Industry Investment Rating - The report does not explicitly mention an investment rating for the AIGC (Artificial Intelligence Generated Content) sector [1] Core Viewpoints - The AIGC sector in China's mobile internet has experienced rapid growth, with market penetration exceeding 5% by August 2024 [6] - The core user base for AIGC applications consists of young white-collar workers under 35, primarily located in high-tier cities, with strong consumption power and a pursuit of tech trends [4][9] - The AIGC application ecosystem is forming around multi-scenario demands, including life, work, study, and entertainment, with language model apps leading in traffic [6] Market Trends and Growth - From January to August 2024, the AIGC sector's monthly independent device count increased by 133%, reaching 7,576,200 devices by August [6][7] - Language model apps dominate the AIGC sector, with over 67 million independent devices in August 2024 [6][8] - Kimi Smart Assistant and Doubao are leading in user growth, with Kimi achieving a 41.3% compound growth rate over seven months [13][26] User Demographics and Behavior - 35-year-old and younger users account for nearly 50% of the AIGC user base, with white-collar workers making up 28.5% [9] - High-income users in first-tier and new first-tier cities show a strong preference for AIGC applications [9] - Key user segments include "Social Enjoyers" (13.4%) and "Trendsetters" (12.3%), indicating a focus on young, high-spending, and tech-savvy users [11] Sub-Sector Analysis Language Models - Doubao leads in traffic, with a 2.8x increase in active users from January to August 2024 [13] - Kimi Smart Assistant has seen significant growth, with a 41.3% compound growth rate over seven months [13][26] Intelligent Chat Companions - Xingye APP is popular among young female users, with a strong focus on entertainment and social interaction [17] - Users of intelligent chat apps show high engagement with anime, gaming, and lifestyle content [19] Intelligent Tools - AI writing and language learning apps are driving growth in the intelligent tools sub-sector, with a focus on education and productivity [20] - User loyalty is influenced by cost-effectiveness and functionality [20] Image Processing - Specialized services in image processing, such as AI image enhancement and video generation, are driving user engagement [22] - Apps like Wujie AI and Tuqu AI are leading in this sub-sector, with significant market potential [22][23] Growth Leaders - Top 10 fastest-growing AIGC apps in August 2024 include Kimi Smart Assistant (41.3% growth), Doubao (21.0% growth), and Xingye (10.5% growth) [26] Conclusion - The AIGC sector in China's mobile internet is rapidly expanding, driven by young, tech-savvy users and multi-scenario applications [6][9] - Language models and intelligent chat companions are leading the growth, with significant potential in intelligent tools and image processing [13][17][20][22]

| --- | --- | |---------------------------------------------------|-------------------------------------------| | | i Research JDH 京东健康 · 买 瑞 女 答 询 | | 中国银发人群健康养老 消费报告 | | | 京东健康 × 艾瑞咨询 联合出品 ©2024 iResearch Inc. | | 前言 随着人口年龄结构发生变化，老龄化问题成为我国在未来较长时间内面临的挑战，积极应对 老龄化已上升为国家战略。我国老龄化社会呈现出群体规模大、发展速度快、生活数字化程 度高、健康意识和人口素质不断增强等新的发展态势和特征。 随着年龄的增长，老人的身体机能衰退，将出现慢性病、生活能力弱化等问题，日常生活需 要服用药品、保健品、需要医疗器械长久辅助。新时代的银发人群有哪些健康管理问题？日 常生活中对健康管理有什么需求？购买健康养老商品的考虑因素以及痛点是什么？银发人群 健康消费趋势又具有哪些特点？这些问题都亟需获得清晰的回答，以更好推动银发经济的发 展。 在此背景下，京东健康与艾瑞咨询联 ...

Industry Overview - The overall scale of China's cybersecurity hardware equipment market is expected to reach 3.59 billion yuan in 2024, with dedicated cybersecurity hardware platforms accounting for 40% of the market [2] - In the dedicated cybersecurity hardware platform market, Luyan Technology holds a 22.3% market share, ranking first, while Taiwanese manufacturers still play a significant role [2] - In the domestic innovation (Xinchuang) segment, Luyan Technology leads with a 49.7% market share [2] Market Trends - The market is shifting from decentralized to centralized procurement, with leading suppliers benefiting from stronger supply chain support and higher product coverage [2] - Domestic hardware and software are maturing, transitioning from "usable" to "usable and reliable," becoming a major driver of future industry growth [2] - Dedicated cybersecurity hardware platforms are gradually replacing general-purpose cybersecurity hardware devices due to increasing demand for specialized solutions in complex network environments [2] Industry Structure - The cybersecurity hardware equipment industry is divided into upstream (electronic components), midstream (cybersecurity products), and downstream (end customers) [8] - Key upstream components include chips, memory, and network cards, while midstream products include firewalls, intrusion detection systems, and unified threat management platforms [8] - Downstream customers span industries such as government, finance, telecommunications, and energy [8] Market Segmentation - The market is divided into general-purpose and dedicated cybersecurity hardware platforms, with the latter offering higher customization and longer lifecycles [10] - Dedicated platforms are increasingly favored due to their ability to meet diverse and stringent security requirements [10] - The lifecycle of general-purpose hardware is shorter (1.5-3 years), while dedicated platforms can last 5-10 years due to deep integration with customer scenarios [10] Domestic Innovation (Xinchuang) Development - The domestic innovation (Xinchuang) market is growing, with domestic cybersecurity hardware platforms accounting for 30% of the dedicated hardware market and expected to increase further [2] - Domestic innovation products are transitioning from "usable" to "usable and reliable," driven by policy support and technological advancements [2] - Leading domestic manufacturers like Luyan Technology are dominating the Xinchuang market, with a 49.7% share [2] Competitive Landscape - The top five companies in the dedicated cybersecurity hardware platform market hold a combined market share of 56.8%, with Luyan Technology leading at 22.3% [37] - In the domestic innovation segment, the top three companies account for 66.4% of the market, with Luyan Technology maintaining a dominant position [39] - The market is expected to become more concentrated, with leading companies benefiting from stronger supply chain integration and broader product portfolios [37] Key Players - **Luyan Technology**: Focuses on integrating supply chain resources and strengthening ecosystem cooperation, with a strong presence in both general and domestic innovation markets [42][44] - **Lihua Technology**: Specializes in highly customized solutions for industries like cybersecurity, telecommunications, and edge computing [48] - **Xinghan Network**: Provides comprehensive solutions for cybersecurity, cloud interconnection, and IoT, leveraging AI for personalized services [50] - **Hengwei Technology**: A leader in network visualization and domestic innovation, combining AI and domestic technologies to create value [54] Future Trends - Enterprises are increasing cybersecurity spending to combat rising risks, with global security and risk management spending expected to reach $215 billion in 2024 [63] - Domestic innovation products are becoming more competitive, with performance improvements and cost advantages driving adoption [70] - The market is shifting towards centralized procurement, with leading suppliers offering comprehensive solutions and stronger supply chain support [68]

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The Chinese family parenting market is characterized by a strong willingness to invest in high-quality parenting, with parents eager to learn and apply scientific parenting knowledge [2][11] - The influence of maternal and infant vertical platforms is significant, providing tailored parenting guidance and emotional value to users [2][3] - In the era of family co-parenting, all members are involved in decision-making regarding maternal and infant products, leading to high brand loyalty and awareness among parenting members [2][3][19] Summary by Sections 01 Overview of the Macro Environment for Chinese Family Parenting - The macro environment shows an increasing consumer power in the maternal and infant market, with families willing to provide substantial economic support for their children [2][11] 02 Insights into Chinese Family Parenting Behavior - Parents prioritize spending time with their children and are committed to learning scientific parenting methods [13] - A significant majority (96.8%) believe that family co-parenting has a positive impact on child development [19] 03 Insights into the Online Parenting Touchpoint Ecosystem - Maternal and infant vertical platforms dominate the information acquisition and decision-making stages for parenting products, with 78% of users relying on these platforms for information [55][65] - Users express high trust in the professional nature of maternal and infant vertical platforms, with 93.7% stating that these platforms help them focus on learning parenting knowledge [68] 04 Marketing Value of Maternal and Infant Vertical Platforms - These platforms are seen as professional parenting tools, leading to high user loyalty and satisfaction with the quality of parenting information and community atmosphere [3][25] - The platforms are effective in reaching a large number of loyal parenting users, enhancing user stickiness [3][26] 05 Portrait of Main Parenting Members in Chinese Families - The report highlights the collaborative nature of parenting decisions, with 91.6% of families participating in the selection of maternal and infant products together [27] 06 Future Trends in the Maternal and Infant Industry - The report suggests that the maternal and infant market will continue to grow, driven by high-quality parenting demands and increased family spending on children [11][12]

Industry Investment Rating - The report does not explicitly provide an overall investment rating for the Chinese e-commerce market [1][2] Core Views - The Chinese e-commerce market has entered a bottleneck period, but there are still structural growth opportunities driven by demand for improved quality of life and category development [2] - Consumer demand is increasingly stratified, with a focus on cost-effectiveness, but there is still a significant market for premium and unique products [10][11] - The supply side is dominated by a存量 market, with growth pressure increasing, but opportunities remain in areas like outdoor sports and silver economy [15][18] Supply and Demand Changes Demand Side - Consumer demand is becoming more stratified, with a focus on cost-effectiveness, but there is still a significant market for premium and unique products [10][11] - Categories driven by quality-of-life improvements, such as outdoor sports and silver economy, show strong growth potential [13][18] Supply Side - The e-commerce market is entering a存量 market phase, with growth pressure increasing [15] - Traditional e-commerce growth is slowing, while live-streaming e-commerce, though still growing, is also experiencing a slowdown [15][16] - Despite overall market pressure, there are still opportunities in categories like outdoor sports and health-related products [18] Platform Strategy Changes - In 2023, platforms like JD.com saw some success with low-price strategies, while others like Taobao and Douyin did not [22][23] - In 2024, platforms are focusing on a "two-pronged" strategy: enhancing low-price competitiveness while also building differentiated competitive advantages [24][25] Platform Rule Changes Refund-Only Rule - The refund-only rule is widely used in low-price competition scenarios and has become an industry standard [31][32] - It has both positive and negative impacts, but the positive effects dominate, such as improving consumer satisfaction and forcing merchants to improve product quality [38][39] Price Comparison Rule - Price comparison rules are key to establishing price competitiveness, but there is still room for optimization [42][43] - These rules can help increase consumer shopping efficiency but may also lead to low-quality development if not managed properly [48][49] Traffic Distribution Rule - In 2024, platforms are balancing low-price and GMV-oriented traffic distribution to drive the ecosystem towards higher value [51][52] - Low-price traffic distribution may reduce product diversity and quality, while GMV-oriented distribution can help identify high-value merchants and products [53][54] Industry Development Trends - Platforms are focusing on their positioning advantages and optimizing rules to explore growth paths beyond low-price competition [57][58] - Merchants and consumers need to choose the right platform to efficiently meet their needs as platforms increasingly differentiate their strategic positioning [4]

Industry Overview - The Chinese big data industry achieved significant growth during the "13th Five-Year Plan" period, with an average annual compound growth rate exceeding 30%, surpassing 1 trillion yuan in 2020 [2] - Policies such as the "Data Twenty Articles" and the "Data Elements × Three-Year Action Plan (2024-2026)" have positioned data as a key factor in economic development, promoting the healthy development of data circulation and application [2] - The report analyzes the industry from three dimensions: macro development, practical paths, and vendor research, providing insights into future development priorities and paths [2] Macro Development Environment - Emerging technologies have driven explosive growth in data, establishing data as a key factor in resource allocation [3] - Data security and privacy protection have spurred new explorations into secure data circulation and reuse [3] - The data elements industry chain is divided into three segments: data resource elementization, market circulation, and data element application, with third-party service providers playing a crucial role in facilitating the transformation from resource to application [3] Market Size and Business Models - The data elements circulation and application market is in its infrastructure phase, with two main business models: infrastructure-focused in government and public sectors, and data operation and service models in finance, healthcare, and transportation [3] - The market size of China's data elements is projected to reach 166.2 billion yuan in 2024, with a compound annual growth rate of 25.7%, expected to reach 204.29 billion yuan by 2025 [3] Data Elements Industry Chain - The data elements industry chain includes five key stages: data collection and processing, data storage and governance, data assetization and productization, data connection and circulation, and data trading [5] - The report focuses on the "external circulation" of data elements, discussing the progress, feasibility, and application scenarios across various industries [5] Public Data Authorization and Operation - Since 2022, China has been exploring data elements circulation through three main directions: public data authorization systems, industry-specific application scenarios, and accounting treatment methods for enterprise data resources [28] - The construction of public data authorization platforms has accelerated, with 21 provinces and cities already launching public data open platforms [34] Challenges in Data Elements Circulation - The industry faces challenges such as insufficient data and infrastructure, lack of motivation in various sectors, and slow progress in multi-party collaboration [4] - Public data quality varies significantly, with issues like missing data, inconsistent formats, and difficulties in cleaning and organizing data [40] - The lack of unified technical standards and the complexity of integrating existing systems further complicate the implementation of public data authorization [41][44] Industry Applications - Financial, transportation, healthcare, and energy sectors are leading in data elements circulation applications, with significant demand for cross-industry data sharing and reuse [51] - In the financial sector, privacy-preserving technologies are driving the construction of digital financial infrastructure, with applications in risk control and marketing [55][56] - The transportation sector leverages public data for applications like urban traffic monitoring, smart city development, and autonomous driving model training [64][65] - The healthcare sector faces challenges in data sharing due to privacy concerns, but is making progress in medical research and drug development through secure data sharing platforms [69][74] Data Assetization and Valuation - As of June 2024, there are over 35 cases of data assetization in China, primarily using the "cost method" for valuation, with limited exploration of long-term data value [81][82] - Enterprises face challenges in data assetization due to unclear data ownership, insufficient internal data governance, and difficulties in accurately assessing data value [85]

Industry Overview - Industrial large models are in the early stages of development, leveraging advancements in large model technology to gradually penetrate industrial applications [2] - The core of large models lies in their probabilistic nature, relying on statistical inference rather than true understanding or logical reasoning, leading to challenges like lack of interpretability and unavoidable hallucinations [2] - Industrial internet platforms have laid the groundwork for data preparation, making the development of industrial large models potentially faster than industrial internet platforms, provided there are no technical limitations [2] - The market for industrial large models is highly exploratory, with products and services still in the nascent stage, and players are leveraging their unique strengths to explore specific application scenarios [2] Key Players and Market Dynamics - The industrial large model market is dominated by players with overlapping expertise in industrial internet platforms, with a high degree of similarity in growth paths [2] - Key competitive factors include foundational capabilities, model capabilities, and model application depth, with short-term focus on technology and long-term focus on application depth [3] - The relationship between large and small models is complementary, with both coexisting and synergizing to enhance industrial applications [3] - The market is moving towards platformization, with vertical industry large models, intelligent agents, small models, and mechanism models forming the core of platform-based solutions [3] Technological Framework and Model Capabilities - AI frameworks are divided into three layers: foundational, technical, and application layers, with major players like Google, Meta, Microsoft, Amazon, Alibaba, Baidu, and Huawei dominating the foundational and technical layers [8] - Large models are essentially probabilistic systems that learn from vast amounts of data, with their capabilities derived from pre-training, fine-tuning, and reinforcement learning [10] - The relationship between AI, machine learning, deep learning, and large models is hierarchical, with large models representing the application of various algorithmic combinations [12] - Large models differ from small models in terms of data volume, parameter scale, computational requirements, and generalization capabilities, with large models offering better generalization but lower interpretability [13] Industrial Applications and Feasibility - Industrial large models are feasible due to the accumulation of data assets and the readiness of data for feeding into foundational models, enabling the development of industry-specific large models [17] - The application of large models in industrial settings is currently focused on operational scenarios with some tolerance for errors, such as knowledge Q&A and design assistance, while core manufacturing scenarios await further model evolution [2] - The integration of industrial internet platforms and large models is expected to accelerate the development of industrial large models, with data preparation being a key enabler [2] Market Entry Strategies and Revenue Models - Industrial large model players are diverse, covering software and hardware vendors, with market entry strategies focusing on leveraging their unique strengths to explore specific application scenarios [23] - The primary revenue model for industrial large models is customized comprehensive solutions, with additional revenue streams from hardware-software integrated products [29] - API calls and intelligent agent distribution are potential revenue models, but these are still in the exploratory phase and require further market validation [29] Challenges and Future Outlook - The main challenges for industrial large models include model evolution, data quality, application depth, and commercial viability, with these factors being interdependent and mutually reinforcing [2] - The future of industrial large models is uncertain, with potential for significant evolution in capabilities and services, driven by advancements in model technology and the integration of multi-modal models [29] - The platformization of industrial large models is expected to lead to the development of modular solutions that can address 60%-70% of the needs of similar enterprises and scenarios [32]

Industry Overview - The office software industry in China is part of the application software layer within the information technology innovation (Xinchuang) system, with a focus on compatibility and adaptation to the Xinchuang environment [2] - The pace of enterprise office Xinchuang upgrades has slowed, with faster adoption in the eastern and southern regions compared to the western and northern regions [2] - The financial and energy sectors are particularly proactive in adopting Xinchuang upgrades [2] Market Segments Hybrid Office - Hybrid office scenarios emphasize cross-regional collaboration, often delivered as integrated software and hardware solutions [2] - Hardware adaptation for Xinchuang requires collaboration with supply chain partners and the Xinchuang ecosystem [2] - Enterprises prioritize vendors' technical capabilities and product performance during procurement [2] Collaborative Office - Collaborative office scenarios focus on internal process management and information sharing, with complex product features and low standardization [2] - The collaborative office market was valued at approximately 1.3 billion yuan in 2023, with a growth rate of 16.1% [2] - The market is expected to see a slight increase in growth rate by 2026 due to the influence of the State-owned Assets Supervision and Administration Commission's Document No. 79 [2] Efficiency Office - Efficiency office scenarios aim to enhance individual or team productivity, with mature and highly standardized products [2] - The efficiency office market was also valued at around 1.3 billion yuan in 2023, but experienced a noticeable decline in growth rate [2] - A slight market recovery is anticipated between 2026 and 2027 as enterprises renew their software licenses [2] Development Challenges Technical Challenges - The performance of the Xinchuang infrastructure limits the functionality of application-layer software, necessitating improvements in underlying hardware and software performance [2] - Establishing a more efficient ecosystem is crucial to support the high-performance operation of upper-layer applications [2] Market Challenges - Reduced policy subsidies may diminish enterprises' motivation to undertake Xinchuang transformations, as cost-effectiveness and product usability become primary considerations [2] Policy and Regulatory Environment - The State-owned Assets Supervision and Administration Commission's Document No. 79 mandates that state-owned enterprises complete the Xinchuang transformation of their information systems by the end of 2027 [17] - Policies are focused on supporting the development of hardware and basic software, such as chips and databases, to build an ecosystem cluster [17] - The Xinchuang system follows a "2+8+N" construction path, starting with government agencies and expanding to industries such as finance, telecommunications, and energy [17] Industry Trends - The Xinchuang upgrade process is expected to shift from being policy-driven to being innovation-driven within enterprises [68] - The penetration of Xinchuang in office software is anticipated to expand from government and financial sectors to other industries, with large state-owned enterprises leading the way for local state-owned enterprises and leading private enterprises [69] Key Players - Northrop Grumman (Beixinyuan) and Huidian Technology are notable companies in the Xinchuang office software space, offering high-security communication platforms and intelligent office solutions, respectively [46][49] - Kingsoft Office is a leading company in the domestic office software market, with its WPS Office being widely recognized as a Xinchuang-compliant efficiency office product [59][60]

/Digital 1 瑞 要 美妆行业 周度市场观察 2024/9.2-9.8 第 37 周 行业环境 头部品牌动态 投资运营 产品技术 营销活动 01 行业趋势 Industry Trends 本周看点： | --- | --- | |--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

/Digital 1 食品饮料行业 周度市场观察 第 37 周 2024/9.2-9.8 行业环境 头部品牌动态 投资运营 产品技术 营销活动 01 行业趋势 Industry Trends 本周看点： | --- | --- | |--------------------------------------------------|-------| | | | | 数读「植物蛋白饮料」："旧瓶新酒"还是"古树新芽"？ | | | 爆款面包超市制造，山姆盒马胖东来进军"烘焙顶流"; | | | 既要放纵又要健康，新中式养生的潮风吹向年轻一代。 | | 行业环境： 1. 数读「植物蛋白饮料」："旧瓶新酒"还是"古树新芽"？ 关键词：植物蛋白饮料,燕麦奶,复合型植物蛋白,核桃乳,椰子乳 概要：近年来，以燕麦奶为代表的植物基饮品在2B渠道快速发展，但直面消费者市场进展缓慢。 中国植物蛋白饮料市场有深厚历史和知名品牌，如六个核桃、椰树等。近期，本土企业加快创 新，如唯怡获L Catterton投资，三只松鼠进入乳饮市场并设下"3年20亿"销售目标。植物蛋 白饮料包括椰子乳、核桃乳等。椰子乳市场份额最大且集中度高，核桃 ...