Core Insights - The Chinese animation film industry has experienced fluctuating box office performance in recent years, with domestic films achieving breakthroughs in genre diversification and brand operation, successfully activating family viewing demand and enhancing market pricing power [1][8] - From 2022 to 2024, the box office share of domestic animation films has remained in the 60% range, indicating a reliance on blockbuster hits while exposing issues such as insufficient production capacity for mid-tier films and lagging derivative product development [1][10] - In 2024, the total box office for Chinese animation films reached 6.863 billion yuan, with domestic animation accounting for 41.89% of this total [1][10] Animation Film Industry Overview - Animation films are defined as films produced using animation techniques, including theatrical releases and OVA (Original Video Animation) [2] - The industry is characterized by a shift from traditional filmmaking, which relies on real scenes and actors, to digital technology-driven animation that allows for creative freedom and a broader audience reach [2][3] Industry Policy Background - The Chinese government supports the animation film industry through tax incentives, funding support, and awards to encourage content creation that explores traditional culture and modern expression [4] - Policies aim to enhance the industry chain, nurture leading companies, support small teams, and promote cross-media IP development to strengthen international communication [4] Industry Chain Structure - The animation film industry chain includes upstream traditional production hardware and digital technology, midstream content creation and industrial production, and downstream distribution and marketing [6] - The integration of various technical paths, including 2D hand-drawn, 3D digital, and stop-motion animation, is essential for a comprehensive content production system [6] Current Industry Status - The box office share of domestic animation films declined from 2015 to 2017 due to content innovation and industrialization challenges, but saw a rapid recovery from 2018 onwards, with a significant increase in market share [8][10] - The number of domestic films breaking the 100 million yuan mark has fluctuated, with a notable increase in 2019 due to the success of films like "Ne Zha" [10] Competitive Landscape - Leading companies in the animation film industry, such as Light Chaser Animation and Bilibili, leverage technology and IP development to maintain market dominance [12][13] - Emerging players are exploring adult-oriented markets and cross-media development, indicating a competitive landscape focused on enhancing original content and global IP operations [12][14] Future Development Trends - The industry is moving towards deeper integration of technology and industrialization, utilizing AI and virtual production to enhance efficiency and visual expression [14] - Content creation is expected to draw from traditional cultural resources while innovating modern expressions, aiming to resonate emotionally with audiences and adapt to fragmented viewing habits [14]

Core Viewpoint - Lactoferrin, a glycoprotein from the transferrin family, is gaining attention for its nutritional benefits and health properties, particularly in the health, pharmaceutical, and food industries, with significant market growth expected in China [1][4][19]. Industry Definition and Classification - Lactoferrin is classified into three types based on iron ion binding: iron-deficient, iron-saturated, and iron-half-saturated. It can also be categorized into natural lactoferrin and recombinant lactoferrin, the latter produced through advanced technology [2]. Current Industry Development Status - The domestic lactoferrin market is heavily reliant on imports, with 2024 production expected to be around 2 tons against a demand of over 185 tons, indicating substantial import substitution potential. By 2025, production is projected to reach approximately 4.5 tons with a demand of about 205.2 tons [4][6]. Market Size and Trends - The domestic lactoferrin market size fluctuated significantly, peaking at 2.015 billion yuan in 2018. It is expected to reach 1.447 billion yuan in 2024 and approximately 1.539 billion yuan in 2025, with the health supplement sector contributing 462 million yuan and 497 million yuan respectively [6][19]. Industry Chain Structure - The lactoferrin industry chain includes upstream raw materials primarily sourced from dairy cattle, midstream production focusing on high-purity lactoferrin formulations, and downstream applications in infant formula, health supplements, pharmaceuticals, cosmetics, and animal feed [8][10]. Competitive Landscape - Major players in the lactoferrin market include international suppliers like Westland, Synlait, and DMV, with domestic leaders such as Feihe and Yili leveraging technological advancements and capacity expansion to dominate the market [12][15]. Key Companies - Feihe has established itself as a leading infant formula producer with significant investments in R&D and production capabilities, reporting a total revenue of 19.532 billion yuan in 2024 [15]. - Yili focuses on dairy product innovation and has received multiple awards for its lactoferrin products, achieving a total revenue of 115.78 billion yuan in 2024 [17]. Future Development Trends - The lactoferrin industry is expected to see increased production capacity and diversification of technological pathways, with expanding application scenarios in areas such as nanomedicine and cancer treatment [19].

Core Viewpoint - The Chinese electronic-grade phosphoric acid industry has made significant technological breakthroughs, achieving high purity levels that meet international standards, thus enhancing its competitiveness in the global market [1][10]. Industry Overview - Electronic-grade phosphoric acid is a high-purity phosphoric acid with extremely low impurity levels, widely used in high-tech fields such as semiconductors and optoelectronics [2]. - The industry is categorized into E1 ordinary electronic-grade phosphoric acid and E2 high-purity electronic-grade phosphoric acid according to national standards [2]. Industry Development History - The industry has evolved through three stages: exploration (pre-2008), initial development (2008-2019), and rapid development (2020-present) [4]. - Prior to 2008, the market was dominated by imports from the US, Japan, and Germany, with significant technological barriers [4]. - From 2008 to 2019, domestic companies began to develop electronic-grade phosphoric acid, achieving initial production and export capabilities [4]. - Since 2020, the rapid growth of the domestic electronic industry has driven demand for electronic-grade phosphoric acid, leading to increased R&D investments and market expansion [4]. Industry Supply Chain - The upstream of the electronic-grade phosphoric acid industry includes raw materials like phosphate rock and production equipment [6]. - The midstream involves the production and manufacturing of electronic-grade phosphoric acid, while the downstream applications include semiconductor manufacturing and display panels [6]. Market Size - The demand for electronic-grade phosphoric acid in China is projected to reach 0.91 million tons in 2024, representing a year-on-year growth of 13.75% [10]. - Leading companies like Xingfu Electronics have successfully entered the supply chains of top international wafer manufacturers, indicating a significant enhancement in global competitiveness [10]. Key Company Performance - Xingfu Electronics holds a dominant position in the market, with a 2023 market share of 69.69% in China and approximately 15% globally [12]. - The company’s products meet the highest international standards, with metal ion content controlled below 3 ppb, outperforming many international competitors [12]. - In Q1 2025, Xingfu Electronics reported a revenue of 327 million yuan, a year-on-year increase of 38.60% [12]. Industry Development Trends 1. **Technological Upgrades and High-End Development** - The industry is expected to accelerate technological upgrades, focusing on higher purity products to meet the stringent requirements of advanced semiconductor processes [17]. - Domestic companies are improving production processes and developing new applications for electronic-grade phosphoric acid [17]. 2. **Growing Market Demand and Accelerated Domestic Substitution** - The demand for electronic-grade phosphoric acid is anticipated to continue rising, driven by the rapid development of downstream industries like integrated circuits and new sectors such as AI and electric vehicles [18]. - The domestic substitution rate is projected to increase significantly, reducing reliance on imports [18]. 3. **Industry Chain Integration and Collaborative Development** - The industry will strengthen supply chain integration to enhance overall competitiveness, with companies focusing on resource stability and cost reduction [19]. - Sustainable practices, such as waste recycling and zero discharge technologies, are being explored to align with global ESG trends [19].

Industry Overview - The pyroelectric infrared sensor technology in China began in the 1970s, initially used in military applications, but has expanded into civilian markets due to technological advancements and cost reductions [1][15] - The market size of China's pyroelectric infrared sensor industry has grown from 365 million yuan in 2015 to 1.599 billion yuan in 2024, with a compound annual growth rate (CAGR) of 17.84% [1][15] - The production volume of pyroelectric infrared sensors in China is projected to increase from 217 million units in 2015 to 965 million units in 2024, with a CAGR of 18.03% [14] - The demand for these sensors is expected to rise from 209 million units in 2015 to 937 million units in 2024, with a CAGR of 18.14% [14] Market Dynamics - The rapid growth in demand for LED lighting and security monitoring in China is driving the expansion of the pyroelectric infrared sensor market [1][15] - The industry is becoming increasingly competitive, with China emerging as a global manufacturing hub for these sensors due to its cost advantages and improved labor productivity [1][15] Application Areas - Pyroelectric infrared sensors are widely used in various applications, including security monitoring, smart homes, automatic driving, medical diagnostics, thermal imaging, industrial automation, and environmental monitoring [7] - In the smart home sector, these sensors play a crucial role in detecting human presence and activity, enabling automatic control of lighting and other systems [12] Key Companies - Notable companies in the industry include Senba Sensor Technology Co., Ltd., Shanghai Naisela Sensor Co., Ltd., and Zhengzhou Weisheng Electronic Technology Co., Ltd., among others [18][21][23] - Senba Sensor's revenue from pyroelectric infrared sensors is projected to reach 251 million yuan in 2024, reflecting a year-on-year growth of 5.91% [21] Industry Trends - The industry is witnessing a trend towards miniaturization, driven by advancements in MEMS technology and semiconductor processes, making sensors more suitable for compact applications [25] - There is a growing emphasis on smart features, with sensors increasingly incorporating AI algorithms and edge computing capabilities for enhanced environmental perception and data analysis [26] - The evolution from standalone components to integrated system solutions is becoming prominent, allowing for modular products that facilitate easier customer development [27] - Multi-functionality is key to enhancing the value of pyroelectric infrared sensors, with new products integrating additional sensing capabilities to meet complex application needs [28]

Core Insights - The polyurethane hot melt adhesive industry is experiencing significant growth, with sales increasing from 2.559 billion yuan in 2015 to 6.124 billion yuan in 2024, representing a compound annual growth rate (CAGR) of 10.18% [1][10]. Industry Overview - Polyurethane hot melt adhesives are made from polyurethane resins or prepolymers, combined with various additives, and are widely used in industries such as automotive, electronics, construction, packaging, and footwear due to their high bonding strength and ease of use [2][4]. - The industry is characterized by two main types of polyurethane hot melt adhesives: thermoplastic polyurethane (TPU) and reactive polyurethane (PUR), each with distinct properties and applications [2]. Industry Chain - The polyurethane hot melt adhesive industry consists of three main segments: upstream (raw materials like polyurethane resins), midstream (production), and downstream (application in various sectors) [4]. - Key applications include automotive components, electronic devices, and construction materials, where the adhesives are used for bonding various parts [4]. Production and Supply - China's polyurethane production has been steadily increasing, reaching 17.1 million tons by 2024, driven by market demand and advancements in production technology [6]. - The growth in polyurethane production ensures a stable supply of raw materials for the hot melt adhesive industry [6]. Market Dynamics - The automotive industry is a significant driver for polyurethane hot melt adhesives, with a notable increase in vehicle production, including a 30.3% rise in new energy vehicle production in early 2025 [8]. - The demand for high-quality interior components in vehicles has led to increased use of polyurethane hot melt adhesives due to their environmental friendliness and performance [8]. Competitive Landscape - The global market for polyurethane hot melt adhesives is dominated by large companies, with Chinese firms rapidly gaining market share both domestically and internationally [14]. - Notable companies in the industry include Tianyang New Materials, Huitian New Materials, and Kangda New Materials, which are recognized for their innovative products and market presence [15]. Development Trends - The industry is moving towards environmentally friendly products, with a focus on low VOC and solvent-free adhesives to meet regulatory standards and consumer preferences [18]. - Smart manufacturing technologies are being adopted to enhance production efficiency and product quality, aligning with the trends of Industry 4.0 [19]. - There is an increasing demand for high-performance adhesives in various applications, prompting companies to invest in research and development [20]. - New application areas are emerging, including renewable energy, medical devices, and 3D printing, expanding the market for polyurethane hot melt adhesives [21].

Industry Overview - Bovine serum is a key biological reagent derived from fresh bovine blood, containing various plasma proteins, peptides, and growth factors, essential for cell growth and physiological balance [1][2] - The demand for bovine serum has been increasing globally, particularly in China, where the market size is projected to grow from CNY 1.494 billion in 2017 to CNY 4.222 billion by 2024, with a compound annual growth rate (CAGR) of 16% [1][8] Upstream Industry - The upstream of the bovine serum industry includes cattle farming, blood collection institutions, and slaughterhouses, with China's cattle inventory reaching 100.465 million heads in 2024, showing a significant increase from 2013 [6] - The cattle slaughter volume and beef production also saw substantial growth, indicating an improving supply capacity for the bovine serum industry [6] Current Industry Status - Bovine serum plays an indispensable role in life sciences, drug development, and vaccine production, with its market size in China expected to reach CNY 4.222 billion by 2024 [8][12] - The market is primarily driven by the increasing demand in the biopharmaceutical sector, which is projected to grow from CNY 16.3 trillion in 2019 to CNY 21.4 trillion in 2024 [12] Downstream Applications - Bovine serum is widely used in biopharmaceuticals, cell culture, vaccine production, and biological research, with a notable increase in demand due to the rapid development of these sectors [12][14] - The vaccine market in China is also expanding, with the market size expected to grow from CNY 19.16 billion in 2015 to CNY 124.5 billion in 2024, further driving the demand for bovine serum [16] Competitive Landscape - The bovine serum market in China is characterized by a diverse competitive landscape, with domestic brands like Tianhang Bio and Minhai Bio leading in the new-born bovine serum segment, while high-end fetal bovine serum is dominated by imported brands [18][20] - Domestic companies are gradually achieving market share through quality control and cost advantages, particularly in the context of increasing demand from the biopharmaceutical and cell therapy industries [18] Market Trends - The market demand for bovine serum is expected to continue growing, driven by the expansion of the vaccine market and increasing needs in biological research and cell therapy [26] - There is a trend towards improving product quality and standardization in the bovine serum industry, with companies enhancing raw material management and adopting advanced production technologies [27] - Technological innovations and the development of serum-free culture media are emerging as potential alternatives, although bovine serum remains irreplaceable in certain applications [28]

Industry Overview - The automotive engine industry in China has experienced rapid development since the 21st century, driven by policy support and market demand, with significant upgrades in technology and product performance [1][6] - The rise of new energy vehicles (NEVs) has led to rapid advancements in hybrid and pure electric engine technologies, becoming new growth points for the industry [1][6] - Domestic companies are increasing R&D investments to push the industry towards high-end and intelligent development [1][6] - Since 2017, engine production in China has begun to fluctuate and decline due to market saturation, weak fuel vehicle sales, and increasing penetration of new energy vehicles [1][6] Production and Sales Data - In 2024, China's engine production is projected to be 237,766.8 million kilowatts, a year-on-year decrease of 1.5% [1][6] - From January to April 2025, the cumulative engine production was 77,867.8 million kilowatts, down 0.7% year-on-year [1][6] - The overall sales of fuel vehicles in China for 2024 are expected to be 12,767,400 units, reflecting an 11% year-on-year decline [10] Market Dynamics - The engine industry is characterized by a dual-track competition between traditional fuel engines and new energy power systems, with a focus on technological innovation and market adaptation [15][16] - The market is increasingly competitive, with foreign brands like Volkswagen and Toyota maintaining advantages in high-end fuel engines, while domestic brands like BYD and Geely rapidly expand their market share in the new energy sector [15][16] Regional Production Distribution - The production of engines in China is concentrated in economically developed regions, with East China accounting for approximately 38.83% of total production in 2024 [8] Future Trends - The aviation engine sector is expected to accelerate the process of domestic substitution and self-sufficiency, with policies supporting the development of key technologies [22] - The automotive engine industry is transitioning towards greener and smarter technologies, driven by government policies and consumer demand for lower emissions and higher efficiency [23][24] - Collaboration within the engine industry supply chain and international partnerships are becoming increasingly important for enhancing competitiveness and driving technological advancements [25]

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Core Insights - Flexible display technology is revolutionizing the display industry by enabling devices to be curved, folded, and rolled, breaking the traditional rigid display limitations [1][17] - The global flexible display market is projected to grow from $23.2 billion in 2024 to over $173 billion by 2031, driven by advancements in 5G, AI, and VR technologies [1][17] - The flexible OLED segment is expected to see significant growth, with global shipments estimated at approximately 617 million units in 2024, reflecting a year-on-year increase of 21.5% [21] Industry Overview - Flexible displays are made from soft materials and are characterized by low energy consumption, lightweight, durability, and shape variability [2][7] - The main types of flexible displays include bendable, foldable, rollable, and stretchable displays, with bendable and foldable displays already seeing large-scale applications in consumer electronics [2][4] Technology Landscape - The leading technology for flexible displays is flexible OLED, known for its high contrast, wide viewing angles, and rapid response times [4][6] - Other technologies include flexible LCD, electronic paper, quantum dot LEDs, and Micro-LEDs, with flexible OLED being the most widely adopted [4][6] Market Dynamics - The Asia-Pacific region dominates the flexible display market, accounting for over 65% of the global market share, with China, South Korea, and Japan as key contributors [17] - The flexible AMOLED market share in smartphones is expected to rise from 28% in 2022 to 40% in 2024, driven by the demand for high-end smartphone models [19][21] Competitive Landscape - Samsung is the leading global supplier of flexible OLED displays, while BOE Technology Group is the largest producer in China, having broken the international monopoly in 2017 [23] - Chinese companies like BOE, Visionox, Tianma, and TCL Huaxing have made significant technological advancements, enhancing their competitiveness and gradually reducing Samsung's market dominance [23]

Core Viewpoint - The offshore wind power industry is experiencing unprecedented growth due to global energy transition and strong policy support, with China leading in installed capacity and technological advancements [1][12]. Group 1: Industry Overview - Offshore wind power utilizes abundant wind resources in marine environments to generate electricity, offering advantages such as higher wind speeds and less land use compared to onshore wind power [2]. - As of April 2025, China's cumulative wind power installed capacity reached 54,119 MW, with offshore wind accounting for 4,351 MW, representing 8.04% of total wind capacity [1][12]. - China has maintained the world's leading position in newly installed and cumulative offshore wind capacity for four consecutive years, holding nearly half of the global total [1][12]. Group 2: Development History - China's offshore wind power development has evolved from initial projects in 2007 to becoming the world's largest market by 2020, driven by policy support and technological innovation [6]. - The "14th Five-Year Plan" marks a critical turning point for the industry, aiming for higher quality and sustainable development [1][12]. Group 3: Policy Framework - The Chinese government has implemented systematic policies to support offshore wind power, including the "14th Five-Year Plan" which encourages the construction of offshore wind power bases and local government support [8][9]. - Policies are also promoting the integration of offshore wind with other sectors, such as marine ranching and floating photovoltaics, to enhance resource utilization [8][9]. Group 4: Industry Chain - The offshore wind power industry chain in China is robust, with stable supply of raw materials and continuous technological breakthroughs in key components [10]. - The manufacturing sector is dominated by leading companies that are pushing for larger turbine capacities and improved efficiency [10]. Group 5: Competitive Landscape - The market is characterized by a clear tiered structure, with leading companies like Envision Energy, Goldwind, and Mingyang Smart Energy dominating the first tier, while other firms are rapidly catching up [16][18]. - The competition has shifted from price-based to technology-driven, with a focus on large-scale turbine development and smart operation systems [16][18]. Group 6: Regional Development - Offshore wind power development in China shows a gradient pattern, with Guangdong and Jiangsu leading in installed capacity, while other provinces like Shandong and Zhejiang are also making significant progress [14]. - There remains a notable gap in meeting the "14th Five-Year Plan" targets, indicating a need for accelerated project construction [14]. Group 7: Future Trends - The industry is moving towards deep-sea development, with a focus on floating wind technology and multi-industry integration, which will enhance the overall capacity and efficiency of offshore wind power [24][25][26]. - Continuous technological upgrades are expected to improve turbine performance and operational efficiency, while fostering new business models through integration with other energy sectors [25][26].