2024年中国智能客服行业研究 客服智能 企业与客户共探未来 | --- | --- | --- | --- | --- | --- | --- | --- | |-------|-------|-------|----------------------------------------------------|-------|----------|-------|-------| | | | | | | | | | | | | | 企业标签：网易七鱼、天润融通、腾讯企点、百度智能云 | | | | | | | | | | | | | | | AI | | | 变革行业创新发展 | | | | | | | | | China Intelligent Customer Service | | Industry | | | | | | | 中国インテリジェントカスタマーサービス産業 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 撰写人：陈庆民 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 ...

Investment Rating - The report does not provide a specific investment rating for the group meal industry Core Insights - The group meal industry is rapidly growing due to technological advancements and the fast-paced lifestyle of consumers, leading to increased demand for quick, safe, and diverse meal options [4][10] - The market is expanding but faces challenges from policies and intense competition, requiring companies to enhance delivery efficiency and adapt to seasonal fluctuations [4][10] - Future development trends in the group meal industry include diversification and customization of services [4][10] Industry Definition - The group meal industry is a significant part of the catering sector, providing meal services to large groups such as schools, hospitals, and corporate units, focusing on health and nutrition [5][8] - The industry is transitioning from a "big canteen" model to a more market-oriented and enterprise-driven approach [5][8] Industry Characteristics - Cost control is the primary competitive advantage in the group meal industry, with a large and stable demand base [9][10] - The market exhibits seasonal fluctuations, influenced by factors such as school holidays and ingredient availability [11] Development History - The group meal industry has evolved from a policy-driven model in the 1950s to a commercialized sector with private enterprises offering diverse meal options [12][13] - The industry has experienced various phases, including a rapid growth period from 2016 to 2021, followed by a downturn during the pandemic [16][18] Industry Scale - The market size of the group meal industry grew from 1,467.13 billion RMB in 2018 to 1,839.17 billion RMB in 2023, with a compound annual growth rate (CAGR) of 4.62% [32] - Projections indicate growth from 1,921.37 billion RMB in 2024 to 2,290.75 billion RMB by 2028, with a CAGR of 4.49% [32] Policy Analysis - Recent policies support the recovery and development of the catering industry, including financial aid and regulatory measures to enhance food safety [40][42] - The government emphasizes the importance of food safety management and encourages the adoption of standards to improve service quality [42][46] Competitive Landscape - The group meal industry features a diverse range of participants, including international, traditional, emerging, and cross-industry companies [47] - The market remains fragmented, with the top 100 companies holding only about 6.5% market share, indicating significant growth potential [50][51] Supply Chain Analysis - The stability of raw material supply is crucial for the operational efficiency of group meal companies, with material costs accounting for approximately 63% of total expenses [19][26] - Companies are increasingly focusing on supply chain optimization and automation to enhance efficiency and reduce costs [23][35]

Investment Rating - The report does not provide a specific investment rating for the consumer electronics printed circuit board (PCB) industry. Core Insights - The consumer electronics PCB industry is characterized by cyclical demand influenced by macroeconomic conditions and technological advancements, particularly in AI and 5G, which are expected to drive growth in high-end PCB products [4][10][19]. - The industry is experiencing a shift towards oligopolistic competition, with leading companies likely to expand their market share due to their financial and research advantages [4][10]. Industry Definition - Printed Circuit Boards (PCBs) are essential components in consumer electronics, serving as the foundation for electronic connections and significantly impacting product reliability and competitiveness [5][6]. Industry Classification - The consumer electronics PCB industry can be categorized based on structure, including single-layer, double-layer, multi-layer, flexible, rigid-flex, and high-frequency boards [8][9]. Industry Characteristics - The industry is concentrated in regions such as mainland China, Taiwan, Japan, South Korea, the United States, and Europe, with China being the largest production base due to its significant domestic market and manufacturing advantages [9][10]. - Demand for consumer electronics PCBs exhibits cyclical variations, closely tied to the overall economic climate and the performance of the electronics sector [10][11]. - High entry barriers exist due to the complexity of production processes, stringent supplier certification requirements, and increasing environmental regulations [11][12]. Development History - The consumer electronics PCB industry has evolved through five stages: nascent, startup, rapid growth, fluctuation, and maturity, with significant technological advancements occurring at each stage [12][13][14]. Industry Chain Analysis - The industry chain consists of upstream raw material suppliers, midstream PCB manufacturers, and downstream application sectors [18][19]. - Rising copper prices are impacting the cost structure of PCB manufacturing, with manufacturers facing pressure from upstream material price increases [19][20]. - The midstream manufacturing sector is characterized by low concentration, leading to challenges in negotiating with upstream suppliers [19][25]. Market Size - The market size of the consumer electronics PCB industry grew from approximately 23.89 billion USD in 2018 to 26.42 billion USD in 2023, with a projected growth to 32.36 billion USD by 2028, reflecting a compound annual growth rate (CAGR) of 3.50% [34][35]. Future Outlook - The emergence of AI and 5G technologies is expected to drive significant growth in the consumer electronics PCB market, with a projected CAGR of 5.4% from 2024 to 2028 [27][39]. - The introduction of AI smartphones and PCs is anticipated to revitalize the consumer electronics sector, leading to increased demand for PCBs [39][40].

Investment Rating - The report does not explicitly provide an investment rating for the coking coal industry Core Insights - The coking coal industry in China has seen its market size grow from 613.11 billion yuan in 2019 to 1,029.79 billion yuan in 2023, with a compound annual growth rate (CAGR) of 13.84%. However, it is projected to decline to 892.30 billion yuan from 2024 to 2028, with a CAGR of -2.17% [45][46] - Coking coal is primarily used to produce coke, which is essential for iron and steel production, with approximately 1.3 tons of coking coal required to produce 1 ton of coke [5][6] - The coking coal industry is characterized by rich resources in China, but there is a scarcity of high-quality reserves. The import structure has shifted to rely more on Mongolian and Russian coal due to previous restrictions on Australian coal [11][14][30] Industry Definition - Coking coal is a type of bituminous coal that has certain caking properties and is used to produce coke, which is then utilized in steelmaking [5][6] Industry Classification - Coking coal can be classified into various types, including gas coal, fat coal, and lean coal, with gas coal being the most abundant in China [7][9] Industry Characteristics - The coking coal industry features include abundant resources in China but limited high-quality reserves, a reliance on rail transport, and a market structure characterized by "north coal south transport" and "west coal east transport" [11][15] Development History - The development of the coking coal industry in China can be divided into several stages, from the initial reform phase (1898-1992) to the current high-quality development phase (2012-present) [17][21] Supply Chain Analysis - The supply chain of the coking coal industry includes upstream activities such as exploration and mining, midstream processes like washing and blending, and downstream applications primarily in the steel and chemical industries [23][35] Market Trends - The coking coal supply in China is expected to decline due to stricter regulations and challenges in mining operations, with a projected decrease in production in 2024 [24][25][30] - The demand for metallurgical coal is under pressure due to a downturn in the real estate sector, which affects steel production [36][37] Import and Export Dynamics - In 2023, China imported 102 million tons of coking coal, a 61.3% increase from the previous year, with expectations for further growth in 2024 [30][31] - The export of coking coal from China is limited, with projections for 2024 remaining around 300,000 tons [37]

Investment Rating - The report does not explicitly state an investment rating for the vegetable seed industry Core Insights - The vegetable seed market in China is projected to grow from 280.3 billion RMB in 2022 to approximately 310.99 billion RMB in 2023, with an estimated growth to 461.16 billion RMB by 2027, indicating a strong upward trend in market size [21][40] - The annual expenditure of vegetable farmers is expected to increase from 5,183.12 million RMB in 2023 to 7,686 million RMB by 2027, reflecting a growing investment in agricultural inputs [21][45] - The proportion of agricultural inputs purchased by farmers remains stable at 30% from 2017 to 2027, while seed expenditure is consistently 20% of total agricultural spending [21][48][51] Market Size Overview - The vegetable seed market size in China has shown consistent growth from 161.9 billion RMB in 2017 to an estimated 310.99 billion RMB in 2023, with projections reaching 415.16 billion RMB by 2026 and 461.16 billion RMB by 2027 [21][40] - The number of vegetable farmers is projected to increase from 2,475.53 million in 2023 to 3,050 million by 2027, indicating a growing base of agricultural producers [40][44] Farmer Expenditure and Investment - The average annual expenditure of farmers is expected to rise significantly, from 2,698.33 million RMB in 2017 to 7,686 million RMB by 2027, highlighting an increasing financial commitment to farming [21][45] - The percentage of expenditure on seeds remains constant at 20% throughout the forecast period, indicating a stable investment strategy among farmers [21][51] Farmer Demographics - The number of migrant workers in agriculture is projected to grow from 28,652 thousand in 2017 to 30,500 thousand by 2027, reflecting a stable labor force in the agricultural sector [29][41] - The proportion of farmers engaged in vegetable planting is expected to increase from 10.8% in 2017 to 12.5% by 2027, indicating a shift towards more vegetable cultivation [37][42]

Investment Rating - The report indicates a positive outlook for the biotechnology industry, particularly in the pharmaceutical sector, highlighting successful commercialization and profitability of innovative drugs [4]. Core Insights - The report emphasizes that innovative drug companies have achieved full-year profitability for the first time, signaling a shift in the industry and raising questions about future development paths [4]. - The Chinese biotechnology sector is positioned to benefit significantly from domestic policy incentives and unmet clinical needs, suggesting a broad development space [4]. - The report notes that the global nucleic acid drug market has grown from $2.69 billion in 2019 to $22.04 billion in 2023, with continued growth expected [23]. Summary by Sections Nucleic Acid Drug Market Status - Nucleic acid drugs can intervene at the source to suppress disease-related gene expression or introduce genes that express normal proteins, showing high therapeutic potential in various fields [5][12]. - As of the end of 2023, 19 nucleic acid drugs have been approved globally, including 9 drugs and 7 RNAi drugs [5]. Cell and Gene Therapy Market Status - Cell and gene therapy (CGT) involves modifying cells from the body for disease treatment, with significantly higher R&D costs compared to traditional drugs, ranging from $900 million to $1.1 billion in early stages [28]. - The CGT market in China has rapidly developed, with 32 CGT therapies approved for IND from January to March 2024, indicating a strong pipeline for future approvals [32][33]. Human Vaccine Market Status - The vaccine market is experiencing rapid growth, with the global market size increasing from $37.2 billion in 2019 to $62.4 billion in 2023, and projected to reach $113.5 billion by 2028 [54]. - The Chinese vaccine market has expanded from 53.48 billion RMB in 2019 to 151.27 billion RMB in 2023, with expectations to grow to 303.47 billion RMB by 2028 [53][54].

Investment Rating - The report rates the peptide drug industry with a 5-star rating, indicating a strong investment outlook [30]. Core Insights - The peptide drug market is expanding rapidly due to increasing demand from chronic disease patients, particularly in oncology, endocrinology, and metabolism [7][8]. - Technological advancements in synthesis methods, particularly solid-phase peptide synthesis (SPPS), are driving industry growth [9]. - The introduction of blockbuster products and the increasing number of approved peptide drugs are expected to further propel market expansion [10][12]. Industry Definition - Peptides are compounds formed by amino acids linked by peptide bonds, playing crucial roles in regulating biological activities [5]. - Peptide drugs are synthesized using modern biological or chemical techniques and are used for disease prevention, diagnosis, and treatment [5]. Industry Classification - The peptide drug industry can be classified based on drug usage, including peptide vaccines, anti-tumor peptides, antiviral peptides, and diagnostic peptides [6]. Industry Characteristics - The industry is characterized by a rich variety of therapeutic scenarios and a growing demand from chronic disease patients, leading to market expansion [7]. - The industry is experiencing breakthroughs in administration methods and technological iterations, contributing to robust development [9]. - The increasing number of approved peptide drugs is enhancing clinical acceptance and driving demand [10]. Industry Scale - The peptide drug market size grew from 54.03 billion RMB in 2019 to 59.60 billion RMB in 2023, with a compound annual growth rate (CAGR) of 2.48% [26]. - The market is projected to reach 135.90 billion RMB by 2028, with a CAGR of 20.42% from 2024 to 2028 [26]. Competitive Landscape - The industry features a tiered competitive structure, with leading companies like Shengnuo Biotech and Tide Pharmaceutical in the first tier, followed by companies like Hanyu Pharmaceutical and Shuangcheng Pharmaceutical in the second tier [41]. - The market is primarily dominated by multinational corporations, while domestic companies are gradually entering through generics and innovative research [41]. Market Drivers - The increasing number of patients, particularly in oncology and metabolic diseases, is driving the demand for peptide drugs [27][28]. - The GLP-1 drug market is particularly promising, with significant sales growth observed in recent years [12][18]. - The upcoming expiration of patents for major GLP-1 drugs is expected to lead to a surge in generic versions, further expanding the market [29]. R&D Pipeline - The peptide drug pipeline is rich, with 301 clinical trials in phase II or III from January 2015 to May 2024, particularly in endocrine and metabolic diseases [30][41].

Investment Rating - The report does not provide a specific investment rating for the cross-border e-commerce industry targeting the U.S. market [4]. Core Insights - The cross-border e-commerce sector, particularly Chinese exports to the U.S. market, has seen significant growth due to the proliferation of mobile internet, improved logistics, and the impact of global health events. The U.S. e-commerce market is expected to continue expanding, with mobile e-commerce and social shopping emerging as new growth points [4][11]. Industry Definition - Cross-border e-commerce refers to transactions between entities in different customs territories facilitated through e-commerce platforms, involving electronic payment and logistics for product delivery. Chinese cross-border e-commerce exports specifically target the U.S. market [5]. Industry Characteristics - The U.S. cross-border e-commerce market is characterized by diverse e-commerce platforms, strong online consumer purchasing power, and significant seasonal consumption patterns. Major platforms include Amazon, eBay, and Walmart, each with unique features catering to different consumer needs [8][9][10]. Market Size - From 2020 to 2023, the market size for cross-border e-commerce targeting the U.S. grew from $19.183 billion to $29.393 billion, with a compound annual growth rate (CAGR) of 15.29%. Projections indicate growth from $36.063 billion in 2024 to $76.354 billion by 2028, with a CAGR of 20.63% [27][28]. Competitive Landscape - Amazon dominates the U.S. e-commerce market with a 37.6% market share, followed by Walmart at 6.4%. Emerging platforms from China, such as Temu and SHEIN, are rapidly gaining market share, indicating a potential restructuring of the competitive landscape [16][35][36]. Consumer Preferences - U.S. consumers prioritize brand, quality, and personalized service, with a notable preference for private label products from major retailers. Seasonal shopping trends significantly influence purchasing behavior, particularly during holiday seasons [9][10][24]. Future Trends - The U.S. e-commerce market is expected to continue growing, driven by mobile and social e-commerce. The rise of platforms like TikTok Shop is reshaping consumer engagement and purchasing habits, particularly among younger demographics [29][30].

Market Performance - Hong Kong Biotech Market - In 2023, the Hong Kong stock market was severely impacted by multiple Fed rate hikes, with the Hang Seng Index falling nearly 14% and the Hang Seng Tech Index dropping 8.83% [4] - The average daily trading volume in the Hong Kong stock market declined significantly due to weak IPO performance and reduced market activity [4] - In Q1 2024, the Hang Seng Index showed signs of recovery, with a PE ratio of 8.43x, slightly higher than the 8.22x at the end of 2023 [10] 18A Biotech Market Performance - As of March 31, 2024, 64 biotech companies have listed under the 18A rules, with only 4 companies (Innovent Biologics, Akeso Biopharma, Kelun-Biotech, and Quanxin Biotech) trading above their IPO prices [5][18] - The average price drop for the 60 companies trading below IPO prices is 71.0%, with 13 companies experiencing over 90% price declines [5][18] - 12 companies have met the requirements to remove the "B" designation by achieving profitability [3][23] Market Capitalization and Revenue - The total market capitalization of 18A-listed companies is relatively small, with only 1 company exceeding RMB 100 billion in market cap [29] - In 2023, 18A-listed companies achieved total revenue of RMB 50.41 billion, with 4 companies turning profitable [31][33] - BeiGene, Innovent Biologics, and Henlius Biotech were the top 3 revenue generators, with BeiGene leading at RMB 17.41 billion [33] IPO Trends and Market Sentiment - 2020-2021 was the peak period for 18A IPOs, with 17 and 44 companies filing for listing respectively [26] - Market sentiment cooled significantly in 2022-2023, with only 7 companies successfully listing each year [26] - The 18A market is entering a period of rationalization after the bursting of valuation bubbles [26] Regulatory Environment and Policy Support - The 18A rules allow unprofitable biotech companies to list with a minimum market cap of HK$1.5 billion and require at least one core product to have passed the concept stage [35] - Recent policy measures include expanding the scope of eligible ETFs under Stock Connect, including REITs in Stock Connect, and supporting RMB stock trading counters in Hong Kong [40] - These policy measures aim to enhance market liquidity, attract more listings, and strengthen Hong Kong's position as an international financial center [41]

Investment Rating - The report does not explicitly state an investment rating for the SUV industry Core Insights - The SUV market in China is projected to grow significantly, with the market size expected to reach approximately 43,432.02 billion RMB by 2028, reflecting a compound annual growth rate (CAGR) of around 15.07% from 2023 to 2028 [25] - The A0-level SUV market is forecasted to decline, with a projected market size of 920.47 billion RMB in 2024, down from 929.77 billion RMB in 2023, indicating a slight decrease [25] - The A-level SUV market is expected to stabilize around 8,281.82 billion RMB in 2024, with a modest growth rate of 0.45% anticipated for the following years [25][32] - The B-level SUV market is projected to experience robust growth, with an expected market size of 12,312.66 billion RMB in 2024, reflecting a growth rate of 24.44% [51] Market Size Overview - The overall SUV market size in China from 2018 to 2028 shows a consistent upward trend, with the market size increasing from 14,778.46 billion RMB in 2018 to an estimated 43,432.02 billion RMB in 2028 [25] - The A0-level SUV market size fluctuated significantly, peaking at 2,179.5 billion RMB in 2020 before declining to 929.77 billion RMB in 2023, with projections indicating further decreases in the coming years [25][32] - The A-level SUV market has shown relative stability, with minor fluctuations in size, maintaining a range around 8,000 billion RMB over the years [25][32] - The B-level SUV market has shown strong growth, increasing from 3,662.58 billion RMB in 2018 to a projected 12,312.66 billion RMB in 2024 [51] Retail Sales Insights - Retail sales of A0-level SUVs have been declining, with sales expected to drop from 109,000 units in 2023 to 98,100 units in 2024, reflecting a decrease of 10% [29] - A-level SUV retail sales are projected to decrease from 520,500 units in 2023 to 510,090 units in 2024, indicating a slight decline [37] - B-level SUV retail sales are expected to grow significantly, from 322,400 units in 2023 to 393,330 units in 2024, reflecting a growth rate of approximately 22% [51] - C-level SUV retail sales are also projected to increase from 83,900 units in 2023 to 96,490 units in 2024, indicating a growth rate of 15% [62]