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* ...

Group 1 - The "Big Zero Bay" in Shanghai Minhang is emerging as a new landmark for technological innovation, housing over 13,000 enterprises, including 706 high-tech companies and 17,406 valid invention patents [1] - The financial services ecosystem at "Big Zero Bay" includes 26 financial institutions, such as banks and investment firms, providing a comprehensive financial service model that integrates investment, loans, insurance, and support [1] - The traditional lending logic of banks is evolving to better serve early-stage tech companies, which often lack sufficient financial statements or collateral [2][3] Group 2 - The approach of banks in "Big Zero Bay" involves direct engagement with tech companies, fostering deeper understanding and trust through face-to-face interactions rather than traditional methods [3] - The unique characteristics of tech enterprises necessitate a tailored financial service model that differs from traditional manufacturing firms, emphasizing close collaboration with startup teams [3][4] - The rapid development of tech companies, such as Helios Starlink, highlights the importance of timely financial support to avoid equity dilution and facilitate growth [4][5] Group 3 - The financial services provided by banks are crucial during the early stages of tech companies, referred to as the "0 to 0.5 stage," where they require significant support to navigate challenges [6] - The collaboration between financial services and tech innovation not only supports the growth of tech companies but also opens new avenues for the banking sector's transformation [6]