Industry Overview - The civil explosives industry is defined as products used for non-military purposes, including various types of explosives and detonating devices listed in the "Catalog of Civil Explosives" [1][16] - The industry is characterized by strict regulation, high entry barriers, and significant regionalization, with a licensing system covering all aspects from production to transportation and blasting operations [1][16] Industry Classification - Civil explosive products can be categorized into industrial explosives and their products, industrial detonators, industrial pyrotechnics, other civil explosives, and raw materials [2][17] Development History - The civil explosives industry in China has evolved over 70 years, transitioning from a fragmented structure during the planned economy to a more consolidated and regulated market post-reform [3][18] - Since 2017, the industry has entered a phase of high-quality development and intelligent transformation, driven by policy initiatives, market consolidation, and technological advancements [3][18] Current Industry Chain Status - The industry chain consists of three segments: upstream raw material supply (e.g., ammonium nitrate), midstream manufacturing of various explosives and detonators, and downstream application in mining and infrastructure projects [6][21] Market Trends - The market is witnessing a stable price trend for ammonium nitrate, with expectations of recovery, while the demand for explosives is increasing, and the demand for detonators is declining [22] - The industry is experiencing a shift towards integrated manufacturing and service models, with a focus on technological upgrades and regional concentration [3][22]