Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The Chinese marine special robot industry is evolving towards a more intelligent, collaborative, and efficient phase, driven by technological breakthroughs and policy incentives, aiming to establish a comprehensive rescue system that significantly enhances public safety [43][45] - The industry is characterized by a three-tier structure of participants: research institutions, system integrators, and innovative enterprises, with applications expanding from national strategic areas to industrial and civilian markets [5][8] - The report highlights the importance of AI-driven technologies, new energy systems, and deep-sea communication breakthroughs as key factors for the industry's future development [36][37] Summary by Sections Marine Special Robots - The marine special robot industry is defined as a strategic emerging industry that utilizes intelligent, unmanned, and collaborative technologies to perform underwater operations, including deep-sea exploration, resource development, and safety assurance [6][7] - The industry can be categorized by robot type (AUVs, ROVs, ARVs) and application scenarios (general-purpose robots, resource development robots, safety assurance robots, scientific research robots) [7][8] - Key players include China Shipbuilding Group, Deep Blue Marine Technology, and Hailanxin Data, which are driving the industry's refined and intelligent development through technological innovation and industrial chain layout [21][22] Demand Pain Points - The unique challenges of the deep-sea environment, such as high pressure, low temperature, and poor communication, pose significant technical challenges for the development of marine special robots [11][12] - There is a reliance on imported core components, which increases R&D costs and exposes the industry to risks associated with international trade friction [12][13] - Insufficient industrial collaboration and the existence of international standard barriers hinder the global competitiveness of Chinese marine robot enterprises [13][14] Industry Chain - The marine special robot industry chain consists of upstream research focusing on core materials and key components, midstream manufacturing enterprises that integrate technology into products, and downstream applications in marine resource exploration and development [19][20] - Upstream entities include research institutions and technology-driven companies that focus on breakthroughs in core technologies and materials suitable for marine environments [20] - Midstream manufacturers are responsible for product integration and reliability testing, while downstream applications span various fields, including marine resource exploration, military security, and ecological protection [20] Development Trends - The industry is transitioning from single-point technological breakthroughs to systematic innovations, integrating AI, new energy, and deep-sea communication technologies [36][37] - As technology matures and costs decrease, marine special robots are expected to penetrate new emerging fields, contributing to environmental governance, disaster rescue, and resource development [38][39] - The global emphasis on environmental protection will drive the role of marine special robots in cleaning marine pollution and restoring damaged ecosystems [39][40]

2025年中国开发与测试探析 技术竞速白热化！ 谁能笑傲新一轮产业升级？ ◼ 研究目的 了解中国开发与测试的发展演变、关键技 术，分析中国开发与测试的应用领域以及 未来发展趋势。 概念标签：开发与测试、交换机、路由器 AI变革行业创新发展 China Software Development and Testing Industry 中国ソフトウェア開発・テスト産業 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。 1 行业研读 | 2025/07 中国：人工智能系列 ◼ 研究目标 ◼ 本报告的关键问题 ◼ 开发与测试的头部企业分析 锐捷网络的开发与测试流程通过其独特的JDM （联合设计制造）模式，体 ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The fluid control equipment industry is upgrading from traditional mechanical drive to intelligent perception, precise control, and remote operation and maintenance due to the rise of emerging fields such as new energy, semiconductors, and biomedicine [3]. - The upstream of the fluid control equipment industry chain will develop towards material upgrading, intelligent production, and green supply chain, while the downstream shows obvious trends in the growth of emerging industry demand, technological innovation applications, and market pattern changes [4]. - The market scale of China's valve and dispenser segments in the fluid control equipment industry is expected to continue to grow steadily in the future [5]. - Domestic enterprises in the fluid control equipment industry have achieved import substitution in the mid - and low - end markets and are breaking into the high - end market [11]. Summary by Relevant Catalogs Fluid Control Equipment Industry Overview - Fluid control equipment is a core part of industrial automation and process control, which can actively intervene and precisely regulate the fluid flow state, physical parameters, and transmission process [7]. - It is classified into flow control equipment, pressure control equipment, flow direction control equipment, and state control equipment, each with specific core functions, typical equipment, and technical requirements [8]. Fluid Control Equipment Industry Chain - **Upstream**: Raw materials account for 40% - 60% of the upstream cost, with basic metals and general polymers being self - supplied, but still relying on imports for high - end special alloys and polymers. Key components account for 25% - 35% of the upstream cost and have the highest technical barriers [4]. - **Midstream**: Composed of core products such as dispensers, coating machines, precision valves, and automation integration systems. International giants lead the high - end market, while domestic leading enterprises are the main force for import substitution in the mid - and low - end markets and are breaking into the high - end market [11]. - **Downstream**: Widely used in industries such as industrial manufacturing, energy, automotive, semiconductors, water treatment, and medical. The 3C electronics and semiconductor industries are the core application fields, and the new energy field is growing rapidly [11]. Valve Market - The market scale of China's valve industry has been expanding from 2020 - 2024, and the localization rate is gradually increasing. It is expected to reach $16.96 billion in 2025 and $21.78 billion in 2029, with a compound growth rate of 6.4% from 2024 - 2029 [5][15]. - High - growth application fields of valves include new energy, semiconductors, and hydrogen energy; stable - growth fields include petrochemical, municipal water, and medicine; and low - growth fields include traditional thermal power and low - end manufacturing [18]. Dispenser Market - From 2020 - 2024, the market scale of China's dispenser industry increased from 26.273 billion yuan to 44.26 billion yuan, with an annual compound growth rate of 15.02%. It is expected to grow from 52.23 billion yuan to 101.25 billion yuan from 2025 - 2029, with a compound growth rate of 18.0% [5][22]. - The technical difficulty of dispenser applications in downstream fields varies. The semiconductor field has the highest technical difficulty, followed by consumer electronics, while the new energy vehicle and photovoltaic fields have relatively lower technical difficulties [23]. MFC Application Fields - MFC is applied in semiconductor, biomedicine, high - end chemical, pan - semiconductor, and general industrial fields. Each field has different core requirements, technical paths, key parameters, and price ranges [26].

Group 1: Policy Overview - The Hainan Free Trade Port's closure policy aims to enhance market vitality and openness by reducing institutional costs through "zero tariffs," trade management relaxation, and efficient supervision[5] - "One line open" allows free movement of goods between Hainan and foreign countries, while "two lines control" regulates goods entering the mainland, ensuring tax security and preventing smuggling[5][17] - The proportion of "zero tariff" goods will increase from 1,900 to approximately 6,600 items, covering 74% of all tariff items, significantly reducing import costs[9] Group 2: Economic Impact - Hainan's policies are expected to attract global resources, enhancing its role as an international resource allocation hub[5] - The personal income tax rate for high-end and scarce talents in Hainan is capped at 15%, significantly lower than the mainland's 25%, attracting high-income individuals[27] - The corporate income tax rate for eligible enterprises is reduced to 15%, encouraging talent retention and investment[29] Group 3: Industry Development - Hainan's focus on processing and value-added tax exemptions is driving the clustering of high-tech enterprises and industrial upgrades, particularly in energy, digital economy, and biomedicine[24][30] - Key industrial parks in Hainan, such as Yangpu and Haikou, are becoming hubs for high-end industries, contributing over 30% of total tax revenue despite occupying less than 1% of the land area[32] Group 4: Regional Collaboration - The "front store, back factory" model is evolving, with Hainan serving as an order and trade settlement center while surrounding provinces handle large-scale production[45] - Enhanced logistics capabilities at Hainan's ports and airports are expected to create a complementary port cluster with Guangdong and Guangxi, improving regional cooperation and trade efficiency[45]

Investment Rating - The report does not explicitly state an investment rating for the robot dog industry Core Insights - The robot dog industry, defined as quadruped robots, is experiencing rapid commercialization and maturation, with Chinese companies leading the global market. The products are evolving towards "embodied intelligence" [3][27]. Summary by Sections Industry Development Status - The robot dog industry has entered a commercialization phase since 2021, with a mature supply chain. The main types of robot dogs include military, industrial, and consumer-grade, with electric motor-driven models dominating the market at approximately 90% share. Consumer-grade robot dogs account for over 60% of the market [3][19][27]. Market Competition - The competition in the robot dog industry is categorized into three main segments: military-grade, industrial-grade, and consumer-grade suppliers. Leading companies include: - Military: Inner Mongolia First Machinery Group, Great Wall Industry, and others - Industrial: Unitree Technology, Boston Dynamics, and others - Consumer: Unitree Technology, Xiaomi, and others - Unitree Technology is the market leader with a projected sales volume of 23,700 units in 2024, capturing approximately 69.75% of the global market share [4][41]. Market Size - The global robot dog market is expected to grow from 800 million yuan in 2021 to 2.5 billion yuan in 2024, with a compound annual growth rate (CAGR) of 46.2%. The Chinese market is projected to grow from 200 million yuan to 700 million yuan in the same period, with a CAGR of 51.8%. By 2030, the global market could reach 22.4 billion yuan, while the Chinese market may reach 6.72 billion yuan [5][56].

Group 1: Hainan Tourism Retail Overview - Hainan's offshore duty-free policy is a core initiative for building an "International Tourism Island," significantly enhancing its international tourism consumption and ecological cultural competitiveness over the past decade[5] - The tourism industry in Hainan has evolved through three stages: policy-driven, factor aggregation, and innovation iteration, forming a tourism consumption system centered on high-end vacations, duty-free shopping, and all-region tourism[10] - The cumulative shopping amount is projected to exceed CNY 253 billion by 2025, with the duty-free shopping limit increasing from CNY 5,000 to CNY 100,000 per person per year[11] Group 2: Policy Impact and Market Dynamics - The offshore duty-free policy has undergone three phases: trial, expansion, and explosion, effectively stimulating tourism consumption and aligning with consumption upgrades[13] - The market has transitioned from basic needs to high-end, diversified, one-stop shopping experiences, with a significant increase in the proportion of imported goods and luxury brands[19] - The consumer demographic has shifted, with the Z generation's share rising from 25% in 2020 to 40% in 2023, indicating a trend towards younger and more personalized consumer needs[20] Group 3: Company Analysis - China Duty Free Group - China Duty Free Group operates six offshore duty-free stores in Hainan, establishing a "triangular" market structure centered around Sanya, Haikou, and Qionghai, thus controlling key traffic flows[27] - The company has expanded its channel layout through acquisitions, enhancing its market coverage and strategic positioning in Hainan[29] - The group is innovating its business model by integrating cultural experiences and marketing innovations, transforming duty-free shopping into a comprehensive lifestyle platform[30]

Investment Rating - The report does not explicitly state an investment rating for the photovoltaic industry Core Insights - The global photovoltaic market is expected to show strong growth, with a projected global new installed capacity of 530GW in 2024, a year-on-year increase of approximately 35.9%, and a cumulative global installed capacity reaching 2,076GW by the end of 2024 [6] - China continues to lead in global photovoltaic installations, with an expected new installed capacity of 277.6GW in 2024, representing a year-on-year growth of 28.3% [6] - By 2030, optimistic estimates suggest that global new installed capacity could reach 1,078GW, with China's new installed capacity projected at 340GW [8] Market Size - The global photovoltaic market is projected to grow at a compound annual growth rate (CAGR) of 12.6% from 2024 to 2030, while China's market is expected to grow at a CAGR of 3.4% during the same period [7] Industry Chain - The photovoltaic industry chain consists of upstream (polysilicon and silicon wafers), midstream (photovoltaic cells and modules), and downstream (centralized and distributed power stations) [11] - In 2024, China's polysilicon production is expected to reach 182,000 tons, with a year-on-year growth of 23.6% [11] - The production of photovoltaic cells in China is projected to be 654GW in 2024, with a year-on-year increase of 10.6% [13] - The production of photovoltaic modules is expected to reach 588GW in 2024, reflecting a year-on-year growth of 13.5% [17] Development Trends - The report highlights a shift towards N-type silicon materials, with N-type silicon accounting for 70% of polysilicon shipments in 2024, up from 4% at the beginning of 2023 [11] - The trend towards larger and thinner photovoltaic wafers is evident, with N-type wafers expected to dominate the market, achieving a market share of 72.5% in 2024 [12] - The report notes the emergence of new technologies such as OBB and SMBB in photovoltaic modules, which contribute to cost reduction and efficiency improvement [17] Policy Direction - A series of policies have been introduced in China to promote the healthy development of the photovoltaic industry, including a shift to market-based pricing for new energy generation starting June 1, 2025 [23] - The 2024 Energy Work Guidance emphasizes increasing the share of non-fossil energy generation to 55% and aims for wind and solar power to account for over 17% of total electricity generation [24] Company Landscape - The report identifies leading companies in the photovoltaic sector, including JinkoSolar, Trina Solar, JA Solar, LONGi Green Energy, and Tongwei Co., which dominate the global photovoltaic module shipment rankings [18]

Group 1: Report Overview - The report focuses on the development of Hainan Free Trade Port, including its construction process, leading industries, infrastructure, and draws lessons from international free trade ports such as Hong Kong and Singapore [2][3] Group 2: Hainan Free Trade Port Development Overview Construction Process - Hainan Free Trade Port construction has gone through exploration and launch, full implementation, and customs closure preparation stages, with a continuously improving policy system and a phased approach towards full - island customs closure. The "Three - Step" strategy aims to initially establish a system by 2025, mature it by 2035, and fully build a high - level, internationally influential free trade port by the mid - 21st century [4][5] Leading Industries - Hainan has four leading industries: tourism, high - tech, modern services, and tropical characteristic high - efficiency agriculture, forming a diversified and integrated development pattern. In 2024, the number of tourists and total tourist spending in Hainan increased by 8% and 12.5% respectively, the added value of modern services increased by 7%, and that of high - tech industries increased by 8%. The digital economy industry achieved revenues of 142.4 billion yuan in 2024, with a growth rate of 20.5% in Q1 2025 [7][8] Infrastructure Construction - Transportation has achieved "county - to - county expressways", and the container throughput of Yangpu Port is expected to reach 6.5 million TEUs by 2025. Logistics and supply chains are accelerating international cooperation, and digital infrastructure has achieved "dual - gigabit" urban - rural integrated coverage [10][11] Group 3: International Free Trade Port Case Analysis Hong Kong International Free Trade Port - **Development Background**: With over 180 years of history, it has geographical advantages and has seized development opportunities after World War II and China's reform and opening - up [13] - **Development Features**: It features free - port and open - market policies, high internationalization, a service - based economy, and policy flexibility and institutional innovation [15][17] - **Lessons for Hainan**: Hainan can optimize trade and tax policies, create an international business environment, promote industrial diversification, strengthen institutional innovation, and build a high - end consumption hub [18][19] Singapore International Free Trade Port - **Historical Background**: Since its establishment as a trading post in 1819, it has transformed from a single re - export economy to a diversified one after independence in 1965 [21] - **Institutional Basis**: It has free - trade policies, tax incentives, and efficient administrative management [22][23][24] - **Economic Functions**: It serves as a re - export trade, financial, and shipping center [26][27][28] - **Industrial Characteristics**: It has a strong manufacturing and modern service industries [29][30] - **Lessons for Hainan**: Hainan can learn from Singapore's international vision, information construction, and regulatory experience [31][32][33]

Investment Rating - The report indicates a strong growth potential in the identity authentication industry, particularly in China, with a projected market size increase from approximately 768 million CNY in 2020 to an estimated 5.249 billion CNY by 2029, reflecting a nearly sevenfold increase [4][26]. Core Insights - The identity authentication market in China is experiencing rapid expansion, maintaining a long-term market share of approximately 45% to 46% within the overall identity management market [11][26]. - The global identity management market is also growing steadily, with the identity authentication segment expected to increase from 5.13 billion USD in 2020 to an estimated 17.12 billion USD by 2029, nearly tripling in size [11][22]. - Key drivers for growth include accelerated digital transformation, the rise of remote working, and increasing compliance requirements, which are pushing enterprises to invest more in identity authentication solutions [24][26]. Summary by Sections Industry Overview - Identity authentication is defined as the process of verifying a user's identity through provided credentials, which is a critical component of information security systems [16]. - The identity authentication market in China is projected to grow significantly, with a market size increase from about 768 million CNY in 2020 to an estimated 5.249 billion CNY by 2029, indicating a growth rate much higher than the global average [4][26]. Market Size - The identity authentication segment is a core part of the identity management market, which is expected to grow from 51.3 billion USD in 2020 to 171.2 billion USD by 2029, representing a significant expansion [11][22]. - The growth of the identity authentication market is driven by the need for reliable identity verification in various business scenarios, especially in the context of digital transformation and compliance with data privacy regulations [24][26]. Vendor Shares - The global identity authentication market is highly concentrated, with major players like Microsoft leading with a 29.1% market share, followed by Okta and Oracle [29][30]. - In China, Alibaba Cloud leads the market with a 23.7% share, followed by Tencent Cloud and Huawei Cloud, indicating a competitive landscape among top vendors [29][30]. Application Scenarios - The financial and government sectors dominate the identity authentication market in China, driven by high demands for compliance and fraud prevention [34]. - Emerging sectors such as manufacturing and education are expected to see increased adoption of identity authentication solutions as digital transformation progresses [34]. Comparative Analysis of Digital Identity Systems - China's digital identity system is characterized by a centralized approach focusing on compliance, while countries like Singapore emphasize unified platforms and high adoption rates, and South Korea adopts a decentralized architecture [38][45]. Policy Analysis - Global identity authentication policies vary, with the EU focusing on privacy and cross-border interoperability, the US emphasizing security and technical standards, and China concentrating on real-name systems and centralized governance [45]. Industry Chain Analysis - The identity authentication industry is evolving towards a more integrated and standardized approach, with a focus on user data sovereignty and the promotion of strong authentication technologies [45][46].

Investment Rating - The report recommends investment in the industrial-grade unmanned helicopter sector, highlighting its growth potential driven by technological advancements and market demand [2]. Core Insights - The development of industrial-grade unmanned helicopters in China is primarily driven by national low-altitude economic policies, specific industrial demands for high payload and long endurance capabilities, and continuous breakthroughs in core technologies such as flight control and composite materials [4][6]. - The market has evolved from technology introduction to independent innovation, with significant milestones such as the launch of the T1400 ton-class unmanned helicopter, which features a payload of 650 kg and an 8-hour endurance, marking the beginning of the "ton-class era" in low-altitude economy [6]. - The competitive landscape is characterized by a few leading companies, including United Aircraft, AVIC 602 Institute, and Chongqing Guofei, which dominate the market through technological iteration and innovative application scenarios [11]. Market Background - The industrial-grade unmanned helicopter is defined as a type of unmanned aerial vehicle that relies on powered rotors for lift and propulsion, designed for various industrial and public service applications, emphasizing payload capacity, environmental adaptability, and economic reliability [5]. - The market has seen a transition from early models to advanced designs, with various configurations such as conventional single-rotor, tandem rotor, coaxial rotor, and cross-rotor designs being developed to meet diverse operational needs [5][6]. Market Status - The market is driven by favorable policies that recognize low-altitude economy as a strategic emerging industry, alongside continuous technological advancements that enhance the reliability and performance of unmanned helicopters in complex operational environments [7]. - The supply side consists of specialized manufacturers focusing on the development and production of industrial-grade unmanned helicopters, offering a diverse range of models tailored to different operational scenarios [8]. - Demand is fueled by industries seeking efficient and safe operational methods, with unmanned helicopters rapidly expanding their applications in emergency rescue, agricultural protection, energy inspection, and logistics [9]. Market Competition - The competitive landscape is shaped by a few key players, with AVIC leading foundational research and private enterprises like United Aircraft focusing on differentiated innovation [11]. - The market is transitioning from single-machine performance to providing intelligent system solutions, reflecting a shift in competitive dynamics [11]. Development Trends - Future industrial-grade unmanned helicopters are expected to evolve towards greater intelligence and modularity, integrating advanced technologies such as AI and big data for improved operational capabilities [13]. - The application of these helicopters is deepening from single-function to comprehensive operational solutions, particularly in high-stakes environments like emergency rescue and agricultural applications, thereby expanding their operational boundaries [14]. Brand Overview - United Aircraft: TD550 unmanned helicopter, the first domestic model certified by civil aviation, capable of high-altitude operations with a payload of 200 kg and applications in emergency rescue and logistics [15]. - AVIC 602 Institute: AR-500 series unmanned helicopter, designed for maritime inspection and emergency communication, with a maximum takeoff weight of 500 kg [15]. - Aerospace Guoqi: GQ-580Z tandem rotor unmanned helicopter, featuring a maximum takeoff weight of 700 kg and 8-hour endurance, suitable for high-altitude reconnaissance [15]. - Chongqing Tuohang: Tohang 500 heavy-lift unmanned helicopter, with a maximum payload of 280 kg and capable of operating in extreme temperatures [15]. - Hangjing Innovation: FWH-1500 ton-class unmanned helicopter, designed for logistics and firefighting, with a payload capacity of 300 kg and operational capabilities at high altitudes [15].