深海银光，钛金属入海时机到未？

Investment Rating - The industry investment rating is "Positive" [4] Core Viewpoints - The development of deep-sea technology is of great strategic significance and potential, addressing national resource and energy security needs, international competition, technological breakthroughs, and military-civilian integration [2][8] - In 2024, China's marine industry output reached 4.4 trillion yuan, with a year-on-year growth of 7.8%, indicating robust growth in marine engineering equipment and electricity sectors [2][8] - The report highlights that titanium alloys, due to their excellent corrosion resistance and high specific strength, are the best structural materials for ships and marine engineering, referred to as "marine metals" [3][9] Summary by Sections Industry Overview - The report emphasizes the strategic importance of deep-sea technology, which has been included in national future industry development priorities for the first time [2][8] - The marine industry is expected to provide significant opportunities for materials industries such as titanium alloys and advanced marine engineering steels [2][8] Titanium Metal Demand - Titanium's share in the marine engineering and shipbuilding sectors is currently only 3-7%, compared to 50% in the chemical industry and 20% in aerospace, due to high costs and complex manufacturing processes [2][3][9] - The report forecasts that titanium metal consumption in the shipbuilding and marine engineering sectors could grow at a CAGR of 10-25% over the next five years, driven by policy support and industry demand [3][22] Application and Market Dynamics - The report identifies that titanium alloys are increasingly being used in deep-sea applications, such as manned submersibles, due to their superior strength-to-weight ratio and corrosion resistance [19][20] - The marine engineering materials must meet stringent requirements due to harsh ocean conditions, which presents both challenges and opportunities for titanium applications [21][22]