Investment Rating - The report indicates a strong investment interest in the deep-sea technology sector, particularly following the inclusion of "deep-sea technology" in the 2025 government work report, elevating its strategic importance alongside low-altitude economy and commercial aerospace [3]. Core Insights - The deep-sea technology market is projected to have significant growth potential, with China's marine economy expected to exceed 10 trillion yuan in 2024, marking a year-on-year growth of 5.9% [4]. - Deep-sea technology possesses both economic and national defense strategic value, with rich resources such as polymetallic nodules and rare metals expected to be increasingly sourced from deep-sea mining [5]. - There is substantial room for domestic substitution in the deep-sea technology sector, as the current localization rate is below 30%, indicating a significant opportunity for local manufacturers [6]. Summary by Sections Government Support and Market Potential - The 2025 government work report marks a pivotal moment for deep-sea technology, highlighting its transition from research exploration to industrial driving force, which is expected to resonate across military and civilian sectors [3]. - The marine economy's total value reached 10.5438 trillion yuan in 2024, contributing 7.9% to the national GDP, with specific sectors like marine shipbuilding and marine power showing growth rates exceeding 9% [4]. Industry Characteristics - Deep-sea technology focuses on three main areas: deep diving, deep drilling, and deep networking, which are essential for exploration and resource extraction [11][12]. - The industry chain includes upstream materials and core components, midstream deep-sea equipment manufacturing, and downstream application services, indicating a long chain with significant economic impact [13]. Technological Advancements - The report emphasizes the importance of specialized materials such as titanium alloys and carbon fiber composites, which are well-suited for the high-pressure and corrosive deep-sea environment [15]. - Energy systems in deep-sea applications are expected to utilize high-density lithium-ion batteries, which are crucial for the operational efficiency of deep-sea equipment [17]. Comparative Analysis - Deep-sea technology shares similarities with low-altitude economy and commercial aerospace in terms of military-civilian integration and economic spillover effects, with all three sectors being prioritized by national policy [23][24]. - The report outlines the high technical barriers in deep-sea technology, which includes advanced underwater communication systems and deep-sea mining technologies, distinguishing it from the relatively lower barriers in low-altitude and aerospace sectors [25]. Industry Players - The report provides a comprehensive overview of the deep-sea technology industry chain, highlighting key players across upstream materials, midstream equipment manufacturing, and downstream application services [29].