Core Insights - The strategic position and application value of piezoelectric devices are increasingly prominent in the context of the booming development of strategic emerging industries such as 5G communication, new energy vehicles, smart grids, and artificial intelligence. The market size of China's piezoelectric device industry is expected to reach approximately 523.4 billion yuan in 2024, representing a year-on-year growth of 5.06% [1][8]. Industry Overview - Piezoelectric devices are electronic components that operate based on the piezoelectric effect, widely used in sensing, driving, energy conversion, and signal processing, making them critical components in electronic devices such as mobile phones, medical equipment, and aerospace [2][4]. Market Size - The piezoelectric device industry in China is projected to reach a market size of approximately 523.4 billion yuan in 2024, with a year-on-year growth rate of 5.06% [1][8]. Key Companies - The competitive landscape of the piezoelectric device industry in China features a "technology stratification and scenario differentiation" characteristic. Key players include: - **SanHuan Group**: Dominates in optical fiber ceramic inserts and ceramic packaging bases, achieving a revenue of 6.508 billion yuan in the first three quarters of 2025, a year-on-year increase of 20.96% [9][10]. - **Unisoc**: Focuses on piezoelectric quartz crystal frequency devices, with a revenue of 4.904 billion yuan in the first three quarters of 2025, a year-on-year increase of 15.05% [10]. - **Audiwei**: Leads in the domestic market share of automotive ultrasonic sensors [9]. - **Guangdong Huilun Crystal Technology**: Specializes in miniaturized resonators to meet high-frequency demands in IoT [9]. Industry Development Trends 1. **Accelerated Technological Innovation**: The industry is moving towards lead-free and high-performance developments, with breakthroughs in lead-free piezoelectric ceramics such as KNN, enhancing piezoelectric strain by 200% [11]. 2. **Surging Market Demand**: The demand for piezoelectric devices is driven by 5G, new energy vehicles, and medical ultrasound applications, with each new energy vehicle incorporating 15-20 piezoelectric sensors [12]. 3. **Industry Chain Integration**: The industry is enhancing competitiveness through vertical integration and cross-industry fusion, with companies optimizing processes to improve mechanical quality factors [13].

内容概要：幽门螺杆菌（Hp）感染是最常见的慢性感染之一，它在中国所有病原体中的发病数位居首 位。幽门螺杆菌感染的药物根除治疗在全世界范围内已广泛开展。随著公众对幽门螺杆菌感染相关健康 风险的意识日益提高，全球幽门螺杆菌感染药物市场规模保持增长趋势。2025年，全球幽门螺杆菌感染 药物市场规模增长至75亿美元，中国幽门螺杆菌感染药物市场规模约57亿元；预计2026年，全球幽门螺 杆菌感染药物市场规模有望突破80亿美元，预计2026年中国幽门螺杆菌感染药物市场规模有望达到59亿 元。未来，随着国内幽门螺杆菌感染诊疗率的提升，我国幽门螺杆菌感染治疗药物市场规模将有望继续 攀升。 中国幽门螺杆菌感染的治疗模式 二、幽门螺杆菌感染药物行业发展现状 幽门螺杆菌（Hp）感染是最常见的慢性感染之一。作为一种定植于全世界超过一半人口的胃粘膜层和 胃上皮细胞表面的致病菌，幽门螺杆菌持续感染被认为是导致包括胃癌在内的多种胃部病变的主要非遗 传因素。幽门螺杆菌感染的药物根除治疗在全世界范围内已广泛开展。随著公众对幽门螺杆菌感染相关 健康风险的意识日益提高，全球幽门螺杆菌感染药物市场规模保持增长趋势。2025年，全球幽门螺杆菌 上市企 ...

Core Insights - The multi-valent vaccine market in China is experiencing growth, with a total of 127 batches approved in 2024, representing an 11% year-on-year increase [1] - The industry is characterized by significant advancements in technology and a shift towards multi-valent vaccines, which can prevent multiple diseases simultaneously [5][11] - Regulatory support and strategic policies are enhancing the development of the vaccine industry, emphasizing the importance of vaccine research and innovation [6] Multi-Valent Vaccine Overview - Multi-valent vaccines consist of multiple antigens to prevent various diseases, including both multi-valent and combination vaccines [3] - The market has seen a diversification of products, with several companies like Zhifei Biological and Kangtai Biological leading in the development of these vaccines [11][16] Batch Approval Data - In 2024, the approval of multi-valent vaccines included 127 batches, with specific increases in the three-valent (11%), four-valent (17%), and five-valent (10%) vaccines [1][12] - The first quarter of 2025 saw a decline in approvals, with a total of 17 batches, a 26% decrease compared to the previous year [1] Industry Development History - The Chinese vaccine industry has evolved from relying on single-valent vaccines to embracing multi-valent vaccines, marking a significant milestone in public health [5] - The introduction of the first domestically developed multi-valent vaccine by Kangtai Biological in 2011 was a pivotal moment for the industry [5] Policy Support - The Chinese government has implemented policies to support vaccine research and development, including the Vaccine Administration Law, which emphasizes the importance of vaccine innovation [6] - Recent notifications from health authorities indicate a structured approach to vaccine procurement and immunization program adjustments [6] Industry Chain - The multi-valent vaccine industry chain includes upstream raw materials, midstream research and production, and downstream sales and distribution [7] - Key players in the industry include Zhifei Biological, Kangtai Biological, and Sanofi Pasteur, which dominate the market in terms of batch approvals [16] Market Trends - Future developments in the multi-valent vaccine sector will be driven by technological innovations, including mRNA and modular vaccine designs [20] - There is a growing demand for vaccines tailored to specific demographics and health conditions, indicating a shift towards personalized healthcare solutions [21][22] - The production process is expected to become more automated and standardized, enhancing quality control and efficiency [23]

Core Viewpoint - The small and medium-sized banks in China play a crucial role in supporting the long-term development of the economy by fostering private enterprises and small businesses, thus contributing to local economic prosperity and advancing financial market reforms [1][9]. Summary by Sections 1. Overview of the Small and Medium-Sized Banking Industry - Small and medium-sized banks are generally defined as all banks excluding the six major state-owned banks. They include national joint-stock banks, urban commercial banks, rural commercial banks, private banks, credit cooperatives, and village banks [3][10]. 2. Industry Policies - The Chinese government has shown significant attention to the development of small and medium-sized banks, continuously optimizing the policy environment to support industry growth. For instance, in January 2025, the government issued guidelines to enhance rural banking services and support small enterprises [5][6]. 3. Industry Chain - The upstream of the small and medium-sized banking industry includes IT service providers, payment platforms, financial market participants, and hardware/software suppliers. The midstream consists of the banks themselves, while the downstream includes consumers and businesses utilizing banking services [7][8]. 4. Current Development Status - Small and medium-sized banks have significantly expanded their total assets, reaching 192.25 trillion yuan in 2024, a year-on-year increase of 6.39%. By November 2025, total assets are projected to reach 201.6 trillion yuan, with a growth rate of 6.49% [1][9]. 5. Competitive Landscape and Key Enterprises - The competitive landscape of the small and medium-sized banking industry shows a clear tiered structure. The first tier includes major banks like China Merchants Bank and Shanghai Pudong Development Bank, while the second tier consists of regional banks like Beijing Bank and Shanghai Bank. The third tier includes numerous local rural financial institutions [14][15]. 6. Development Trends - Digital transformation is becoming a core competitive advantage for small and medium-sized banks, with a focus on data-driven operations and enhanced customer experiences through technology [18]. - Green finance is transitioning from concept to practice, with banks expected to integrate environmental risk assessments into their lending processes and develop specialized products to support sustainable initiatives [19]. - Regional and specialized operations are expected to deepen, with banks focusing on local economic characteristics and developing tailored financial solutions for small and micro enterprises [21].

Core Viewpoint - The air conditioning aluminum foil industry is experiencing fluctuations in production due to varying market demands, with a projected increase in production in 2024 followed by a decline in 2025 due to rising inventory levels [1][7]. Industry Overview - Air conditioning aluminum foil is a critical material in the air conditioning manufacturing sector, known for its lightweight, corrosion resistance, and thermal conductivity [1][3]. - The industry is divided into non-coated and coated aluminum foil, with the latter gaining traction in recent years due to its enhanced functionality [3]. Production Trends - China's air conditioning aluminum foil production saw a significant drop to 860,000 tons in 2022, a 14% decrease year-on-year, due to the impact of the pandemic [1][7]. - In 2023, production began to recover, and by 2024, it is expected to reach 1,060,000 tons, a 1.9% increase from the previous year [1][7]. - However, a forecast for 2025 indicates a decline to 1,020,000 tons, a reduction of approximately 40,000 tons or 3.8% [1][7]. Industry Chain - The upstream of the air conditioning aluminum foil industry includes raw materials such as bauxite, alumina, electrolytic aluminum, and recycled aluminum [5]. - The production of electrolytic aluminum is crucial, with China's output projected to grow from 35.13 million tons in 2019 to 44.00 million tons by 2024 [5][6]. Competitive Landscape - The air conditioning aluminum foil market is characterized by a diverse competitive landscape, with large companies dominating due to scale and technology, while smaller firms seek market opportunities through flexible strategies [9]. - Key players include Jiangsu Dingsheng New Material Co., Ltd., Guangdong Dongyangguang Technology Holdings Co., Ltd., and Jiangsu Chang Aluminum Group Co., Ltd., among others [9][10]. Development Trends - Technological innovation is driving the industry forward, with companies investing in R&D to enhance product quality and performance [11]. - Environmental policies are pushing the industry towards more sustainable practices, creating opportunities for the development of recyclable and biodegradable aluminum foil materials [12]. - The industry is expected to undergo consolidation and restructuring, optimizing the industry structure and improving production efficiency [13].

内容概况：WAT测试是指在半导体晶圆完成制程工艺后，在晶圆切割道（Scribe Line）的测试图案 （test key）上所进行的电性测试，达到监控各步工艺正常和稳定。实施WAT测试需要使用特定的测试 设备和仪器，这些设备的选择对于测试的准确性至关重要。现代WAT依赖精密仪器集群，包括参数分 析仪、探针台和温控系统等。WAT测试设备是半导体测试的核心工艺检测设备，近年来，伴随着半导 体产业的发展，全球WAT测试设备规模不断壮大，由2020年的4.0亿美元增至2025年的7.2亿美元，实现 年复合增长率12.5%；期间2024年受晶圆厂新建产能不足影响，半导体WAT测试设备市场规模略有下 滑。中国的半导体封测技术处于全球第一梯队，封测是我国半导体产业链中国际竞争力最强、自主化程 度最高的环节之一。在WAT测试设备领域，我国也实现了较大突破，产品性能不断提升，产业规模明 显扩张，市场规模由2020年的6.2亿元增至2025年的12.2亿元，期间年复合增长率为14.5%。中国半导体 WAT测试设备行业呈现高度集中的寡头竞争格局，大部分市场份额被以Keysight、QualiTau为代表的海 外企业占据，2024年 ...

Core Insights - Molybdenum is a critical transition metal with high melting point and strength, categorized into four main forms: pure molybdenum, molybdenum alloys, molybdenum compounds, and molybdenum products [1][2][3] - The global molybdenum market is characterized by a long-term tight balance, with a projected demand gap of 0.39 million tons in 2024, which may expand in the future [1][7] - China holds a significant advantage in molybdenum reserves, becoming the core support for global molybdenum industry development, with production and consumption both leading globally [1][9] Industry Overview - The molybdenum industry is divided into three main segments: upstream (exploration and mining), midstream (smelting and processing), and downstream (deep processing and end applications) [5][6] - Upstream is dominated by major enterprises that control core resources, while midstream is characterized by high industry concentration but relies on imported high-end technologies [5][6] - Downstream applications are primarily in the steel industry, with rapid growth in emerging fields such as renewable energy and aerospace [1][6] Policy and Strategic Importance - Recent policies from the Chinese government aim to regulate resource management and promote industry upgrades, including export controls and support for green mining technologies [6][7] - Molybdenum is classified as a strategic mineral due to its scarcity and concentrated global distribution, with China, the US, and Peru being the top three countries in terms of reserves [6][7] Supply and Demand Dynamics - Global molybdenum production is expected to remain between 262,100 tons and 290,200 tons from 2020 to 2024, with consumption fluctuating between 247,600 tons and 294,100 tons [7][8] - In 2024, China's molybdenum production is projected to reach 133,700 tons, with consumption also on the rise, reflecting a compound annual growth rate of 6.78% from 2020 to 2024 [10][11] Competitive Landscape - The Chinese molybdenum industry is characterized by an oligopolistic structure, with leading companies like Jinduicheng Molybdenum Co., Ltd. and Luoyang Molybdenum Co., Ltd. controlling approximately 70% of the market share [11][12] - The competition is intensifying as smaller firms focus on niche markets, while larger firms leverage their resources and technology to maintain a competitive edge [11][12] Future Development Trends - The industry is expected to shift towards green and intelligent resource development, with a focus on efficient utilization of low-grade and associated molybdenum ores [12][13] - There will be a transition from traditional raw material output to high-end manufacturing, with an emphasis on domestic production of high-purity molybdenum products and specialized alloys [12][13] - Demand for molybdenum is anticipated to grow in both traditional sectors and emerging fields, with strategic support from policies aimed at enhancing the high-potential areas of the industry [12][14]

Core Viewpoint - The industrial control power supply industry is experiencing significant growth driven by the accelerated automation and intelligence transformation in manufacturing, with the market size expected to increase from 115.44 billion yuan in 2015 to 462.12 billion yuan in 2024, representing a compound annual growth rate (CAGR) of 16.7% [1][9]. Group 1: Industry Overview - Industrial control power supplies are specialized devices that convert mains electricity or other power sources into stable direct current suitable for industrial control equipment, characterized by high stability, reliability, and durability [5][6]. - The working principle of industrial control power supplies involves power conversion technologies, including rectification, filtering, voltage regulation, and output [5]. Group 2: Industry Chain - The upstream materials for the industrial control power supply industry include power devices, electronic components, and various metal and mechanical materials, which directly affect the performance and cost of midstream products [5]. - The downstream applications encompass sectors such as machinery manufacturing, power systems, transportation, and petrochemicals, where industrial control power supplies provide stable power support for various control devices, sensors, and actuators [6]. Group 3: Current Industry Status - The power supply industry in China has maintained rapid growth, with the market size reaching 517.4 billion yuan in 2022, a year-on-year increase of 32.3%, and is projected to continue growing to 770.2 billion yuan in 2024 [8][9]. - The demand for industrial automation has surged due to rising labor costs and the need for higher product quality, driving the growth of the industrial control power supply market [9]. Group 4: Competitive Landscape - Domestic companies like Yingjie Electric and Dongfang Sitong are rapidly catching up to international standards, effectively meeting downstream equipment demands and gradually replacing imported products [11]. - The industry still has many small and medium-sized enterprises that primarily serve sectors with lower precision and performance requirements, relying on cost competition to maintain market share [11]. Group 5: Development Trends - Emerging industries such as photovoltaics and rare earth materials are driving the upgrade of the industrial control power supply industry, leading to increased demand for high-quality products [13]. - The industry is expected to shift towards digitalization, with mainstream products evolving from analog-digital combinations to fully digital, modular, intelligent, and programmable solutions [13][14]. - The concentration of the industry is anticipated to increase, with market resources shifting towards leading enterprises that possess economies of scale and technological innovation advantages [15].

数据来源：中国海关，智研咨询整理 近一年中国锂离子蓄电池进口情况统计图 数据来源：中国海关，智研咨询整理 近一年中国锂离子蓄电池出口情况统计图 相关报告：智研咨询发布的《2026-2032年中国锂离子蓄电池行业市场运行态势及发展趋向研判报告》 根据中国海关数据显示：2025年11月中国锂离子蓄电池进口数量为1亿个，同比增长10.3%，进口金额 为2.4亿美元，同比增长4.6%，2025年11月中国锂离子蓄电池出口数量为4.47亿个，同比增长22.6%，出 口金额为68.1亿美元，同比增长17.5%。 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 ...

Core Viewpoint - The report by Zhiyan Consulting highlights the growth trends in China's synthetic fiber industry, particularly focusing on the import statistics for synthetic fiber yarns, indicating a positive trajectory in both quantity and value [1]. Group 1: Import Statistics - In November 2025, China's import volume of synthetic fiber yarn reached 16,000 tons, representing a year-on-year increase of 6.1% [1]. - The import value for the same period was $9.3 million, showing a significant year-on-year growth of 27.8% [1]. Group 2: Industry Insights - Zhiyan Consulting is recognized as a leading industry consulting firm in China, specializing in in-depth industry research and providing comprehensive consulting services, including feasibility studies and business plans [1]. - The firm emphasizes its commitment to delivering high-quality services and market insights to empower investment decisions in the synthetic fiber sector [1].