Group 1: Company Overview and Key Personnel - The meeting was held on June 26, 2025, at the Zhongguancun Environmental Park Innovation Center, attended by various investment representatives [2][10] - Key personnel included Chairman Zhang Qiusheng, Vice General Managers Li Jinjia and Gong Yuzhen, and General Manager of the subsidiary Li Hongbing [2][3] Group 2: Product Introduction and Market Potential - The HX-A200 domestic core processing chip was introduced, highlighting its technical specifications, infrastructure, and performance advantages [3] - The chip has completed development and testing, with expectations to receive bulk orders within the year [3] - The HX-A200 chip shows potential applications in marine equipment and is primarily targeted at the special electronic information industry [3][5] Group 3: Competitive Landscape and Future Applications - The company acknowledges potential competition in the market but emphasizes the chip's first-mover advantage [3][4] - Future applications of the HX-A200 chip will be explored in underwater detection and oil exploration, expanding its use in specialized fields [5][6] Group 4: Industry Insights and Strategic Direction - The company operates in the special electronic information industry, with sonar equipment being crucial for deep-sea exploration [6] - The "Deep Sea Technology" sector is recognized as a strategic emerging industry in the 2025 government work report, which may positively impact company performance [6] Group 5: Financial Performance and Growth Projections - As of the end of 2023, the company had an order backlog of 630 million yuan, indicating an increase in order volume [7] - The 2025 stock incentive plan includes performance assessment metrics based on revenue growth rate and net profit, aimed at enhancing employee motivation and company competitiveness [8] - Future growth points are expected to arise from advancements in unmanned systems, artificial intelligence, and big data technologies, which will enhance product functionality and performance [9]

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].