Core Insights - The article discusses the multi-modal large model industry chain, highlighting its complexity and the various layers involved, including the foundational layer, model layer, and application layer [1][3]. Industry Overview - The multi-modal large model industry chain consists of three main layers: foundational (hardware and basic software), model (various types of multi-modal large models), and application (industry-specific large models) [1]. - Key players in the foundational layer include Intel and NVIDIA, while foundational software participants include Huawei, Tencent, and Unisoc [3]. Regional Distribution - The multi-modal large model industry is concentrated in major cities such as Beijing, Shanghai, Suzhou, Hangzhou, and Shenzhen, with a strong presence of upstream companies in Beijing and Shenzhen [4]. - Upstream companies in Beijing include Cambricon, Lenovo, and Inspur, while Shenzhen hosts Unisoc, HiSilicon, and ZTE [4]. Revenue Insights - The revenue distribution in China's multi-modal large model sector shows a concentration among leading companies, with Alibaba Cloud generating over 110 billion yuan, accounting for approximately 15% of its group's revenue [7]. - Huawei Cloud and Tencent Cloud follow, with revenues of 68.8 billion yuan and 63.6 billion yuan, respectively, each contributing around 5-7% to their parent companies [7]. Cost Structure - The training costs for mainstream large models in China range from tens of millions to hundreds of millions of dollars, with major players like Baidu, Alibaba, and Tencent investing over 200 million dollars [10]. - Startups like Kimi and DeepSeek manage to lower their training costs to between 30 million and 60 million dollars through technological optimization [10]. Product Cost Details - The training and cloud hosting costs for various multi-modal large models are detailed, with notable examples including: - Pangu Model (Huawei): ≥ 100 million USD - Wenxin Model (Baidu): ≥ 300 million USD - Mix Yuan Model (Tencent): ≈ 250 million USD - Xinghuo Model (iFlytek): = 80 million CNY [12].

Summary of Key Points Core Viewpoint - The satellite application industry in China is characterized by a diverse and specialized development trend, with significant growth potential across various sectors including navigation, remote sensing, and communication [1][2]. Group 1: Overview of Listed Companies - China's satellite application listed companies cover a wide range of sectors, including navigation & positioning, remote sensing & surveying, and communication & information transmission [1]. - The industry features a strong presence of upstream equipment manufacturers and system integrators, while downstream applications are rich and varied, involving sectors like transportation, logistics, and communication [1][2]. - The navigation & positioning sector has the highest number of companies, indicating intense competition, while the remote sensing & surveying sector has fewer players but higher technical barriers [1][2]. Group 2: Company Performance Comparison - In the first half of 2024, notable performance differences were observed among listed companies in the satellite application navigation sector, with 华力创通 showing a revenue increase of 172.78% year-on-year, while 北斗星通 experienced a revenue decline of 66.42% [9][10]. - The overall performance of upstream companies was more volatile compared to downstream companies, which showed relatively stable performance [9][10]. Group 3: Business Planning and Development - Companies are actively expanding their business and innovating technologies, with 北斗星通 focusing on high-precision positioning services and 合众思壮 pursuing a global strategy [14]. - 中国卫通 is transitioning towards integrated information services, while 中海达 is enhancing its focus on high-precision applications of the BeiDou system [14]. - The diverse business strategies and planning of these companies are driving the continuous development of the satellite application industry in China [14].

Industry Overview - The aviation engine industry is crucial for national economy and security, serving as the power source for various aircraft and representing a country's comprehensive strength [1] - Aviation engines can be categorized into several types based on thrust generation principles and oxidizer sources, including piston engines, rocket engines, ramjet engines, and turbine engines [1] Industry Chain Analysis - The aviation engine industry chain includes research and design, manufacturing (raw materials, components, complete machine manufacturing), operation, and maintenance [3] - China has established a complete research and production system for aviation engines, with key participants including universities and research institutes [4] Development History - The Chinese aviation engine industry has evolved from imitation to independent research and development, achieving significant self-innovation capabilities supported by national policies [5][8] Policy Background - The "14th Five-Year Plan" emphasizes accelerating the research and development of advanced aviation engine materials and technologies, promoting the development of civil large bypass ratio turbofan engines [10] Current Market Status - The aviation engine industry has vast market potential, with a global annual output of over 14,000 units and an estimated annual value of around $70 billion [12] - The Chinese commercial aviation engine market is expected to experience explosive growth, with projected deliveries reaching 19,000 units and a market value exceeding $300 billion over the next 20 years [12] Demand Trends - Both military and civil aviation sectors in China are witnessing an upward trend in aircraft numbers, with the military fleet expected to reach 3,309 aircraft by the end of 2024 [14] - The number of civil passenger and cargo aircraft in China has also been increasing, with approximately 4,400 aircraft expected in 2024 [15] Competitive Landscape - The aviation engine market is primarily dominated by foreign manufacturers, with significant gaps in capabilities compared to the US, Russia, and other military powers [17][19] - The global commercial aviation engine market is largely controlled by a few companies, with CFM International and Pratt & Whitney holding substantial market shares [20] Future Development Trends - The Chinese aviation engine manufacturing industry is expected to focus on independent innovation, quality improvement, international cooperation, and sustainable development [24]

Core Insights - The overall R&D investment in the wire and cable industry has been increasing, with a focus on areas such as new energy and submarine cables [1][2] - The industry has seen a decline in patent application activity recently, with a concentration on conductive, insulating, or dielectric materials [4][6] - The application of new materials and clean energy demands is driving technological advancements in the wire and cable sector [10][11] R&D Investment Trends - R&D investments among major listed companies in the wire and cable industry have generally risen, with significant fluctuations observed in companies like Baoshan Co. and Jinbei Electric [1] - Key R&D directions include photovoltaic, electric vehicles, nuclear power plants, and submarine cables, indicating these areas are becoming increasingly important [2] Patent Application Activity - The number of patent applications in the wire and cable manufacturing sector has shown a fluctuating trend, peaking at 4,422 in 2020 and dropping to 2,195 in 2024 [4] - As of the first quarter of 2025, the most patents were filed in the field of cable conductors and insulating materials, totaling 10,580 [7] Technological Advancements - The wire and cable industry has made significant technological progress, particularly in the application of new materials and processes [10] - The development of new materials such as carbon fiber, graphene, and high-voltage direct current cable insulation has enhanced product safety and reliability [11] - The demand for clean energy and low-carbon economy initiatives is leading to the creation of new wire and cable products that meet specific requirements for renewable energy applications [11]

Group 1 - The education robot industry in China includes companies focused on hardware sales and those offering integrated "hardware + software + services" solutions, with key players like Yujiang Technology and UBTECH leading in global market strategies [1] - The market concentration in the education robot sector is low, with top companies including UBTECH, Shengtong Co., Whale Robot, DJI, and Maker Factory [2] - The regional distribution of education robot companies is concentrated in Guangdong and Jiangsu, with Guangdong being the most concentrated area [5] Group 2 - The main categories of domestic education robots include early education companion series, building block modules, humanoid series, flying series, and mobile series, with building block and humanoid series being priced higher than others [8] - The competition in the education robot industry is moderate, with significant profit potential and low entry barriers for building block robots, while humanoid robots have higher entry barriers [9] - The supply of raw materials is abundant, with suppliers having weak bargaining power, while core chip products are in short supply, giving suppliers some bargaining power [10]

转自：前瞻产业研究院 行业概况 1、 定义 铅酸蓄电池，又称铅蓄电池，是蓄电池的一种，是指电极主要由铅及其氧化物制成，电解液是硫酸溶液的一 种蓄电池。铅酸蓄电池按照不同的分类标准分为不同的产品类型，主要分类形式如下。 2、 产业链剖析：中游是核心制造环节，对上游原材料依赖较大 行业主要上市公司：天能股份(688819.SH);南都电源(300068.SZ);骆驼股份(601311.SH);雄韬股份(002733.SZ); 万里股份(600847.SH)等 本文核心数据：铅酸蓄电池产量;规模以上工业企业营收;上市公司铅蓄电池产品价格等 铅酸蓄电池产业链上游为铅酸蓄电池原材料市场，铅酸蓄电池在生产过程中，主要使用铅及铅制品(包括 铅、铅合金、极板、端子)、用于电池壳、隔板、板栅等制造的塑料(PP材料、ABS材料等)，以及硫酸等原 材料，其中铅及铅制品占铅酸蓄电池生产成本的70%以上。 铅酸蓄电池产业链下游为铅酸蓄电池应用领域，目前铅酸蓄电池主要应用于汽车、摩托车起动、通信、新能 源、电力、汽车动力等众多领域。 铅酸蓄电池上游原材料领域主要参与方包括豫光金铅、株洲冶炼集团、云南驰宏锌锗等铅制品企业，晶瑞股 份等硫酸 ...

转自：前瞻产业研究院 行业主要上市公司：绿盟科技(300369)、奇安信(688561)、天融信(002212)、启明星辰(002439)、 三六零(601360)等; 本文核心数据：全球网络安全行业市场规模; 2024年全球网络安全行业市场规模超2400亿美元 网络安全是指对网络系统的硬件、软件及其系统中的数据进行保护，不让其因偶然的或者恶意的原因而 遭受到破坏、更改、泄露，系统连续可靠正常地运行，网络服务不中断。2023年全球网络安全行业市场 规模近2200亿美元，近五年行业复合增速为17.85%。初步估算，2024年全球网络安全行业市场增长超 过2400亿美元。 细分市场 网络安全市场主要可以分为网络安全产品和网络安全服务市场，其中网络安全产品又可以分为硬件产品 和软件产品。根据统计，2017年以来全球网络安全行业网络安全产品占比不断提升至2023年占比超过 55%。 产业竞争 随着电子信息产业和互联网产业的快速发展，全球网络安全市场规模和企业营收也普遍保持快速稳定的 增长态势。根据统计，当前全球20家网络安全上市企业中， Palo Alto Networks、Fortinet、 NortonLifeL ...

转自：前瞻产业研究院 行业主要上市公司：比亚迪(002594.SZ);理想(02015.HK);塞力斯(601127.SH);长安汽车(200625.SZ);长城 汽车(601633.SH);吉利汽车(00175.HK)等 本文核心数据：投融资事件汇总;对外投资领域;产业联盟;兼并重组 1、混合动力汽车企业融资主要用于项目投资建设 根据代表性上市企业公告的梳理，混合动力汽车行业的上市公司融资手段主要有债券融资和非公开发行 股票融资等方式。从整体来看，我国混合动力汽车上市企业的融资主要均为了项目投资建设。2019- 2024年主要的融资事件如下： | 序号 | 时间 | 企业 | 阳米胶罐 | 融资金额(亿元) | 融资目的 | | --- | --- | --- | --- | --- | --- | | 1 | 2020年 | 塞力斯汽车 | 非公开增发 | 38.5 | 购买重庆两江新区龙盛新能源科技 有限责任公司股权 | | 2 | 2021年 | 赛力斯汽车 | 非公开增发 | 25.7 | 1、电动化车型开发及产品平台技术升 级项目:2. 工厂智能化升级与电驱产 线建设项目; 3、用户中心建设项目; ...

转自：前瞻产业研究院 2、国家层面政策汇总及解读 ——国家层面隐私计算行业政策汇总 国家层面隐私计算政策不断出台并完善，早期侧重于关键技术攻关和产品研发鼓励，随着数据重要性提升和 安全问题凸显，后续政策在多领域推动隐私计算应用，如金融、工业、政务等，同时注重规范标准制定以保 障数据安全和隐私。我国隐私计算行业相关的政策汇总如下： 行业主要上市公司：亚信安全(688225.SH)、安恒信息(688023.SH)、三未信安(688489.SH)、绿盟科技 (300369.SZ)、星环科技(688031.SH)、优刻得(688158.SH)、山大地纬(688579.SH)、阿里巴巴(9988.HK)等 本文核心数据：隐私计算行业政策;各省市隐私计算行业政策;政策解读 1、政策历程图 中国隐私计算政策从起步到深化发展，经历了从无到有、从行业探索到系统完善的演变过程，并在数字经济 时代持续优化，为隐私计算技术的广泛应用提供了坚实基础。"十四五"期间，隐私计算技术被广泛应用于金 融、通信、政务、医疗等多个领域，国家层面对于隐私计算技术的重视程度不断提升，"数据二十条"和 《"数据要素×"三年行动计划(2024—2026年 ...

转自：前瞻产业研究院 行业主要公司：宏华数科;杭州熠盛;浙江博印;汉弘集团;世纪数码等 本文核心数据：全球及中国数码喷墨印花设备市场规模;全球及中国数码喷墨印花设备渗透率;中国数码喷墨 印花设备竞争格局 1、数码喷墨印花工艺更具优势 目前，纺织印花工艺主要包括传统丝网印花及数码喷墨印花。传统丝网印花工艺是通过孔板进行的，原理是 利用网胶封住孔板多余的网纱区域，留出需要的图像或文字，通过一定的压力使墨水通过孔版的孔眼转移到 承印材料上，形成图像或文字。传统丝网印花目前已经形成了板式丝网印花、圆网印花、滚筒印花等多种细 分工艺。数码喷墨印花是将图案通过扫描仪，把布样(设计图案)转化成数字形式输入到计算机，通过计算机 印花分色描稿系统编辑处理，再由计算机控制微压电式喷墨嘴把专用墨水直接喷射到纺织品上，颜色混合后 还原成原来的扫描图。相比于传统丝网印花，数码喷墨印花由于计算机系统的使用，减少了制板成本，提高 了打印精度，提升了印花的鲜艳度，最为重要的是，减少了生产过程中废水废墨的排放，更符合未来环保节 能的趋势。数码喷墨印花相比传统印花的特点如下： | 项目 | 传统丝网印花 | 数码喷墨印花 | | --- | - ...