中国新经济白皮书 [White Paper of China New Economy 2018] JUNE 30, 2018 QHEEDATA CO. LTD 前海梧桐 ( 深圳 ) 数据有限公司 1

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1 中国新经济白皮书 2018 [White Paper of China New Economy 2018] JUNE 30, 2018 QHEEDATA CO. LTD 前海梧桐 ( 深圳 ) 数据有限公司 1

2 中国新经济白皮书 2018 White Paper of China New Economy 2018 编著 : 前海梧桐 ( 深圳 ) 数据有限公司 Qheedata AI Equity Valuation 撰写 : 王睿司徒晓琳赵烨叶豪小丫智能机器人联合发行 : 前海股权交易中心网址 : 在线阅读 : 印刷 : 深圳市星怡印刷制品有限公司开本 :210mm*285mm 1/16 字数 :156 千字印张 :18 版次 :2018 年 6 月第一版印次 :2018 年 6 月第一次印刷 版权所有侵权必究 Copyright 服务热线 : Hotline:

3 White Paper of China New Economy Content Executive Summary... 1 Methodology... 2 Chapter 1 China new economy characteristics analysis....2 Chapter 2 China new economic sectors & enterprises analysis Section 2.1 Qheedata AIEV new economy sectors classification...21 Section 2.2 Major Sector: AI...31 Section 2.3 Major Sector: Education...42 Section 2.4 Major Sector: Consumption upgrading Section 2.5 Major Sector: Sharing economy Section 2.6 Major Sector: Automobile & Transportation Section 2.7 Major Sector: Sports & Entertainment Section 2.8 Major Sector: Social network Section 2. 9 Major Sector: Biotechnology & Advanced medicine Section 2.10 Major Sector: Post-real estate service Section 2.11 Major Sector: Software & Information technology Section 2.12 Major sector: Finance Section 2.13 Major Sector: Blockchain Section 2.14 Major Sector: Warehousing & Logistics

4 Section 2.15 Major Sector: Hardware & Equipment Section 2.16 Major Sector: Tourism Section 2.17 Major Sector: Modern agriculture, forestry, fishing and new technologies.228 Section 2.18 Major Sector: High-end manufacturing & Advanced technology Section 2.19 Major Sector: Virtual reality / augmented reality Section 2.20 Major Sector: Enterprises Service Section 2.21 Major Sector: Environmental protection & New energy Chapter 3 Appendix Section 3.1 Paraphrase Section China Top Unicorns list (2 nd Quarter)

5 Executive Summary Excerpt With the great economic and technological development all over the world, China continues to embrace the world with opening up and reform policy. China's economy has been transforming from production-driven, investment-driven to innovation-driven new economy market. Right now the innovative economic entities have been presented over all different categories of industries. The new economy refers to the new economic form driven by the information technology and innovative industries at the age of globalization. In order to make the world more clear about China's new economic development and promote win-win cooperation, Qianhai Equity Exchange Center and Qheedata Co. Ltd, with 20 leading leading investment institutions and well-known research institutions, release the White Paper on China's New Economy 2018 to the world. Based on the large data intelligent valuation technology of the Qheedata AIEV system (see the section of Methodology), which acquired 19 international invention patents, Qheedata has carried on the value analysis and quantification of the China leading innovative enterprises, and constructed the AI valuation system with large data, artificial intelligence and financial engineering technology. Based on AIEV system, the White Paper on China's New Economy 2018 is the first systematic work to complete the quantitative analysis of the new economy in China. It is explained and defined from a macro, medium and micro economic perspective. It has made a detailed divisions and exposition of the subdivision industries, and typical enterprises in the new economy, which could not be effectively evaluated by the traditional methods and to solve the problem that the value of the new economic enterprises is hard to be quantified. The White Paper on China's New Economy 2018 has four parts to give an all-round analysis on china s new economy, offer the quantitative analysis methodology, and show the findings on detailed analysis on sectors and enterprises. The White Paper breaks down 20 new economy sectors and 270 sub-sectors. It covers all of the factors contributing to the new economy, including technologies, governmental policies, funds, talents, and enterprises,etc. All of paper finally presents a clear picture of China s new economy entities, traits and features of new economic structure, the investment trends of funds and development of innovative enterprises, and so on. The White Paper has a great application value on learning about China new economy sectors,and analyzing innovative enterprises for investing institutes, and it also has a great research value on China s development research as an eye-catching emerging market for research and analysis institutes. In addition, it definitely will be a valuable book for any readers who are interested in leaning about modern China. 2

6 Methodology Introduction of big data intelligence evaluation technology AIEV system is as follows: "China new economy white paper 2018" is the first systematic work to complete the quantitative analysis of the new economy in China. Traditional valuation methods can not effectively evaluate the equity value of new economic enterprises. The AIEV system is an enterprise intelligent evaluation system built on big data, artificial intelligence and financial engineering technology. AIEV company has gained 19 patents of invention technology around the core valuation system. It is in the world leading level in automatic data clustering, data connection algorithm, automatic decision, trend analysis, automatic evaluation and so on. Based on the large data intelligent valuation method, AIEV system is the first real time online enterprise intelligent valuation system, which provides the solution to the problem that new economic enterprises is hard to be quantified. Application Scenarios AIEV enterprise valuation system has been widely used in many application scenarios such as equity investment, credit system, equity trading, equity management, enterprise data asset management, equity incentive, job hunting, corporate listing, social networking and so on, so that people can more intuitively recognize the value of the enterprise, help financing the enterprises, and improve the efficiency of management. Users can download the Qheedata AIEV APP to experience for more applications. The technical system of the methodology includes: 1. Automatic clustering. Patents: accurate analysis method and system of enterprise segmentation industry based on big data (CN A) Patent: a method and system for automatic clustering of enterprise data (CN A) Patent: a method and system for setting enterprise characteristic labels (CN A). 2. Data connection algorithm. Patent: a method and system for realizing automatic connection of basic elements of enterprises (CN A) Patents: a method and system for expressing the connection between enterprise elements based on biometrics (CN A). 3

7 Patent: a method and system for automatically generating the basic element linking group (CN A) Patents: neuron like enterprise data level representation method and its system (CN A) Patents: a method for capturing data association relationships between enterprises based on mass data and its system (CN A) 3. Automatic decision making. Patent: natural language based enterprise decision elements extraction method and system (CN A) Patent: intelligent decision making method and system for investment and financing of enterprises (CN A) Patent: mining method and system of enterprise decision points based on massive data (CN A) Patents: screening methods and systems for key decision points of individual enterprises (CN A) 4. Trend analysis. Patent: forecasting method and system of enterprise development trend based on neural network (CN A) Patents: the precise prediction method and system of industry trend based on big data (CN A) Patent: machine learning based investment trend analysis method and its system (CN A) 5. Automatic evaluation. Patents: a multidimensional enterprise scoring system and its system (CN A) Patents: methods and systems for analyzing enterprise trend analysis (CN A) Patent: calculation method and system of influence of enterprise characteristics on enterprise development (CN A) Patent: a method and system for enterprise operation automation analysis (CN A) Qheedata AIEV system uses 63 functional modules to automate the enterprise value assessment. The typical system assessment process is listed as follows (includes but not limited to), and the system would be developed or re-created according to the actual application situation. 4

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10 Chapter 1 China new economy characteristics analysis The new economy is a new type of economic form, and its definition is originally derived from the United States. It refers to the economic form driven by information technology and its high-tech industry at the age of globalization. For China, the broad concept of the new economy should be based on innovative cognition and new technology or new services. It is different from the traditional labor-intensive and heavy assets industries. In addition to the sharp high-end manufacturing industry in the new economy, most new economy entities either have the property of light assets and intellectual property rights, or use new technology to subvert the traditional business model. And these sectors have a quick development with high growth. Data analysis shows that the development of China's new economy has 7 traits as follows: 1.1. China new economy creates new life style China is standing on the threshold of emerging country to a developed country. China's post-80s and -90s are becoming the backbone of the social economy and consumption economy. Since they are prone to accept new things, pursue personality and timely fun, they have a strong appeal for some innovative goods and services; and, as the backbone of the social economy and consumption business, they also have the ability to afford these new consumption demands. On the other hand, with the rise of the middle class in China and the overall improvement of the consumption capacity of urban and township residents, the demand for all kinds of non-essentials is increasing significantly. As shown in Figure 1, the Engel's coefficient and the growth trend of total personal consumption expenditure in urban households in recent ten years confirmed this point. Take the box office of the first quarter of 2018 as an example, according to NBC's data, the Chinese market box office reached $3.17 billion, more than $2.89 billion in the North American market, and China became the largest box office market in the world. At the same time, our new findings show that some subtle trends are emerging. For example, the key factor contributing to this film box office is shifting from the first line big cities to the line cities. Despite the strong purchasing power and high price of tickets in the first line big cities, the three or four line cities and the townships are more able to accept some domestic films, so they become the key contributors to the box office of domestic movies. 7

11 Figure 1 China s personal Savings and Consumption expenditure of urban households 1.2 China new economy encourages new businesses China economic policy initiates "Internet +" industries, which encourages enterprises to develop the business with the Internet and AI technologies. At the Internet era, China plays a more important role in global innovation. In China, the hottest information and AI fields have been triggering great social changes. From the remote mountain village to the modern city, from the old traditional industry to the new pilot field, the most hot spots of the big data, the Internet of things, the artificial intelligence, the unmanned vehicle, the quantum communication, etc, have brought the most advanced scientific and technological breakthrough. Chinese people have begun to draw the blueprint guided by the innovation force and the future it depicted. DJI UAVs (the unmanned aerial vehicle ), the leading enterprise of UAVs, is the world's leading R & D and production of UAV control systems and serves consumers in more than 100 countries around the world. Through continuous innovation, DJI is committed to provide the strongest and best revolutionary intelligent flight control products and solutions for the UAV industry, industry users and professional aerial photography applications. The leading technology and products of DJI innovation have been widely used in aerial photography, remote sensing mapping, forest fire prevention, electric power patrol, search and rescue, film and television advertising 8

12 and other industrial and commercial uses. As an innovative company in the new era, DJI technology attaches great importance to patents. It also shows the strong R & D strength and the high level of innovation ability of UAV technology in china. As the leading company of UAV enterprises domestically and internationally, DJI, headquartered in Shenzhen China, has occupied 70% of the world's UAV market share and 80% of its revenue comes from overseas markets. 1.3 China new economy shapes new investment trends In the development of new economy, many innovative enterprises have sprung up, which generated strong demand for capital. Their demand also led to the formation of market-driven equity investment-oriented economic ecology in the new economy field. The equity investment is different from the traditional bank loan. In the past, enterprises mainly relied on traditional bank credit and loans. However, with the sharp increase of innovative enterprises, the traditional bank loans are hard for the start-ups to develop, which lies in that there is often a problem that the profit model is not clear in the start-ups. Therefore, the traditional credit and loans have been unable to meet the funds demand for these new types of enterprises. The data show that in 2017, 3574 funds were raised in China's equity investment market, and the fund has been raised to nearly 1.8 trillion Chinese yuan, up to 30.5% and 46.6% respectively from last year. By the end of 2017, the capital management of China's equity investment market is close to 8.7 trillion Chinese yuan, and the dominant position of the RMB fund in China's equity investment market is becoming more and more obvious (Figure 2). Figure 2 the years the increase trend of the capital management of China's equity investment over 9

13 Figure 3 the proportion of equity investment in GDP of China (red) and the U.S (blue) Figure 4 the amount and the number case of China s equity investment over the years In terms of investment, there were cases of total investment in China's equity 10

14 investment market in 2017, involving a total of 1.2 trillion Chinese yuan in the amount of investment, which annually increased by 11.2% and 62.6% respectively. Figure 5 the amount and the number case of industrial M&A over the years With the expansion of the private equity market in China in recent years, the proportion of its total investment in China's GDP is growing, and it is showing gradually its important role in supporting the whole picture. In 2017, the total investment in China's equity investment market accounted for 1.5% of China's GDP, up 0.5% from 2016, a record high. From the perspective of investment model, after more than 10 years of efforts from governmental funds and market funds, the equity investment market has formed a three - foot investment model with "mergers and acquisitions, ecological investment, and exiting strategy". With the structural transformation under the new economy, more and more enterprises have started to get the whole business with buying upstream and downstream industries through vertical merger and acquisition, and expand the new business types through horizontal merger and acquisition, and the case of industrial M&A is increasing. M&A can bring huge competitive advantages to high-tech industries: shorten research and development cycle, break through R&D bottlenecks, and quickly seize the market. 1.4 China new economy promotes new credit system 11

15 As the biggest consumption market, the online shopping sales in China ranks the first over the world, and china s e-commerce business occupies an absolute advantage. The main cornerstone of it is established by the more reliable data credit system. The leading e-commerce giant Alibaba has made great contributions. The Alibaba's Ant Financial and Sesame Credit has created a unique credit system in China, by mainly learned users behavior with frontier technology. On the Internet virtual environment, the merchants and sellers could not trust each other, and the commodity trading would be very difficult. The Alibaba's payment system, Alipay, through a security model, finds the solution to the problem of credit among strangers. The transaction of e-commerce has become trustworthy and reliable. In this win-win business model, the rate of network transaction has been greatly improved, which has prompted the rapid rise of the Chinese e-commerce industry. Alibaba also built up sesame credit score by accumulating more and more underlying data over the years. The users with higher sesame credit score can enjoy many different kinds of conveniences in life, such as free deposit, free bike rental, free car rental and so on. "By the end of 2017, Sesame Credit has served million users, and the deposit has been waived by more than 40 billion Chinese yuan." Invisible credit has exceeded the tangible value China new economy brings new enterprises growth In the blueprint of the new economy, start-ups and innovative enterprises are an important part. In order to inject innovation and entrepreneurial vitality to the enterprises, China government has released many favorable policies from many aspects, such as quick registration, management streamline, technology support, to put forward measures to reduce the entrance threshold and streamline the system, so as to create a green way for innovation and entrepreneurship. For example, the reform policy of "separation of evidence" was actively promoted. 87% of the 226 items of approval check procedures before the commercial registration can be re-scheduled afterwards or canceled. Combined with the reform of high-tech registration, all 31 provinces (districts and cities) have fully opened the entire electronic registration system, the electronic business license is fully implemented. In many places, local government use cell phone APP, face recognition authentication, and other high-tech to offer a quick and convenient services for enterprises. According to the statistics of the China s Industry and Commerce Bureau, the enthusiasm for investment and entrepreneurship has been greatly stimulated, and the number of market players has shown a "blowout" growth. As of March 16, 2018, the total number of market participants in China was over 100 million, with more than 31 million enterprises, and increased by more than 70% in five years. Since 2012, the average annual growth rate of enterprises and registered capital is 16.7% and 27.9% 12

16 respectively, especially since the reform of the commercial system in 2014, the growth rate has risen to a new stage, and the number of enterprises is growing at an annual rate of about 20%. Emerging industries show unprecedented vitality in innovation and entrepreneurship, and a number of outstanding and leading enterprises are emerging in the Chinese market. Figure 5 the average annual growth rate of enterprises and registered capital Since China new economy stimulates unicorns Unicorns are the name for the start-ups which reach the valuation of more than 1 billion dollars within a short period time. Based on the huge and fast growing demand for Internet products and high-end manufacturing products, the Chinese government has promulgated the guidelines including the dual innovation policy, "China made 2025" and other industries incentives to support the development of new economy. These outstanding policies and priorities support the rapid development of various major industries. According to the data published by Deloitte in 2017, the total number of VC/PE funds in China was as of June 30, 2017, twice that of the United States, and the fund raising scale continues to increase substantially in recent years. In addition, China has the largest Internet market, with 721 million Internet users, 2.2 times that of the United States. Under the catalysis of many factors, the development of China's start-ups has made a quantitative and qualitative leap. According to CB Insights data, by the end of March 22, 2018, a total of 236 unicorns 13

17 in the world had been valued at $804 billion and distributed in 23 countries. Among them, the United States sits on the top 116 (49.15%), China stands on the second of 64 (27.12%), and the two is far ahead of other countries. Since 2015, the number of Chinese unicorns has increased considerably. As far as China is concerned, the number of unicorns is basically produced in the recent 5 years. In the 2017 Chinese Unicorn Enterprise Report released in March 23rd, Ant Financial was valued on the top at the valuation of US $75 billion; Didi and Millet are listed as second and third respectively for 56 billion US dollars and 46 billion dollars. The top ten other companies are Ali Cloud, Meituan Review, the Ningde era (listed),toutiao, Rookie Network, LU.com Investment and Loan Treasure. Also in China, some unicorn enterprises in media and entertainment sectors expands the market rapidly with the help of the mobile Internet development and the improvement of the smart phone ownership rate. The young users are eager to obtain the information and give out their voice on the mobile terminal and through the core services of content distribution. Appropriate personalized matching, user habit formation are used based on its huge volume of traffic to obtain advertising fees, which not only improves the viscosity of the user, but also has a super high ability to cash in. The unicorn company,toutiao, was created in March 2012 and released the first version in August In just a few years, from a start-up company to a unicorn valued at $20 billion, the history of its development is impressive. Today, Toutiao is based on personalized recommendation engine technology to match the users and information. The personalized recommendation is based on various dimensions of each user's interest, location, age, occupation and other dimensions. The recommendation includes not only the news, but also music, film, games, shopping and other information. Through the analysis of social behavior, it calculates the user interest; through user behavior analysis, it updates the user model after each action. Recommendation is made according to the matching degree of human characteristics, environmental characteristics and article characteristics between the three. Toutiao is used as a content distribution platform to provide bridges for authors and readers, and develop social media, shopping and other derivative functions, which have greatly improved user experience and user stickiness. As of August 2017, the number of active users of Today s headlines has reached 240 million today, far exceeding Tencent news, NetEase news and other traditional media China new economy is globalizing China's industrial optimization and upgrading has produced a huge market demand. Innovation has gradually become a new engine to drive the development of China's new economy. While expanding domestic demand actively, China also makes a great contribute to the strong recovery of the world economy. At present, China is changing from the "world factory" to the investment-oriented exporting country. In the next 10 years, China's FDI (Foreign Direct Investment) will be up to 1.25 trillion US dollars. 14

18 China's big market and outbound capital means tremendous economic growth momentum for the world economy. As China's economy has increased significantly in the world market, China will need more materials, energy and sales markets worldwide. With "The One Belt and One Road" Initiative, Chinese new economy enterprises are moving outwards the world. Different from traditional Chinese manufacturing enterprises, the new economy enterprises go abroad with the Internet and high-end intelligent manufacturing as the leading industrial clusters, and participate in international brand competition. Like Chinese new enterprises Tencent, Alibaba, Baidu, HUAWEI, Xiaomi, etc, they have developed from imitation to innovation, from following to leading, more and more star enterprises are emerging in the Chinese business community. Taking the new business sharing bike for example, the leading enterprise Mobike has opened the intelligent sharing service in 12 cities of 7 overseas countries, including Singapore, Britain, Japan, Italy, Thailand, Malaysia, and the United States, and registered users have more than 170 nationalities and its services are welcomed by local governments and residents from all over the world. Hu Weiwei, the founder of the Mobike, told China news network that Mobike provides its intelligent sharing service for 180 cities within its initial 500 days of the official operation. The cumulative mileage of users is more than 56 billion kilometers, which is equivalent to reducing carbon emissions by 1.26 million tons and by 350,000 cars for one year. Summary For China, the development of new economy is a strategic adjustment of economic development. There are both opportunities and challenges on this path, and China has achieved some impressive results. The rapid development of the new economy needs the support resonance of the macro environment, industrial policy, talents and technologies, capital and so on. At this time, the financial data company of the data analysis organization and capital investment such as VC/PE organizations are playing a vital role in the battle of great opportunity and challenge. 15

19 Chapter 2 China new economy sectors and enterprises analysis 2.1 New economic sectors classification The Qheedata AIEV system is based on 19 national invention patents, combined with large data, artificial intelligence, financial engineering and other technologies, to build an intelligence quantitative assessment system for the enterprise's equity value (more systematically introduced in chapter 2.3). The AIEV system is devoted to analyze enterprises and investment institutions in the new economy-related fields. It breaks down artificial intelligence, blockchain, education, virtual reality, advanced biology and medical technology, sharing economy, culture and entertainment, sports, social network, software and information technology, high-end manufacturing, finance, consumption upgrades, and so on, involving nearly 20 major sectors and nearly 270 sub-sector segments.the new economic sector classifications are as follows: Major Sectors 一级行业 Artificial Intelligence AI Sub-sectors 二级子行业 Speech semantic cognition 语音语义 Biometrics 机器视觉 Deep learning 深度学习 Synthetic application 人工智能综合应用 Sub-sectors 三级子行业 AI customer service AI 客服 Semantic recognition 语义识别 Speech recognition 语音识别 Children education robot 儿童教育机器人 Biometrics (IRIS) 生物识别 ( 虹膜 ) Biometrics (face) 生物识别 ( 人脸 ) Biometrics (palmprint) 生物识别 ( 掌纹 ) Driverless vehicles 其它机器视觉 - Driverless vehicles 无人驾驶 self-checkout 自助结账 AI medical treatment 人工智能医疗 16

20 Major Sectors 一级行业 Education 教育 Consumption upgrading 消费升级 Sub-sectors 二级子行业 STEAM comprehensive education STEAM 综合教育 Kids programming education 少儿编程教育 Smart campus 智慧校园 After-school care centers 少儿托管 Pre-school education 早教及幼教 Studying abroad service 留学服务 Online piano trainer 在线钢琴教学陪练 Adaptive learning 自适应学习 Chinese online learning 中文在线学习 Art examination training 艺考类 Others 教育 ( 其它 ) Automatic Vending Machine 无人售货 Food and beverage 食品饮料 Sub-sectors 三级子行业 - Vending shop 无人售货店 Automatic Vending Machine 自动贩卖机 Community vending shop 社区无人零售 Unattended retail 无人值守货架 Office snack 办公室零食 Light food 轻食 craft beer 精酿啤酒 Fresh food e-commerce 生鲜电商 Others 17

21 Major Sectors 一级行业 Sub-sectors 二级子行业 Dressing & wearing 服饰与穿戴 Innovative consumer goods 创新消费品 Sub-sectors 三级子行业其它食品饮料 Original brand clothing 原创品牌服饰 Smart jewelry and wears 智能首饰及穿戴 Other 其它服饰与穿戴类 Intelligent fun goods 智能情趣产品 Goods sharing 新兴租赁 E-Commerce F- 电商平台 Toy sharing 玩具租赁 Cell phone sharing 手机租赁 Clothes sharing 服饰租赁 Others 其它租赁 Social Groupon 社交拼团电商 Rural e-commerce 农村电商 Second-hand digital product platform 二手数码产品回收平台 Second-hand equipment trading platform 二手设备交易平台 Subscribe E-commerce 订阅式电商 Network auction 网络拍卖 E-commerce shopping guide platform 电商导购平台 cross-border E-commerce 海淘与跨境电商 Others 其它电商 18

22 Major Sectors 一级行业 Sharing economy 共享经济 Vehicle & Transportation 汽车及交通 Sub-sectors 二级子行业 Wedding planning service 婚礼策划服务 Life service small program 生活服务类小程序 Pet service 宠物寄养服务 Local life service 本地生活 Bike Sharing 共享单车 Sharing motor 共享电单车 Sharing umbrella 共享雨伞 Sharing luxury 奢侈品共享 Sharing charger 共享充电宝 others 其它共享类 New energy vehicle 新能源汽车 Vehicle Charging 充电 Parking 停车 Self-help car wash 自助洗车 Refueling service 加油服务 Car Rental 汽车租赁 Sub-sectors 三级子行业 Charging pile 充电桩 Electric vehicle wireless charging 电动车无线充电 Smart parking 智慧停车 Valet Parking Service 代客停车 - Time sharing car rental platform 分时租车平台 Car financing rental 汽车融资租赁 19

23 Major Sectors 一级行业 Recreation& Entertainment 文体娱乐 Sub-sectors 二级子行业 Online car-hailing 网约车平台 Accurate mapping technology 精确地图技术 Driving test platform 驾考平台 Used car trading 二手车交易 Others 其它交通 Digital game /E-sports 游戏 / 电竞 New media 新媒体 Cultural entertaining 文化 Animation industry 动漫产业 Sub-sectors 三级子行业 - E-sports club 电竞俱乐部 Game trainer 游戏陪练 H5 games H5 游戏 E-sports Education 电子竞技教育 Others 游戏 ( 其它 ) Self media IP 自媒体 IP Short Video 短视频 Entertaining Livestreaming 娱乐直播平台 Livestreaming quiz 直播答题 IT entertaining 互联网综艺 Others 新媒体 ( 其它 ) Knowledge sharing and Realization 知识分享与变现 Animation production and original animation 动画制作及原创动漫 Online comic platform 在线漫画平台 20

24 Major Sectors 一级行业 Social Network 社交 Sub-sectors 二级子行业 New entertainment industry 新兴娱乐产业 Sports & fitness 体育与健身 others 其它文娱类 E-sports social network F- 电子竞技社交 Animation social network 动漫社交 Sub-sectors 三级子行业 Animation derivatives 游戏 / 动漫衍生品 Others 其它动漫类项目 Hip-hop culture 嘻哈文化类 Dialogic Novels 对话小说 IP creation IP 创作 Werewolf 狼人杀 Amusement ticketing 娱乐票务 Constellations & divination 星座及占卜类 Self-help Mini KTV 自助迷你 KTV Network grabbing dolls 网络抓娃娃 Others 其它新兴娱乐 Square dance 广场舞 Fitness O2O 健身 O2O Sharing self-help gym 共享自助健身房 Skiing 滑雪 Yoga 瑜伽 Others 其它体育产业

25 Major Sectors 一级行业 Bio-tech & advanced medical treatment 生物科技与先进医疗 Sub-sectors 二级子行业 others 其它社交网络 Screen & Diagnosis 检测与诊断 Medical materials and drugs 医用材料与药物 Oral medical treatment 口腔医疗 Data medical treatment 大数据医疗 Medical cosmetology 医学美容 Hospital information system 医院信息系统 Cross-border medical treatment 跨境医疗 Medical robot 医疗机器人 Kid medical and health platform 儿童医疗健康平台 Sub-sectors 三级子行业 Gene detection 基因检测 gene sequencing 基因测序 Early screening of tumor 肿瘤早筛技术 POCT instant screening POCT 即时检验 Medical image 医学影像 Others 检测与诊断 ( 其它 ) 3D biologic printing 3D 生物打印 Blood products 血制品 Antineoplastic drugs 抗肿瘤药 Others 其它医用材料与药物 - Robotic surgical system 机器人手术系统 Rehabilitative robot 康复机器人 - 22

26 Major Sectors 一级行业 Post-real estate service 房产后市场 Software & information technology 软件与信息技术 Sub-sectors 二级子行业 Medical E-record 电子病历系统 Doctor group 医生集团 Medical equipment 医疗设备 Pet diagnosis and treatment service 宠物诊疗服务 Medical health 医疗健康 Rental 租赁 Indoor service 室内 Brand apartment rental 品牌公寓 Others 其它房产与服务类 Application tools 应用工具 others 其它软件与信息技术 Mini Programming 微信小程序开发技术 Sub-sectors 三级子行业 Office rental 写字楼出租 Daily renting platform 日租房平台 Renting intermediary platform 租房中介平台 House lease 家居租赁 Internet renovation 网络家装 Whole house customization 整屋定制 Home-Living Service 生活家居 Indoor ecological class 室内生态类 - Beauty Camera 美颜相机 Other application tools 其它应用工具 - 23

27 Major Sectors 一级行业 Sub-sectors 二级子行业 Big data 大数据 Information security 信息安全 Cloud computing 云计算 Sub-sectors 三级子行业 SaaS catering system SaaS 餐饮系统 SaaS nursing home SaaS 养老平台 SaaS financial system SaaS 金融类系统 Others 其它 SaaS PaaS Finance 金融类 Credit system 征信 Insurance 保险 Loans 分期 IaaS Other cloud computing 其它云计算技术 Enterprise credit information 企业信用信息 Personal credit information 个人信用信息 Mutual Aid Insurance 互助保险 Automobile insurance 车险 Others 其它保险类 Medical beauty loans 医疗美容分期 Agricultural loans 农业分期 Rental loans 租房分期 Education loans 教育分期 Car loans 分期购车 Shopping credit 分期购物 Invest research/ consulting Intelligent investment 24

28 Major Sectors 一级行业 Blockchain 区块链 Sub-sectors 二级子行业投研 / 投顾 Financing and loans 融资 / 借贷 A Non-performing asset (NPA) 不良资产处置 Equity Investment Management 股权投资管理系统 Online payment 第三方支付 Accounting/wealth management APP 记账及理财类 APP others 金融 ( 其它 ) Cryptocurrency 数字资产及产业链 Block chain application industries 区块链跨行业服务 Sub-sectors 三级子行业 consulting 智能投顾 Intelligent investment and research 智能投研 Cash loan 现金贷 P2P net crowd-funding P2P 网贷 Supply chain finance 供应链金融 - Blockchain Wallet 区块链钱包 Blockchain digital assets 区块链数字资产 Cryptocurrencies trading platform 数字货币交易平台 Block chain mining 区块链矿业 Block chain copyright service 区块链版权服务 Blockchain game service 区块链游戏服务 Block chain medical treatment 区块链医疗 Blockchain finance 25

29 Major Sectors 一级行业 Warehousing& Logistics 仓储与物流 Sub-sectors 二级子行业 Blockchain intelligent contract 区块链智能合约 Blockchain technology 区块链技术 Blockchain market information 区块链行情资讯 Logistics information system 物流信息系统 Warehousing and transfer 仓储与中转 Sub-sectors 三级子行业区块链金融 Blockchain recreational services 区块链文娱服务 Blockchain social networking 区块链社交 Blockchain insurance 区块链保险 Blockchain energy service 区块链能源服务 Block chain Internet of things 区块链物联网 Blockchain games 区块链游戏 Others 其它区块链跨行业项目 - Logistics Management system 运输管理系统 Smart logistics 智慧物流 Car and cargo matching platform 车货匹配平台 Smart express cabinet 智能快递柜 Self-help warehouse 自助仓 Courier station 快递驿站 26

30 Major Sectors 一级行业 Hardware & Equipment 硬件及设备 Sub-sectors 二级子行业 Transportation & Distribution 运输与配送 Special transportation 特种运输 others 仓储与物流 ( 其它 ) AI Hardware 智能硬件 Sub-sectors 三级子行业 Warehousing service 仓储服务 Logistics real estate 物流地产 Express UAV 快递无人机 Express delivery 快递 Immediate distribution 即时配送 City freight 同城货运 less-than-carload logistics 零担物流 Whole carload logistics 整车物流 water transporting 水运 Cross-border Logistics 跨境物流 Transportation of dangerous goods 危险品运输 Cold chain logistics 冷链物流 - RFID system 射频识别系统 Intelligent security 智能安防 Intelligent socket 智能插座 Smart home 智能家居 Smart retail system 智能零售系统 Intelligent packaging 智能包装 Intelligent projector 27

31 Major Sectors 一级行业 Tourism 旅游 Agro-forestry-fishery 现代农林牧渔及新技术 Sub-sectors 二级子行业 Chips 芯片 consumer electronics 其它消费电子产品 others 其他硬件及设备 Customer-designed tour 定制旅游 Bed & Breakfast (B & B) 民宿短租 Hotels 酒店 Overseas chartered car 海外包车 others 旅游 ( 其它 ) Agriculture data 农业大数据 UAVs 植保无人机 Others 其它农林牧渔项目 Sub-sectors 三级子行业智能投影仪 Intelligent sound box 智能音箱 Intelligent router 智能路由器 Consumer UAV 消费级无人机 Air cleaner 空气净化器 Sweeping robot 扫地机器人 Others 其它智能硬件 High-end manufacturing & advanced technology 高端制造与先进技术 Millitary UAVs 军用无人机 - 3D modeling 28

32 Major Sectors 一级行业 3D 建模 Sub-sectors 二级子行业 Sub-sectors 三级子行业 Virtual reality / Augmented reality 虚拟现实 / 增强现实 Laser radar technology 激光雷达技术 Commercial space 商业航天 Wearable Robot 可穿戴机器人 Marine engineering equipment and high technology ships 海洋工程装备及高技术船舶 new material 新材料 Millimeter wave radar technology 毫米波雷达技术 Marine robot 水下机器人 Industrial Internet of things 工业物联网 Global navigation satellite system 全球导航卫星系统 Industrial robots and high grade CNC machine tools 工业机器人和高档数控机床 Telecom 通信 Others 高端制造与先进技术 ( 其它 ) VR/AR experience Museum VR 与 AR 体验馆 Mixed reality technology MR 混合现实技术 MR Cooperative robot 协作机器人 Storage robot 仓储机器人 Mechanical arm system 机械臂系统 Others 其它工业机器人和高档数控机床 5G network Others 通信 ( 其它 )

33 Major Sectors 一级行业 Business Service 企业服务 Sub-sectors 二级子行业 AR glasses AR 眼镜 Virtual reality Tourism 虚拟现实旅游 Virtual reality home restoration 虚拟现实家装 VR games VR 游戏 VR house 虚拟现实看房 Others 其它 VR/AR 项目 Financial comprehensive services 财务及综合服务 Data service 数据类服务 Marketing 营销 Recruiting 招聘 Sub-sectors 三级子行业 Social security service 社保服务 Financial accounting 财务记账 Electronic signature 电子签名 Enterprise welfare solution 企业福利解决方案 Others 其它财务及综合服务 Big data for Industry 工商信息大数据 Retail sales data 零售大数据 Others 其它数据类服务 Digital marketing 数字营销 Intelligent marketing 智能营销 Advertising marketing 广告营销 Blue collar recruitment platform 蓝领招聘平台 Part-time platform 兼职平台 30

34 Major Sectors 一级行业 Environmental protection & new energy 环保与新能源 Sub-sectors 二级子行业 Others 企业服务 ( 其它 ) Battery 电池 New energy project 新能源项目 Environmental protection and management 环保与治理类 Sub-sectors 三级子行业 Intelligent headhunting platform 智能猎头平台 Internship Hiring 实习生招聘 Others 招聘 ( 其它 ) - - Section 2.2 Major Sector AI Well-known VC/PE institutes and leading enterprises Major sector and sub-sectors watch and analysis AIEV sub-sectors of AI 31

35 Major sector: AI AI, the abbreviation of Artificial Intelligence, is the concept of combined computer science, psychology and philosophy of technology at the new era. By simulating human perception, emotion, cognition and logic of thinking, it can think, evolve, and finally transcend as human, including but not limited to speech semantic cognition, Bio-metrics, deep machine learning and adaptive learning. AIEV major data sector analysis about AI industry geographic maps are as follows: China AI enterprises financing maps 32

36 China AI enterprises AIEV value maps China AI enterprises financing amount maps AI industry geographic maps shows that the AI enterprises and economic entities are mainly distributed over the China coastal areas, including Jiangsu, Zhejiang,Shanghai, Fujian, Guangdong, and Hongkong; and middle-west area Sichuan, and central area Hubei. However, Fujian, Beijing, Jiangsu, Shanghai, Guangdong get higher AIEV 33

37 value and financial support Life cycle occupation ratio in different hot industry locations AI sector leading investment institutes are as follows: Sequoia Capital China 红杉中国 QF Capital 启赋资本 IDG Capital IDG 资本 Fortune capital 达晨创业 SAIF Partners China 赛富基金 Sub-sector:Bio-metrics Biometrics (IRIS): Iris recognition technology is a technology based on individual iris identification. It has two characteristics such as ultra precision and convenience. It is generally used in the fields of high security demand, such as finance, medical treatment, security inspection, security, special industry attendance and entrance control, industrial 34

38 control and so on. Major Sector: AI Sub-Sector: Bio-metrics The leading enterprises: Company 公司名 EyeSmart Technology 释码大华科技 Iris King 中科虹霸 Location 地点 Beijing Beijing AIEV Value (RMB) AIEV 估值 1.34 Billion 510 Million Sub-sector Synthetic application The synthetic application of artificial intelligence (AI) is the application of artificial intelligence ensemble large data analysis mining algorithm in the actual field with specific characterization, in order to solve the problems such as training cost, artificial fatigue and misjudgment of experience encountered in these fields. It includes three main areas: driverless, unmanned settlement and artificial intelligence. Unmanned driving: There are two main applications in the driverless area. In the first hardware aspect, unmanned vehicle (unmanned vehicle) is the product of computer science, pattern 35

39 recognition and intelligent control technology. It is a product of computer science, pattern recognition and intelligent control technology. Next is driverless technology, which mainly includes automatic control, architecture, artificial intelligence, visual computing and many other technologies. Major Sector: AI Sub-Sector: Unmanned driving The typical enterprises in the field of pilot-less are: Company 公司名 horizon.ai 地平线机器人 Location 地点 Beijing AIEV Value(RMB) AIEV 估值 3.05 Billion idriver plus 智行者 Beijing 720 Million Leading Investment institutes in sub-sector:unmanned driving Investment institutes 投资公司 Investing industries 投资领域 36

40 Baidu 百度 Morningside Venture Capital 晨兴资本 Hillhouse Capital Group 高瓴资本 The Internet, mobile Internet, medical health, local life, education, finance, hardware, agriculture, games, business services, e-commerce, automobile transportation, tourism, advertising marketing, SNS social network, tool software Internet, mobile Internet, medical health, local life, education, finance, hardware, agriculture, games, business services, electronic commerce, car traffic, real estate services, tourism, advertising marketing, SNS social network, tool software. The Internet, mobile Internet, medical health, environmental energy, manufacturing, local life, education, finance, hardware, business services, electronic commerce, automobile transportation, real estate services, tourism, artificial intelligence, Internet finance, consumption upgrading, Internet of things, logistics transportation, intelligent manufacturing. Self-help checkout: Self checkout is based on image recognition, infrared scanning code or RFID technology to identify and settle commodities. The unmanned self-help supermarket, which has attracted wide attention recently in the capital market, belongs to the unself self-help settlement. It uses three core technologies, "electronic label, radio frequency scavenging, mobile payment", and is a kind of intelligent self-help convenience store for 24 hours unattended all day. 37

41 Major Sector: AI Sub-Sector: self-help payment The typical enterprises in the field are as follows: Company 公司名 Deep Blue 深兰科技 BingoBox 缤果盒子 Location 地点 Shanghai Guangdong AIEV Value(RMB) AIEV 估值 1 Billion 5.04 Billion Leading Investment institutes in sub-sector self-help payment are as follows: Investment institutes 投资公司 YF Capital 云锋基金 Ali 阿里巴巴 Investing industries 投资领域 Internet, medical treatment, entertainment, finance, logistics and consumption. Internet, mobile Internet, health care, local life, education, finance, hardware, agriculture, enterprise services, e-commerce, automobile transportation, tourism. AI medical treatment Artificial intelligence medical treatment is based on the Internet, through the establishment of infrastructure and data collection, the use of the most advanced artificial intelligence technology, and the application of large data services in the medical industry, to popularize the expert knowledge and experience in the medical field, assist the doctor to make a precise diagnosis for the patient and formulate a suitable medical prescription. The case will enhance the diagnostic efficiency and service quality of the medical industry, and better solve the problem of shortage of medical resources and aging population. 38

42 Major Sector: AI Sub-Sector: AI medical treatment The typical enterprises in the field are: Company 公司名 Location 地点 AIEV Value(RMB) AIEV 估值 Airdoc Beijing 600 Million IMsight Shenzhen 4 Million 视见医疗 Leading Investment institutes in sub-sector AI medical treatment: Investment institutes 投资公司 GSR Ventures 金沙江创投 Shenzhen Capital Group Co. LTD Investing industries 投资领域 The Internet, mobile Internet, health, environmental energy, manufacturing, local life, education, finance, culture and entertainment, hardware, agriculture, games, business services, electronic commerce, car traffic, real estate services, tourism, advertising marketing, SNS social network, tool software, sports, AI, Data. The Internet, mobile Internet, medical health, environmental energy, manufacturing, local life, education, finance, hardware, agriculture, games, business services, electronic commerce, 39

43 深创投 Fosun Group 复星集团 automobile transportation, real estate services, tourism, advertising marketing, SNS social network, tool software Compound star medicine, compound land, Yu Garden commercial city, construction dragon group, Nangang Association, gold mining industry, Hainan mining, Yongan insurance, Focus Media, Club Med, Folli Follie, Fuxing Baode letter life, etc. Section 2.3 Major Sector: Education Well-known VC/PE institutes and typical enterprises 教育 Education STEAM 综合教育少儿编程教育智慧校园少儿托管早教及幼教留学服务在线钢琴教学陪练自适应学习 STEAM comprehensive education Children's programming education Smart campus After-school care centers Early education & pre-school education Studying abroad service Online piano trainer Adaptive learning To break the conventional education model, new education businesses use big data, Internet of things, network technology and STEAM model to create online education and cross-areas innovation education model, to improve the students comprehensive abilities and help them to become overall-quality talents in the future. For example, STEAM education, children programming, smart campus and study abroad service. AIEV education analysis maps are as follows: 40

44 Figure Education sector financing rounds map Figure Education sector equity valuation 41

45 Figure Education sector financing capital amount Figure Education sector enterprise development in different cities The leading investment institutes are as follows: Zhen Fund 真格基金 Sinovation Venture 创新工场 Fortune Capital 达晨创投 Cathay Capital Private Equity 凯辉基金 Zhen Fund Zhen Fund 2.0 is an angel fund set up by Xu Xiaoping and Sequoia Capital China in Beijing 42

46 in early 2012, focusing on but not limited to returnees' entrepreneurship, investing in TMT industry, including the seed period investment in the Internet of things, mobile Internet, video games, business software, O2O, e-commerce and education. Zhen Fund 1.0 was founded in 2006, by Xu Xiaoping one of the co-founders of New Oriental school. It aims to encourage young people to innovate and start their own businesses Sub-sector: STEAM Comprehensive Education STEAM education refers to the integration of multiple disciplines - Science (Science), technology (Technology), engineering (Engineering), art (Art), and Mathematics (Mathematics). The leading enterprises: Company 公司名 Makeblock 深圳市创客工场科技有限公司七视野艺创教育北京七视野文化创意发展有限公司 Location 地点 Shenzhen Beijing AIEV Value(RMB) AIEV 估值 12.Billion Million Leading investment institutes Investment institutes 投资公司招银国际 CMB International Investing industries 投资领域 a comprehensive financial service institution based on Hong Kong, deeply rooted in the main land and facing the world. As a wholly owned subsidiary organization of China Merchants Bank, it provides services in four major business sections "enterprise 43

47 EMC 媒体基金 Evolution Media China financing, asset management, wealth management and Stock Exchange". Founded in 2016, it is an investment organization dedicated to the investment of cultural and entertaining, technology and the Internet, established by the international private giant TPG and its holding Hollywood agent CAA group Sub-sector: Children Programming Education Children programming refers to the education and training of children's programming education. With software + hardware programming teaching tools, it systematically teaches Scratch, Python, NOIP and other courses to help the young children to learn and practise software developing skills. The leading enterprises: Company 公司名 Codemao 编程猫 ( 深圳点猫科技有限公司 ) Xiaoma.wang 小码王 ( 杭州小码教育科技有限公司 ) Location 地点 Shenzhen Hangzhou AIEV Value(RMB) AIEV 估值 720 Million 650 Million 44

48 Leading investment institutes Investment institutes 投资公司 Investing industries 投资领域 Mooc-cn Education 慕华投资 It is the joint establishment of the education and control finance in Mooc-cn. It is based on the operating platform of Tsinghua holding capital and combined with the educational industry resources of Mooc-cn, focusing on the equity investment and merger of high growth projects in the field of online education. Weiguang venture 微光创投 Weiguang venture was founded in 2015 by Wu Xiaoguang, senior executive vice president of Tencent. It is mainly engaged in the early and medium term investment of the A-B round. The investment field is concentrated on the Internet, enterprise service, finance, consumption upgrading, e-commerce and so on. Section 2.4 Major Section:Consumption upgrading With the rapid economic growth, the consumption level, structure and experience of consumers have increased. The main purpose of consumption upgrading is to meet the high-end needs of consumption life such as e-commerce, cashier-less retail, emerging leasing. Qheedata AIEV Consumption upgrading sector analysis maps are as follows: 45

49 46

50 The leading investment institutes are as follows: Matrix Partners China 经纬中国 BAI Bertelsmann AG BAI 贝塔斯曼 Northern Light Venture Capital 北极光创投 Oriental fortune capital 东方富海 47

51 Section 2.5 Major Sector: Sharing economy The new economic mode of sharing refers to directly goods sharing and transaction on the platform for the purpose of income. Cases are sharing bicycles, sharing umbrellas, sharing luxury goods, etc. Qheedata AIEV Sharing economy sector analysis maps are as follows: 48

52 The leading investment institutes are as follows: Ali 阿里巴巴 CDH Investments 鼎晖投资 Lightspeed china partners 光速中国 Sequoia China 红衫中国 GSR Ventures 金沙江创投 49

53 Section 2.6 Major sector: Cars & Transportation Based on the innovation of automotive technology and the diversification of driver's needs, the new services emerges to meet the consumers new needs, including but not limited to new energy car charging service, intelligent parking, car rental and driving test service platform, etc. Qheedata AIEV sector analysis maps are as follows: 50

54 The leading investment institutes are as follows: Morningside Venture Capital 晨兴资本 BAI Bertelsmann AG BAI 贝塔斯曼 Warburg Pincus 华平投资 Sequoia China 红衫资本 IDG Capital IDG 资本 51

55 Section 2.7 Major sector: Recreation & Entertainment In view of the upgrading of consumer demand, new entertainment and sports have gradually occupied the market, including six major business upgrades: E-sports clubs derived from game / competition,vr games, game training and E-sports competition training, and so on; IP content derived from new media, game live, short video, and so on; content paid provider; animation creation, comic reading platform and quadratic element derivatives and so on; the emerging entertainment industry including dialogue novels, IP production, live answer and network entertaining and so on; sports and fitness and sports like square dance, fitness O2O, mini fitness barn, skiing and so on. Qheedata AIEV sector analysis maps are as follows: 52

56 53

57 The leading investment institutes are as follows: IDG Capital IDG 资本 Tencent 腾讯 Zhen Fund 真格基金 Datou Capital 头头是道投资基金 Aplus Fund 洪泰基金 54

58 Section 2.8 Major Sector: Social Networking A social networking service (also SNS or social media) is a web application that people use to build social networks or social relations with other people who share similar personal or career interests, activities, backgrounds or real-life connections.the deep evolution of non-traditional social networking, combined with today's popular elements (e-sports, live media and quadratic element etc.), has derived a variety of new media social networking such as E-sports social and quadratic element social. Qheedata AIEV sector analysis maps are as follows: 55

59 56

60 The leading investment institutes are as follows: Tencent 腾讯 Zhen Fund 真格基金 K2VC 险峰长青 Shunwei Capital 顺为资本 SIG Susquehanna SIG 海纳亚洲 57

61 Section 2.9 Major sector: Biotechnology & Advanced medicine With the continuous breakthrough of medical science and technology, new technologies of biotechnology, including gene recombination, cell fusion and some biological manufacturing procedures, have emerged in the field of medical treatment and with the new technology including a big data, cloud computing and intelligent medical treatment, new business are emerging such as detection and diagnosis of gene detection technology, gene sequencing, Tumor screening and POCT and so on; medical materials 3D biological printing technology, blood products and anti-tumor drugs research and development and so on; medical data; hospital information system; medical robot and rehabilitation robot and so on. 58

62 59

63 The leading investment institutes are as follows: Fortune Capital 达晨创投 IDG Capital IDG 资本 Matrix Partners China 经纬中国 Zhen Fund 真格基金 Sequoia China 红杉资本 60

64 Section 2.10 Major sector:post-property market service The post-property market is a new type of real estate services business, focusing on post-selling services. Combined with new technologies (Internet, VR and environmental protection, etc.) it breeds new types of online home renovation, whole house customization, sharing apartment and VR showroom. 61

65 The leading investment institutes are as follows: GOBI Partners 戈壁创投 IDG Capital IDG 资本 Shunwei Capital 顺为资本 Innoangel Fund 英诺天使基金 Ceyuan Ventures 策源创投 62

66 Section Major Sector: Software & Information technology Software and information technology have been developing towards the network, information service, systematic operation and integration of technologies, and it also become popular in China life style business, such as bookkeeping tool, beauty camera, WeChat small program development and information security and so on. 63

67 The leading investment institutes are as follows: Fortune Capital 达晨创投 Innoangel Fund 英诺天使基金 Unity Ventures 九合创投 SIG Susquehanna SIG 海纳亚洲 Geek Founders 极客帮创投 64

68 Section Major sector: Finance Traditional financial services providers banks, insurance, trust, securities and others develops subdivision business. And then it derives a series of services, such as the credit service business, the consumption credit, the investment research consulting and the special financing and loan business 65

69 The leading investment institutes are as follows: Plum Ventures 梅花天使 Sinovation Ventures 创新工场 K2VC 险峰长青 Zhen Fund 真格基金 IDG Capital IDG 资本 66

70 Section 2.13 Major sector: Blockchain Blockchain technology uses blockchain data structure to verify and store data, use distributed node consensus algorithm to generate and update data, use cryptography to ensure the security of data transmission, and to use an intelligent contract composed of automated scripting code to program and operate data. 67

71 The leading investment institutes are as follows: INBlockchain 硬币资本 Chain Funder 千方基金 Fenbushi Capital 分布式资本 Shine Chain 创世资本 68

72 Section 2.14 Major sector: Warehousing & Logistics With the rapid development of modern logistics and express delivering industry, especially over the last 10 years, warehousing and logistics led to optimization strategy, and modern warehousing and logistics mainly refers to the warehousing and logistics integrated solutions under the background of "economic globalization" and "supply chain integration". A number of excellent service enterprises have been born, such as JD logistics, Shun Feng cold chain, and Cloud distribution. 69

73 The leading investment institutes are as follows: Plum Ventures 梅花天使创投 Step Fund 接力基金 Casstar 中科创星 Hua Partners 华诺创投 70

74 Section 2.15 Hardware & Equipment Traditional hardware refers to the components of a computer or large device. But in new economy, under the development of AI and blockchain technology, modern hardware and equipment refers to the intelligent hardware such as smart home, intelligent socket, video box equipment, as well as UAV, high speed rail, special medical equipment and so on. Now, with the china policy of "One Belt and One Road", intelligent hardware export is setting a higher global standards for the business. In the future, more hardware technology needs to be developed and has a big potential for China. 71

75 The leading investment institutes are as follows: Shunwei Capital 顺为资本 Legend Capital 君联资本 Northern Light Venture Capital 北极光创投 Qiming Venture Partners 启明创投 72

76 Section 2.16 Major sector: Tourism Tourism refers to a series of derivative services generated by traveling for the public, such as online accommodation, hotels, ship and aircraft transport services, group tours, tourism shopping and so on. at the age of globalization, simple travelling and shopping has been unable to meet the needs of high-end tourists, and the tourism consumption upgrading has emerged slowly, such as private customized tourism services, overseas chartered car, characteristic hotel and so on. 73

77 Leading investing institutes are as followers: Ctrip 携程 Innoangel Fund 英诺天使基金 Ceyuan Ventures 策源创投 Captital Today 今日资本 74

78 Section Major Sector: Modern agriculture, forestry, animal husbandry and fishery technologies At present, in the process of the development of new agricultural technology, it mainly focuses on the promotion of new agricultural technology, the industrialization of agricultural high-tech, and the education and training on new agricultural technology. Here mainly analysis agricultural big data and UAV technology. 75

79 The Leading investment institutes are as follows: Shunwei Capital 顺为资本 Step Fund 接力基金 Pre-Ipo 优势资本 Rich Land Capital 沃衍资本 Harvest Capital management Co.Ltd 嘉实投资 76

80 Section 2.18 Major Sector: High-end Manufacturing & Advanced technology High-end manufacturing and advanced technology are mainly characterized by High and intensive knowledge and technology, reflecting the inheritance and integration of multidisciplinary theories and multi-disciplinary technologies. It is at the high end of the value chain, with high value-added features; and its development level and The overall competitiveness of the whole industrial chain is determined by its tech level. It involves military UAVs, 3D modeling, Lidar, commercial aerospace, wearable robots and so on. 77

81 The Leading investing institutes are as follows: Shenzhen Capital Group Co.Ltd 深创投 Legend Capital 君联资本 Northern Light Venture Capital 北极光创投 Qiming Venture Partners 启明创投 78

82 Section Major Sector: Virtual reality / augmented reality Virtual reality technology is an important direction of emulation technology. It is a collection of many technologies, such as simulation technology and computer graphics human-computer interface technology, multimedia technology, sensing technology, network technology and so on. Virtual reality technology (VR) mainly includes simulation environment, perception, natural skills and sensing equipment. Augmented reality is a technology that calculates the location and angle of camera images in real time and adds a corresponding image, video, and 3D model. The aim of this technology is to put the virtual world on the screen and interact with the real world. At present, most of the applications are in the medical field, the military field, the restoration of historic sites and the protection of cultural heritage, network video communication, entertainment, games, tourism, exhibition and so on. 79

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84 The leading investment institutes are as follows: Hejun Capital 和君资本 PreAngel Fund GOBI Partners 戈壁创投 Entertainment workshop 娱乐工场 Linear Venture 线性资本 81

85 Section 2.20 Major sector: Enterprise Service Enterprise Services refers to the business to business, it offers the services to the business. it can be broadly divided into: financial and integrated services, data services, marketing services, recruitment services. 82

86 The leading investment institutes are as follows: Legend Capital 君联资本 Tencent Corporate Venture Capital 腾讯产业共赢基金 Fortune Link 东方汇富 FREES FUND 峰瑞资本 China Broadband Capital 宽带资本 83

87 Section 2.21 Major sector: Environmental protection & New energy It is also known as non-conventional energy. It refers to the energy that has just been developed or used or is being actively studied and needs to be popularized. It can be divided into the following categories: solar energy, wind energy, biomass energy, hydrogen energy, geothermal energy, ocean energy, small hydropower, chemical energy (such as ether fuel), nuclear energy and so on. In China the new energy that can be industrialized mainly includes water energy (mainly small hydropower station), wind energy, biomass energy, solar energy, geothermal energy and so on. The development of the new energy industry is not only an effective supplement to the whole energy supply system, but also an important measure for environmental and ecological protection. It is the ultimate energy choice to meet the needs of the sustainable development of human society. 84

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89 The Leading investment institutes are as follows: Shenzhen Capital Group Co.Ltd 深创投 Tianxing Capital 天星资本 The Hina Group 汉能投资集团 Tsing Capital 青云创投... Get the whole version of the White Paper of China New Economy 2018, please contact us. Contact Us Qheedata AI Equity Valuation 前海梧桐 ( 深圳 ) 数据有限公司 Domestic: International: qhd@qheedata.com Web: www. qheedata.com 86