CATL(SZ:300750) Zheng Quan Shi Bao·2025-04-28 22:05Core Viewpoint - The concept of "domestic substitution" is evolving from a perception of being a second-best option to a strategic necessity, reflecting advancements in Chinese technology and manufacturing capabilities [1][2]. Group 1: Domestic Substitution and Technological Advancements - Domestic substitution is not merely about replacing imported components but involves a comprehensive restructuring of the industrial chain, technology standards, and market rules [2]. - In the medical device sector, companies like United Imaging Healthcare have launched innovative products that have entered the global high-end market, showcasing that domestic products are not inferior but competitive [1]. - The Chinese electric vehicle industry has established a complete ecosystem from lithium mining to vehicle manufacturing, pushing global automotive standards towards "Chinese standards" [2]. Group 2: Impact of External Pressures - The U.S. technology blockade has inadvertently accelerated the pace of domestic substitution, compelling Chinese companies to innovate and compete globally [2]. - DeepSeek, a representative AI company in China, has emerged as a competitor to OpenAI, demonstrating that external pressures can catalyze technological innovation [2]. - Following supply chain disruptions, Huawei's HarmonyOS has been installed on over 1 billion devices, indicating significant progress in domestic technology [2]. Group 3: Challenges and Opportunities - Despite challenges such as weak foundational research and a shortage of high-end talent, the environment for innovation in China is improving [3]. - In 2024, China's total R&D expenditure is projected to reach 36,130 billion yuan, an 8.3% increase from the previous year, maintaining its position as the second-largest R&D investor globally [3]. - Over 570 Chinese industrial companies are among the global top 2,500 in R&D investment, highlighting the growing strength of domestic innovation [3].