Group 1 - Central Financial Committee meeting proposed promoting high-quality development of the marine economy, emphasizing the importance of marine technology development for resource exploitation [1] - Deep-sea technology has become a key pillar in the marine economy, covering three main areas: deep-sea material research and development, deep-sea equipment manufacturing, and deep-sea intelligent applications [1] - Domestic policies are expected to be introduced to promote deep-sea economic development, focusing on deep-sea mining, oil and gas development, and utilization of deep-sea biological resources [1] Group 2 - CIMC Group is involved in two main aspects of deep-sea technology exploration: deep-sea oil and gas extraction equipment manufacturing and services, and deep-sea renewable energy development [2] - The "Blue Whale 1" and "Blue Whale 2" semi-submersible drilling platforms are significant achievements in China's deep-sea engineering, capable of operating at a maximum water depth of 3,658 meters and drilling to a depth of 15,240 meters [2] - CIMC Group is advancing the development of marine renewable energy, including offshore wind power and the upcoming delivery of the world's first bamboo-based composite floating photovoltaic platform, "Jilin No. 1," in 2024 [2]

Group 1 - Shandong's GDP is projected to reach 9.86 trillion yuan in 2024, with a year-on-year growth of 5.7% [4] - Shandong ranks first in the number of national-level manufacturing champions and strategic emerging industry clusters, and second in the number of "China's Top 500 Enterprises" [4] - The province is accelerating its transition towards new, green, marine, and future-oriented industries [4] Group 2 - Shandong is recognized for its comprehensive industrial system and is deepening its industrial economy as a top priority, focusing on technological innovation [5] - The province is home to significant technological advancements, including the Fuxing high-speed train and deep-sea drilling platforms [5] Group 3 - The digital economy accounts for over 49% of Shandong's GDP, with the "AI + Industrial Internet" model enhancing manufacturing capabilities [6] - Qingdao Lingzhi Electronics is a leading global supplier of appliance control boards, utilizing a digital production system built on the Haier Kaos Industrial Internet platform [6][8] Group 4 - Shandong is pushing for innovation in various sectors, with a focus on robotics and AI, as seen in the success of Aobo (Shandong) Intelligent Robot Co., which achieved over 1 billion yuan in sales [13] - The province's R&D investment grew by 9.4% in 2024, with enterprises contributing 88.5% of total R&D spending, the highest in the country [15] Group 5 - Shandong is enhancing its role in the Yellow River basin's ecological protection and high-quality development, establishing inland ports and promoting logistics efficiency [16][18] - The province's port, Rizhao, handled a cargo throughput of 552 million tons in 2024, marking a 5.7% increase [18] Group 6 - Shandong is committed to building a modern marine economy, with significant growth in offshore wind power orders, which accounted for nearly 40% of total orders in 2024 [20] - The province has established six marine characteristic industrial clusters with a total output value exceeding 80 billion yuan [22] Group 7 - Shandong is designated as a pilot area for green, low-carbon, and high-quality development, achieving a historic shift where renewable energy generation surpassed coal power in 2024 [24] - The province has made significant improvements in environmental quality, including a 5.1% reduction in PM2.5 concentration [24] Group 8 - Shandong is implementing reforms to enhance technology transfer efficiency, with over 1,000 technology achievements traded since the launch of the Shandong Technology Market [25] - The province is actively promoting high-level opening-up, with initiatives to support cross-border e-commerce and international trade [26][28]

Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [2] Core Viewpoints - The deep-sea industry is recognized for its vast resource potential and strategic importance, with significant government support anticipated for deep-sea technology development [3][16] - Deep-sea resources, particularly energy and mineral resources, are abundant, with deep-sea areas becoming major contributors to global oil and gas reserves [18][22] - The development of underwater technology and equipment has made significant progress, laying the foundation for deep-sea resource exploitation [35][50] Summary by Sections Section 1: Deep Sea as a Resource and Strategic Area - The deep sea, defined as waters below 200 meters, constitutes about two-thirds of the ocean floor and is rich in biological and mineral diversity [3][10] - China's total marine area is approximately 4.73 million square kilometers, with significant deep-sea regions in the South China Sea and East China Sea [12][16] - The government has prioritized deep-sea technology in its 2025 work report, indicating future policy support for this sector [16][18] Section 2: Civilian Sector - Breakthroughs in Underwater Technology and Resource Development - Underwater technology encompasses exploration, construction, oil and gas extraction, and mineral development, with recent advancements in various equipment [35][50] - The core sensor for deep-sea exploration is sonar, which is essential for environmental monitoring and resource assessment [37][39] - The development of underwater mining technology is progressing, with successful trials and increasing industrialization potential for oil, gas, and mineral resources [59][70] Section 3: Deep-Sea Warfare - Underwater Defense Capabilities - The deep sea offers a large, concealed operational space, making it strategically significant for military operations [74] - The underwater defense system includes both infrastructure and equipment, with a focus on unmanned systems for various military tasks [74][75] - There is an urgent need for China to enhance its underwater defense capabilities, with new technologies and equipment being introduced [74][75]