2月5日，随着美俄《新削减战略武器条约》正式到期，全球最后一个限制核武器部署的条约宣告失效， 两个拥有全球近90%核武器大国之间失去了最后一道核军控"护栏"。 这引发国际社会对核军备竞赛和核扩散问题的普遍担忧。联合国秘书长古特雷斯更是直言，动用核武器 的风险正处于数十年来最高水平。 半个多世纪以来，世界首次陷入了一个没有任何条约限制全球两大核武库的状态。 俄方早早提议"续约"，美方始终沉默以对，却转头喊话中国加入核裁军谈判，他们意欲何为？ 三个问题需要关注。 陆基方面，"民兵-3"洲际弹道导弹是美军现役唯一陆基战略核武器，于20世纪70年代列装美军，按计 划，美国将用"哨兵"洲际导弹逐步取代"民兵3"洲际导弹，并翻新地下发射井；海基方面，"哥伦比 亚"级战略核潜艇将替换现役"俄亥俄"级战略核潜艇；空基核方面，美国空军现装备有B-2和B-52H轰炸 机在逐步更新，预计将采购B-21远程轰炸机以更新核打击能力。 2025年5月，美国总统特朗普还发布"金穹"导弹防御系统发展规划，声称"金穹"将与美国现有导弹防御 能力整合。一旦完全建成，将能够拦截从世界其他地方甚至太空发射的导弹。 △2025年5 月9日，俄罗斯首都 ...

Investment Rating - The industry rating is "Outperform the Market" (maintained rating) [1] Core Viewpoints - The report emphasizes the continuous high growth of global defense spending and anticipates a new cycle for military informationization [3] - The introduction of "deep-sea technology" in the 2025 government work report marks a strategic upgrade from technological exploration to industrial application, which is expected to enhance the prosperity of the military-civilian deep-sea industrial chain [4][5] - The deep-sea technology is identified as a core driver for transforming the marine economy from "scale expansion" to "high added value" [5] - The report highlights the need for technological breakthroughs in deep-sea resource development, particularly in the context of China's strategic mineral resource shortages [5] Summary by Sections Industry Overview - The report discusses the strategic importance of deep-sea technology, which encompasses advanced technologies for exploring, developing, and utilizing deep-sea resources [4] - It notes that the global naval powers are accelerating the construction of new underwater combat systems, with significant investments from the U.S. military in deep-sea capabilities [6] Investment Opportunities - The report suggests focusing on the entire deep-sea technology industrial chain, particularly in four core areas: surveying, extraction, transportation, and communication [7] - Specific companies to watch include: - Surveying: Zhongke Xingtou, Weiguang Co., China Marine Defense, Tianhai Defense, Zhongke Haixun, Changying Tong [7] - Resource Extraction: Baotai Co., Baose Co., Western Materials, Fushun Special Steel, Longda Co., Yingliu Co. [7] - Transportation: China Shipbuilding [7] - Information Support: Hailanxin [7] - Equipment Support: AVIC Heavy Machinery, Parker New Materials, Aerospace Technology, Steel Research High-Tech [7]