国防军工行业 行业研究 | 深度报告 深海科技锻造战略新引擎 ——深海产业研究系列报告（1） 核心观点 投资建议与投资标的 ⚫ 深海产业兼具战略高度和科技属性，商业化周期长、技术壁垒高，是典型的"长坡 厚雪"赛道。当前阶段建议优先关注以下方向：（1）存在卡脖子风险的关键材料和 部件，如高端传感器（中国海防、中科海讯、长盈通等）、高强度钛合金（西部材 料、宝钛股份、金天钛业、派克新材、航宇科技）、碳纤维复合材料（光威复材、 中简科技、中复神鹰等）；（2）军工应用核心赛道，重点突破水下无人作战装备 （中国船舶、中国动力、湘电股份、天海防务等）；（3）商业化进程最快的深水油 气开发领域（海油工程、迪威尔、杰瑞股份）；（4）通信、数字基础设施建设，如 海底光缆、海底观测网、海底数据中心（中天科技、海兰信等）。 风险提示 ⚫ 政策支持不及预期；技术发展不及预期；生态环境破坏风险；国际法规与地缘政治 风险。 | | 看好（维持） | | --- | --- | | 国家/地区 | 中国 | | 行业 | 国防军工行业 | | 报告发布日期 | 2025 年 08 月 23 日 | | 罗楠 | 021-63325888* ...

Investment Rating - The report does not explicitly state an investment rating for the deep-sea technology industry. Core Insights - The 2025 government work report first mentions deep-sea technology as an emerging industry, indicating its importance alongside commercial aerospace and low-altitude economy [12][15]. - Various regions, including Hainan and Shandong, have introduced policies to accelerate the development of deep-sea technology, with plans to enhance innovation and build a comprehensive industrial chain [15][17]. - The development of deep-sea technology is crucial for resource exploration and ensuring security in deep-sea environments, as it encompasses advanced technologies for exploration, resource development, and environmental research [22][25]. Summary by Sections Section 1: Government Initiatives - The 2025 government work report positions deep-sea technology as a priority emerging industry, with significant policy support from various provinces [12][15]. - Specific plans include enhancing deep-sea technology innovation platforms and building a robust industrial ecosystem [15][17]. Section 2: Importance of Deep-Sea Technology - Deep-sea areas, defined as waters deeper than 1000 meters, hold vast strategic resources and are critical for national security [19][22]. - The report highlights the rich resources in deep-sea oil, gas, and minerals, emphasizing the need for technological advancements to exploit these resources sustainably [25][29]. Section 3: Industry Growth and Investment - The national marine production value surpassed 10 trillion yuan in 2024, with deep-sea equipment identified as a key growth area [37][40]. - Investment in the deep-sea equipment sector has shown rapid growth, with significant increases in funding from 19 million yuan in 2021 to 75 million yuan in 2024 [41][42]. Section 4: Underwater Defense Systems - The report discusses the importance of submarines and unmanned underwater vehicles (UUVs) in modern underwater defense systems, highlighting their roles in surveillance and combat [46][57]. - UUVs are noted for their autonomy and capability to perform various missions, with a projected market space of 53.1 billion USD for UUVs in the U.S. Navy alone over the next decade [64][66]. Section 5: Ocean Observation Networks - The establishment of underwater observation networks is emphasized as a critical infrastructure for continuous marine monitoring, with significant investments from multiple countries [72][76]. - China has initiated its underwater observation network projects, enhancing its capabilities in marine data collection and environmental monitoring [76][81]. Section 6: Deep-Sea Space Stations - The concept of deep-sea space stations is introduced as a long-term underwater research platform, with ongoing developments in China aimed at creating advanced operational capabilities [86][91]. - These platforms are expected to support comprehensive experiments and resource development in deep-sea environments [86][91].