Industry Overview - The AI smartphone market is expected to grow from RMB 1,315.31 billion in 2024 to RMB 6,218.1 billion by 2028, with a CAGR of 47.45% [2] - AI smartphones are defined as devices capable of local reasoning, supported by edge and cloud computing, enabling intelligent task allocation between hybrid computing power and models, reducing response time, and functioning offline to avoid data leakage risks [3] - The industry is driven by hybrid AI, hardware-software upgrades, and rapid growth in domestic smartphone models [7] Industry Classification - AI smartphones are classified based on functionality into categories such as voice assistant-based, machine learning-based, computer vision-based, natural language processing-based, deep learning-based, and data analysis-based [4] - Based on computing power, AI smartphones are categorized into hardware-empowered AI smartphones and next-gen AI smartphones, with the latter featuring NPU TOPS >30 and supporting advanced AI models like Stable Diffusion [6] Industry Characteristics - Hybrid AI and hardware-software upgrades are key drivers for generative AI smartphone development [7] - Domestic smartphone brands are rapidly increasing model parameters, leading to mass adoption of AI smartphones [8] - Chips and storage are core hardware components, with high-performance SoCs integrating dedicated AI processing units (NPU, APU, TPU) to support large language models (LLMs) and large vision models (LVMs) [9] Development History - The AI smartphone industry has evolved through two stages: the budding period (2010-2018) and the launch period (2019-present) [9] - Key milestones include Apple's acquisition of Siri in 2010, Huawei's launch of the Kirin 970 chip with NPU in 2017, and the introduction of advanced AI models by major brands like Huawei, Xiaomi, and OPPO in 2023 [10][11] Industry Chain Analysis - The upstream segment includes hardware providers such as memory (DRAM/NAND/NOR Flash), chips, batteries, displays, and cameras [13] - The midstream segment involves smartphone assembly and software provision, with companies like Foxconn and BYD Electronics playing key roles [20] - The downstream segment focuses on retail and application channels, including e-commerce platforms like Alibaba and JD.com [23] Market Trends and Challenges - AI smartphones face challenges in technical adaptation and compliance with data protection regulations, particularly in the Chinese market [14] - Consumer segments include tech enthusiasts (7.0%), value optimizers (17.9%), pragmatists (67.9%), and skeptics (7.2%), with pragmatists being the dominant group [15] - Future trends include multimodal fusion, personalized experiences, intelligent integration, and ecosystem collaboration [24] Competitive Landscape - The AI smartphone industry is divided into three tiers: Tier 1 includes Apple, Huawei, and Samsung; Tier 2 includes Xiaomi and Honor; Tier 3 includes OPPO and Vivo [36] - Domestic brands are breaking the monopoly of international brands like Apple and Samsung, with Chinese brands accounting for nearly 85% of the domestic market and about 50% globally [38] Company Analysis - Xiaomi Group (1810 HK) reported a total revenue of RMB 2,709.7 billion in 2023, with a year-on-year decrease of 3.2%, but a significant increase in operating profit and net profit [41] - Huawei achieved global sales revenue of RMB 7,042 billion in 2023, with a year-on-year growth of 9.6%, and a net profit of RMB 870 billion, marking a 144.6% increase [43] - OPPO's ColorOS serves 600 million global users, providing a seamless user experience [46]

Investment Rating - The report does not explicitly state an investment rating for the LCOS industry Core Insights - The LCOS technology is gaining traction in the projection market, showcasing advantages over DLP and 3LCD technologies, particularly in the 4K+ era where smaller pixel sizes and higher resolutions are becoming critical [8][15] - In the AR/VR market, while MicroLED technology has long-term advantages in miniaturization, LCOS is currently favored for its superior image performance and is already adopted in leading products like Google Glass and Hololens [8][20] - The automotive HUD market has seen successful mass production of LCOS solutions, which offer improved image resolution and cost-effectiveness compared to DLP and TFT technologies [8][24] Summary by Sections LCOS Industry Overview - LCOS (Liquid Crystal on Silicon) is a microdisplay technology that combines CMOS integrated circuit design with liquid crystal packaging, characterized by small size, high resolution, and high frame rates, applicable in portable laser projection, AR glasses, automotive HUDs, and smart manufacturing [9][10] Key Technologies of LCOS Chips - The performance of LCOS chips is determined by resolution, fill factor, reflectivity, frame rate, power consumption, display area, and grayscale precision. Current resolutions typically range from 720P to 1080P [12] Application Scenarios - **Projection Market**: LCOS technology is positioned as a cost-effective alternative to DLP, with better resolution and contrast, especially in the growing 4K+ market. The total shipment of projectors in China for 2023 was 4.736 million units, a 6.2% decrease year-on-year, but expected to grow to 9.3 million units by 2028 [15][16] - **AR/VR Market**: In 2023, the total shipment of AR/VR devices reached 154.6 thousand units, with expectations for significant growth driven by products like Meta's Quest 3 and Apple's Vision Pro [20][21] - **Automotive HUD Market**: LCOS solutions have achieved mass production, providing enhanced image resolution and cost advantages over competing technologies [24] Recommended Companies in LCOS - **OmniVision**: Known for its compact, low-power LCOS microdisplays, particularly for AR applications [25] - **Himax**: A leader in the LCOS industry with extensive applications in micro projectors and head-mounted displays [25] - **Syndiant**: Focuses on LCOS microdisplay solutions, with a strong emphasis on portable projection and high-resolution displays [28] - **Jingfan Optoelectronics**: Integrates advanced technologies to enhance the performance and lifespan of LCOS chips [29]

Investment Rating - The report does not provide a specific investment rating for the cross-border e-commerce industry targeting the Japanese market [3]. Core Insights - The cross-border e-commerce platforms are rapidly developing in the Japanese market, with a significant compound annual growth rate (CAGR) of 36.52% from 2019 to 2023, and an expected CAGR of 23.34% from 2024 to 2028 [19][21]. - The Chinese cross-border e-commerce platforms, particularly SHEIN and Temu, are gaining market share in Japan, driven by their competitive pricing and innovative business models [18][29]. - The Japanese consumer market is characterized by a strong preference for quality products, high repurchase rates, and low return rates, with free shipping being a major driver for online purchases [6][7][20]. Industry Definition - Cross-border e-commerce refers to international commercial activities where trading entities from different customs territories conduct transactions through e-commerce platforms, involving electronic payment and logistics [4]. Industry Classification - The cross-border e-commerce platforms in the Japanese market can be categorized into comprehensive e-commerce platforms and independent websites [5]. Industry Characteristics - Key characteristics of the cross-border e-commerce industry in Japan include a focus on product quality, high repurchase rates, low return rates, and the importance of free shipping as a purchasing incentive [6][7]. Market Size - The market size for cross-border e-commerce platforms targeting Japan grew from 100.51 billion yen in 2019 to 349.12 billion yen in 2023, with projections to reach 1,435.78 billion yen by 2028 [19][21]. Competitive Landscape - The Japanese e-commerce market is dominated by three major platforms: Rakuten, Amazon, and Yahoo, which together hold approximately 70% of the market share [17][29]. - New entrants like Temu and SHEIN are rapidly increasing their presence in the market, leveraging unique business models such as semi-managed services to attract both sellers and consumers [18][29]. Consumer Insights - The largest consumer group in Japan is the middle-aged and elderly population, who prioritize privacy and information transparency when shopping online [13][20]. - Over 90% of Japanese consumers prefer shopping on comprehensive platforms like Amazon and Rakuten, highlighting the importance of these platforms in the market [19]. Policy Overview - Recent policies are aimed at optimizing the cross-border e-commerce environment, including support for the development of overseas warehouses and the promotion of new trade models [27][28]. Development History - The cross-border e-commerce industry has evolved through three main phases: the nascent phase (1995-2011), the startup phase (2012-2018), and the rapid development phase (2019-2024) [10][11]. Future Outlook - The continuous growth of the Japanese e-commerce market, combined with the introduction of semi-managed models by Chinese platforms, is expected to enhance market share and competitiveness for these platforms in Japan [23].

Investment Rating - The AI + Metal Materials industry is rated as 5 stars, indicating a strong growth potential and favorable investment outlook [23]. Core Insights - The AI + Metal Materials industry is experiencing rapid development in China, driven by increasing market demand and supportive government policies, with a projected market size growth from 0.50 billion RMB in 2018 to 2.15 billion RMB in 2023, reflecting a compound annual growth rate (CAGR) of 33.65% [23][24]. - The integration of AI technology in metal materials design and production is expected to significantly reduce research and development time and costs, enhancing the industry's overall efficiency and innovation capabilities [24][26]. Industry Definition - The AI + Metal Materials industry encompasses the application of artificial intelligence in the design, research, production, processing, and application of metal materials, aiming to enhance material performance, reduce costs, and accelerate the R&D process [4][5]. Industry Classification - The industry can be categorized into functional metal materials and high-performance structural metal materials, with applications across various sectors [4][5]. Industry Characteristics - The industry is characterized by strong technological innovation capabilities, a reversal of traditional R&D cycles, and a high demand for skilled talent [6][7]. Market Size - The market size of the AI + Metal Materials industry is expected to grow from 2.94 billion RMB in 2024 to 7.86 billion RMB by 2028, with a CAGR of 27.87% [23][24]. Policy Overview - The Chinese government has implemented several policies to support the digital transformation of the raw materials industry, encouraging the integration of AI technology in metal materials R&D [24][26][27]. Competitive Landscape - The AI + Metal Materials industry is currently fragmented, with many small to medium-sized enterprises. Leading companies are beginning to emerge, focusing on technological innovation and market foresight [31][32][34].

Investment Rating - The report does not provide a specific investment rating for the human vaccine industry Core Insights - The human vaccine industry in China has experienced significant growth, with the market size increasing from 53.547 billion RMB in 2019 to 151.171 billion RMB in 2023, representing a compound annual growth rate (CAGR) of 29.62%. It is projected to grow from 178.448 billion RMB in 2024 to 303.112 billion RMB by 2028, with a CAGR of 14.16% [23][24] Industry Definition - Vaccines are biological products containing immunogenic substances that induce specific, active, and protective host immunity to prevent infectious diseases [3][4] Industry Classification - Vaccines are classified into two categories: Class I vaccines (government-provided and mandatory for citizens) and Class II vaccines (voluntary and self-paid) [4] Industry Characteristics - The human vaccine industry employs diversified business models to adapt to changing market demands and drive innovation. Domestic vaccines are expected to gradually expand into international markets, becoming global public health products [5][6] Development History - The development of human vaccines in China has progressed through three stages, with the technology evolving from first-generation to third-generation vaccines, including the approval of new vaccines like HPV [7][8] Industry Scale - The human vaccine industry market size has grown significantly, with a historical increase attributed to favorable policies and technological advancements. The market is expected to continue expanding due to the approval of new vaccines and increased vaccination awareness [23][24] Policy Analysis - Various policies have been implemented to enhance vaccine accessibility and encourage vaccination among high-risk groups, such as the elderly and children [20][26] Competitive Landscape - The human vaccine industry features a tiered competitive structure, with leading companies like Zhifei Biological and others in the second and third tiers. The market is shifting towards domestic vaccines due to increased innovation and supportive government policies [30][31] Export Growth - China's vaccine exports have surged, particularly after 2020, with export values rising from approximately 1.88 billion RMB in 2020 to about 6.45 billion RMB in 2022, reflecting a CAGR of 50.7% from 2020 to 2022 [25][32] Future Trends - The mRNA vaccine market is expected to grow, with domestic companies increasingly focusing on research and development to expand their product lines and capabilities [33]

Investment Rating - The report does not explicitly state an investment rating for the rehabilitation specialty hospital industry Core Insights - The rehabilitation specialty hospital industry in China is projected to grow from 161.17 billion RMB in 2022 to 291.17 billion RMB by 2027, reflecting a compound annual growth rate (CAGR) of approximately 12.56% from 2024 to 2027 [16] - The number of rehabilitation hospital visits is expected to increase from 1,359.68 million in 2022 to 1,972.97 million by 2027, indicating a steady growth trend [21] - The average outpatient medical expenses per visit are forecasted to rise from 349.34 RMB in 2022 to 474.82 RMB by 2027, with a consistent growth rate of around 6.33% annually [24] - The number of discharges from rehabilitation hospitals is anticipated to grow from 105.86 million in 2022 to 152.26 million by 2027, with a CAGR of 7.54% [28] - The average inpatient medical expenses per visit are projected to increase from 10,738.2 RMB in 2022 to 12,970.72 RMB by 2027, with a growth rate of approximately 3.85% [30] Summary by Sections Rehabilitation Specialty Hospital Industry Size - The industry size is calculated using the formula: Size = A*C + B*D, where A is the number of visits, B is the number of discharges, C is the average outpatient expense, and D is the average inpatient expense [14] - The industry size data from 2017 to 2027 shows fluctuations with a peak in 2021 at 163.05 billion RMB, followed by a slight decline in 2022 before resuming growth [16] Rehabilitation Hospital Visits - The number of rehabilitation hospital visits has shown a general upward trend, with a notable increase of 30.92% from 2020 to 2021, followed by a decrease in 2022 [22] - Projections indicate a steady increase in visits, reaching approximately 1,972.97 million by 2027 [21] Average Outpatient Medical Expenses - The average outpatient medical expenses per visit have been increasing steadily, with a significant jump of 11.55% from 2019 to 2020 [24] - The forecast suggests continued growth, reaching 474.82 RMB by 2027 [24] Discharges from Rehabilitation Hospitals - The number of discharges has been relatively stable, with a significant increase of 15.83% from 2020 to 2021 [29] - Future projections indicate a steady growth trend, reaching 152.26 million discharges by 2027 [28] Average Inpatient Medical Expenses - The average inpatient medical expenses have shown a slight decline in 2022 but are expected to recover and grow steadily in the following years [30] - The forecast indicates an increase to 12,970.72 RMB by 2027 [30]

研究报告 2024/04 www.leadleo.com 2024年 中国视神经脊髓炎药物行业概览：靶 向药物市场待释放 China Optic Nerve Myelitis Drugs Industry 中国視神経脊髄炎治療薬産業 报告标签：视神经脊髓炎、罕见病、AQP4-IgG、NMO 主笔人：罗潘林 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。 团队介绍 郝世超 首席分析师 lamber.hao@Leadleo.com 罗潘林 行业分析师 luo.panlin@leadleo.com 头豹研究院 咨询/合作 网址：www.leadleo.com 电话：1308019 ...

Industry Overview - The GNSS chip industry is a core component supporting IoT and vehicle networking applications, with high technical barriers and significant investment requirements [7][9] - GNSS chips are classified into navigation-type (accuracy of several meters to tens of meters) and high-precision-type (accuracy within one meter) based on positioning error [9][10] - The GNSS chip industry is highly technology-intensive, with design complexity impacting performance, sensitivity, power consumption, size, and cost [11] GNSS Industry Chain - The GNSS industry chain consists of upstream (chips, boards/modules), midstream (terminal products), and downstream (application services) [12][13] - Upstream GNSS chips and modules have high gross margins but low market share, while downstream application services have the largest market share [7][18] - In 2022, the output value of GNSS basic devices in China's satellite navigation and location service industry increased by 12.47%, accounting for 3.71% of the total industry output value [18][20] Market Trends and Growth - Global GNSS terminal ownership is expected to grow from 6.4 billion units in 2019 to 9.5 billion units in 2029, with total output value increasing from €155.7 billion to €324.4 billion [7][23] - China's satellite navigation and location service industry reached a total output value of ¥500.7 billion in 2022, with core output value accounting for 30.5% and associated output value for 69.5% [7][27][29] - The top three application scenarios by output value are smartphones (30.8%), car navigation systems (25.8%), and autonomous driving (5.9%) [29] Key Players - **Sinan Navigation**: A leading domestic high-precision GNSS chip and module manufacturer, achieving import substitution and international competitiveness [31][32] - **Hexin Star**: A high-tech enterprise specializing in high-performance satellite positioning and multi-source fusion core algorithms, offering GNSS products with millimeter to meter-level accuracy [34] Technological Developments - Multi-mode, multi-frequency, and multi-channel technologies are the main trends in GNSS module development [16] - High-precision GNSS receivers are widely used in surveying, mapping, and autonomous driving, with key performance indicators including satellite system support, positioning accuracy, and battery life [23]

Investment Rating - The report assigns a 4-star rating to the health food industry based on traditional Chinese medicine materials [22]. Core Insights - The health food industry based on traditional Chinese medicine is experiencing unprecedented growth opportunities due to rising consumer health awareness and the popularity of health products among younger generations [2][20]. - The dual-track regulatory system of registration and filing for health foods in China simplifies the entry process, with the recent inclusion of traditional Chinese medicine materials in the filing directory expected to further stimulate market potential [7][20]. Industry Definition - The health food industry based on traditional Chinese medicine materials refers to health foods that have passed the filing process and are made from traditional Chinese medicine ingredients, currently including ginseng, American ginseng, and reishi [3][4]. Industry Classification - The industry can be classified into three categories based on the type of traditional Chinese medicine materials: ginseng health foods, American ginseng health foods, and reishi health foods [3][4]. Industry Characteristics - The industry involves materials that are both medicinal and edible, with a wide range of application scenarios. The products emphasize the importance of passing the filing process, which has a more flexible entry threshold compared to registration [5][6]. Market Size - The market size of the health food industry based on traditional Chinese medicine materials grew from 18.156 billion RMB in 2021 to 56.010 billion RMB in 2023, with a compound annual growth rate (CAGR) of 75.64%. It is projected to reach 94.691 billion RMB by 2028, with a CAGR of 11.19% [20][21]. Policy Overview - The inclusion of ginseng, American ginseng, and reishi in the health food filing raw material directory, effective from May 1, 2024, marks a significant policy shift that enhances the approval process for health foods [24][25]. Competitive Landscape - The competitive landscape of the health food industry based on traditional Chinese medicine materials is characterized by distinct tiers, with leading companies such as Baihe Co., Ltd. in the first tier, followed by Shouxiangu and China Resources Sanjiu in the second tier [31]. Industry Chain Analysis - The industry chain consists of upstream raw material producers, midstream manufacturers providing product solutions, and downstream sales terminals and consumers [12][16]. The price dynamics of the three core traditional Chinese medicine materials vary, impacting the cost structure of midstream health food manufacturers [12][13]. Consumer Preferences - Consumer preferences indicate a strong inclination towards capsule forms of health foods, with 62.34% favoring capsules, followed by 46.10% for oral liquids and 37.99% for tea forms [19]. Future Outlook - The report anticipates that the health food industry will transition from rapid initial expansion to a more stable growth phase, driven by increasing consumer acceptance and regulatory support [21][22].

Investment Rating - The report assigns a 4-star rating to the pulp industry, indicating a positive outlook for investment opportunities [35]. Core Insights - The pulp industry is experiencing a compound annual growth rate (CAGR) of 6.47% from 2019 to 2023, with market size increasing from 448.05 billion yuan to 575.86 billion yuan. However, a decline is expected from 2024 to 2028, with a projected CAGR of -2.94% [35]. - China has become the world's largest consumer of pulp, accounting for 52% of global consumption in 2023, with a total consumption of 11.89 million tons, a year-on-year increase of 5.35% [7][8]. - The industry has undergone five developmental phases, influenced by macroeconomic conditions and policy changes, leading to fluctuations in supply and demand [10][12][14]. Industry Definition - Pulp is primarily made from plant fibers, mainly sourced from wood, and is a core component of the paper industry. It is used for manufacturing paper and cardboard, as well as various cellulose derivatives [3][4]. Industry Classification - Pulp can be classified into three categories based on raw materials: wood pulp, non-wood pulp, and recycled pulp. Wood pulp is derived from trees, while non-wood pulp comes from materials like bamboo and straw [4][5]. Industry Characteristics - The pulp industry in China is characterized by strong demand for packaging materials, with recycled pulp and wood pulp being the primary consumption types. As of 2023, wood pulp consumption still relies heavily on imports, with 54.4% of consumption being imported [6][9]. Development History - The pulp industry has evolved through five key phases from 2006 to 2023, marked by economic growth, policy stimuli, and external shocks such as public health events, which have influenced production and pricing dynamics [10][12][14]. Market Size - The market size of the pulp industry is projected to decline from 610.94 billion yuan in 2024 to 542.14 billion yuan in 2028, reflecting a shift in market dynamics and potential overcapacity [35]. Supply Chain Analysis - The pulp industry supply chain includes upstream raw material sourcing (wood, waste paper), midstream pulp production, and downstream paper manufacturing. The demand for sustainable products is driving technological innovations within the industry [18]. Key Trends - The demand for packaging and sanitary paper is expected to lead growth in the pulp industry, with significant increases in consumption of boxboard and corrugated paper [20][30]. - The reliance on imported wood pulp is projected to continue, although domestic production is expected to increase gradually due to new capacities coming online [32][38]. Policy Overview - Recent policies aim to enhance energy efficiency and promote sustainable practices within the pulp industry, which may lead to increased investment opportunities and innovation in green technologies [40][41][43].