Investment Rating - The wet electronic chemicals industry is rated with a 5-star rating, indicating strong growth potential and investment opportunities [38][39]. Core Insights - The wet electronic chemicals industry, also known as ultra-pure reagents, has seen its market size grow from 7.464 billion to 20.861 billion from 2019 to 2023, with a compound annual growth rate (CAGR) of 29.30%. It is projected to reach 35.364 billion by 2028, with a CAGR of 10.68% from 2024 to 2028 [33][38]. - The industry is characterized by a focus on three main sectors: semiconductors, display panels, and photovoltaics, with significant market shares held by companies from Europe, the US, and Japan [9][10]. Industry Definition - Wet electronic chemicals are defined as chemical reagents with a purity exceeding 99.99%, used primarily in the wafer manufacturing process [5][6]. Industry Classification - The wet electronic chemicals can be classified into general chemicals (88% application share) and functional chemicals (12% application share) [8][7]. Industry Characteristics - The industry is concentrated in three main sectors: semiconductors (24.29% application share), liquid crystal displays (23.5% application share), and photovoltaics (48.75% application share) [9][10]. Market Size - The market size of the wet electronic chemicals industry has grown significantly, with projections indicating continued growth through 2028 [33][38]. Supply Chain Analysis - The supply chain consists of upstream basic chemical industries, midstream manufacturers of general and functional wet electronic chemicals, and downstream electronic information industries [16][19]. Competitive Landscape - The global market is dominated by traditional companies from Europe and the US, which hold approximately 31% of the market share, while Japanese companies account for about 28% [10][46]. Future Demand Drivers - The demand for wet electronic chemicals is expected to grow significantly due to the expansion of large-size wafers, TFT-LCD/OLED display panels, and photovoltaic cells [19][30][31].

Investment Rating - The SUV industry is rated with a 4-star rating, indicating a positive outlook for investment opportunities [30]. Core Insights - The SUV market continues to grow, combining the advantages of sedans and off-road vehicles to meet diverse consumer needs. The rapid development of new energy and intelligent technologies is driving this growth, with significant sales in new energy SUVs. The market is becoming increasingly segmented, catering to individual preferences, particularly among younger consumers who prioritize aesthetics and new technologies [4][7][8]. Industry Definition - The SUV, or Sport Utility Vehicle, is characterized by its combination of sedan-like handling and off-road capabilities, making it suitable for both urban and rugged environments. The industry is evolving towards higher comfort and better off-road performance, integrating more intelligent and environmentally friendly technologies to adapt to changing market demands [5][6]. Industry Classification - SUVs are classified based on size and wheelbase into categories such as small, compact, mid-size, large, and full-size SUVs, each catering to different consumer needs and preferences [6]. Industry Characteristics - The SUV industry is marked by rapid technological innovation, personalized consumer demand, and a younger consumer demographic. As of June 2024, SUV sales reached 4.8811 million units, accounting for 49.7% of total passenger vehicle sales, with new energy vehicles also gaining significant market share [7][8][9]. Development History - The SUV industry has evolved through several stages, from its early roots in military vehicles to its current status as a popular consumer choice, particularly in the context of urbanization and luxury [10][11][12][14]. Industry Scale - The market size of the SUV industry grew from 1,477.846 billion RMB in 2018 to 2,192.238 billion RMB in 2023, with a compound annual growth rate (CAGR) of 8.21%. It is projected to expand from 2,489.485 billion RMB in 2024 to 4,343.202 billion RMB by 2028, with a CAGR of 14.93% [32][33]. Policy Overview - Various policies have been implemented to promote the adoption of new energy vehicles, including tax exemptions and subsidies for consumers purchasing electric SUVs, aimed at enhancing market vitality and supporting industry growth [37][38][39]. Competitive Landscape - The SUV market is characterized by intense competition, with domestic and international brands each holding a 50% market share. The competitive dynamics are shifting towards technology innovation, with domestic brands like BYD and Changan gaining prominence [43][44][45].

Investment Rating - The report does not provide a specific investment rating for the cemetery construction industry Core Insights - The cemetery construction industry in China is experiencing rapid growth due to increasing aging population and urbanization, with a compound annual growth rate (CAGR) of 10.73% from 2018 to 2023, and an expected CAGR of 16.11% from 2024 to 2028 [4][33] - The industry is shifting towards green ecological, cultural ecological, and technological applications, such as promoting ecological burials and utilizing GIS, RFID, and digital technologies [4][8] - Key drivers for market growth include increasing consumer demand and supportive government policies, with innovative cemetery construction models and green burial reforms further propelling industry development [4][34] Market Size - The market size of the cemetery construction industry grew from 514 billion RMB in 2018 to 855.56 billion RMB in 2023, with projections to reach 1,805.32 billion RMB by 2028 [33] - The increase in demand for cemetery services is driven by a rise in the death population, which reached 11.1 million in 2023, and an urbanization rate of 66.16% [9][35] Industry Characteristics - The cemetery construction industry is characterized by a rapid growth trend, driven by the increasing death population and a gradual transformation of burial concepts [8][34] - The industry is moving towards cultural ecological and new technology applications, with a focus on natural ecological construction in urban cemeteries [10][11] Competitive Landscape - The industry is highly fragmented with many small players, but a few large companies dominate the market, such as Fushouyuan International Group [44][46] - The competitive landscape is influenced by the increasing demand for ecological and environmentally friendly cemeteries, as well as stricter government regulations on cemetery construction [47][44] Policy Support - Government policies are increasingly supportive of the cemetery construction industry, with initiatives aimed at promoting public burial facilities and enhancing the supply of burial services [38][41] - The "14th Five-Year Plan" for civil affairs emphasizes the need for public burial facilities, providing a strong foundation for industry growth [38][41] Technological Advancements - The industry is adopting new technologies such as GIS for ecological burial management, RFID for ashes storage management, and digital technologies for preserving cultural heritage [11][19] - The integration of technology is expected to enhance service efficiency and quality in the cemetery construction sector [19][27]

Investment Rating - The report does not explicitly state an investment rating for the biotechnology industry, particularly the antibody drug sector. Core Insights - The antibody drug sector is experiencing significant growth, driven by advancements in technology and increasing demand for targeted therapies, especially in oncology [4][36]. - As of March 31, 2024, 64 biotechnology companies have completed listings under the Hong Kong Stock Exchange's Chapter 18A, with 48 in the pharmaceutical sector, highlighting the sector's expansion [4]. - The global pipeline for antibody drugs is rich, with 6,272 antibody drugs (including biosimilars) reported as of July 20, 2023, indicating a robust research and development environment [5][23]. Summary by Sections Antibody Drug Industry Insights - Antibody drugs are characterized by high specificity and uniformity, targeting specific molecular sites to minimize damage to non-target cells, particularly in cancer treatment [15][16]. - The market for antibody drugs in China grew from 28.8 billion yuan in 2019 to 103.3 billion yuan in 2023, with a compound annual growth rate (CAGR) of 37.7% [36]. R&D Pipeline Distribution - The global antibody drug pipeline is predominantly focused on oncology, with nearly 50% of the drugs targeting cancer [23]. - The top 10 companies by the number of IND and above antibody drug pipelines include Roche, AstraZeneca, and Bristol-Myers Squibb [23]. Market Size - The antibody drug market in China is projected to reach 353.6 billion yuan by 2028, with a CAGR of 27.9% from 2023 to 2028 [36]. Monoclonal Antibody Market Analysis - As of October 2023, 32 monoclonal biosimilars have been approved in China, with significant competition in the market, particularly for drugs like Bevacizumab [41]. ADC Drug Market Analysis - As of November 2023, there are 15 approved ADC drugs globally, with Kadcyla being the highest-selling at $2.44 billion in 2022 [52]. - The ADC drug sector is rapidly evolving, with 554 ADC drugs currently in clinical trials [52]. Bispecific Antibody Market Analysis - In 2023, four new bispecific antibodies were approved, contributing to a total sales of $8.33 billion for the year, with Roche leading the market [63]. Company Insights - Key companies in the antibody drug sector include Innovent Biologics, I-Mab Biopharma, and Hengrui Medicine, which are actively involved in the development of innovative therapies [71].

Investment Rating - The report does not explicitly state an investment rating for the men's clothing industry Core Insights - The report focuses on the market size and growth trends of the men's clothing industry in China, highlighting the increasing per capita clothing expenditure and its correlation with GDP growth [1][30][31] Summary by Relevant Sections Market Overview - The report provides a detailed analysis of the per capita clothing expenditure in China, showing a gradual increase from 1,289 RMB in 2018 to an estimated 1,742 RMB by 2027, with a projected annual growth rate of approximately 5% [31][34] Demographic Insights - The male population aged 15-64 is projected to maintain a stable percentage of the total population, with estimates showing a slight increase from 36.41% in 2018 to 36.32% by 2027 [37][38] Expenditure Trends - The male clothing expenditure as a percentage of total clothing expenditure remains constant at 1.13% from 2018 to 2027, indicating a stable consumption pattern among male consumers [34][36] Population Data - China's total population is projected to slightly decline from 1.411 billion in 2023 to 1.406 billion by 2027, reflecting a negative growth trend [36][39]

Industry Overview - The IoT security industry in China is experiencing rapid growth, with the market size expected to reach 43.8 billion yuan by 2027, representing a compound annual growth rate (CAGR) of 28.7% [5] - The market growth is driven by the widespread adoption of IoT technology, increasing security demands, and technological advancements, particularly in AI, big data, and cloud computing [5] - The IoT security architecture requires multi-layered protection, addressing threats from the perception network layer to the application layer to ensure device and data security [5][12] Market Size and Growth - In 2022, the IoT security market in China reached 12.4 billion yuan, a year-on-year increase of 33.8% [5] - The market is projected to grow to 43.8 billion yuan by 2027, with a CAGR of 28.7% from 2022 to 2027 [5] - The growth is fueled by the proliferation of IoT devices, rising awareness of security risks, and advancements in AI, big data, and cloud technologies [5][21] Competitive Landscape - The IoT security market is highly competitive, dominated by major telecom operators such as China Mobile, China Telecom, and China Unicom [5] - Second-tier companies like Qinglian Cloud, Qi An Xin, and NSFOCUS, along with third-tier players such as Huawei and Hikvision, contribute to market innovation and expansion [5][54] - These companies leverage their technological expertise and user bases to drive the development of IoT security solutions [54] Industry Chain Analysis - The upstream segment of the IoT security industry includes hardware and software providers, while the midstream consists of cloud service providers, telecom operators, and security solution providers [22][25] - Downstream applications span various industries, including finance, logistics, and retail, with high penetration rates in major cities and emerging sectors [23][38] - The industry chain is characterized by intense competition in the upstream, diverse business models in the midstream, and significant growth potential in downstream applications [23][25] Technological Trends - IoT security is increasingly focusing on design-phase security, multi-layered defense systems, and the integration of AI for threat detection and response [50][51] - Edge computing and 5G technologies are expected to enhance the performance and efficiency of IoT security systems [51] - Continuous security audits and updates are critical to maintaining the long-term security of IoT devices [51] Policy and Regulatory Environment - The Chinese government has introduced a series of policies to promote IoT security, including both encouraging and regulatory measures [46] - Encouraging policies focus on advancing security infrastructure and strengthening safeguards, while regulatory policies emphasize accountability and risk management [46] - Key policies include the "Digital China Development Report (2022)" and the "Guidelines for the Construction of Cybersecurity and Data Security Standards for Internet of Vehicles" [47] Key Players and Innovations - Leading companies like China Mobile and NSFOCUS are driving innovation in IoT security through advanced solutions such as device access control and lifecycle security management [54] - Companies like Qinglian Cloud and Bangbang Security are contributing to the industry with specialized technologies and comprehensive security frameworks [54] - The collaboration between telecom operators and security firms is fostering a robust ecosystem for IoT security development [54]

| --- | --- | --- | --- | |------------------------------|------------------------------------------------|-------|-------| | | | | | | | | | | | | | | | | 中国 WiFi-6 | 芯片行业市场规模测算 逻辑模型 头豹词条报告系列 | | | | 发布日期： 2023/08/17 伍鑫童 | | | | 1. 中国WiFi-6芯片市场规模 (结论图) P3 2. 中国WiFi-6芯片市场规模 P4 3. 全球WiFi-6终端出货量 P5 4. WiFi-6芯片均价 P6 5. 全球WiFi-6芯片市场规模 P7 6. 中国网络设备市场规模 P8 7. 全球网络设备市场规模 P9 8. 中国WiFi-6芯片占全球WiFi-6芯片市场规模比例 P10 9. 法律声明 P11 10. 头豹研究院简介 P12 11. 头豹词条介绍 P13 12. 头豹词条报告 P14 WiFi-6芯片行业规模 ◀ 1. 中国WiFi-6芯片市场规模（结论图） 全球WiFi-6终端出 ...

Investment Rating - The report assigns a 4-star rating to the gold industry, indicating a positive outlook for investment opportunities [44]. Core Insights - The gold industry has shown significant growth, with the market size increasing from 506.36 billion yuan in 2019 to 773.40 billion yuan in 2023, reflecting a compound annual growth rate (CAGR) of 11.17%. It is projected to grow from 895.03 billion yuan in 2024 to 1,228.44 billion yuan by 2028, with a CAGR of 8.24% [37]. - The demand for gold is driven by various factors, including central bank purchases, geopolitical tensions, and inflation concerns, which enhance gold's appeal as a safe-haven asset [39][40]. Industry Definition - Gold (chemical symbol Au) is a yellow metal known for its excellent physical properties, stable chemical nature, high ductility, and scarcity. It serves as a special currency for reserves and investments and is widely used in jewelry, electronics, communications, and aerospace [5][6]. Industry Classification - Gold can be classified based on its source and refining methods into raw gold (mined gold and river gold) and refined gold (pure gold, red gold, and various karat gold types) [7][9]. Industry Characteristics - The gold industry is characterized by its pricing mechanisms, with significant influence from the London and New York markets. China is striving for greater pricing power through initiatives like the Shanghai Gold Benchmark [10][11]. - Gold possesses attributes of currency, finance, and commodity, making it a versatile asset for investment and reserve purposes [12]. Historical Development - The history of gold can be segmented into several phases, from the gold standard established in 1717 to the fluctuations in gold prices post-Bretton Woods in 1971, influenced by various geopolitical and economic events [14][17]. Industry Chain Analysis - The gold industry chain consists of upstream (gold mining), midstream (refining and trading), and downstream (jewelry, coins, and central bank reserves) segments. China leads in gold production, accounting for approximately 10% of global output [22][23][26]. Market Size - The gold market has experienced substantial growth, with a notable increase in demand from central banks and consumers. In 2023, jewelry accounted for 49.01% of global demand, while central banks contributed 23.06% [33][38]. Future Outlook - The report anticipates continued growth in the gold market, driven by central bank purchases and geopolitical uncertainties. The demand for gold is expected to remain strong, particularly in the context of rising inflation and economic instability [39][40].

Investment Rating - The report does not provide a specific investment rating for the home decoration industry. Core Insights - The home decoration industry focuses on enhancing indoor spaces and improving the quality of life for residents. It encompasses design, construction, and product selection, facing intense market competition. However, new technologies such as digitalization and AI present new opportunities. Consumer demand is increasingly diverse and personalized, driving the industry towards multifunctionality and technological integration. The market size experienced a decline due to the pandemic and real estate impacts but is expected to grow steadily with the development of 5G and AI, ushering in a new phase of smart home integration that enhances quality of life and intelligence levels [4][29][30]. Industry Definition - The home decoration industry is defined as focusing on the design and beautification of indoor spaces, aiming to optimize living environments based on aesthetic needs. It includes various stages such as interior design, renovation construction, and product selection, adhering to specific business models like design consulting and project customization. The industry is evolving towards multifunctionality and technological integration, emphasizing sustainable design practices [5][12]. Industry Classification - The home decoration industry can be classified into three service models: home design, renovation construction, and one-stop integrated services. Home design offers personalized solutions, renovation construction focuses on actual building work, and one-stop services provide a full process from design to construction [7]. Market Characteristics - The home decoration industry is characterized by intense market competition, ongoing technological development, and increasing consumer demand for personalization. The market for home building materials is undergoing a reshuffle, with eco-friendly materials gaining rapid growth opportunities, while the furniture and textile industry faces overcapacity and declining revenues [8][9][10]. Market Size - From 2018 to 2023, the market size of the home decoration industry decreased from 682.57 billion RMB to 561.28 billion RMB, with a compound annual growth rate of -3.84%. It is projected to grow from 648.4 billion RMB to 828.1 billion RMB from 2024 to 2028, with a compound annual growth rate of 6.31% [29][30]. Consumer Trends - There is a notable shift towards younger consumer demographics, with increasing demands for quality and personalized home decoration. The disposable income of residents has risen, leading to higher expectations for living environments. Over 70% of consumers prefer low-carbon home decoration products, and 96.8% prioritize the ambiance of home decoration products [26][27]. Technological Development - The home decoration industry is undergoing significant technological changes, particularly in the renovation process. Digital transformation enhances internal processes and communication efficiency between service providers and consumers. The integration of AI and digital technologies is driving rapid industry growth, with the market entering a stable growth phase in 2023 [10][11]. Policy Overview - Recent government policies aim to stabilize consumption and promote high-quality development in the home decoration industry. Initiatives include supporting personalized customization and flexible production, enhancing digital transformation, and promoting green and intelligent home products [35][39].

Investment Rating - The report does not provide a specific investment rating for the XBC battery industry Core Insights - The XBC battery technology, based on N-type substrates, is expected to become mainstream due to its advantages in improving photovoltaic efficiency and performance, despite high costs and technical barriers. The market for XBC batteries is rapidly growing, driven by policy support, technological advancements, and market demand [5][10][41]. Industry Definition - The XBC (Back Contact) battery is a solar cell technology that enhances efficiency by placing the PN junction and metal contacts on the back of the cell, maximizing light capture and reducing optical losses [6][10]. Industry Characteristics - Key characteristics of the XBC battery industry include: 1. High-quality products accelerating the transformation of household photovoltaic business models [10][11]. 2. TBC+HBC technology attracting industry transformation due to high conversion efficiency [12]. 3. Leading manufacturers actively entering the market, with initial production capacity expected to be released in 2024 [13]. 4. Streamlining processes and reducing manufacturing costs are critical for cost reduction [14]. 5. Increasing competition within the industry [15]. Industry Development History - The XBC battery industry has gone through three development stages: 1. Emergence phase (1975-1996) where the concept was introduced but faced challenges in mass production [16][17]. 2. Initiation phase (1997-2010) where initial industrialization occurred [19]. 3. Rapid development phase (2011-present) with significant advancements and increased competition [21]. Industry Scale - The market size of the XBC battery industry is projected to grow from 4.52 billion RMB in 2022 to 33.78 billion RMB in 2024, with a compound annual growth rate (CAGR) of 173.49% [41]. Industry Chain Analysis - The XBC battery industry chain includes: - Upstream: Raw material suppliers such as silicon and silver paste [22][28]. - Midstream: Battery and component manufacturing [32]. - Downstream: Applications in electric vehicles and energy storage systems [36][38]. Market Trends - The market share of BC batteries is expected to increase from less than 1% in 2022 to over 8% in 2024, potentially reaching 15-20% by 2025 [26]. Policy Support - Government policies and subsidies are crucial for the development of the XBC battery market, with ongoing support for renewable energy technologies [43]. Competitive Landscape - The competitive environment is intensifying as numerous companies enter the XBC battery sector, driving rapid development and technological innovation [15]. Leading companies like Longi Green Energy and Aiko Solar are expanding their production capacities [13][35].