported by significant technological advancements, including large-capacity wind turbines and flexible direct current transmission technology [10]. - The offshore wind power sector is expected to become a crucial growth point for both national and global energy transitions [10].

Core Viewpoint - Liaoning is leveraging the construction of a 131 million kilowatt offshore wind power project to transition from an old industrial base to a green economy, aligning with the "dual carbon" goals of China [2][3]. Group 1: Offshore Wind Power Development - The offshore wind power industry is becoming a key driver for economic growth and energy security globally, with China establishing a significant advantage in this sector [3]. - Liaoning has a vast marine resource base with over 50 million kilowatts of economically viable offshore wind energy, supported by a coastline of 2,290 kilometers [3][4]. - The province aims to develop two large offshore wind power bases, each exceeding 5 million kilowatts, contributing to a new production capacity worth over 1 trillion yuan [7]. Group 2: Economic Impact - The initiation of the 131 million kilowatt offshore wind power project is expected to attract nearly 1 trillion yuan in investments, generate an annual output value exceeding 100 billion yuan, and create over 100,000 jobs [4]. - The wind power industry is anticipated to become a significant force in driving the economic prosperity of Liaoning and establishing it as a maritime powerhouse [4][5]. Group 3: Industrial Transformation - The development of the offshore wind power sector is part of a broader strategy to upgrade traditional industries in Liaoning, which have historically relied on resource-intensive practices [5][6]. - Liaoning's industrial base includes over 150 enterprises in the wind power supply chain, with strengths in advanced equipment manufacturing [5]. - The province is focusing on green alternatives in traditional sectors like metallurgy and petrochemicals, while also fostering new industries such as hydrogen and ammonia production [6].

新华财经北京6月20日电（记者沈寅飞）在推动"双碳"目标实现及海洋强国建设的进程中，福建省加快 清洁能源发展步伐，一幅海洋经济与绿色电力深度融合的和谐画卷正徐徐展开。 海上风电产业生态逐渐形成 福建省依山傍海、海岸蜿蜒，正凭借优越的地理位置和资源禀赋成为海上风电发展的热土。福建海上风 电理论蕴藏量超过1.2亿千瓦，近年来，福建海上风电快速发展，截至2025年5月海上风电装机容量已达 383万千瓦。 在宁德市霞浦县西洋岛，风机高高耸立，桨叶缓缓转动，绿电源源不断送往海岛人家。 西洋岛是福建省内人口最多的远海岛屿，早前仅通过一条海缆与陆地电网相连，但渔船抛锚和拖网作业 易引发海缆故障，抢修海缆通常要耗费十多天时间。若运送柴油发电机上岛，噪声会影响岛民正常生 活；若运送发电车上岛，虽然缓解了噪声问题，但保电成本十分高昂。 利用西洋岛风能和太阳能资源就地取材，发展风光储微电网成为了提高岛上供电可靠性的"上上策"。目 前，国网福建电力在岛上安装了3台2000千瓦风机、1000千瓦／2000千瓦时电化学储能装置和20.74千瓦 光伏设备，它们组成了具备"零碳"示范运行能力的风光储一体化海岛微电网。 "建设微电网项目的初衷 ...

Core Viewpoint - The construction of China's first national offshore wind power research and testing base in Fujian is a significant step towards advancing the offshore wind power industry, enhancing technological innovation, and integrating the industry chain [1][2]. Group 1: Offshore Wind Power Research Base - The offshore wind power research and testing base in Fujian is a major project under the national "14th Five-Year Plan," capable of testing the world's largest capacity wind turbines and longest blades [1]. - The base will facilitate research on large-capacity offshore wind turbine equipment and grid-friendly wind power integration technologies, contributing to international cutting-edge technology research [1]. Group 2: Industry Development and Innovation - The establishment of the offshore wind power testing base will provide comprehensive services for equipment manufacturers, research institutions, and operators, promoting a complete industrial ecosystem and accelerating product development [2]. - Fujian has a theoretical offshore wind power potential exceeding 120 million kilowatts, with installed capacity reaching 3.818 million kilowatts by the end of 2024, and has maintained the highest wind power utilization hours in the country for 12 consecutive years [1]. Group 3: Clean Energy Transition - The State Grid Fujian Electric Power Company has proposed a high-quality development blueprint focusing on clean energy, aiming to lead in clean development, safety, stability, and efficiency [2]. - In 2024, clean energy generation capacity and generation volume in Fujian are projected to account for 65.5% and 52.7% respectively [6].

Core Viewpoint - Weihai City is focusing on enhancing its industrial clusters to drive economic growth, with a target of achieving stable revenue growth in manufacturing and promoting high-quality development through a three-year action plan [1][2]. Group 1: Industrial Cluster Development - The Weihai Development and Reform Commission is implementing actions to strengthen eight major industrial clusters, aiming for a revenue growth of 7% year-on-year in the first quarter of 2024 [1]. - The city plans to expand its strategic emerging industries, including new-generation information technology, biomedicine, and high-performance composite materials, while also aiming to add one more provincial "formation" cluster [2]. Group 2: Energy Sector Initiatives - Weihai is focusing on the development of the new energy sector, planning to enhance its capabilities in nuclear, wind, solar, and energy storage [2]. - Key projects include the expansion of the Huaneng Shidao Bay Nuclear Power Phase I and the development of offshore wind power in the Lushan Peninsula [2]. Group 3: New and Old Kinetic Energy Conversion - The city is promoting green and low-carbon development through the establishment of special funds to support key projects, incentivizing 15 enterprises to achieve significant technological breakthroughs [3]. - There is an ongoing effort to integrate advanced manufacturing with modern services, with 14 provincial-level pilot projects underway [3]. Group 4: Support for Key Enterprises - A new round of key enterprise cultivation is being implemented, with a focus on optimizing support for 100 enterprises to achieve higher targets [4]. - The city has successfully included 12 enterprises in the provincial "Top Ten Industries" cluster, with four designated as "leading enterprises," receiving increased support for innovation and project implementation [4].

证券研究报告 2025 年 06 月 19 日 | 市场数据 | | | | --- | --- | --- | | 指数名称 | 收盘 | 涨跌% | | 上证指数 | 3388.81 | 0.04 | | 深证成指 | 10175.59 | 0.24 | | 创业板指 | 2054.73 | 0.23 | | 科创 50 | 968.18 | 0.53 | | 北证 50 | 1393.43 | -0.65 | | 沪深 300 | 3874.97 | 0.12 | A 股市场概览 | 类别 | 总市值 | 流通市 | 市盈率 | 市净率 | | --- | --- | --- | --- | --- | | | (亿元) | 值(亿元) | PE | PB | | 上证指数 | 654743 | 510440 | 12.06 | 1.25 | | 深证成指 | 224420 | 183239 | 19.88 | 2.10 | | 创业板指 | 58069 | 45832 | 26.92 | 3.76 | | 科创 50 | 33872 | 22383 | 52.50 | 4.04 | | 北证 50 | ...

Group 1: Solid-State Battery Industry - The fifth China International Solid-State Battery Technology Conference will be held on June 19-20, 2025, with industry investment reaching 15 billion in the first four months of the year [1] - The Ministry of Industry and Information Technology (MIIT) plans to establish a standard system for solid-state batteries by April 2025, with 6 billion allocated for special research and development [2] - Companies like Puli Technology and Liyuanheng are actively developing solid-state battery technologies and have made significant progress in equipment and process innovations [2] Group 2: Robotics and AI - Ant Group has invested in Lingxin Qiaoshou Technology, which focuses on embodied intelligence platforms crucial for humanoid robots [3] - Companies like Zhenyu Technology and Hanwei Technology are successfully delivering products related to robotics, including linear actuators and flexible sensors [4] - The demand for key components in humanoid robots, such as motors and tactile sensors, is expected to increase, benefiting leading technology firms in the industry [3][4] Group 3: Autonomous Delivery Vehicles - Cainiao has launched a new autonomous delivery vehicle, the Cainiao GT-Lite, priced at 21,800 yuan, with a promotional price of 16,800 yuan [5] - The logistics autonomous vehicle market is entering a phase of large-scale commercialization, driven by technological advancements and decreasing component costs [5] - Companies like Xingwang Yuda and Xiangyou Technology are developing autonomous driving systems and collaborating with postal services to enhance delivery capabilities [6] Group 4: High-Bandwidth Memory (HBM) Market - Samsung Electronics has secured a contract for HBM3E supply from Broadcom, indicating strong demand for high-performance memory in AI applications [7] - The HBM market is expected to experience explosive growth due to increased data center investments and the need for high bandwidth and low power consumption [7] - Companies like Shengmei Shanghai and Saiteng Co. are actively involved in providing equipment and materials for HBM production [8] Group 5: Digital Human Technology - Baidu has launched the industry's first dual digital human interactive live broadcast room, enhancing consumer interaction through advanced AI technology [9] - The development of digital humans is expected to lead to more personalized marketing strategies and improved customer experiences in e-commerce [9] - Companies like New Guodu Holdings are focusing on general-purpose AI technology and multi-modal AI product research [9][10] Group 6: Renewable Energy and Nuclear Fusion - China National Petroleum Corporation plans to invest 655 million yuan in Kunlun Capital for controlled nuclear fusion projects [10] - Several state-owned enterprises are exploring nuclear fusion energy, which is seen as a clean and efficient energy source [11] - Companies like Zhongyou Capital and Xuguang Electronics are involved in nuclear fusion technology development and related projects [11] Group 7: Domestic CPU Market - Shanghai Zhaoxin Integrated Circuit Co., a leading domestic CPU manufacturer, has initiated an IPO on the Sci-Tech Innovation Board, aiming to raise approximately 4.169 billion yuan [12] - The CPU market in China is projected to grow from 216.032 billion yuan in 2023 to 232.61 billion yuan in 2024, driven by advancements in AI and cloud computing [12] - Companies like Guangdian Yuntong and Zhongke Shuguang are enhancing their capabilities in CPU and GPU products [13]

Core Insights - The marine economy in China has shown significant growth, with the marine production value surpassing 10 trillion yuan for the first time, marking a 5.9% increase from the previous year [1] - Technological innovation is identified as the core driving force for high-quality development in the marine economy, with notable advancements in smart fishing vessels and marine research platforms [1][2] - The construction of modern marine industries and the establishment of marine resource development and protection systems are crucial for sustainable economic growth [1][4] Group 1: Technological Advancements - The delivery of the world's first 150,000-ton smart fishing vessel "Guoxin 1号2-1" in Qingdao signifies the entry of China's deep-sea aquaculture into the 2.0 era, featuring over 160 technological breakthroughs [1] - The "Fuxi No. 1" platform in Guangdong is recognized as the world's largest wind-fishing integrated cage platform, demonstrating significant potential for sustainable marine resource development [2] - Qingdao has established a three-in-one innovation ecosystem involving academicians, platforms, and technology, attracting 30% of the country's marine academicians and 40% of high-end research platforms [1] Group 2: Economic Growth and Policy Support - Dalian's marine economy is projected to exceed 80 billion yuan by 2024, with a focus on enhancing marine fisheries and establishing a robust brand standard system [3] - Guangdong aims to surpass 2 trillion yuan in marine production value by 2024, becoming the first province in China to achieve this milestone, with a year-on-year growth of 5.4% [3] - Various policies have been implemented in Qingdao and Guangdong to support the development of modern marine industries, including the establishment of key innovation platforms and regulatory frameworks [5][6] Group 3: Infrastructure and Development Initiatives - The construction of modern marine ranches and the establishment of artificial reefs in Zhanjiang are expected to increase annual fish catch by nearly 2,000 tons, contributing over 200 million yuan in new value [4] - Qingdao's automated container terminal has set a world record for operational efficiency, achieving an average of 62.62 natural boxes per hour, showcasing advancements in port technology [2] - Financial support for marine economic development is being strengthened, with significant credit provided to various marine-related industries in Dalian [6]

近年来，面对复杂外部环境带来的诸多挑战，多地不断培育海洋新质生产力，加快构建现代海洋产业体 系，健全海洋资源开发保护制度，夯实海洋经济高质量发展基础。数据显示，去年我国海洋生产总值首 次突破10万亿元，比上年增长5.9%。 科技创新动能澎湃 今年4月，全球首艘15万吨级智慧渔业大型养殖工船"国信1号2—1"在青岛交付运营，标志着我国深远海 养殖进入2.0时代。青岛国信集团副总经理董韶光介绍，"国信1号2—1"在功能布局、养殖系统、新能源 利用、信息一体化等领域实现了160余项技术突破与优化创新。 科技创新是海洋经济高质量发展的核心驱动力。青岛构建起了"院士—平台—技术"三位一体的创新生 态，吸引了全国30%的涉海院士在此扎根、40%的涉海高端研发平台在此运转。 目前，广东全省海洋领域建设有国家重点实验室2个、省实验室3个、省重点实验室49个。重大创新平台 建设稳步推进，省级海洋数据中心初见成效。 广东省汕尾市中广核"伏羲一号"是全球单体最大风渔融合网箱平台、全球抗台风能力最强网箱平台、全 球首例风渔融合型深水网箱养殖与海洋生态环境可持续发展项目。它的建成投运，对于我国"海上风电 +海洋牧场"产业融合发展具有重 ...

Core Insights - China has become the world's largest offshore wind power market, leading global development in this sector under the "dual carbon" goals [1] - The offshore wind power industry in China is entering a market-driven competitive phase, characterized by accelerated deep-sea development, continuous technological upgrades, and multi-industry integration [1] Group 1: Deep-Sea Development Acceleration - The Three Gorges Jiangsu Dafeng 800 MW offshore wind project has set a new record for the farthest offshore distance in China at 85.5 kilometers [2] - The project will install 98 wind turbines, with an expected annual power generation of over 2.8 billion kWh, reducing CO2 emissions by over 2.37 million tons [2] - The successful advancement of this project validates the feasibility of deep-sea wind power development and helps expand market growth opportunities for wind power developers [2] Group 2: Technological Breakthroughs - China has achieved multiple breakthroughs in offshore wind power technology, including the launch of a 26 MW offshore wind turbine and improvements in subsea flexible DC transmission and deep-sea booster station technologies [4] - Innovations from companies like Mingyang Group have led to significant advancements in floating wind turbine technology, enhancing cost-effectiveness and scalability in deep-sea wind power development [4] - Goldwind has also made strides in offshore wind power, developing a 16 MW offshore wind turbine and 120-meter carbon fiber blades [4] Group 3: Industry Challenges and Solutions - The offshore wind power industry faces challenges such as technical difficulties in deep-sea development and long-term threats from marine corrosion [6] - The average corrosion rate of metal structures in offshore environments is 5-8 times higher than that of onshore equipment, necessitating a focus on material and structural innovations [6] - To address these challenges, a reliable lifecycle assurance system must be established, aiming to extend the lifespan of key components to over 25 years [6] Group 4: Strategic Development Initiatives - To navigate the complexities of construction and technical challenges, the industry should focus on four key strategies: developing new floating foundations, optimizing policy environments, exploring space-efficient uses of offshore wind and marine ranching, and enhancing experience sharing among coastal provinces [7] - These strategies aim to reduce lifecycle costs and enhance the overall value of the marine economy [7]