1 全球半导体产业持续复苏，芯片制造产能快速扩张， 带动半导体设备市场需求 汉鼎智库咨询 2024-11-21 一、全球半导体产业持续复苏 半导体产业是信息技术产业的核心，是支撑经济社会发展和保障国家安全的 战略性、基础性和先导性产业，其技术水平和发展规模已成为衡量一个国家产业 竞争力和综合国力的重要标志之一。半导体元件（如集成电路、晶体管、芯片等） 能够实现对电信号的处理、存储和传输，使得电子设备具备各种功能，没有半导 体，现代电子信息产业将无法正常运转。作为"工业粮食"的半导体芯片被广泛 地应用于计算机、消费类电子、网络通信、汽车电子、物联网等产业，是绝大多 数电子设备的核心组成部分。而泛半导体行业是一个广泛且快速发展的领域，涵 盖了多个与半导体相关但又不仅仅局限于传统半导体制造的产业。它包括了集成 电路、平板显示、光伏、LED 等多个细分领域。 世界半导体贸易统计组织（WSTS）预测数据显示，2024 年全球半导体市场 规模约为 6112.31 亿美元，2025 年将达到 6873.80 亿美元，连续三年保持增 长。 2018-2025 年全球半导体销售额（亿美元） 数据来源：世界半导体贸易统计组织 二 ...

Investment Rating - The report indicates a positive investment outlook for the traditional Chinese medicine (TCM) herbal slice processing industry, highlighting its rapid development and increasing market significance [2]. Core Insights - The TCM herbal slice processing industry is experiencing growth due to rising consumer acceptance of TCM treatments and favorable government policies that enhance market demand [11][12]. - The industry has shown resilience, with a notable increase in revenue and profit margins despite challenges such as rising raw material costs [8][11]. Industry Overview - The TCM herbal slice processing industry is defined as the processing of herbal materials into forms suitable for direct use in TCM prescriptions or production of traditional Chinese medicines [4]. - The industry plays a crucial role in the TCM supply chain, linking raw material production with end-user consumption in hospitals and pharmacies [4]. Market Overview - The TCM herbal slice processing industry has seen a steady increase in revenue, with 2021 figures reaching 205.7 billion yuan, a 13.7% year-on-year growth, and profits totaling 24.93 billion yuan, up 102.3% [6][8]. - In 2022, the industry revenue was estimated at 217 billion yuan, reflecting a 5.5% growth, while profits faced a decline of 31.9% due to rising costs [8]. - Projections for 2023 indicate a revenue increase to 248.7 billion yuan, with growth rates of 14.6% for revenue and 22.9% for profits [8][11]. Consumption Market - The primary consumers of TCM herbal slices include hospitals, clinics, and pharmacies, with hospitals being the largest market segment [15]. - The increasing coverage of health insurance is expected to further boost the market share of TCM herbal slices [15]. Price Trends - The producer price index for the TCM herbal slice processing industry has shown an upward trend from January to September 2023, indicating a general increase in market prices [22].

Group 1 - The concept of low-altitude economy is based on low-altitude airspace and is primarily driven by the general aviation industry, encompassing various sectors such as low-altitude flight, aviation tourism, regional passenger transport, and aviation services [2][3] - Low-altitude airspace is defined as the airspace within a vertical distance of 1000 meters from the ground, extendable to 3000 meters based on actual needs, and is categorized into controlled and uncontrolled airspace [2] - The low-altitude economy consists of four main components: low-altitude infrastructure, low-altitude aircraft manufacturing, low-altitude operation services, and low-altitude flight assurance [3][4] Group 2 - The low-altitude economy is driven by several factors, including severe urban ground traffic congestion, with an average congestion index of 1.8239 in 2023 for ten major cities, and an average increase of 7.17% compared to 2022 [4][5] - eVTOL (Electric Vertical Takeoff and Landing) offers significant time efficiency and economic feasibility, with a commuting time of only 20 minutes compared to 90-150 minutes for traditional transport methods, and a cost that is competitive with taxis [5] - The low-altitude economy has high adaptability with downstream applications in agriculture, logistics, healthcare, and tourism, exemplified by the widespread use of agricultural drones in China [5][6] Group 3 - The market size of the low-altitude economy, centered around eVTOL, is projected to reach 2 trillion yuan by 2030, with contributions to the national economy expected to be between 3 trillion to 5 trillion yuan by 2025 [6][7] - By 2030, it is anticipated that China will account for 25% of the global low-altitude economy market, which could reach a total size of 10 trillion yuan globally [6][7]

Industry Overview - The global toaster market size was $4.14 billion in 2022 and is expected to reach $5.29 billion by 2028 [1] - The global vacuum cleaner market size was $57.26 billion in 2022 and is projected to grow to $74.29 billion by 2028 [1] - The global air fryer market size was $1.12 billion in 2022 and is forecasted to expand to $2.02 billion by 2030 [3] - China's small home appliance market reached $51.73 billion in 2022 and is anticipated to grow to $64.38 billion by 2028 [4] Market Growth Trends - China's domestic vacuum cleaner production increased from 87.66 million units in 2016 to 144.14 million units in 2021 [6] - China's electric baking appliance production grew from 165.10 million units in 2016 to 342.20 million units in 2021 [6] - China's export value of vacuum cleaners increased from RMB 30.94 billion in 2018 to RMB 38.53 billion in 2022 [9] - China's export value of electric ovens rose from RMB 5.97 billion in 2018 to RMB 7.66 billion in 2022 [9] Product Development - Air fryers have gained popularity among younger consumers (post-90s and post-00s generations) due to their health benefits and ease of cleaning [3] - The air fryer market is experiencing rapid growth, with a projected CAGR of 7.1% from 2022 to 2030 [3] - Smart home appliances with high added value are increasingly recognized in the Chinese market [4] Production Capacity - China has become one of the world's major small home appliance manufacturing bases [6] - The country's production capacity for key small appliances has shown significant growth over the past five years [6] - The production growth rate of electric baking appliances has outpaced that of vacuum cleaners [6]

Industry Overview - Coating and developing equipment is a critical component in the semiconductor manufacturing lithography process, directly impacting the formation of fine exposure patterns and the quality of graphic development, which in turn affects subsequent processes like etching and ion implantation [1] - The equipment is categorized into front-end and back-end types, with front-end used in wafer manufacturing and back-end in packaging processes [1] - The semiconductor equipment industry is characterized by high technical, market, and customer recognition barriers, with major global players like Applied Materials, ASML, Lam Research, Tokyo Electron, and KLA dominating the market [1] - China's domestic coating and developing equipment industry is in an accelerated development phase, but still lags behind international standards in precision, resolution, process stability, reliability, and efficiency [1] Market Demand and Growth - The global front-end coating and developing equipment market is projected to grow from $3.8 billion in 2022 to $4.5 billion in 2025, with China's market expected to reach $1.8 billion (approximately 13 billion RMB) by 2025 [3] - In 2025, China's market for KrF and below, ArFi, and other coating and developing equipment is estimated at $940 million, $600 million, and $270 million respectively [3] - The global market is expected to grow at a compound annual growth rate (CAGR) of 4.0% from 2022 to 2025, with China's market share increasing from 26% in 2022 to 40% in 2025 [4] Industry Concentration and Domestic Progress - The coating and developing equipment industry is highly concentrated, with Tokyo Electron (TEL) dominating the front-end market, holding a 90% global market share in 2023 [5][6] - Other key global players include Japan's DNS, Germany's SUSS, Taiwan's ELS, and Korea's CND [7] - Domestic companies like SMEE and Kingsemi have made progress, with SMEE's ArF immersion coating and developing equipment securing orders from five major domestic clients, achieving domestic substitution for 28nm and above node equipment [9] - Despite these advancements, China's domestic front-end coating and developing equipment market share remains low, with significant gaps compared to international standards [9] Key Players - Tokyo Electron (TEL): Founded in 1963, listed on the Tokyo Stock Exchange, specializing in semiconductor equipment including coating/developing, thermal processing, dry etching, CVD, wet cleaning, and testing equipment [7] - DNS: Established in 1868, listed on the Tokyo Stock Exchange, focusing on semiconductor manufacturing, image processing, LCD manufacturing, and PCB equipment [7] - SUSS MicroTec: Founded in 1949, listed on the German Stock Exchange, specializing in lithography solutions and wafer bonding [7] - ELS: Established in 2005, focusing on small-scale fully automated yellow light process mass production equipment [7] - CND: Founded in 2005, specializing in fully automated yellow light equipment [7] - ACM Research: Founded in 2005, listed on NASDAQ, focusing on single-wafer wet cleaning, advanced packaging coating/developing, and single-wafer wet processing equipment [7] - Kingsemi: Established in 2002, offering coating/developing and single-wafer wet processing equipment for 6-inch and below wafer processing, as well as 8/12-inch wafer processing [7]

1 "懒人经济"、"趣味生活"等助推全球小家电 市场规模猛增 汉鼎智库咨询 2024-10-18 一、全球小家电行业概况 小家电以时尚、个性、方便、实用的特点赢得了千万家庭的青睐，随着居民 生活水平的提升，空气炸锅、面包机、吸尘器、电熨斗等小家电应用于日常生活 的方方面面，逐渐成为家电领域新的增长动力，根据 Statista 统计数据，2022 年全球小家电市场规模达到 2,433.10 亿美元，未来，全球小家电市场规模有望 持续增长，预计 2028 年市场规模将达到 3,236.60 亿美元，行业总体处于平稳 发展状态。 图表 1 2018-2028 年全球小家电销售收入情况（十亿美元） 数据来源：Statista 由于欧美地区由于经济发达，小家电产品普及程度高，消费基数庞大，一直 是全球小家电的主力消费市场。根据 Statista 统计数据，2022 年美国小家电市 场规模为 269.20 亿美元，预计未来几年市场将保持良好的常态化增长态势，到 2028 年美国小家电市场规模将达到 328.90 亿美元；2022 年欧洲小家电市场规 模为 406.70 亿美元，预计到 2028 年欧洲小家电市场规模将达到 ...

Investment Rating - The report indicates a positive investment outlook for the photovoltaic industry, highlighting its rapid growth and technological advancements [3][4]. Core Insights - The photovoltaic industry is experiencing significant growth driven by global energy policies, decreasing costs, and expanding application scenarios, with China leading in both manufacturing and installed capacity [3][4]. - The trend of "de-silvering" is becoming a crucial development direction in photovoltaic cell technology, with copper plating technology gaining popularity as a cost-effective alternative to silver [6][8]. Summary by Sections Section 1: Global and Domestic Installed Capacity - In 2023, China's newly installed photovoltaic capacity reached 216.88 GW, with a cumulative capacity exceeding 600 GW, making it the global leader in both new and cumulative installations [4]. - The forecast for 2024 anticipates new installations to exceed 200 GW, with cumulative capacity potentially surpassing 810 GW, supported by rapid advancements in large-scale wind and solar projects [4]. Section 2: Photovoltaic Cell Production Growth - The production of photovoltaic cells in China is projected to grow explosively, with an estimated output of approximately 545 GW in 2023, reflecting a year-on-year increase of 64.9% [5]. - The expected production for 2024 is anticipated to exceed 820 GW, indicating a sustained upward trend in the market [5]. Section 3: Technological Developments in Photovoltaic Cells - The rising cost of silver has intensified the demand for "de-silvering" technologies, with copper plating emerging as a favored solution to replace silver in photovoltaic cells [6]. - Currently, low-temperature silver paste electrodes dominate the market, accounting for 69.6% in 2023, but there is a strong push towards developing copper-based alternatives [6][8].

Investment Rating - The report does not explicitly provide an investment rating for the traditional Chinese medicine (TCM) decoction pieces processing industry Core Insights - The TCM decoction pieces processing industry in China is characterized by low market concentration and is currently in a competitive development stage. As of 2022, there were 2,250 TCM decoction piece enterprises, reflecting significant growth from previous years [1][4] - The number of newly registered enterprises in the TCM decoction pieces industry has been declining from 116,052 in 2020 to 39,197 in 2023, indicating a potential consolidation trend in the market [4] - The top six provinces in terms of registered TCM decoction piece enterprises are Guizhou, Henan, Hubei, Yunnan, Guangdong, and Anhui, with Guizhou leading at 143,464 registered enterprises [6] - The market share of the top ten enterprises in the TCM decoction pieces processing industry is less than 30%, indicating a fragmented market with many small players [8][10] - The report highlights that as quality standards improve and regulatory scrutiny increases, smaller enterprises may face challenges and be gradually eliminated, benefiting larger and more standardized companies [13] Summary by Sections Competitive Landscape - As of the end of 2022, there were 4,569 TCM production enterprises in China, with 2,250 specifically in the decoction pieces sector, showing substantial growth from 2021 [1][2] - The number of TCM decoction piece enterprises has increased from 2,197 in 2020 to 2,250 in 2022 [2] Regional Competition - The leading provinces for registered TCM decoction piece enterprises include Guizhou (143,464), Henan (97,540), Hubei (37,078), Yunnan (35,419), Guangdong (34,540), and Anhui (26,632) [6] Enterprise Competition - The TCM decoction pieces industry has a total of 383,324 related enterprises, with 90.05% having registered capital below 1 million [10] - There are 137 listed companies in the TCM decoction pieces sector, with 25 on the A-share market and 1 on the Sci-Tech Innovation Board [10] Major Companies - Notable companies in the TCM decoction pieces processing market include China Traditional Chinese Medicine, Yunnan Baiyao, China Resources Sanjiu, Hongri Pharmaceutical, and Xiangxue Pharmaceutical, which are recognized for their strong market presence and innovative practices [13][14][15][16][17]

Global Nylon 6 Market Overview - The global Nylon 6 market, driven by the expansion of downstream applications, is steadily growing, with the market size projected to reach USD 26 billion by 2032, reflecting a compound annual growth rate (CAGR) of 5.87% from approximately USD 14.7 billion in 2022 [2] - The production capacity of Nylon 6 slices globally is expected to increase from 6.83 million tons in 2018 to 8.86 million tons by 2024, indicating a consistent growth trend in production capacity [2][3] Regional Production and Consumption - China is the largest producer and consumer of Nylon 6, accounting for 58.6% of global production capacity, followed by the APAC region (excluding mainland China) at 18.8%, Europe at 14.6%, and North America at 8.0% [3][4] - The production capacity in China has grown from 1.685 million tons in 2011 to 6.199 million tons in 2023, with projections to reach 7.279 million tons by 2024 [5][6] Trade Dynamics - As domestic production capacity continues to grow, China's import volume of Nylon 6 slices has been decreasing, while export volume has been increasing, with exports reaching 479,000 tons in 2023 [7][8] Downstream Application Market Overview - Nylon 6, known for its excellent elasticity, wear resistance, and mechanical properties, is widely used in various sectors, including textiles, automotive, electronics, and military applications [10] - In 2023, the distribution of Nylon 6 usage in China shows that textile fibers account for 52%, engineering plastics for 20.25%, and industrial fibers for 12.1%, indicating a significant reliance on textile applications compared to global averages [10][11]

Investment Rating - The report indicates a positive investment outlook for the inverter market, highlighting significant growth potential in various segments [1]. Core Insights - The inverter market is experiencing continuous growth, driven by advancements in technology, increasing market demand, and supportive government policies [5][6]. - The global energy storage inverter market reached a size of 21.84 billion yuan in 2023, marking a year-on-year increase of 105.75%, with a CAGR of 56.92% from 2017 to 2023 [2]. - The Chinese energy storage inverter market grew to 6.399 billion yuan in 2023, with a remarkable year-on-year growth rate of 167.52% and a CAGR of 96.55% from 2017 to 2023 [2]. - The wind power inverter market in China has stabilized, with a market size of approximately 4.393 billion yuan in 2022 [3]. - The traction inverter market in China's urban rail transit sector was about 8.117 billion yuan in 2022, driven by ongoing urbanization and government priorities [3]. - The inverter shipment volume in China reached 50 GW in 2020, increased to 63 GW in 2021, and is expected to reach 86 GW in 2023 [4]. Market Size Overview - The global energy storage inverter market size in 2023 was 21.84 billion yuan, with a year-on-year growth of 105.75% [2]. - The Chinese energy storage inverter market size in 2023 was 6.399 billion yuan, with a year-on-year growth of 167.52% [2]. - The wind power inverter market size in China was approximately 4.393 billion yuan in 2022 [3]. - The traction inverter market size in China was about 8.117 billion yuan in 2022 [3]. Industry Development Drivers - Government policies supporting renewable energy, such as subsidies for electric vehicles and photovoltaic poverty alleviation policies, are driving the growth of the inverter industry [5]. - The rapid economic development in China is increasing demand across power, electronics, and communication sectors, further promoting the inverter industry [5]. - Technological advancements are enhancing the performance and application range of inverters [5]. Development Trends - The trend towards higher frequency inverters is making them more compact and responsive, with improved power control [6]. - Modular design is being adopted to provide flexible, scalable, and maintainable solutions [6]. - New power devices like silicon carbide (SiC) and gallium nitride (GaN) are being explored for their superior switching speeds and lower power consumption [6]. - Smart control and management technologies are being integrated for adaptive control and fault diagnosis [6]. - Multi-energy interconnection is being pursued to integrate renewable energy sources for complementary and collaborative management [6].