Investment Rating - The report does not explicitly provide an investment rating for the HarmonyOS industry Core Insights - HarmonyOS NEXT, a full-scene intelligent operating system, was officially launched at the HDC 2024 conference, with consumer beta testing set to begin in August 2024 across various Huawei devices [4] - The market size for HarmonyOS in China is projected to grow rapidly, with a CAGR of 66.6% from 2021 to 2025, increasing from 41.85 billion to 200.82 billion yuan, and a subsequent CAGR of 24.2% from 2025 to 2028, reaching 384.3 billion yuan [4] - HarmonyOS is positioned as a self-developed operating system in China, but its global market share remains small, particularly in desktop and automotive operating systems [4] Summary by Sections HarmonyOS Development and Market Position - HarmonyOS has over 5,000 native applications in development and more than 1,500 applications available on the Huawei App Store, indicating a strong push towards building a comprehensive ecosystem [4] - The operating system aims to unify multiple devices and scenarios, enhancing overall performance by 30% through innovative software architecture and deep integration of hardware and cloud services [4] Smart Home Integration - The report highlights Huawei's "1+2+N" smart home solution, which integrates IoT, cloud computing, and AI technologies for systematic management of home devices, enhancing safety, intelligence, comfort, energy efficiency, and convenience [5] Industry Ecosystem and Partnerships - Huawei's HarmonyOS Connect certification for chips supports developers by shortening device development and certification cycles, showcasing a complete ecosystem from chip development to terminal hardware [7] - The global demand for high-performance computing and automotive applications is expected to drive significant investment in semiconductor manufacturing, with spending on 12-inch wafer front-end facilities projected to reach $137 billion by 2027 [7] Developer Support Initiatives - Huawei has launched multiple initiatives, including the "Hongfei Plan" and "Yaoxing Plan," to support and incentivize global developers, aiming to foster innovation and commercial success within the HarmonyOS ecosystem [12]

Investment Rating - The report indicates a positive outlook for the automated driving solutions industry, with expectations of significant growth and profitability potential, particularly for companies like Baidu's Robotaxi service [4][8]. Core Insights - The automated driving solutions industry in China is expected to experience continuous breakthroughs and demand growth, driven by successful pilot programs for Robotaxi and strong policy support for integrated vehicle-road-cloud systems [8][9]. - The market size for automated driving solutions is projected to reach 23.2 billion by 2030, with a compound annual growth rate (CAGR) exceeding 16% from 2024 to 2030 [8][37]. - The competitive landscape is categorized into three tiers based on implementation and capital performance, with leading companies including Huawei, BYD, Tesla, Waymo, and Momenta in the first tier [8][42]. Summary by Sections Market Penetration and Size - As of 2023, the penetration rate of automated driving in China is on the rise, particularly in L2 and above models, while L1 remains stable. The integration of electric vehicles provides a solid foundation for automated driving adoption [8][37]. - The industry has entered a phase of exploration from 2018 to 2023, influenced by fluctuations in automotive sales. A rapid growth phase is anticipated post-2025 with the mass production of L3 automated driving [8][37]. Competitive Landscape - The competitive landscape is divided into three tiers: - Tier 1 includes Huawei, BYD, Tesla, Waymo, and Momenta - Tier 2 includes NIO, Xpeng, Baidu, Horizon Robotics, and Momenta - Tier 3 includes Li Auto, Bosch, and Mobileye - The differences in implementation among these tiers are currently minimal, indicating a dynamic competitive environment where advancements in technology could shift standings [8][42][39]. Policy and Technological Developments - The integrated vehicle-road-cloud system is a critical development path for smart connected vehicles, with multiple government departments issuing supportive policies since 2024 [9][11]. - The report highlights the importance of collaboration among various stakeholders, including traditional automakers and tech companies, to enhance the development of automated driving solutions [42][39]. Investment Trends - The automated driving sector has seen significant investment, particularly from 2016 to 2018, with a concentration of companies in economically developed regions of China [16][19]. - As of July 2024, the total financing in the automated driving sector has reached approximately 1,047.5 billion, with a notable number of companies established during the peak investment years [17][21]. Application Scenarios - The report outlines various application scenarios for automated driving solutions, including Robotaxi services, public transportation, logistics, and specialized applications such as sanitation and security [34][35]. - The commercial operation of Robotaxi is in its early stages, with companies rapidly expanding their pilot programs [34][35].

Investment Rating - The report does not provide a specific investment rating for the government cloud industry Core Insights - The government cloud industry relies on cloud computing technology to provide efficient and secure e-government services, with rapid market growth in recent years. The introduction of cutting-edge technologies such as hybrid multi-cloud architecture and blockchain has improved government efficiency and service quality. However, the market faces intense competition from leading players like Inspur Cloud, China Telecom, and Huawei, while also contending with increasing government data security requirements that may slow market growth. Despite this, the high potential of the digital government sector continues to drive steady growth in the government cloud market [5][10][12]. Industry Definition - Cloud computing originated from distributed computing, allowing large tasks to be broken down into smaller tasks for rapid processing across multiple terminals. It centralizes resources in data centers and provides related services over the internet, enabling users to access services without relying entirely on IT infrastructure. Government cloud is a form of e-government based on cloud computing, enhancing information flow between government departments and improving service quality and efficiency while reducing infrastructure construction and maintenance costs [6][7]. Industry Classification - The government cloud can be classified as a special type of hybrid public cloud, combining features of public and private clouds. Public clouds are managed by third-party service providers and shared among users, while private clouds are dedicated to a single organization. The government cloud's service types can be categorized into IaaS, PaaS, and SaaS [7][9]. Industry Characteristics - The government cloud industry is characterized by significant technological innovation, intense competition, and strong policy support. The introduction of advanced technologies and a focus on security solutions are key trends driving the industry [10][11][13]. Development History - The government cloud industry has evolved through several stages: - **Emergence Stage (2008-2014)**: Initial exploration of IT in government with limited market size. - **Startup Stage (2014-2021)**: Rapid growth with the market size increasing from 184.5 billion RMB in 2014 to 390 billion RMB in 2021. - **High Growth Stage (2022-2023)**: Market size exceeded 50 billion RMB in 2022, with a year-on-year growth of 17.17%. - **Mature Stage (2023-present)**: Market growth is stabilizing, with increasing competition and a focus on security standards [14][18][31]. Industry Scale - From 2019 to 2023, the government cloud market size grew from 27.255 billion RMB to 60.354 billion RMB, with a compound annual growth rate (CAGR) of 21.99%. It is projected to grow from 71.825 billion RMB in 2024 to 119.979 billion RMB by 2028, with a CAGR of 13.69% [29][33]. Policy Support - The government has issued numerous policies to encourage the development of e-government and cloud services, including the "14th Five-Year Plan" which emphasizes enhancing digital government construction and promoting the migration of government information systems to the cloud. These policies are expected to drive demand for government cloud services and provide growth opportunities for industry players [13][37][38]. Competitive Landscape - The government cloud market is characterized by a concentrated structure, with leading companies like Huawei Cloud, Tianyi Cloud, and Inspur Cloud holding significant market shares. The top five companies account for nearly 75% of the total market share, indicating high barriers to entry for new players due to the established customer base and technological requirements [41][42][46].

Investment Rating - The report does not explicitly state an investment rating for the construction waste recycling industry Core Insights - The construction waste recycling market in China is projected to grow significantly, with market size increasing from 12.7 billion RMB in 2018 to an estimated 507.48 billion RMB by 2028, reflecting a compound annual growth rate (CAGR) of approximately 41.85% from 2023 to 2024 [22][24][32] - The revenue of Beijing Construction Resources Recycling Co., Ltd. is expected to rise from 2.63 billion RMB in 2018 to 21.53 billion RMB by 2028, indicating a steady growth trajectory [23][24] - The proportion of construction waste recycling in total waste is anticipated to increase from 5% in 2018 to 10.2% by 2028, showcasing the industry's growing importance [31][32] Market Size Overview - The construction waste recycling market size in billion RMB from 2018 to 2028 is as follows: - 2018: 12.7 - 2019: 21.5 - 2020: 39.11 - 2021: 63.38 - 2022: 87.08 - 2023: 124.14 - 2024E: 176.09 - 2025E: 250.98 - 2026E: 319.95 - 2027E: 403.18 - 2028E: 507.48 [22] Revenue Growth - Revenue growth rates for Beijing Construction Resources Recycling Co., Ltd. from 2018 to 2028 are as follows: - 2018: 2.63 billion RMB - 2019: 3.29 billion RMB (25.10% growth) - 2020: 4.99 billion RMB (51.67% growth) - 2021: 6.01 billion RMB (20.44% growth) - 2022: 7.21 billion RMB (19.97% growth) - 2023: 8.65 billion RMB (19.97% growth) - 2024E: 10.38 billion RMB (20.00% growth) - 2025E: 12.46 billion RMB (20.04% growth) - 2026E: 14.95 billion RMB (19.98% growth) - 2027E: 17.94 billion RMB (20.00% growth) - 2028E: 21.53 billion RMB (20.01% growth) [23][24] Construction Waste Utilization - The annual construction waste recycling volume for Beijing Construction Resources is projected to remain stable at 0.17 billion tons from 2018 to 2028, indicating a consistent recycling capacity [25] - The construction waste recycling volume is expected to increase from 0.91 billion tons in 2018 to 4.45 billion tons by 2028, reflecting a growing trend in recycling efforts [32] Proportion of Construction Waste - The proportion of construction waste in total waste is projected to rise from 8% in 2018 to 15% by 2028, indicating an increasing focus on recycling within the waste management sector [29][30] Future Projections - The construction waste generation in China is expected to grow from 18.24 billion tons in 2018 to 43.65 billion tons by 2028, with a notable increase in the recycling rate [30][32]

Investment Rating - The report does not provide a specific investment rating for the children's health probiotics industry [5]. Core Insights - The children's health probiotics market has grown from CNY 31.463 billion in 2018 to CNY 40.066 billion in 2023, with a compound annual growth rate (CAGR) of 4.95% [34]. - The market is expected to continue growing, reaching CNY 50.988 billion by 2028, with a projected CAGR of 4.94% [34]. - The increasing awareness among parents regarding children's nutrition and health, along with improved regulatory frameworks, has significantly boosted the demand for probiotics [11][34]. Industry Definition - Probiotic health foods are microecological preparations that promote the ecological balance of intestinal flora and have beneficial effects on human health [6]. - Probiotics are live microorganisms that, when consumed in adequate amounts, confer health benefits to the host [6]. Industry Characteristics - The children's health probiotics industry is characterized by accelerated research outcomes, improved regulatory oversight, and heightened parental focus on children's nutrition and immune enhancement [11]. - The penetration of probiotics in children's daily diets is gradually increasing, showcasing their effectiveness in improving gastrointestinal function and immune response [11]. Industry Development History - The global probiotics industry has rapidly matured since the early 20th century, while China's probiotics sector has been developing more slowly, primarily relying on imported strains until recent years [13][23]. - The industry has evolved through three main stages: the initial phase focused on defining probiotics, the startup phase with regulatory frameworks, and the rapid development phase marked by product diversification and consumer demand [15][21]. Market Size - The children's health probiotics market size increased from CNY 31.463 billion in 2018 to CNY 40.066 billion in 2023, with a CAGR of 4.95% [34]. - The market is projected to grow to CNY 50.988 billion by 2028, maintaining a CAGR of 4.94% [34]. Industry Chain Analysis - The industry chain consists of upstream probiotic strain development, midstream product manufacturing, and downstream marketing and sales [25]. - The shift from reliance on imported strains to local strain development is expected to enhance the competitiveness of domestic companies [25][28]. Upstream Analysis - The upstream segment involves the development and optimization of probiotic strains, with a focus on reducing costs and improving supply chain efficiency [27][28]. - Local companies are increasingly investing in research and development to reduce dependency on imported strains, which have historically been more expensive [27][28]. Midstream Analysis - The midstream segment focuses on the production of functional probiotic foods targeting gut health, aligning with consumer demand for personalized nutrition [30]. - Innovations in product formulations, such as combining probiotics with trace elements, are emerging to address common health issues in children [30]. Downstream Analysis - The downstream segment encompasses the marketing and sales of probiotic products, with a growing emphasis on educating parents about the health benefits of probiotics for children [31]. - The increasing disposable income of families and the rising awareness of children's health are driving market growth [31].

Investment Rating - The report does not explicitly state an investment rating for the biotechnology industry but highlights the unique listing channel provided by Chapter 18A for biotech companies in Hong Kong, indicating a strong competitive edge and market influence for these firms [4][5]. Core Insights - Since the introduction of Chapter 18A by the Hong Kong Stock Exchange in 2018, a total of 64 biotech companies have completed their listings, with 48 in the pharmaceutical sector and 16 in the medical device sector, showcasing significant growth potential in the market [4]. - The report notes a shift in market focus towards companies with strong R&D capabilities and potential for product commercialization, especially in a low market sentiment environment [5]. - The average establishment duration for listed 18A companies is approximately 8.5 years, with the longest being 22 years and the shortest 3 years, reflecting the lengthy development cycles typical in the biotech industry [28]. Summary by Sections Issuance Data Analysis - The issuance of 18A companies has experienced fluctuations, with only 4 out of 64 companies maintaining their stock prices above the issue price as of March 31, 2024 [5]. - The report indicates that the issuance ratio of 18A biotech companies has transitioned from high to low since the second half of 2021, reflecting a market downturn [33]. - The average subscription number for 18A companies has drastically decreased to 5,415 in 2023, compared to previous years where it peaked significantly [44]. Pre-Issuance Data - Prior to listing, 62 of the 64 18A companies underwent multiple rounds of financing, with the majority (85.48%) having 2 to 6 rounds, indicating robust pre-IPO funding activity [17]. - The report highlights that the valuation growth for companies before listing ranged from 10 to 50 times, with 21 companies falling within this range [11]. Post-Issuance Data - The average listing expenses for 18A companies account for approximately 8.79% of the total funds raised, with a notable increase in this ratio post-2022 due to reduced fundraising amounts [56]. - As of March 31, 2024, 12 companies have successfully removed the "-B" designation, indicating they no longer meet the criteria for Chapter 18A, which reflects their transition to more stable financial conditions [60]. Intermediary Participation - Major underwriters such as CICC and Goldman Sachs have played significant roles in the issuance of 18A companies, with CICC participating in 24 listings and achieving a 65.22% success rate on the first trading day [68]. - The report identifies Foresight as the leading industry consultant, involved in 53 out of 64 18A company listings, demonstrating its dominance in the sector [77].

Investment Rating - The report rates the online English training industry as a growing sector with a positive outlook, expecting continued market expansion driven by increasing demand and technological advancements [5][37]. Core Insights - The online English training industry leverages internet technology to provide diverse courses, meeting user needs for study abroad and career development. The market is expected to grow steadily, influenced by public health events, exam preparation trends, and advancements in AIGC technology [5][12]. - The industry has experienced significant growth, with the market size increasing from 11.185 billion RMB in 2018 to 20.619 billion RMB in 2023, reflecting a compound annual growth rate (CAGR) of 13.01%. Projections indicate further growth to 33.378 billion RMB by 2028, with a CAGR of 10.62% [37][41]. Summary by Sections Industry Definition - The online English training industry utilizes internet platforms to provide remote English education, breaking traditional geographical and temporal barriers. It encompasses various age groups and course types, including basic English, business English, and exam preparation [6][12]. Industry Classification - The industry can be categorized based on teaching models, including one-on-one, small group, large class, recorded video, and blended learning formats, each catering to different learner needs and preferences [7][10][11]. Industry Characteristics - Demand for online English training is robust, with users increasingly valuing flexible and interactive learning experiences. The industry is characterized by a strong emphasis on multimedia teaching methods and community engagement [12][17]. Market Demand - The number of Chinese students studying abroad has exceeded 10 million, with English being the primary language of instruction. The demand for English training is further fueled by the increasing importance of English proficiency in the job market [13][14]. Technological Drivers - The growth of the online English training industry is significantly supported by advancements in internet technology, with over 1.092 billion internet users in China as of December 2023. The integration of AIGC technology enhances personalized learning experiences [15][42]. Course Flexibility - Online English training offers a wide range of courses tailored to different learner needs, with flexible learning options that allow students to choose their preferred study methods [16][26]. Interaction and Community - Learning communities play a crucial role in enhancing student engagement and completion rates, with interactive features fostering collaboration and support among learners [17][18]. Development History - The industry has evolved through several phases, from its inception in the 1990s to its rapid growth driven by mobile technology and the recent regulatory environment [19][23]. Industry Chain Analysis - The industry chain consists of upstream content and technology providers, midstream training institutions, and downstream learners, with each segment contributing to the overall growth and development of the sector [24][25]. Market Size - The online English training market is projected to continue expanding, with significant growth expected in both the study abroad and daily English training segments, driven by increasing consumer willingness to pay for quality education [37][40].

Investment Rating - The report does not provide a specific investment rating for the laser cutting industry Core Insights - The laser cutting industry is characterized by high speed, precision, and adaptability, with applications expanding across various sectors such as aerospace, automotive manufacturing, and medical devices. The demand for high-power and ultra-high-power laser cutting is expected to grow significantly as industries move towards smarter and more precise manufacturing processes [4][5][14]. Summary by Sections Industry Definition - Laser cutting utilizes high power density laser beams to heat materials rapidly, creating cuts through vaporization. It is applicable to both metal and non-metal materials, offering advantages over traditional cutting methods, including reduced production costs and improved quality [5][8]. Industry Characteristics - The laser cutting industry features high technical barriers, a wide range of applications, and a shift towards fiber laser cutting technology, which is gradually replacing CO2 laser cutting due to its efficiency and cost-effectiveness [11][12][13]. Development History - The laser cutting technology in China has evolved through several stages since the 1970s, transitioning from CO2 lasers to fiber lasers, with increasing domestic capabilities and a growing demand for automation and intelligent manufacturing [14][18]. Industry Chain Analysis - The laser cutting industry chain consists of upstream components (laser optics, mechanical parts, etc.), midstream manufacturing, and downstream applications in various sectors. The report highlights a trend towards domestic production of key components, reducing reliance on imports [20][21][22]. Market Size - The market size of the laser cutting industry grew from 19.066 billion RMB in 2021 to 30.272 billion RMB in 2023, with a compound annual growth rate (CAGR) of 26.01%. Projections indicate growth to 103.376 billion RMB by 2028, with a CAGR of 27.35% [39][43]. Upstream Analysis - The report notes that the cost of components in laser cutting equipment can account for over 85% of total costs, with lasers being a significant part. The domestic production of these components is increasing, leading to lower prices and enhanced competitiveness [21][26]. Midstream Analysis - The industry is experiencing a trend towards cluster development, particularly in East and South China, which enhances collaboration and efficiency within the supply chain. The demand for high-power laser equipment is expected to rise as industries upgrade their manufacturing capabilities [22][29]. Downstream Analysis - The diverse applications of laser cutting technology are driving demand for customized solutions, which in turn pushes upstream manufacturers to innovate and expand their production capacities [23][32][33]. Policy Overview - Recent policies support the development of advanced manufacturing and laser technology, aiming to enhance the competitiveness of domestic manufacturers and promote innovation within the industry [46][50][55].

Investment Rating - The report does not explicitly state an investment rating for the RSV vaccine industry in China Core Insights - The RSV vaccine market in China is projected to grow significantly, with estimates indicating a market size of approximately 176.64 billion RMB by 2026, increasing to 255.29 billion RMB by 2030, reflecting a compound annual growth rate (CAGR) of around 9.50% [21][24] - The penetration rate for RSV vaccination among the population aged 60 and above is expected to reach 3.5% by 2026 and increase to 5% by 2030, indicating a growing acceptance and need for vaccination in this demographic [40][44] - The RSV vaccine price is estimated to stabilize at around 1,500 RMB per dose once it is commercially available in China [43][52] Summary by Sections Market Size Estimation - The total population of China is projected to grow at a CAGR of 0.17% from 2018 to 2030, reaching approximately 143.06 million by 2030 [23][24] - The population aged 60 and above is expected to increase from 251.57 million in 2018 to 319.02 million by 2030, representing a significant market for RSV vaccines [25][44] RSV Vaccine Market for the Elderly - The market space for RSV vaccines targeting the population aged 60 and above is projected to grow from 0 billion RMB in 2018 to 255.29 billion RMB by 2030, with a notable increase in growth rates in the coming years [21][24] Newborn Population and RSV Vaccine Market - The newborn population in China is expected to decline from 15.26 million in 2018 to approximately 3.56 million by 2030, which will impact the potential market for RSV vaccines among infants [50][52] - The RSV vaccination penetration rate for newborns is projected to reach 30% by 2030, indicating a growing focus on immunization in early life [51][52] Pricing and Economic Factors - The estimated price for the RSV vaccine is set at 1,500 RMB per dose, which is consistent across the forecasted years from 2026 to 2030 [43][52] - The report highlights that the RSV vaccine market is influenced by the overall demographic trends and the increasing healthcare needs of an aging population [40][44]

Investment Rating - The report does not explicitly state an investment rating for the 100% HPP Red Heart Apple Juice industry Core Insights - The market size for 100% HPP Red Heart Apple Juice in China is projected to grow significantly from 0.08 billion CNY in 2022 to 200.19 billion CNY by 2028, indicating a compound annual growth rate (CAGR) of approximately 90.5% [16] - The required apple supply for producing 100% HPP Red Heart Apple Juice is expected to increase from 0.02 million tons in 2022 to 62.56 million tons by 2028 [20] - The price per kilogram of 100% HPP Red Heart Apple Juice is forecasted to decrease from 49.07 CNY in 2022 to 32 CNY by 2028 [21] Market Size Overview - The market size for 100% HPP Red Heart Apple Juice is projected as follows: - 2022: 0.08 billion CNY - 2023: 1.29 billion CNY - 2024E: 4.01 billion CNY - 2025E: 19.23 billion CNY - 2026E: 91.99 billion CNY - 2027E: 175.49 billion CNY - 2028E: 200.19 billion CNY [16] Apple Supply Requirements - The apple supply required for 100% HPP Red Heart Apple Juice is projected as follows: - 2022: 0.02 million tons - 2023: 0.29 million tons - 2024E: 1 million tons - 2025E: 5.06 million tons - 2026E: 25.55 million tons - 2027E: 51.62 million tons - 2028E: 62.56 million tons [20] Price Trends - The price per kilogram of 100% HPP Red Heart Apple Juice is projected as follows: - 2022: 49.07 CNY - 2023: 45 CNY - 2024E: 40 CNY - 2025E: 38 CNY - 2026E: 36 CNY - 2027E: 34 CNY - 2028E: 32 CNY [21]