Investment Rating - The report does not explicitly state an investment rating for the underwater robot industry Core Insights - The underwater robot industry in China is at an early stage of development, with significant potential for growth driven by advancements in technology and increasing demand across various applications [3][5] - The market size for underwater robots in China is projected to reach 637.1 billion yuan by 2030, growing at a compound annual growth rate (CAGR) of approximately 25% from 2024 [5][40][42] Industry Development Status - The underwater robot is defined as a robot capable of operating underwater to assist or replace humans in extreme underwater tasks. The ocean covers about 71% of the Earth's surface, with 93% of the deep-sea floor (below 200 meters) yet to be explored. Underwater robots serve as the "eyes" and "arms" for deep-sea exploration [3][4] - The industry is characterized by a low market concentration and differentiated competition among companies, which can be categorized into consumer-grade, industrial-grade, and military-grade underwater robots [4][38] Market Competition - The Chinese underwater robot industry has not yet formed a clustering effect, leading to a low concentration of market players. Companies like Deep Blue, Boya Gongdao, and Qianwei represent consumer-grade products, while industrial-grade products are represented by companies like Zhonghai Huigu [4][38] Market Size - The underwater robot market in China is expected to reach 167 billion yuan by 2024, with a projected growth to 637.1 billion yuan by 2030. The demand is driven by various sectors, including marine oil and gas exploration, aquaculture, underwater security, and more [5][40][42] Industry Chain Overview - The underwater robot industry chain consists of upstream core materials and technology systems, midstream manufacturing companies, and downstream application fields such as marine engineering, aquaculture, and scientific research [24][29] Development Trends - Future trends indicate a shift from multifunctional underwater robots to specialized and modular designs, as well as a transition from single-unit operations to collaborative group operations among different types of underwater robots [45][46][47]

Core Insights - The domestic marine economy is entering a new phase of high-quality development, supported by significant policy backing and an enhanced strategic position. Recent government policies provide a solid legal foundation for macro guidance, strategic planning, and sustainable development of the marine economy, which is increasingly contributing to GDP, indicating strong resilience and broad prospects [3] - Deep-sea technology is accelerating as a new engine for economic growth under the context of new productive forces. Various national-level research projects are being implemented to promote the coordinated development of the entire industrial chain, including deep-sea exploration, resource development, and equipment manufacturing. China has achieved multiple technological breakthroughs in areas such as deep-sea drilling vessels and manned submersibles, laying the foundation for commercial development [3][25] - The shipbuilding and marine engineering equipment industry is a core force supporting the development of the marine economy and represents future investment opportunities. This industry, as a key component of high-end equipment manufacturing, is capital and technology-intensive, providing technical equipment for maritime transportation, marine resource development, and national defense construction [3][49] - The marine economy theme index has shown strong performance, with investment opportunities in deep-sea oil and gas and marine ecological services. As of July 1, 2025, the marine economy index and marine technology index increased by 9.3% and 13.7%, respectively, reflecting positive market sentiment towards the marine economy sector [3] - The marine economy's contribution to GDP has been steadily increasing, with a compound annual growth rate of approximately 6% over the past five years, outpacing overall GDP growth [9] Marine Economy Policy and Industry Context - In recent years, a series of policies have been introduced by national and local governments to promote marine economic development. The "14th Five-Year Plan" for marine economic development provides macro guidance and strategic planning, while the revised Marine Environmental Protection Law offers legal support for sustainable development [8] - The marine production value reached 10.54 trillion yuan in 2024, growing by 5.9% year-on-year, with the marine industry value added at 4.37 trillion yuan [8][24] Deep-Sea Technology Industry Chain - The deep-sea technology sector is supported by government initiatives, with significant breakthroughs in deep-sea exploration and resource development technologies. The market size for deep-sea technology is expected to reach 3.25 trillion yuan by 2025 [25][41] Shipbuilding and Marine Engineering Equipment Investment Insights - The shipbuilding and marine engineering equipment industry is crucial for providing technical equipment for maritime transportation and resource development. The industry encompasses upstream raw material suppliers, midstream equipment manufacturers, and downstream application markets [49][50] - The marine engineering equipment industry is experiencing growth opportunities due to the continuous development of marine economic strategies and global marine economic trends [49]

Investment Rating - The report highlights the deep-sea technology sector as a strategic emerging industry, with a projected global market size exceeding $500 billion by 2025, growing at an annual rate of over 15% [1][4]. Core Insights - The report emphasizes the rapid development of the global deep-sea technology market, with significant investment opportunities in sub-sectors such as deep-sea equipment manufacturing, resource exploration, and deep-sea biomedicine [1][4]. - The Chinese deep-sea economy is expected to reach approximately $3.25 trillion by 2025, accounting for 25% of the total marine economy, with a growth rate exceeding 20% [43][44]. Summary by Sections Industry Overview - The deep-sea technology sector has been recognized as a key area for strategic development, with the Chinese government prioritizing its growth in the 2025 Government Work Report [1][4]. - The global deep-sea technology market is projected to surpass $500 billion by 2025, with a compound annual growth rate (CAGR) of over 15% [1][4]. Industry Status - The report indicates that the global deep-sea technology market is experiencing rapid growth, with the deep-sea oil and gas sector remaining a cornerstone, while emerging fields like underwater mining and underwater vehicles are also expanding significantly [37][39]. - The underwater mining market is expected to grow from approximately $3.7 billion in 2024 to $15.9 billion by 2029, with a CAGR of 33.7% [37][39]. Investment Strategy - The report suggests focusing on investment opportunities in extreme environment equipment that relies on high-strength titanium alloys, nanocomposite materials, and intelligent control systems [4][37]. - Short-term strategies include capitalizing on domestic replacements driven by policy support, while long-term strategies should focus on breakthroughs in materials and core components [4][37]. Industry Chain and Key Enterprises - The report categorizes the industry chain into upstream (materials and technology), midstream (precision components and complete equipment), and downstream (applications and commercialization scenarios) [52][53]. - Key players in the upstream segment include companies like Western Materials and BaoTi Co., while midstream players include China Shipbuilding and China Heavy Industry [52][53].