Investment Rating - The report does not explicitly provide an investment rating for the AI search industry Core Insights - The rapid development of AI technology has led to the emergence of AI search products, which utilize natural language processing to generate precise answers, offering a more efficient information retrieval experience compared to traditional search engines [3] - The report aims to analyze the market status, user preferences, and core pain points of AI search products in China for the year 2025 [3] User Research on AI Search Products - "Doubao" has the highest recognition among AI search products, significantly leading in actual usage with an 82.5% mention rate among respondents, compared to ChatGPT and Wenxin Yiyan [6][19] - Despite a high daily usage frequency of 83.92% for AI search products, 76.6% of users still prefer to combine traditional search engines, indicating that AI search is currently viewed as an auxiliary tool rather than a complete replacement [23][28] - Users prefer structured, detailed, and context-rich queries when using AI search, indicating a trend towards more vertical and long-tail search needs [30][32] - Trust in AI-generated content is generally low, with 90% of users verifying AI search answers and 87.4% concerned about the source of information, highlighting the importance of authority and quality in information sourcing [10][39][42] AI Search Product Recommendations - The report highlights several AI search products, including: - **Mita AI Search**: An ad-free search engine focused on professional productivity, offering various search modes and precise content sourcing [46][49] - **Nano AI Search**: Launched by 360, it integrates multiple mainstream models and supports features like PPT and video generation, achieving over 300 million monthly visits [51][54] - **Baidu AI Search**: Combines traditional search capabilities with intelligent search and creative services [10] - **Tencent Yuanbao**: Focuses on conversational search deeply integrated with the WeChat ecosystem [10]

Investment Rating - The report does not explicitly state an investment rating for the small and micro enterprise financing platform industry Core Insights - The small and micro enterprise financing platform industry is experiencing continuous expansion driven by policy support and market demand, with innovative service models emerging to address financing challenges [3][21] - The industry is characterized by a concentration of leading players, with a significant market share held by top companies, while smaller firms are adopting differentiated strategies to capture market share [20][23] - The transition towards the "drip irrigation" model is anticipated, as it aligns better with the financing needs of small and micro enterprises compared to traditional credit models [56][57] Summary by Sections Industry Definition - Small and micro enterprise financing platforms integrate resources from financial institutions, government, data technology, and industry ecosystems to provide customized financing solutions, addressing issues like information asymmetry and insufficient collateral [4] Industry Characteristics - The market is expanding rapidly, with the balance of inclusive small and micro loans reaching 32.9 trillion yuan by Q3 2024, a year-on-year increase of 14.5% [21] - Continuous product and service innovation is evident, with platforms like Drip Irrigation Group utilizing the Revenue-Based Financing (RBF) model to enhance service efficiency [22] - The competitive landscape shows a concentration of market share among leading firms, with state-owned banks holding 42.77% of the inclusive small and micro loan market [23] Development History - The industry has evolved through various stages, from initial support for small enterprises in the 1990s to the rapid development phase post-2000, and now to a high-quality development phase characterized by digitalization and green finance [24][30] Industry Chain Analysis - The industry chain consists of upstream funding sources, midstream financing service providers, and downstream small and micro enterprises, with a focus on addressing structural mismatches in financing needs [31][32] - Upstream funding is characterized by a dual structure of policy-driven and market-driven sources, with commercial banks being the primary funding providers [37] - Midstream service providers are leveraging technology to enhance risk assessment and improve service delivery, transitioning from traditional asset-based evaluations to cash flow-based assessments [43] Market Size and Growth - The small and micro enterprise financing platform industry has seen rapid growth from 2019 to 2024, driven by policy support, technological advancements, and improvements in the credit system [53] - The market is expected to continue expanding as new tools like digital currency and cross-border payment systems are introduced [54] Future Trends - The industry is shifting towards the Drip Irrigation model due to mismatches between traditional credit models and the financing needs of small enterprises, with a focus on real-time cash flow monitoring and digital infrastructure [56][58]

行业概览 2025/08 行业概览 | 2025/08 蚊媒病毒感染防治 www.leadleo.com 蚊媒病毒感染防治行业跟踪： 从基孔肯雅热疫情蔓延看公共卫生事 件应对方案 Mosquito-borne virus infection prevention and control industry tracking 蚊媒介ウイルス感染症の予防と対策に関する業界動向の追跡 报告标签：蚊媒病毒、登革热、基孔肯雅热 主笔人：荆婧 报告提供的任何内容（包括但不限于数据、文字、图表、图像等）均系头豹研究院独有的高度机密性 文件（在报告中另行标明出处者除外）。 ，任何人不得以任何方式擅自 复制、再造、传播、出版、引用、改编、汇编本报告内容，若有违反上述约定的行为发生，头豹研究 院保留采取法律措施、追究相关人员责任的权利。头豹研究院开展的所有商业活动均使用"头豹研究院 "或"头豹"的商号、商标，头豹研究院无任何前述名称之外的其他分支机构，也未授权或聘用其他任何 第三方代表头豹研究院开展商业活动。 www.leadleo.com 400-072-5588 #B20000 #D9D9D9 #573F3F #705252 ...

Investment Rating - The report indicates a strong growth potential for the RWA industry, with a projected market size increase from $27.19 billion in 2020 to $2.18 trillion by 2024, and an expected CAGR of 62.6% from 2025 to 2029, potentially exceeding $2.4 trillion by 2029 [6][23][24]. Core Insights - The RWA industry is transitioning from concept validation to large-scale application, becoming a crucial bridge between the real economy and blockchain markets, with over 170 million blockchain accounts holding stablecoins as of July 2025 [14][15]. - The report highlights the rapid growth of RWA assets, particularly in the real estate sector, which has seen a doubling in size within six months due to compliance breakthroughs and the popularity of fractionalized investment models [20][21]. - Regulatory frameworks in regions like Hong Kong are fostering innovation and compliance, with the introduction of the stablecoin regulatory framework expected to enhance market quality and liquidity [4][48]. Summary by Sections Industry Overview - RWA refers to the process of tokenizing real-world assets through blockchain technology, enhancing liquidity, transparency, and accessibility [10]. - The global RWA market is expected to grow significantly, with a market size forecasted to reach $2.18 trillion by 2024 and over $2.4 trillion by 2029, driven by the expansion of stablecoin applications and asset tokenization [6][23][24]. Competitive Landscape - The report identifies the dominance of government bonds in the RWA market, with significant growth potential in the stock and commodity sectors [3][29]. - The U.S. Treasury market is highlighted as a key growth area, with projections indicating a market size exceeding $1.2 trillion by 2030 [29]. Development Trends - The RWA industry is experiencing rapid growth, with PayFi on-chain payment solutions emerging as a significant trend, potentially addressing high costs and inefficiencies in traditional cross-border payment systems [33][36]. - The report emphasizes the importance of regulatory clarity and institutional consensus in driving the growth of the RWA market, with various countries adopting different regulatory approaches [22][48]. Institutional Participation - Traditional financial institutions and crypto-native organizations are increasingly engaging in the RWA space, with companies like Circle leveraging stablecoins for cross-border payments [42][48]. - The report outlines the regulatory developments in Hong Kong and Singapore, which are creating conducive environments for RWA innovation and compliance [48][49].

Investment Rating - The report does not explicitly state an investment rating for the small and micro enterprise financing platform industry Core Insights - The small and micro enterprise financing platform industry is experiencing continuous expansion driven by policy support and market demand, with innovative product services emerging to address financing challenges [3][19] - The competitive landscape is characterized by concentration among leading firms, with a significant market share held by top players, while smaller firms are adopting differentiated strategies to capture market share [22][31] Summary by Sections Industry Definition - Small and micro enterprise financing platforms integrate resources from financial institutions, government, data technology, and industry ecosystems to provide customized financing solutions, addressing issues like information asymmetry and insufficient collateral [4] Industry Classification - The classification of small and micro enterprise financing platforms is based on financing rights attributes, financing purposes, and operational entities, reflecting different characteristics and development directions [5][14] Market Insights - The industry is witnessing rapid growth, with the balance of inclusive small and micro loans reaching 32.9 trillion yuan by Q3 2024, a year-on-year increase of 14.5%, significantly outpacing the overall credit market [20] - Innovative financing models, such as the Revenue-Based Financing (RBF) model, are being adopted to enhance service efficiency and reduce costs [21] - The competitive landscape shows that state-owned banks dominate the market, with a 42.77% share of inclusive small and micro loans, while smaller firms are leveraging unique strategies to gain market presence [22] Development History - The development of small and micro enterprise financing has evolved through various stages, from initial support policies in the 1990s to the current phase of high-quality development, focusing on digitalization and sustainability [23][29] Industry Characteristics - The industry is characterized by continuous market expansion, innovative product offerings, and a competitive landscape that favors leading firms while allowing smaller players to differentiate themselves [19] Industry Scale - The small and micro enterprise financing platform industry has shown rapid growth from 2019 to 2024, driven by policy support, fintech empowerment, and improvements in the credit system [52] - The market is expected to continue growing with the promotion of innovative tools like digital currency and cross-border payments [52] Structural Changes - The financing structure is evolving due to the mismatch between traditional bank lending and the needs of small and micro enterprises, leading to a shift towards models like RBF that better align with cash flow characteristics [55][56] - The maturity of digital economic infrastructure is enabling the transition to new financing models, enhancing operational efficiency and reducing costs [57]

头豹市场研究| 2025/07 www.leadleo.com 2025年中国民爆行业研究报告："十 四五"收官显成效，内外需求双轮驱 动 2025 China Civil Explosives Industry Research Report 2025年中国民間爆薬産業調査報告書 （精华版） 报告标签：十四五规划、工程爆破、出口贸易、行业趋势 2025年7月 报告提供的任何内容（包括但不限于数据、文字、图表、图像等）均系头豹研究院独有的高度机密性文件 （在报告中另行标明出处者除外）。 ，任何人不得以任何方式擅自复制、再 造、传播、出版、引用、改编、汇编本报告内容，若有违反上述约定的行为发生，头豹研究院保留采取法 律措施、追究相关人员责任的权利。头豹研究院开展的所有商业活动均使用"头豹研究院"或"头豹"的商号、 商标，头豹研究院无任何前述名称之外的其他分支机构，也未授权或聘用其他任何第三方代表头豹研究院 开展商业活动。 头豹市场研读 | 2025/07 观点摘要 近年来，中国民爆行业在"十四五"规划推动下迎来稳健发展期。随着基础设施建设持续推进 和安全环保要求提升，民爆产品在矿山开采、基建工程等传统领域需求稳 ...

中国拍立得行业调研简报 | 2025/06 www.leadleo.com 报告提供的任何内容（包括但不限于数据、文字、图表、图像等）均系头豹研究院独有的高度机密性文件（在报告中另行标明出处者除外）。未经头豹 研究院事先书面许可，任何人不得以任何方式擅自复制、再造、传播、出版、引用、改编、汇编本报告内容，若有违反上述约定的行为发生，头豹研究 院保留采取法律措施、追究相关人员责任的权利。头豹研究院开展的所有商业活动均使用"头豹研究院"或"头豹"的商号、商标，头豹研究院无任何前述名 称之外的其他分支机构，也未授权或聘用其他任何第三方代表头豹研究院开展商业活动。 1 头豹调研简报 | 2025/06 拍立得行业 Q1：市面上的拍立得都有哪些类型？与专业数码相机相比，拍立得有何成像 特点？ 报告标签：拍立得、即时成像、品牌忠诚度 2025年6月 ◼ 广义上拍立得可分为传统拍立得、电子拍立得和手机照片打印机 按照成像原理等特征不同，广义上拍立得可分为传统拍立得、电子拍立得和手机照片打印机三类。其中传统拍立得 是经典的即时成像相机，代表品牌有富士instax、宝丽来等，通过胶片感光和化学显影实现即拍即得，成像自带复古 质 ...

Investment Rating - The report does not explicitly provide an investment rating for the embodied intelligence industry Core Insights - The embodied intelligence industry is recognized as a key area for future industrial development in China, with the government including it in the future industrial cultivation plan [2] - The commercialization of embodied intelligence is progressing slower than expected, facing challenges in efficiency, cost, and scene adaptability [4][30] - The industry is expected to follow a principle of "from simple to complex" and "specialized before general" in its application over the next five years, with a focus on industrial applications before expanding to household scenarios [4][30] Summary by Sections 1. Application Status of Embodied Intelligence - By 2025, the global embodied intelligence is transitioning from laboratory settings to practical applications, but commercialization is lagging behind expectations [4][30] - The core focus until 2030 will be on industrial-specific scenarios, with gradual expansion to household applications ensuring safety [4][30] 2. Major Challenges Faced by Embodied Intelligence - **Technical Challenges**: Lack of autonomous intention generation, insufficient real data, low quality of synthetic data, and fragmented software ecosystems hinder development [8][34] - **Application Challenges**: Ambiguous market demand, low user acceptance, and an incomplete industrial chain restrict the commercialization process [34][40] 3. Overview of the Embodied Intelligence Industry - Embodied intelligence combines artificial intelligence and robotics, emphasizing dynamic interaction with the environment through physical entities [13][17] - It is distinguished from disembodied intelligence by its reliance on physical bodies for real-time interaction, which enhances adaptability and cross-domain generalization [19] 4. Development History - The evolution of embodied intelligence has progressed through various stages, from philosophical foundations to the integration of large models and practical applications [20] 5. Technical System - The technical framework of embodied intelligence is transitioning from modular AI algorithms to a unified model-based approach, focusing on a closed-loop system architecture [21][23] 6. Core Technical Aspects - The commercialization of embodied intelligence relies on three core technical areas: algorithm evolution, data sourcing, and hardware advancement [24][25] 7. Current Application Status - The report highlights specific applications in industrial manufacturing, service and retail, and medical fields, noting the challenges faced in each sector [30][32] 8. National Policies - Recent national policies emphasize the importance of embodied intelligence, particularly humanoid robots, as a focus for future industrial development [44]

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The Chinese enterprise-level GenAI market is experiencing explosive growth, with daily model invocation reaching 101,865 billion tokens in the first half of 2025, a 363% increase from 21,999 billion tokens in the second half of 2024 [8][18][11] - The market is transitioning towards a dual-track development of open-source and closed-source models, with open-source models gaining traction due to their cost-effectiveness and flexibility [13][16] - The focus of enterprise-level model application is shifting from seeking a single powerful model to finding optimal solutions tailored for specific business scenarios, emphasizing cost-performance ratio, system flexibility, and security [6][20] Summary by Sections Introduction - The report, published by Frost & Sullivan in collaboration with the Head Leopard Research Institute, surveys 700 IT department heads, technical directors/managers, and AI project leaders across various industries including finance, manufacturing, internet, consumer electronics, and automotive [4][28] - The study aims to assess the deployment of open-source and closed-source models in the enterprise-level GenAI market and to provide structured insights into the current application status and trends [4] Section 1: Overview of Enterprise-Level GenAI Development - The development of enterprise-level GenAI is characterized by the parallel growth of open-source and closed-source models, with open-source models becoming the preferred choice for low-cost implementation and autonomy [13][16] - Open-source models are increasingly recognized for their adaptability and long-term value, while closed-source models are favored for their reliability and performance [13][16] Section 2: Current Status and Trends of Model Invocation - The daily invocation of enterprise-level models has surged, indicating a shift from pilot testing to large-scale implementation, with significant implications for resource consumption and industry restructuring [18][19] - Key drivers of this growth include the expansion of model and computing power supply, accelerated deployment in various sectors, and the emergence of ecosystem effects that enhance efficiency [19][20] Section 3: Analysis of Model Invocation Behavior - The choice between open-source and closed-source models is primarily driven by business value, with open-source models offering greater flexibility and control, while closed-source models provide reliability and ease of use [24][26] - The top factors influencing the selection of open-source models include performance, customization ease, and knowledge ownership, whereas closed-source models are chosen for their reliability and brand reputation [25][26][27]

Investment Rating - The report indicates a high investment interest in the AI toy industry, with a significant increase in financing events since 2024, marking it as a new capital pursuit area for investors [3][5]. Core Insights - The AI toy market is expected to grow rapidly, driven by technological advancements, policy support, and increased consumer demand. The market is projected to reach a scale of 79.78 billion yuan by 2030, with a compound annual growth rate (CAGR) of 48.3% from 2024 to 2030 [5][20]. - The market penetration rate for AI toys in China is anticipated to rise steadily from 5% in 2023 to over 30% by 2030, influenced by technological development and changing consumer needs [13][19]. Summary by Sections Market Overview - The AI toy market is diversifying its application scenarios, expanding from children's entertainment to adult companionship and elderly care, addressing various age groups and specific needs [6]. - The market is segmented into basic, mid-range, and high-end products, with high-end toys holding a larger market share in terms of sales value, while basic toys dominate in sales volume [16]. Market Size and Growth - The Chinese AI toy market is experiencing rapid growth, with a projected market size of 75.1 billion yuan in 2024, increasing to 797.8 billion yuan by 2030 [20]. - The growth is attributed to technological advancements, policy support, and significant capital investment, with 96 investment institutions entering the sector [5][20]. Competitive Landscape - The global AI toy market features four main types of participants: technology giants, traditional toy companies, IP resource crossovers, and emerging competitors. In China, technology giants and emerging players dominate the market [22][26]. - Major players include OpenAI, Mattel, Disney, and emerging companies like FoloToy, each employing different strategies to capture market share [28][29]. Future Trends - The AI toy industry is expected to integrate more with new technologies such as AIGC and the metaverse, leading to the emergence of new business models like Toy as a Service (TaaS) [5][20]. - The report highlights the potential for deep integration within the industry, with traditional toy manufacturers acquiring technology capabilities to enhance their product offerings [5][20].