深海科技深度研究：战略新兴产业，地位迅速攀升

Summary of Deep Sea Technology Research Conference Call Industry Overview - Industry Focus: Deep Sea Technology, recognized as a strategic emerging industry in the 2025 government work report alongside commercial aerospace and low-altitude economy [1][2] - Market Sentiment: The deep sea technology sector has experienced three rounds of speculation this year, indicating high market expectations [1] Core Insights and Arguments - Military Applications: Deep sea technology is utilized for deep sea presence, target reconnaissance, environmental forecasting, and combat system construction [4] - Civil Applications: Focuses on scientific research and resource development, particularly in the East China Sea and South China Sea regions, which are expected to receive more policy support [4] - Government Support: The national strategy emphasizes innovation and strengthening the manufacturing sector, with significant policies introduced since 2012 to promote deep sea technology [5] - Local Government Initiatives: Provinces like Guangdong and Shanghai are actively developing underwater equipment and observation systems, reflecting a commitment to enhance underwater detection capabilities [6][7] Investment Opportunities - Current Market Position: The deep sea technology sector has not yet seen significant catalysts, but military and related companies' stock prices have stabilized, indicating a relatively safe investment position [2] - Future Demand: As the "15th Five-Year Plan" becomes clearer, demand in the deep sea sector is expected to materialize, making it a good time for investment [2] International Developments - U.S. Investment: The U.S. has significantly increased its underwater combat system budget, with a compound annual growth rate of 10.52% for Virginia and Columbia-class submarines from 2011 to 2026 [8] - Comparison with China: The U.S. has 67 submarines, 49 of which are nuclear-powered, while China has 59 submarines with a much lower proportion of nuclear-powered vessels, indicating a need for further development in this area [8] Domestic Company Progress - Key Players: Companies like China Shipbuilding Industry Corporation (CSIC) and China Power have seen significant increases in related transactions, indicating steady progress in underwater combat equipment development [9] - Investment in Infrastructure: The construction of the underwater monitoring network is advancing, with a total investment of 2.1 billion yuan, and the East China Sea subnet entering full construction [12] Economic Context - Marine Economy Growth: The domestic marine production value is projected to reach 10.54 trillion yuan in 2024, with a year-on-year growth of 5.9% [13] - Resource Development Initiatives: Projects are underway for deep-sea energy, metal mineral resources, and biological resources, although technology is still in the experimental phase [13] Notable Companies to Watch - Upstream Materials: Companies involved in titanium alloy production, such as Western Superconducting Technologies and BaoTi, are noteworthy due to their advancements in shipbuilding materials [14] - Midstream Equipment: Companies like China Shipbuilding Industry Corporation 725 and Xiangdian are significant for their roles in underwater equipment and electrical power systems [15] - Downstream Manufacturing: China Shipbuilding Group's shipyards are primarily focused on civil ship projects, making upstream and midstream sectors particularly attractive for investment [15]