Group 1 - A50ETF Huabao (159596) experienced a volume increase with a rise of 0.09% and a transaction amount of 87.56 million yuan as of March 25 [1] - The Shenyin Wanguo strategy team believes that the A-share market will favor defensive thinking in Q2, focusing on high-dividend assets that provide both absolute and relative returns [1] - The market is expected to see a reconstruction of valuations due to the transition of the domestic economy and the implementation of various policies, leading to gradual improvement in the economic fundamentals [1][2] Group 2 - Short-term market strategies suggest avoiding high-leverage and high-valuation small-cap tech stocks while focusing on safe assets like non-ferrous metals, military, and nuclear power due to increased macroeconomic uncertainties [2] - The current earnings disclosure period is critical, with potential investment opportunities in sectors showing strong performance or new catalysts, particularly in technology and consumer sectors [2][3] - The real estate sector shows signs of stabilization, which, along with other domestic demand components, could drive the next upward movement in the market [3] Group 3 - Investors are encouraged to consider A50ETF Huabao (159596) and its off-market linked funds for investment opportunities [4] - The formation of a MACD golden cross signal indicates positive momentum in certain stocks [5]

Core Viewpoint - Deep-sea technology has been included in the government work report for the first time during the 2025 "Two Sessions," indicating the high-level leadership's emphasis on deep-sea development. This sector is expected to receive supportive policies from local governments, similar to the development opportunities seen in low-altitude economy and commercial aerospace [1][2]. Policy Support and Development - The government work report emphasizes the promotion of deep-sea technology alongside commercial aerospace and low-altitude economy, highlighting its political, economic, technological, and military significance. The national marine production value is projected to exceed 10 trillion yuan in 2024, reaching 105.438 billion yuan, with a year-on-year growth of 5.9% [2][5]. - Local governments in coastal areas are anticipated to introduce related stimulus policies to support the development of deep-sea technology as a new productive force [2][5]. Key Policies - The "Shanghai Marine Industry Development Plan (2025-2035)" aims to promote high-quality development of the marine economy, focusing on deep-sea technology and marine observation network construction [5]. - The central government has established a 50 billion yuan fund to support deep-sea exploration, equipment manufacturing, and resource development [5]. - Various provinces are developing their marine industry frameworks, emphasizing deep-sea resource development, marine biotechnology, and high-end marine equipment manufacturing [6]. Development Pathways - The development of deep-sea technology focuses on three key areas: deep diving, deep drilling, and deep networking. High-performance manned and unmanned submersibles are becoming a priority for many countries, with China advancing significantly in deep-sea exploration [7][24]. - The deep-sea sector is characterized by high pressure and corrosion, making materials like titanium and carbon fiber composites essential for equipment development [13][14]. Investment Opportunities - Investment should prioritize core manufacturers across the deep-sea technology supply chain, particularly in deep-sea equipment, deep-sea information technology, and upstream materials [24][26]. - The demand for underwater communication technologies is expected to grow, with a shift towards multi-modal communication methods to meet various operational needs [13][19].

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 Deep Sea Technology and Robotics Conference Call Industry Overview - The conference focuses on the **Deep Sea Technology** industry, which has been recognized as a national emerging industry in China's 2025 government work report, indicating increased governmental support and investment opportunities in this sector [2][3]. Key Points and Arguments - **Government Support**: The inclusion of deep sea technology in the national strategy reflects the government's commitment to the marine power strategy, leading to increased market attention and investment opportunities [2][3]. - **Significant Achievements**: China's deep submergence system has made notable progress with the "Jiaolong" and "Fendouzhe" achieving full coverage, and plans to build an ecological space station in the South China Sea, marking a new phase in deep sea technology [5][6]. - **Economic Growth Driver**: Deep sea technology is seen as a crucial driver for economic growth, facilitating industrial upgrades and innovations, particularly in oil and gas resource development and military capabilities [5][6]. - **Shipbuilding Industry Benefits**: The shipbuilding sector is expected to benefit from deep sea technology advancements, with standardized ship types potentially changing traditional valuation systems and increasing order volumes [13][15]. - **Global Leadership**: China holds a leading position in the global shipbuilding industry, with significant demand for deep sea engineering vessels in resource extraction and infrastructure projects [20][17]. - **Distinction from Low Altitude Economy**: Deep sea technology relies heavily on government investment and is primarily driven by state-owned enterprises, contrasting with the low altitude economy which is more market-oriented [21][22]. - **Rapid Industrialization**: The deep sea industry is expected to progress faster than the low altitude economy due to fewer regulatory hurdles and a more straightforward investment process [22]. Additional Important Insights - **Resource Exploration**: There is a significant potential for deep sea mineral resource exploration, with manganese nodules already showing economic viability [19][23]. - **Technological Advancements**: The development of AI and robotics is anticipated to enhance the efficiency of resource extraction in deep sea environments [19]. - **Investment Recommendations**: Key companies recommended for investment include: - **Changying Tong**: Specializes in underwater communication products, crucial for underwater infrastructure [9]. - **Zhongke Haixun**: Focuses on underwater acoustic equipment, playing a vital role in national defense [10]. - **China Marine Defense**: A state-owned enterprise with a dominant position in underwater equipment [11]. - **Zhongke Xingtou**: Engaged in digital earth research, contributing to marine monitoring [12]. Conclusion - The deep sea technology sector is poised for significant growth driven by government support, technological advancements, and increasing global demand for marine resources. The shipbuilding industry, in particular, stands to benefit from these developments, making it a key area for investment and strategic focus in the coming years.

深海科技是近年来中国政府重点发展的领域之一，其发展背景可以追溯到对海 洋经济的重视。自 2012 年十八大以来，国家提出建设海洋强国，并在 2021 年 的"十四五"规划中继续强调拓展海洋经济的发展空间。2024 年的中央工作会 议进一步提到大力发展海洋经济和湾区经济。根据 2024 年的统计公报，海洋经 济生产总值约为 10 万亿元，占 GDP 的 7.8%，其中增量占 GDP 增量的 12%。主要 • 2024 年中国海洋经济生产总值达 10 万亿元，占 GDP 的 7.8%，增量占 GDP 增量的 12%，海洋经济已成为国家经济增长的重要驱动力，预示着相关产 业的巨大发展潜力。 • 今年两会首次将深海科技纳入政府工作报告，深海科技市场空间约为 3 万 亿元，超过低空经济，标志着深海科技上升为国家战略重点，将吸引更多 政策支持和资源投入。 • 深海科技产业链长，覆盖上游原材料、中游装备制造、下游资源开发等多 个环节，商业化潜力和远期前景广阔，为投资者提供了多元化的投资机会。 • 中国交建作为全球最大的港口设计建造企业，积极响应国家战略，超前布 局深海科技原创策源地，市值 1,500 亿元，自由流通市值仅 ...

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 ...

Core Viewpoint - The marine economy sector is experiencing a significant surge, becoming a new focal point in the A-share market, with various related stocks showing strong performance [2][4][12]. Market Performance - The stock indices in the two markets showed a volatile adjustment, with the Shanghai Composite Index dropping 0.94% to below 3400 points, while the Shenzhen Component Index fell 1.42%, and the ChiNext Index decreased by 1.70% [2]. - The marine economy sector continued its strong performance, with stocks such as Shaoyang Hydraulic hitting a 20% limit up, and others like Annuoqi, Haimer Technology, and Hailanxin rising over 10% [2][11]. Sector Highlights - Key sectors showing strong performance include deep-sea technology, marine engineering equipment, fisheries, and oil service engineering, all of which saw significant gains [4][12]. - The marine economy's total production value is projected to exceed 10 trillion yuan, contributing 11.5% to GDP, marking it as a new engine for economic growth [12]. Government Initiatives - The government has emphasized "deep-sea technology" in its work report, indicating a strategic focus on the marine economy and the development of new technologies and products [12]. - The "Marine Power" strategy is expected to drive innovative financial tools like blue bonds to support high-quality development in the marine economy, particularly in green industries such as offshore wind power and seawater desalination [12]. Deep-Sea Technology - Deep-sea technology integrates multiple disciplines, including oceanography, materials science, and engineering technology, and is considered a core support for the national marine power strategy [13]. - This technology encompasses various fields such as detection and development equipment manufacturing, resource utilization, and ecological protection, aiming to overcome technical bottlenecks in extreme deep-sea environments [13].

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]

Group 1: Deep Sea Technology and Market Potential - The deep sea technology sector is recognized as a strategic emerging industry, with the government aiming to promote its safe and healthy development [1] - East Wu Securities estimates the deep sea technology market to be worth 10 trillion yuan, positioning it as a new economic growth driver [1] - The marine economy is projected to reach 10.54 trillion yuan in 2024, reflecting a 5.9% increase from the previous year, contributing 0.4 percentage points to national economic growth [1] Group 2: Electric Vehicle Charging Infrastructure Growth - As of January 2025, the total number of charging infrastructure in China reached 13.213 million units, a year-on-year increase of 49.1% [3] - In January 2025, the increase in charging infrastructure was 395,000 units, with public charging stations seeing a remarkable growth of 222.5% year-on-year [3] - The number of electric vehicle charging stations is expected to exceed 32 million by 2029, with a compound annual growth rate of 24.9% from 2024 to 2029 [3] Group 3: County-Level Charging Facilities Initiative - The government is implementing a pilot program to enhance charging infrastructure in rural areas, aiming to alleviate "range anxiety" and "charging anxiety" among electric vehicle users [4][5] - The "Hundred Counties, Thousand Stations, Ten Thousand Piles" initiative is in its second year, focusing on the planning and construction of charging facilities in key villages and towns [4][5] Group 4: Performance of Charging Station Stocks - A total of 54 charging station concept stocks are projected to achieve over 20% year-on-year net profit growth in 2024, with some companies expected to turn losses into profits [6] - Notable examples include Daotong Technology, which anticipates a net profit of 640 million yuan in 2024, representing a 257.34% increase [6] - Among the high-growth charging station stocks, 17 companies have a rolling price-to-earnings ratio (PE) below 40, with 10 of them having a price-to-book ratio (PB) below 3 [6]