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What does the downstream demand structure look like?
Published Time:
2026-07-30
By demand share: household appliances ~42%, new-energy vehicles ~21% (continuously rising), industrial automation / smart low-voltage ~15%, HVAC / heating & ventilation ~8%, medical / power tools / consumer electronics etc. ~14%. Appliances and NEV are the stable base; HVAC/heating is the differentiated entry point.