（原标题：专访中国海洋大学教授陈旭光：深海采矿要来了吗？） 深海采矿正由勘探逐步转向开发阶段。 陈旭光是中国海洋大学二级教授、博士生导师，长期从事海洋岩土及海底工程方向研究，也是国内首位 深海采矿方向的国家杰出青年基金获得者。他向经济观察报表示："当前技术已发展到能够实现深海采 矿的水平，同时社会对深海金属的需求快速增长，这让深海采矿重新成为行业关注的重点。" 陈旭光说，当前深海采矿仍面临一系列成本效益、环境与法律层面的问题，距离商业化依然存在距离。 国内深海采矿始于20世纪70年代末80年代初。1983年，我国启动海底矿区勘查工作，原国家冶金工业部 开始组织所属长沙矿冶院，开始研究多金属结核（海底矿物的一种）的开采、提升和冶炼技术。 陈旭光进一步表示，对我国而言，深海采矿还能弥补陆上矿产资源的不足。以钴为例，全球钴资源具有 分布高度集中的特点，在已探明陆地钴储量中，刚果（金）储量占比超过50%，而中国仅占比约1.7%。 然而，深海采矿仍长期陷于争议之中。 截至目前，已有37个国家宣布支持暂停、预防性暂停或禁止深海采矿。这些国家主张，在充分认识深海 采矿对环境的影响，健全开发规章，明确支撑规章的科学证据之前， ...

陈旭光说，当前深海采矿仍面临一系列成本效益、环境与法律 层面的问题，距离商业化依然存在距离。 作者：潘俊田 封图：图虫创意 深海采矿正由勘探逐步转向开发阶段。 陈旭光是中国海洋大学二级教授、博士生导师，长期从事海洋岩土及海底工程方向研究，也是国内 首位深海采矿方向的国家杰出青年基金获得者。他向经济观察报表示："当前技术已发展到能够实 现深海采矿的水平，同时社会对深海金属的需求快速增长，这让深海采矿重新成为行业关注的重 点。" 陈旭光说，当前深海采矿仍面临一系列成本效益、环境与法律层面的问题，距离商业化依然存在距 离。 深海采矿已来，但仍有争议 深海蕴含着丰富的金属资源。海底储存着铜、钴、镍、锰、铅、铂、锌、金、银等60多种金属。 根据中国大洋矿产资源研究开发协会数据，海底矿产资源量约3万亿吨，可采潜力约750亿吨。其 中锰、铜、钴、镍、铝、铅总储量分别是陆地资源的779倍、36倍、5250倍、405倍、75倍和33 倍。 近年来，多种金属价格大幅上涨，铜、钴等更是"炙手可热"，价格飙涨数倍。价格的上涨，让深 海采矿在经济性上具备了可行性。 据陈旭光介绍，早在19世纪末20世纪初，国际上就已经发现海底存在矿产资 ...

Silver Market Insights - Silver has recently reached a price of $39.06 per ounce, marking a 20% increase since early May, while gold has only increased by less than 5% during the same period [2] - The gold-to-silver ratio, which averaged around 60:1 from 2000 to 2020, is currently at 86 and falling, indicating a bullish outlook for silver [4][3] - The global silver market is experiencing a deficit of approximately 117 million ounces in 2024, continuing a trend of undersupply for five consecutive years [7] - Silver's role in the clean energy transition, particularly in solar panel production and electrification, is driving demand, while its price remains historically low [8] - Technically, silver has achieved a 14-year high with strong trading volume, suggesting potential for further gains towards the 2012 peak of $48, representing a 23% increase from current levels [9] The Metals Company (TMC) - TMC has seen a significant stock increase of 268% in less than two months, driven by its focus on polymetallic nodules rich in critical metals essential for clean energy [12][14] - TMC benefits from government backing and has a first-mover advantage with its fully filed ISA exploitation application and U.S. permit request [15] - The strategic investment of $85.2 million from Korea Zinc Co. enhances TMC's operational capabilities and reduces risks associated with downstream operations [18] Amazon's Market Position - Amazon is facing challenges due to its reliance on Chinese goods, with up to 70% of its products sourced from China, making it vulnerable to tariffs [23] - The cloud service division of Amazon has missed analyst expectations for three consecutive quarters, prompting significant capital investment from CEO Jeff Bezos [24] - A recommendation has been made to sell Amazon and consider investing in a lesser-known online retailer projected to be significantly more profitable by 2027 [25]

Investment Rating - Industry Rating: Outperform the market (maintained rating) [6] Core Viewpoints - The report emphasizes the acceleration of marine defense equipment construction and the potential for marine resource exploration and development, driven by national policies aimed at high-quality marine economic development [2] - Deep-sea operations are becoming a global focus, with underwater equipment driving the construction of the industrial chain, as countries enhance their military presence in deep-sea areas [3] - The report anticipates that China's underwater defense system construction will accelerate, with ongoing advancements in underwater communication networks and unmanned submersibles, benefiting from defense system development demands [4] - The urgency of deep-sea resource development is highlighted, with various metal minerals and oil and gas resources at the ocean floor, necessitating enhanced capabilities for marine resource acquisition [5] Summary by Sections Marine Defense Equipment - The central government is pushing for high-quality development of the marine economy, which includes strengthening marine technology innovation and enhancing marine strategic capabilities [2] - The U.S. military is significantly investing in deep-sea capabilities, developing systematic and unmanned intelligent deep-sea combat equipment [3] Deep-Sea Resource Development - The report notes that China faces a severe situation regarding key mineral resource security, with high dependence on imports for nickel, cobalt, and lithium [5] - The report suggests that through policy support and technological advancements, China is poised to enhance its deep-sea resource exploration and development capabilities [5] Investment Recommendations - The report recommends focusing on the entire deep-sea technology industrial chain, particularly in marine security and resource sectors, with specific attention to defense equipment, deep-sea oil and gas, offshore wind power, and deep-sea mining [6] - Suggested companies for investment include China Marine Defense, Western Materials, and China National Offshore Oil Corporation, among others [6]

Core Insights - The Indian government is accelerating deep-sea exploration in the Central Indian Ocean Basin to initiate polymetallic nodule mining [1] - There is a push for duty-free imports of high-capacity mining and beneficiation equipment [1]

Group 1: Marine Economy Development - The Central Economic Committee emphasizes the need for high-quality development of the marine economy as part of China's modernization strategy, aiming for a unique path of maritime strength [1] - The 2024 marine economy is projected to exceed 10 trillion yuan, accounting for 7.8% of GDP, with a production value of 105,438 billion yuan, reflecting a 5.9% increase from the previous year [1] Group 2: Deep Sea Resources and Technology - The deep sea is identified as a significant resource reservoir, containing polymetallic nodules, cobalt-rich crusts, and large amounts of combustible ice, which are potential clean energy sources [2] - The government report for 2025 highlights "deep sea technology" as a new industry alongside commercial aerospace and low-altitude economy, indicating a commitment to developing this sector [2] - The deep sea technology industry is expected to have a market capacity in the trillion-yuan range, with policies likely to stimulate continued investment and financing opportunities [2] Group 3: Companies Involved in Deep Sea Sector - Companies involved in deep sea equipment include Yaxing Anchor Chain, China Shipbuilding, and Zhenhua Heavy Industries, among others [3] - Deep sea exploration companies include China Marine Defense, Micro Light Co., and Tianhai Defense, focusing on detection equipment and deep-sea robotics [3] - Companies in deep sea information technology include Zhongtian Technology, Huatong Cable, and Hailanxin, which are involved in underwater data centers and related infrastructure [3]

Core Viewpoint - The report from GF Securities indicates that under the guidance of the marine power strategy, corresponding policies are expected to be introduced to promote the development of the deep-sea economy, focusing on areas such as deep-sea mining, deep-sea oil and gas development, and the utilization of deep-sea biological resources [1] Group 1: Deep-Sea Resource Development - Deep-sea resource development has become economically viable from an industrialization perspective [1] - The current value of deep-sea mineral extraction is led by seabed oil and natural gas, followed by coastal sand mines, including materials like sand and stone for construction, and tin sand [1] - The high economic and strategic value of deep-sea mineral resources positions deep-sea mining as a significant direction for deep-sea resource development [1]

Core Insights - China's marine economy is projected to exceed 10 trillion yuan in 2024, equating to approximately 7,000 yuan per person in marine wealth [1] - The marine engineering equipment manufacturing industry has maintained the largest global market share for seven consecutive years [1] Investment Opportunities - The first investment opportunity is "Deep Sea Mining," with significant reserves of combustible ice and polymetallic nodules, which are essential for new energy batteries, indicating a potential for substantial growth [3] - The second opportunity lies in "Equipment Upgrades," where the technological barriers in deep-sea equipment surpass those in chip manufacturing, highlighting the importance of companies like BaoTi Co., which has achieved 100% domestic substitution [3] - The third opportunity is the "Policy Tailwind," as the government has recognized deep-sea technology as a strategic emerging industry, which is expected to accelerate the commercialization of marine energy projects [3] Market Dynamics - By 2025, the number of deep-sea technology companies is expected to triple, yet market concentration remains low, suggesting that many leading companies in niche areas have yet to emerge [4] - Investment in deep-sea industries should focus on companies that possess core materials, have integrated capabilities across the entire supply chain, and are located in government-supported regions like Hainan and Shandong [4]

Core Viewpoint - The 2025 Government Work Report emphasizes the importance of deep-sea technology, indicating a potential increase in policy support and investment opportunities in this sector [2][8]. Group 1: Government Policy and Industry Development - The report introduces "deep-sea technology" as a new focus area, highlighting the government's commitment to the development of emerging industries such as commercial aerospace, low-altitude economy, and deep-sea technology [2][8]. - It is anticipated that both central and local governments will issue supportive policies and industry plans related to deep-sea technology, accelerating the construction of this sector and enhancing the investment value of key companies involved [2][3]. Group 2: Deep-Sea Resources - Deep-sea areas are defined as those with depths exceeding 200 meters, characterized by high pressure, low temperature, darkness, and complex geology. These regions are rich in mineral resources, including polymetallic nodules and hydrothermal sulfides [3]. - The deep-sea mining vessel "Nautilus New Era," launched in 2018, can operate at depths of 2,500 meters and has a cargo capacity of 39,000 tons, showcasing the potential for resource extraction in these depths [3]. Group 3: Technology and Material Requirements - Deep-sea perception and communication technologies primarily utilize acoustic methods due to the rapid attenuation of electromagnetic waves in seawater, with significant market growth expected for fiber optics and acoustic devices [4][5]. - The extreme water pressure at depths of 1,000 meters necessitates the use of titanium alloy for submersible hulls, as traditional materials like aluminum and high-strength steel are inadequate [5][6]. Group 4: Investment Opportunities - The introduction of "deep-sea technology" in the government report suggests a favorable environment for investment in related sectors, particularly in acoustic technology and titanium materials [8].