转自：前瞻产业研究院 行业主要上市公司：好想你(002582)、来伊份(603777)、良品铺子(603719)、三只松鼠(300783)、乖宝宠 物(301498)、路斯股份(832419)等 产业链剖析：中游为核心环节 我国的冻干食品行业整体隶属于农产品和农副产品加工行业，行业上游主要是原材料和冻干设备，中游 是食品冻干加工，行业下游则是批发商、商超、便利店和食品企业等渠道。 冻干食品行业 产业链区域热力地图：山东分布最集中 从冻干食品产业链企业区域分布来看，相关企业集中在山东、江苏等地，安徽、河南、福建等地也分布 着一定数量的冻干食品企业。 | 公司简称 | 相关业务营收(亿元) | 毛利率(%) | 其他指标 | | --- | --- | --- | --- | | 好想你(002582) | 健康锁鲜类:0.35 | 11.50% | 门店数量:390家 | | 来伊份(603777) | 糖果蜜饯及果蔬:3.41 | 45.18% | 门店数量:3472家 | | 良品铺子 (603719) | 果干果脯:6.67 | 33.15% | 门店数量:2814 家 | | 三只松鼠(300783) ...

Group 1: Regional Competition Landscape - The major representative enterprises in China's hybrid vehicle industry are primarily located in first-tier cities such as Beijing, Shanghai, Guangzhou, and Shenzhen, with foreign car manufacturers focusing their operations in Beijing and Shanghai [1] - New energy vehicle manufacturers are distributed across Beijing, Shanghai, and Guangdong, while there are a few hybrid vehicle manufacturers in inland regions like Chongqing, Anhui, and Guangxi [1] - Overall, the hybrid vehicle industry in China shows vibrant development in first-tier cities and developed regions [1] Group 2: Submarket Competition - Oil-Electric Hybrid Vehicles - The Japanese models dominate the oil-electric hybrid vehicle market in China, with the Camry achieving sales of approximately 11,400 units and the Sienna around 8,100 units in August 2024 [3] Group 3: Submarket Competition - Plug-in Hybrid Vehicles - In 2024, BYD leads the sales of plug-in hybrid vehicles in China with approximately 1.9 million units sold, while other brands have sales below 150,000 units [4] Group 4: Submarket Competition - Range-Extended Electric Vehicles - In 2024, the top sellers in the range-extended electric vehicle market are Li Auto and AITO, with sales of 490,000 units and 360,000 units respectively, while other brands have relatively low sales [8] Group 5: Industry Competition Status Summary - The hybrid vehicle industry exhibits significant first-mover advantages for leading companies, with intense market competition [9] - The upstream suppliers are primarily raw material and component manufacturers, with an overall average bargaining power [9] - The demand for hybrid vehicles is categorized into commercial and passenger vehicles, with commercial hybrid vehicle demand being less than 1% and passenger vehicle demand growing rapidly [9] - The hybrid vehicle industry is technology-intensive with strict market entry mechanisms, resulting in low threats from potential entrants [9] - Hybrid vehicles serve as a transitional product from gasoline vehicles to cleaner fuel vehicles, with hybrid technology likely to be the most widely adopted in the future [9]

Core Insights - Brain-computer interface (BCI) technology enables direct communication between the brain and external devices, revolutionizing human-machine interaction and integrating advanced technologies such as neuroscience, AI, and new materials [2][4] - The global BCI industry is projected to reach $7.63 billion by 2029, indicating significant growth potential [4] - China and the United States are leading in BCI development, with a notable number of companies and products entering clinical stages [6][7] Industry Overview - The BCI industry is characterized by a competitive landscape with active companies in over 40 countries, primarily in the US and China, where the number of companies exceeds 100 [7] - As of early 2024, China holds 55.62% of the global patent technology in BCI, leading all countries [6] - The industry is still in its early stages, with many startups emerging and a significant increase in patent applications and funding events [55] Key Companies - **Qiangnao Technology**: Founded in 2018, it specializes in non-invasive BCI technology and has over 200 core patents, with a goal to help 1 million disabled individuals regain mobility [10][12] - **Brain Tiger Technology**: Established in 2021, it focuses on flexible invasive BCI technology and has made significant breakthroughs in core technologies [13][15] - **Brain Land Technology**: Founded in 2018, it integrates BCI technology with medical big data and AI, holding 147 patents as of April 2025 [20][21] - **Borecon**: Founded in 2021, it has developed high-performance BCI systems and has over 100 patents [24][25] - **Weiling Medical**: Established in 2019, it is focused on BCI technology and has initiated clinical research for implantable BCI systems [28] - **Roulint Technology**: Founded in 2020, it specializes in non-invasive BCI technology for consumer electronics and medical applications, holding 161 patents [33] - **Aipeng Medical**: Established in 2001, it has invested in BCI technology and developed several non-invasive BCI products [36][37] - **Kedou BCI**: Founded in 2016, it focuses on invasive BCI technology and has developed various microelectrodes and related devices [40][41] - **Sanbo Neuroscience**: Established in 2003, it has over 50 patents and is involved in clinical applications of BCI technology for neurological disorders [43] - **Chengyitong**: Founded in 2011, it has developed several non-invasive BCI prototypes and holds 303 patents, covering key areas of BCI technology [46] Technological Insights - BCI technology is categorized into invasive, semi-invasive, and non-invasive types, with a focus on improving accuracy, feedback speed, and safety [50][52] - The majority of BCI product development is currently centered on non-invasive devices due to their higher safety and market acceptance [53] - As of 2024, there are 222 registered medical devices related to BCI in China, with 194 classified as Class II medical devices [53]

Core Insights - The global animal vaccine industry has seen continuous growth, with a market size exceeding $13.5 billion in 2023 and a compound annual growth rate (CAGR) of 10.10% over the past five years, indicating increasing emphasis on disease prevention in animals and food safety [1][15] - The quality of animal vaccine products is directly linked to the safety of livestock products and, consequently, public food safety, leading to significant national attention and planning for the industry [1] - Local governments are actively promoting the development of animal vaccine enterprises, focusing on attracting advanced technologies and management practices to enhance local industry standards [1] Industry Overview - The animal vaccine market is projected to reach $3.8 billion by 2029, driven by the commercialization of vaccines for diseases like African swine fever and increasing pet vaccination awareness among residents [15] - In 2023, North America accounted for approximately 45% of the global animal vaccine market, making it the largest regional market [9] Key Players - Qingdao Yebio Bioengineering Co., Ltd. is a leading player in the domestic animal vaccine industry, with 87 vaccine products, the highest in the market, and an annual R&D investment of about 9% of its sales [7] - Other notable companies in the industry include China Animal Husbandry Industry Co., Ltd. and Tianjin Reap Bio-Technology Co., Ltd., both of which have significant revenue from animal vaccine operations [7][2] Regulatory and Developmental Support - The Chinese government has included animal vaccines in its "14th Five-Year Plan," highlighting the importance of the industry and encouraging local governments to support enterprise development [1] - The industry is characterized by a focus on innovation, with many companies establishing national key laboratories and innovation platforms to advance vaccine research and development [7]

Core Viewpoint - The marine economy in China is rapidly growing, with a first-quarter marine GDP of 2.5 trillion yuan, reflecting a year-on-year increase of 5.7%, surpassing the national GDP growth rate by 0.3 percentage points, indicating its importance as a growth driver for the economy [1] Group 1: Current Development and Trends - The marine economy is divided into upstream, midstream, and downstream sectors, with upstream focusing on marine equipment and materials manufacturing, midstream covering marine fisheries, oil and gas, salt, mining, transportation, and tourism, and downstream involving reprocessing and retail of marine products [2] - There are 28,104 marine economy-related enterprises in China, predominantly located in coastal regions, with Shandong leading with 1,963 companies, followed by Zhejiang with 3,238, and Jiangsu with 3,200 [4] Group 2: Future Projections - The marine GDP is projected to reach 13 trillion yuan by 2025 and exceed 20 trillion yuan by 2030, with the marine GDP expected to account for over 15% of the national GDP [5] Group 3: Strategic Planning for Marine Economy - Local governments should develop marine economy strategies based on regional resources, industry foundations, and national strategic needs, focusing on multi-dimensional collaborative development [6] - Emphasis on building a modern marine industry system that prioritizes high-value-added industries, such as deep-sea aquaculture and marine clean energy [9] - Encouragement of industry integration and clustering around port economies to enhance urban functions and promote spatial agglomeration [10] Group 4: Innovation and Technology - Establishment of collaborative platforms for industry, academia, and research to focus on marine biotechnology and smart ocean initiatives, supported by state capital [11] - Development of industry standards for deep-sea aquaculture and ecological restoration to ensure sustainable practices [12] Group 5: Regional and International Cooperation - Promotion of land-sea coordination and cross-regional collaboration to provide inland areas with access to maritime resources [13] - Development of open economic mechanisms to leverage international trade and investment opportunities [14] Group 6: Environmental and Policy Considerations - Prioritization of ecological sustainability through optimized resource utilization and pollution monitoring systems [15][16] - Implementation of supportive policies to enhance the business environment and facilitate financing for marine projects [17][18] Group 7: Case Studies - Qingdao focuses on integrating AI with marine industries, establishing national laboratories, and promoting deep-sea aquaculture [19][20] - Shanghai leverages its international shipping center status to develop shipping services and deep-sea wind power [22][23] - Shenzhen aims to become a global marine center by advancing marine electronic information and deep-sea technology [26][27] Group 8: Conclusion - The marine economy is transitioning towards innovation-driven and green low-carbon development, showcasing China's strategic potential in reshaping the global marine economic landscape [30][31]

Core Viewpoint - The cold chain logistics industry in China is crucial for ensuring food safety, promoting the development of the pharmaceutical industry, and facilitating the circulation of fresh agricultural products. The lack of cold chain logistics facilities leads to high loss rates in fresh produce, significantly increasing market costs [1][2][4]. Group 1: Current State of Fresh Produce Logistics - Fresh produce in China has an average loss rate exceeding 10%, which is 2-3 times higher than the stable 5% loss rate in Europe and the U.S. [1] - The traditional supply chain involves multiple stages, including farmers, wholesalers, and markets, leading to inefficiencies and high waste [1]. Group 2: Importance of Cold Chain Logistics - Cold chain logistics is essential for maintaining the quality of perishable goods during transportation, which directly impacts pricing and product stability [2][4]. - The cold chain logistics industry is a key component of the national economy, enhancing local infrastructure and logistics efficiency while supporting agricultural modernization [4]. Group 3: Industry Structure and Key Players - The cold chain logistics industry consists of a complex structure, including upstream manufacturing of cold storage equipment, midstream transportation and warehousing, and downstream applications across various sectors [2]. - Major players in the cold chain logistics sector include SF Cold Chain Logistics, Chengdu Yunlizhi Technology, and JD Century Trade, among others, with varying registered capital and operational focuses [4][6][7]. Group 4: Market Trends and Future Outlook - The cold chain logistics market in China is expected to exceed 900 billion yuan by 2028, driven by rising consumer demand, urbanization, and increased food safety awareness [16][17]. - The industry has evolved through three stages since 1998, with the current phase characterized by enhanced infrastructure, technology adoption, and a growing awareness of cold chain logistics [12][13]. Group 5: Environmental Initiatives - SF Cold Chain Logistics has implemented sustainable practices, including the use of reusable packaging, which has led to a reduction of 1,182 tons of CO2 emissions [10].

转自：前瞻产业研究院 行业主要上市公司：金杯电工(002533.SZ);宝胜股份(600973.SH);远东股份(600869.SH);金龙羽（维权） (002882.SZ);汉缆股份(002498.SZ);尚纬股份(603333.SH);起帆电缆(605222.SH)等 本文核心数据：电线电缆全产业链;区域热力图;代表性企业产业链布局 1、电线电缆产业链全景梳理：国内产业链齐全，下游应用广泛 2、中国电线电缆产业链区域热力地图：以江浙沿海等地为核心布局 目前，我国电线电缆行业产业链较为成熟，上游行业主要为提供制造电线电缆产品原材料的基础材料行业， 如铜、铝及其合金;制造交联绝缘套及护套料的橡胶行业，聚乙烯、聚氯乙烯化工行业等;中游包括提供电力 电缆、通信电缆、电气装备用电缆及裸电线、绕组线等其他类型电缆的电线电缆生产制造企业;下游主要为 对电线电缆有需求的行业，如工程机械、通信行业、电力行业及建筑行业等。 从企业来看，上游铜、铝及其合金供应商为电线电缆产业提供主要组成材料，主要企业有铜陵有色、楚江新 材、海亮股份等。在中游电线电缆制造行业中，制造电力电缆的主要企业有特变电工、青岛汉缆等;制造通 信电缆的主要 ...

转自：前瞻产业研究院 行业主要上市公司：天山铝业(002532)、明泰铝业(601677)、中国铝业(601600)、南山铝业(600219)、云 铝股份(000807)、新疆众和(600888)、神火股份(000933)、宏创控股(002379)、东阳光(600673)等 本文核心数据：铝加工行业上市公司营业收入、铝加工行业上市公司铝加工业务占比等 1、铝加工产业上市公司汇总 @ 前瞻经济学人APP 各公司公告 图表1:中国铝加工产业上市公司汇总(一) 产业链环节 公司简称(股票代码) 要点 关联度 中国铝业(601600) 中国铝行业龙头集团 ★★★★ 云铝股份(000807) 主营电解铝、铝加工制品的大型铝业集团 *** 有色金属行业转型成功案例 ST 盛屯 (600711) ★★★★ 开发国内外以铝、锌为主的有色金属资源 中色股份 (000758) ★★ 形成完善的煤电铝材产业链 神火股份 (000933) ★★★ 涵盖上游氧化铝和下游深加工的国内最为完整的铝产 上游企业 南山铝亚 (600219) ★★★ 业链条 特变电工(600089) 开发西非国家氧化铝项目 ★★ 年电解铝产能 42 万吨 焦作 ...

转自：前瞻产业研究院 行业主要上市公司：鹏鼎控股(002938.SZ)、东山精密(002384.SZ)、深南电路(002916.SZ)、景旺电子 (603228.SH)、沪电股份(002463.SZ)、兴森科技(002436.SZ)、世运电路(603920.SH)等 本文核心数据：印制电路板政策汇总;政策解读;发展目标汇总等 1、 政策历程图 印制电路板(PCB)是电子产品的关键电子互联件，被誉为"电子产品之母"。近年来我国印制电路板行业 在政策支持下有了较快的发展，从"十二五"规划中的提高基础专用材料自给保障能力和制备技术水平， 到"十三五"规划中的形成产业集群、加强印制电路板技术创新和成果应用，再到"十四五"规划中的发展 高性能印制电路板(PCB)产品，研发新型印刷电路板及覆铜板材料，印制电路板(PCB)行业朝着高端 化、规模化、绿色化方向不断发展。 2、 国家层面政策汇总及解读 ——国家层面印制电路板(PCB)行业政策汇总 近年来，国家发布一系列政策重点发展高性能、高频高速印制电路板(PCB)产品，同时鼓励行业创新发 展，研发新型印刷电路板及覆铜板材料。截至2025年2月，我国印制电路板行业相关政策汇总 ...

Group 1 - The core viewpoint of the article highlights the increasing investment activity in the machine dog industry in China, with significant financing events and amounts recorded since 2021 [1][2][19] - The machine dog industry is currently in a growth phase, with most financing rounds concentrated in B rounds and earlier, indicating a developing market [2][19] - Investment activity is concentrated in regions such as Zhejiang, Guangdong, Chongqing, and Jiangsu, with Zhejiang leading in the number of financing events [5][19] Group 2 - The primary focus of investment in the machine dog industry is on industrial-grade and consumer-grade machine dogs, with a shift in investment trends observed from industrial to consumer-grade products and back to industrial-grade [6][11][19] - Major investors in the machine dog industry are primarily investment firms, with notable names including Sequoia Capital and Shunwei Capital, alongside some industrial investors like Meituan and Alibaba [12][19] - The number of industry investment funds in the machine dog sector is limited, with only three identified, the largest being managed by Ma'anshan Zhefeng Intelligent Robot Investment Management Co., with a scale of 2-5 billion RMB [15][19] Group 3 - The machine dog industry has seen few mergers and acquisitions, primarily consisting of horizontal acquisitions among midstream companies to expand scale [16][19] - Specific examples of recent acquisitions include Joyoung's acquisition of Shenzhen Jiahechong Intelligent Co., and Jingye Intelligent's acquisition of Jiazhi Robot, both aimed at enhancing product offerings and competitive advantages [17][19]