在海底，蕴藏着数万亿吨富含锰、铜、钴、镍等关键金属的多金属结核。它们躺在几千米深的海床上， 外观像密密麻麻的土豆。 随着全球对镍、钴、铜等关键金属的需求激增，拾起海底"土豆"正成为各国科技与战略竞争的新领域。 近年来，"奋斗者"号深潜器、深海采矿试验系统等重大装备陆续投入使用，中国已迈入深海作业能力的 第一梯队。找矿，正走向深蓝。 海底宝藏多 如何定义深海采矿？ 看高端装备与智能制造——深海机器人、耐高压材料、精密传感、智能控制系统等技术，将提升我国高 端装备的可靠性与智能化水平； 中国人民大学公共管理学院教授、国家社科基金重大专项首席专家刘大海接受记者专访时表示，深海采 矿活动既包括沿海国在其大陆架上行使主权权利的资源勘探开发，也包括在国际海底区域这一国际公域 内、经由国际海底管理局规范的矿产资源开采。 首先，我国一些金属矿产的对外依存度较高，这是发展深海找矿的重要动因。深海金属矿藏主要分为四 类：多金属结核、富钴结壳、金属硫化物和深海稀土。这些复杂的名称背后，往往蕴含着生产、生活所 必需的金属元素。 "比如多金属结核所含的锰、钴、镍、铜，是新能源产业发展需要的金属元素。"中国海洋大学教授陈旭 光介绍，深海 ...

在美国四处寻找矿产资源的过程中，库克群岛进入了特朗普政府的视野。库克群岛由15个岛屿组成，周 边海域面积约200万平方公里，海底蕴藏着丰富的多金属结核。这种坚硬的小型岩石含有钴、镍、铜、 锰、铁等矿物，部分还可能富含稀土金属。 【文/观察者网 陈思佳】11月初，中国科考船"大洋号"与库克群岛联合完成一次深海科考航行，并于11 月8日抵达库克群岛人口最多的拉罗汤加岛，停靠在首府阿瓦鲁阿附近的阿瓦蒂乌港。就在几周前，一 艘美国科考船也抵达这片海域，完成了为期三周的勘测任务。 "美国和中国的全球矿产资源竞争，开启了意想不到的新战线。"美国《华尔街日报》12月26日报道称， 南太平洋岛国有丰富的近海矿产资源，这一地区正成为地缘政治层面"资源争夺"的关键。其中，库克群 岛是多方关注的焦点，中国和美国都在与该国加强海底矿产等领域的合作。 中国长期在全球关键矿产生产领域占据主导地位，特别是在中方收紧部分关键矿产出口管制后，美国政 府急于减少在矿产领域的对华依赖。今年4月，美国总统特朗普签署行政令，承诺将批准企业在国际水 域开采海底矿产的申请，以加快深海采矿的发展进程。 由于深海区域受到联合国管理的国际条约管辖，而非由单一国 ...

Core Viewpoint - Deep-sea mining is transitioning from exploration to development, driven by technological advancements and increasing demand for deep-sea metals, although it still faces significant economic, environmental, and legal challenges [1][2]. Industry Overview - The deep sea contains over 60 types of metals, including copper, cobalt, nickel, and gold, with an estimated resource volume of approximately 30 billion tons and a recoverable potential of about 7.5 billion tons [2]. - The price surge of various metals, particularly copper and cobalt, has made deep-sea mining economically viable [2]. - Historical attempts at deep-sea mining date back to the late 19th century, with significant efforts in the 1970s, but commercial viability remains elusive [2]. Environmental Concerns - There are ongoing debates regarding the environmental impact of deep-sea mining, with 37 countries advocating for a pause or ban until comprehensive environmental assessments are conducted [3][4]. - Key environmental concerns include sediment plumes, heavy metal pollution, and noise pollution affecting marine life [5][6]. Legal Framework - The current legal framework for deep-sea mining is primarily governed by the United Nations Convention on the Law of the Sea, which outlines the management and regulation of international seabed activities [7]. Commercialization Challenges - Despite technological advancements in mining equipment, such as mining vehicles and ships, profitability models remain unproven, with significant operational challenges including equipment malfunction and low extraction efficiency [9]. - The extraction process from depths of 4,000 to 6,000 meters presents logistical challenges, with no existing pipelines capable of such depths [9]. - The complexity of deep-sea equipment development and the high costs associated with testing further complicate commercialization efforts [9][10]. Alternative Applications - The technology developed for deep-sea mining vehicles may find alternative applications in offshore wind turbine maintenance, leveraging expertise in marine soil mechanics [11].

Core Viewpoint - Deep-sea mining is transitioning from exploration to development, driven by technological advancements and increasing demand for deep-sea metals, but it still faces significant cost, environmental, and legal challenges before commercialization can be achieved [2][4]. Group 1: Industry Overview - The deep sea contains rich metal resources, including over 60 types such as copper, cobalt, nickel, and gold, with an estimated total resource volume of approximately 30 trillion tons and a recoverable potential of about 750 billion tons [4]. - The prices of various metals have surged in recent years, making deep-sea mining economically viable, particularly for metals like copper and cobalt [4]. - Historical attempts at deep-sea mining date back to the late 19th century, with significant efforts in the 1960s and 1970s, but these were largely abandoned due to a lack of understanding of the minerals' uses [4]. Group 2: Environmental and Legal Concerns - There is ongoing controversy regarding the environmental impact of deep-sea mining, with 37 countries advocating for a pause or ban until the effects are fully understood and regulations are established [5][6]. - Key environmental concerns include sediment plumes (referred to as "feather flow"), heavy metal pollution, and noise pollution affecting marine life [7][8]. - Legal issues arise from the international nature of deep-sea resources, governed by frameworks such as the United Nations Convention on the Law of the Sea, which outlines resource management and distribution [8]. Group 3: Commercialization Challenges - Despite technological advancements in deep-sea mining equipment, such as mining vehicles and ships, a viable revenue model has not yet been established [11]. - Current mining vehicles face significant operational challenges, including slippage, sinking, and low extraction efficiency, with the best-performing vehicle extracting only about 100 tons of polymetallic nodules per hour [11][12]. - The complexity of deep-sea equipment development and the high costs associated with testing limit the pace of commercialization [12][13]. Group 4: Alternative Applications and Collaborations - While deep-sea mining vehicles have not yet been commercialized, they have potential applications in offshore wind turbine maintenance, leveraging research in marine geotechnics [14]. - Collaboration between heavy equipment manufacturers and deep-sea mining researchers is encouraged to combine manufacturing strengths with marine expertise, positioning companies advantageously in the deep-sea technology sector [14].

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]