Core Viewpoint - The leakage cable industry is a significant segment of the cable sector, focusing on the production of specialized cables with signal transmission and antenna functions, experiencing continuous growth due to rapid advancements in mobile communication and rail transit sectors, supported by favorable national policies [1][9]. Industry Overview - Leakage cables, also known as leakage coaxial cables, are designed with periodic slots in the outer conductor, allowing electromagnetic wave transmission and radiation, making them essential for wireless communication in confined spaces like subways and tunnels [3][4]. - The leakage cable market in China reached a size of 2.9 billion yuan in 2019, projected to grow to 6.21 billion yuan by 2024, with a compound annual growth rate (CAGR) of 16.4% [1][10]. Industry Chain - The leakage cable industry consists of three main segments: upstream (raw material suppliers), midstream (manufacturing), and downstream (application fields). The upstream includes suppliers of metals like copper and aluminum, while the midstream focuses on the production processes, and the downstream involves applications in various sectors such as transportation and security [6][7]. - Copper is the primary raw material for leakage cables, with China's copper production maintaining over 20 million tons annually. In 2023, copper production decreased by 3.04%, but is expected to rebound by 6.01% in 2024 [7]. Market Dynamics - The urban rail transit sector is a major application area for leakage cables, with the total operational mileage of urban rail transit in China expected to increase from 7,973.41 kilometers in 2020 to 12,160.77 kilometers by 2024, enhancing the demand for reliable signal systems [8][9]. - Domestic companies like Zhongtian Technology and Tongding Interconnection have made significant technological advancements, breaking foreign monopolies in high-end leakage cable markets [11]. Development Trends - High performance is a key future trend, with leakage cables expected to evolve towards higher transmission rates, lower losses, and stronger anti-interference capabilities, particularly to meet the demands of 5G technology [14]. - The application scenarios for leakage cables are diversifying beyond traditional uses, with emerging areas such as smart mining and emergency communications gaining traction [15]. - Industry consolidation is anticipated, with leading companies likely to integrate vertically to control raw material supply and expand their market presence through strategic partnerships and acquisitions [16].