Core Viewpoint - The "14th Five-Year Plan" is entering a critical policy window, with increased market attention on its implications for capital markets and industry development [2][11]. Group 1: Historical Positioning of the "14th Five-Year Plan" - The "14th Five-Year Plan" is a key phase for achieving the 2035 long-term goals, bridging the previous and upcoming plans [3][12]. - It is also crucial for completing the reform tasks set by the 20th Central Committee by 2029, with over 300 important reform measures proposed [3][12]. Group 2: Important Directions for Capital Markets During the "14th Five-Year Plan" - Key areas of focus include digital technology (AI, 6G, quantum technology), space economy (low-altitude economy, commercial aerospace, deep-sea technology), high-end manufacturing (embodied intelligence, aerospace technology, solid-state batteries), domestic consumption (new consumption, quality upgrades), and healthcare (innovative drugs, high-end medical devices) [4][9]. Group 3: Capital Market Performance Characteristics During Previous Five-Year Plans - Historical data shows that A-share indices have generally risen during five-year plans, with the Shanghai Composite Index showing varied performance: -44.0%, +141.9%, +26.0%, -1.9%, and +13.3% across different plans [5]. - The "14th Five-Year Plan" period has seen a steady increase in A-share resilience and risk resistance, with a market capitalization exceeding 100 trillion yuan [5]. Group 4: Market Outlook for the "14th Five-Year Plan" - The "14th Five-Year Plan" is expected to create opportunities in the context of global monetary system restructuring, AI trends, and China's manufacturing advantages [8][9]. - The capital market is anticipated to exhibit a "long-term" and "steady" trend, supported by government emphasis on capital market development and favorable macroeconomic conditions [9]. Group 5: Industry-Specific Insights - **Digital Technology**: The AI industry is expected to accelerate, with significant advancements in AI applications and quantum technology development [18][19]. - **Space Economy**: The commercial aerospace sector, particularly satellite internet, is poised for growth, supported by government policies and technological advancements [19][20]. - **High-End Manufacturing**: The sector is expected to benefit from technological innovations and policy support, with a focus on embodied intelligence and solid-state batteries [21][24]. - **Domestic Consumption**: New consumption trends are emerging, with a shift towards personalized and quality-driven consumption patterns [25][26]. - **Healthcare**: The innovative drug and high-end medical device sectors are projected to grow significantly, driven by supportive policies and market demand [28][29].

Core Viewpoint - Deep-sea technology has been included in the government work report for the first time during the 2025 "Two Sessions," indicating the high-level leadership's emphasis on deep-sea development. This sector is expected to receive supportive policies from local governments, similar to the development opportunities seen in low-altitude economy and commercial aerospace [1][2]. Policy Support and Development - The government work report emphasizes the promotion of deep-sea technology alongside commercial aerospace and low-altitude economy, highlighting its political, economic, technological, and military significance. The national marine production value is projected to exceed 10 trillion yuan in 2024, reaching 105.438 billion yuan, with a year-on-year growth of 5.9% [2][5]. - Local governments in coastal areas are anticipated to introduce related stimulus policies to support the development of deep-sea technology as a new productive force [2][5]. Key Policies - The "Shanghai Marine Industry Development Plan (2025-2035)" aims to promote high-quality development of the marine economy, focusing on deep-sea technology and marine observation network construction [5]. - The central government has established a 50 billion yuan fund to support deep-sea exploration, equipment manufacturing, and resource development [5]. - Various provinces are developing their marine industry frameworks, emphasizing deep-sea resource development, marine biotechnology, and high-end marine equipment manufacturing [6]. Development Pathways - The development of deep-sea technology focuses on three key areas: deep diving, deep drilling, and deep networking. High-performance manned and unmanned submersibles are becoming a priority for many countries, with China advancing significantly in deep-sea exploration [7][24]. - The deep-sea sector is characterized by high pressure and corrosion, making materials like titanium and carbon fiber composites essential for equipment development [13][14]. Investment Opportunities - Investment should prioritize core manufacturers across the deep-sea technology supply chain, particularly in deep-sea equipment, deep-sea information technology, and upstream materials [24][26]. - The demand for underwater communication technologies is expected to grow, with a shift towards multi-modal communication methods to meet various operational needs [13][19].