1.1 Strategic Setting: The Technological Iteration and Industrialization Year of Deep Sea Technology in 2026

At the beginning of the 15th Five Year Plan, the wind direction completely changed. In the past, deep-sea technology was seen by many as a "bonsai" in the laboratory, beautiful but far from money. 2026 is a watershed year. The national strategy includes the deep sea as an emerging industry, with a clear intention: this field must shift from scientific research and exploration to large-scale applications. This is no longer an era where you can simply submit a few papers.

The keywords for 2026 have been reduced to two: technological iteration and industrialization. Why is it technical iteration? Because the extreme environment of the deep sea is heartless. For every 1% increase in reliability, costs may drop significantly. Why industrialization? Because having a prototype alone is useless. We need orders, profits, and the ability to sustain the entire supply chain. This is the leap from "burning money" to "making money".

The deep-sea equipment "Three Musketeers" has been frequently moving recently. Homework level robots are starting to take on major tasks. The high-performance anchoring system has taken root in the deep sea. Consumer grade manufacturers have received financing and are preparing to move towards industrial grade. These signals combined indicate that the market's appetite has opened up. Global maritime powers are all eyeing this cake. China used to follow behind, but now it is leading in certain core areas. The four words' autonomous and controllable 'are the capital for survival in the deep sea.

1.2 Deep excavation of events: industrialization signals of three benchmark cases

Shandong Future Robotics has won two consecutive awards, which has caused a great stir in the industry. Homework level ROVs (underwater robots) have always been tough. Previously, this kind of high-precision and cutting-edge work was basically dominated by foreign brands. Nowadays, domestic machines can not only enter the water, but also win the bidding with real skills. This is a practical case of import substitution. This means that the maturity of domestic ROVs has exceeded a critical point and is entering the harvesting period of multi scenario commercialization.

The high grip towing anchor of Juli rigging has successfully completed the sea trial and obtained the "permit to enter deep-sea engineering". Many people do not understand the importance of anchoring systems. In the deep sea of thousands of meters, whether it is a wind power platform or an oil and gas platform, without this "balance" to hold it in place, billions of equipment are like drifting bottles on the sea. The sea trial is a real battle, and the subsequent the Belt and Road orders and deep-sea wind power contracts are qualified only after the real battle is won. This is a typical example of core equipment breaking through the 'last mile'.

The new round of financing for stealth innovation has released the true attitude of the capital market. The primary market is currently very calm, not looking at PPT, only focusing on delivery capability. Transitioning from consumer grade underwater small machines to operational and industrial grade requires a significant amount of money to invest in technology. If capital dares to invest at this time, it indicates that the commercial closed loop of deep-sea unmanned equipment is almost drawing a circle. This industrial cluster effect is particularly evident in places like Shandong and Jiangsu. The power of collaborative evolution is terrifying as the upstream and downstream of the industrial chain begin to connect.

1.3 Technological breakthrough point: the core path of intelligent and lightweight deep-sea equipment

Deep sea equipment is becoming increasingly intelligent and lightweight. Underwater perception and decision-making are the core. In the pitch black and high-pressure deep water, light is useless. Underwater sound detection is the eyes and ears of robots. The acoustic processing chip developed by Zhongke Haixun solves the problem of underwater computing power. Data cannot be solely relied upon to be transmitted back to shore for processing, machines have to figure out what to do underwater. This high-precision perception ability is the foundation of equipment intelligence.

The material revolution is also quietly happening. The previous equipment was bulky and heavy, so in order to withstand pressure, we had to thicken the steel plate. Now Baotai's titanium alloy and Steel Research High Temperature Alloy are on the market. Titanium alloy can reduce the weight of a submersible by half while ensuring its strength. Lightness means energy saving, it means being able to carry more work tools, and it means being able to stay underwater for longer. The iteration at the material level directly determines the operational efficiency of the equipment.

The power system is also evolving. The hollow cup motor and joint module made by Micro Light Corporation are designed to apply force to the fingers of robots. The movements of underwater robots used to be clumsy, but now they can do fine work. With the reconstruction of data chains, underwater big data is no longer dead data. Through cloud collaboration, deep-sea monitoring has achieved engineering practice. These technological points are connected into a line, forming the underlying logic of the deep-sea technology explosion in 2026.

2.1 Key Materials and Core Components: Building the "Hardcore" Base for Deep Sea Equipment

After wandering in the deep sea for a long time, you will understand that it is not water, but a purgatory of pressure and corrosion. The first level for equipment to dive is materials. Baotai Corporation and Steel Research Institute Gaona are doing this kind of "hard hitting" job. The submersible needs to reduce weight because the steel is too heavy and the buoyancy is not enough. Titanium alloy is the only life-saving straw. The titanium material of Baotai not only needs to be strong, but also tough. Deep sea pressure is alternating, and if there are slight fatigue cracks in the material, the entire equipment will be instantly crushed into scrap metal. The corrosion-resistant alloy developed by Gangyan Gaona solves the "heart disease" of power systems and heat exchange components. The corrosiveness of seawater under high pressure doubles, and ordinary alloys can only last for a few days. This type of material barrier is a moat. Without decades of metallurgical accumulation, what comes out of the laboratory cannot enter the deep sea.

Let's take another look at Hai Guo Shares and Diweier. They make the "joints" and "valves" of the deep sea. Deep sea oil and gas extraction requires pressure bearing components to be foolproof. Deville specializes in underwater production system (SPS) specialized components, which require complex shaped forgings to withstand enormous internal pressure at depths of several kilometers underwater. This is not just forging, this is precision manufacturing. Hai Guo Shares is also moving towards the high-end, supplying their forgings directly to global offshore giants. These components are usually inconspicuous, but once localization breaks through, the overall cost of the machine can be reduced by one-third.

Micro Light Corporation is a breakthrough in another dimension. The agility of underwater robots depends entirely on their motors. Hollow cup motor and frameless torque motor were previously patented abroad. Micro Light has now turned these precision power systems into "muscles" for domestic ROVs. The current logic is clear: core materials and key components must be held in one's own hands. This is not just about saving money, it is the bottom line of deep-sea sovereignty security.

2.2 Underwater Acoustic Detection and Information System: The "Eyes" and "Ears" of Deep Sea Operations

In the deep sea, light is useless, and radar becomes blind. The only communication and detection medium is sound waves. Zhongke Haixun and China Coastal Defense have essentially defined the "intelligence" of domestically produced deep-sea equipment. Zhongke Haixun is developing underwater acoustic processing chips. The underwater environment is extremely noisy, with various biological clutter and ocean current noise interwoven together. To accurately locate the target in this context, it relies on algorithms and computing power. Their self-developed chip is to install a "brain" on the equipment underwater. This is no longer a simple stack of sensors, but a real underwater computing power bottleneck.

China's coastal defense is a typical 'national team'. They are backed by China Shipbuilding Group, with an unfathomable technological background. Whether it's manned submarines or unmanned underwater vehicles (UUVs), sonar systems are a core standard. Previously, this set of things was mainly focused on defense, but now there is a trend towards industrialization. Deep sea mineral exploration and monitoring of deep-sea fisheries require underwater acoustic detection everywhere. The spillover effect of this technology is very obvious.

The current trend is towards intelligence. Underwater acoustic big data is no longer dead data. Through real-time processing, robots can autonomously avoid obstacles and automatically identify cracks in underwater pipelines. This requires information systems to shift from 'visible' to 'understandable'. This technology migration from defense to resource development has given these two companies huge incremental space. Whoever can connect the underwater information link is the "communication operator" of the deep-sea economy.

2.3 System Integration and Engineering Applications: Collaboration between Deep Sea Mooring and Large Operating Platforms

Just having components is not enough, someone has to send these things to the deep sea and make them stand steadily. Yaxing Anchor Chain is the "overlord" of global mooring chains. Don't be fooled by the fact that it's just a chain of iron chains, the technical requirements for deep-sea mooring chains are frighteningly high. Thousands of tons of floating platforms are anchored on the sea surface by these few chains. If the chain breaks, billions of offshore equipment will become drifting bottles at sea. The technological moat of Yaxing lies in the accumulation of data from long-term fatigue testing, which new players cannot buy at any cost.

The successful sea trial of Juli Rigging's "high grip towing anchor" has completed the last piece of the puzzle in the mooring system. Previously, this high-end anchor relied on imports. Now not only can Juli do it, but it can also be verified through practical combat. This means they have shifted from selling ropes to selling 'complete mooring plans'. This is a qualitative change in the business model. The output capability of this complete set of equipment, in line with the country's requirements, is the real premium point.

Finally, we have to mention Zhenhua Heavy Industry. It is the 'porter' of deep-sea technology. No matter how powerful your underwater robots are, no matter how sturdy your anchor chains are, without Zhenhua's large offshore installation ships, you simply cannot put these big guys in place. Zhenhua's integration capability is globally recognized. It provides a physical support platform for the industrialization of deep-sea technology. The existence of system integrators like Zhenhua, from distribution to recycling, to logistical support, has made it possible for the engineering implementation of deep-sea industries. The current logic is that equipment breakthroughs drive system integration, and system integration feeds back upstream materials. This closed loop has already been completed.

3.1 Scenario driven: Three core incremental markets for the industrialization of deep-sea technology

The deep sea is not for diving, it is for resources and energy. Deep sea oil and gas development used to be an old story, but now offshore floating wind power is truly a blue ocean. Offshore wind power is almost crowded, and going deeper is inevitable. Once the water depth exceeds 50 meters, the cost of fixed brackets becomes outrageously high. At this point, a floating platform must be used. Floating platforms cannot do without high-performance anchoring systems and regular inspections by underwater robots. This set of intelligent equipment is essential, not optional.

Marine ranches are also undergoing a qualitative change. The current deep-sea aquaculture factory ship is a mobile factory. Tens of thousands of tons of large objects float on the sea, and tens of thousands of square meters of fishing nets underwater have to rely on ROVs (remotely operated unmanned underwater vehicles) to clean up, and automated equipment to monitor fish schools and water quality. Artificial descent is impossible, this is the hard battlefield of underwater robots.

Deep sea mineral resource exploration is moving from "laboratories" to "mining areas". Previously, the scientific research team went down to take a look and collect a sample. Currently, commercial mining equipment is under development and undergoing sea trials. This leap from scientific research to commercial mining means that equipment demand has shifted from "one set" to "batch production". Polar scientific exploration and special environmental applications are also touchstones. The technology that runs smoothly in extremely cold, high-pressure, and highly corrosive environments, when turned back to reduce maintenance and hit the civilian market, is simply sweeping away in terms of competitiveness.

3.2 Investment logic and valuation reconstruction: shifting from "R&D investment" to "order fulfillment"

In the deep sea race, 2026 is the turning point for valuation logic. In the past, when people looked at deep-sea companies, they looked at R&D investment and laboratory parameters. That's investing in emotions and investing in technology at a premium. Now we have to look at the order. The only criterion for testing the degree of industrialization is whether the order is fulfilled or not.

The growth path of core stocks has become clear. The first stage is technical validation, which is sea trials. The successful sea trial of Juli rigging means that it has obtained the admission ticket. The second stage is to increase order volume, which means winning the bid. Shandong Future Robotics has won two consecutive bids, indicating that the market has accepted it. The third stage is the breakthrough of performance. The moat of this industry is extremely steep. The high-tech threshold goes without saying, the key is long-term verification. Once deep-sea equipment is installed, it will not be replaced for several years. This high customer stickiness makes the first mover advantage unshakable.

The policy dividend will be more direct during the 15th Five Year Plan period. Previously, we provided subsidies for research and development, but now we support major projects and encourage engineering applications. Tax incentives and special funds are all tilting towards core equipment enterprises. The valuation system is reshaping from "technology stocks" to "high-end manufacturing stocks". Companies that can solve material bottlenecks and key links in computing power will completely open up their market value space.

3.3 Risk Considerations and Cycle Analysis: Challenges in the Journey of Deep Sea Technology

Climbing and rolling in the deep sea, one must always maintain reverence for nature. Technical risk comes first. Running smoothly in the laboratory does not mean that accidents will not occur at depths of several kilometers. In extreme deep-sea environments, the failure of any small component can lead to the scrapping of the entire equipment. Engineering reliability is the Achilles' heel for many emerging companies.

International trade fluctuations are a sword hanging over our heads. High end titanium materials, core algorithm chips, and certain special materials are now facing export controls. Geopolitical risks directly affect the delivery of overseas projects. This requires domestic enterprises to accelerate the self-reliance of the entire industry chain. This is both an opportunity and a huge survival pressure.

Money is also a big issue. Deep sea research and development is too expensive, and the return cycle is long. If a company's cash flow management is poor, long-term high R&D investment will dilute profits and even drag down the company. If the industrialization progress is slower than expected, once the market heat passes, the valuation will face a severe correction. To invest in the deep-sea track, we need to focus on the leading companies that have real order support and stable supply chain guarantees. Don't be fooled by PPT, the actual results are the real gold and silver.