Investment Rating - The industry investment rating is "Hold" [1] Core Insights - The down jacket market in China is expanding, with the market size increasing from 120.9 billion yuan in 2019 to 196 billion yuan in 2023, representing a CAGR of 12.84%. It is projected to reach 227 billion yuan in 2024 and exceed 330 billion yuan by 2028 [3][20][21]. Summary by Sections Market Overview - China is the largest consumer market for down jackets globally, showing steady growth and resilience within the apparel sector [20]. - The market's growth is driven by consumer upgrading trends and increasing demand for quality products [20]. Consumer Preferences - Over 53% of consumers prioritize quality when purchasing down jackets, followed by style (48.72%) and color (43.96%). Price (45.79%) and brand (44.51%) are also significant factors [4][21]. - The main purchasing channels include large shopping malls and e-commerce platforms, indicating a shift towards online shopping convenience [4][21]. Supply Side Dynamics - Consumer preferences for filling materials show that duck down is the most popular choice (53.3%), followed by down cotton (49.45%) and goose down (49.27%) [5][24]. - The price of down has seen a significant decline, with 95% white goose down prices dropping by 18.14% compared to the previous year [5][24]. Technological Innovations - Brands are focusing on technological innovations to enhance product performance. For instance, Gao Fan's "future wool" down jackets have advanced waterproofing and insulation capabilities [6][26]. - The industry is transitioning from a focus on material quantity to technological advancements, including eco-friendly materials and smart temperature control [6][29]. Competitive Landscape - The market exhibits a "head concentration, small dispersion" structure, with domestic brands like Bosideng and Gao Fan leveraging cost-effectiveness and channel advantages [8][30]. - Bosideng has shown robust growth, with revenue increasing from 13.517 billion yuan in 2020 to 25.902 billion yuan in 2024, achieving a CAGR of 17.66% [8][33]. Recent Market Performance - From November 10 to November 14, 2025, the textile and apparel sector saw a 4.41% increase, outperforming the broader market indices [9][37].

Group 1: Smart Wearable Technology - A stylish smart temperature-controlled down jacket was showcased at the 7th China International New Materials Industry Expo, capable of heating up in 2 seconds and featuring four temperature settings [1] - The core technology of the jacket is based on a two-dimensional material that offers high electrical conductivity, stability, and processability, along with precise temperature control through smart algorithms [1] - The company, Harbin Yunjing Technology Co., Ltd., focuses on applying new energy and new material technologies in smart wearable products, including low-pressure rapid heating systems and smart fabrics [1] Group 2: Eco-friendly Materials - An eco-friendly bag made from plant fiber biodegradable materials was presented, capable of holding over 10 kilograms, demonstrating its strength and durability [3] - The biodegradable material used for the bag is advantageous due to its full biodegradability, low cost, and the ability to avoid "white pollution" caused by traditional plastic products [3] - The company, Heilongjiang Jinying Nafu Biotechnology Co., Ltd., specializes in producing fully biodegradable materials for various applications, including packaging and agricultural films [3] Group 3: Aluminum Materials in Automotive Industry - China Aluminum Corporation showcased an all-aluminum car body model, highlighting the advantages of aluminum alloy automotive panels, such as higher strength, lighter weight, and ease of forming [5] - The aluminum materials produced by the company have reached international advanced levels, with certifications from over 25 major manufacturers for more than 90 vehicle models [5] - The company aims to achieve a sales target of 320,000 tons in 2024, leading the domestic market share in aluminum automotive materials [5]

Group 1 - The 9th Inner Mongolia Cultural Industry Expo is held in Hohhot, focusing on digital empowerment to revitalize cultural heritage [1] - The expo features nine major exhibition areas, including Northern Border Culture, Cultural Technology, Smart Tourism, and International sections, with over 500 enterprises from more than 20 countries and regions participating [1] - Innovative projects showcased include AI-assisted performances, 3D virtual fitting mirrors for ethnic clothing, and immersive experiences related to Inner Mongolia's culture [1] Group 2 - The expo introduces a Smart Tourism theme area, presenting various outdoor lifestyle solutions, including a robot coffee bar that prepares coffee in 50 seconds and smart temperature-controlled clothing [2] - The international exhibition area has expanded by 20%, featuring cultural products from over 20 countries, including Russia, Mongolia, France, Nepal, and Indonesia, facilitating cultural exchange and performances [2]

Core Insights - The conference focused on the intelligent temperature control sector, showcasing Yudian's innovations and strengths in this field [2][4] - Yudian's new product lineup includes high-precision multi-loop intelligent temperature controllers and high-temperature resistant modules, which are positioned as preferred configurations for high-end manufacturing [4][20] Industry Trends - The intelligent industrial temperature control market in China is experiencing continuous growth, driven by the manufacturing sector's shift towards smart and low-carbon solutions [5][6] - Emerging industries such as lithium batteries and photovoltaics are increasingly demanding energy-saving technologies [5] Product Innovations - Yudian introduced several core products, including the AI-8848/8888 series, which offers high performance and reliability, meeting the stringent requirements of the semiconductor industry with a measurement resolution of 0.001°C and sampling rates of 20ms [21] - The newly launched combination mode intelligent temperature controller integrates various temperature control modules, addressing performance deviations caused by improper assembly [23] - The AI-66XX series temperature acquisition module is designed for high-temperature conditions in lithium battery production, maintaining a control precision better than 0.5°C at 125°C [24] Strategic Partnerships - Yudian has formed deep collaborations with companies like Dongguan Yihua Automation Co., Ltd. and Shenzhen Hanno Automation Technology Co., Ltd. to enhance the development of domestic industrial intelligent temperature control technology [11][12] - The partnerships aim to align temperature control technology with industry needs, facilitating production efficiency and low-carbon transitions [12] Future Outlook - Yudian aims to continue innovating in temperature control technology, addressing challenges in high-end manufacturing and enhancing market competitiveness [19] - The company is committed to optimizing cooperation mechanisms with distributors to foster collaborative development [17]

Core Viewpoint - Longjin Technology (300594) reported a slight decrease in total revenue for 2024, amounting to 881 million yuan, while focusing on expanding new business areas that have yet to contribute to profits [1] Group 1: Business Performance - The company specializes in the research, production, sales, and maintenance services of air conditioning systems for rail transit vehicles [1] - Longjin Technology's air conditioning business for rail transit vehicles continues to show steady growth, successfully winning several key projects including various metro lines in cities like Shanghai, Shenzhen, and Beijing [1] Group 2: Product Development - The company has produced variable frequency air conditioning products that are operational in 49 cities across 34 provinces, with a total of 30,000 units, saving approximately 37.5 million kWh of electricity annually and reducing carbon dioxide emissions by 37,500 tons [2] - In the field of new energy and intelligent thermal management products, the company is enhancing its integrated thermal management air conditioning systems, which effectively manage cooling and heating needs while recovering heat for winter heating [2] Group 3: Digital Energy and Cooling Solutions - Longjin Technology has leveraged its brand advantages in the energy storage sector to expand its client base, securing orders from major industry players and delivering a leading volume of 5MWh platform products [3] - The newly launched liquid cooling temperature control product series meets extreme environmental requirements, ensuring reliable operation of energy storage systems, with cumulative shipments exceeding 35GWh [3]