Zhītōng Cáijīng APP learned that Dongbei Securities has released a research report stating that the global and domestic electronic measuring instrument market is mainly occupied by foreign capital, especially the high-end market, which is almost monopolized by foreign capital. This will also constrain the development of domestic industries such as 5G communication, military industry, aviation and aerospace, and the industry is in urgent need of localization. In recent years, the technical strength of domestic enterprises has been continuously improving, coupled with frequent national support policies, the market share of domestic manufacturers is expected to steadily increase. The booming development of industries such as 5G, Internet of Things, new infrastructure, and consumer electronics will bring stable demand growth for electronic measuring instruments.

Electronic measuring instruments are the foundation of industrial development. Electronic measuring instruments are instruments or equipment used to detect, measure, observe, calculate various physical quantities, material composition, physical parameters, etc. They have functions such as detection and measurement, signal transmission, and data processing. It is the basis of information acquisition, measurement, transmission, and control, and has become the cornerstone of industrialization, informatization, and intelligence. Electronic measuring instruments can be divided into special electronic measuring instruments and general electronic measuring instruments. General electronic measuring instruments can be divided into oscilloscopes, RF instruments, waveform generators, power supplies and electronic loads, and other instruments. According to the data from Zhiyan Consulting, in the 2021 submarkets of China's electronic measuring instrument market, RF instruments accounted for 14.11%, oscilloscopes accounted for 9.51%, power supplies and electronic loads accounted for 6.49%, and waveform instruments accounted for 2.22%. Upstream of the electronic measuring instrument industry are component suppliers, midstream measuring instrument manufacturers, and downstream customer groups in various application fields. The downstream of electronic measuring instruments includes communication, consumer electronics, automobiles, aviation, and other fields, with the telecommunications industry accounting for as much as 47%.

The downstream demand is broad, and foreign capital dominates the main market. In 2019, the global market share of Keysight Technologies was 25.9%, followed by Germany's Rohde & Schwarz with a share of 11%, Japan's Anritsu with a share of 5.2%, Tektronix of the United States with a share of 4.7%, Lecroy with a share of 1.9%, and the CR5 was 48.7%. Foreign capital dominates the main market. Domestic products still have certain gaps with foreign advanced enterprises in technology, especially in the high-bandwidth and high-frequency product areas. At the same time, there are also gaps in core components (high-end chips, etc.), software support, and other areas. According to Frost & Sullivan's data, the global electronic measuring instrument market was worth $10.1 billion in 2015, and it increased to $14 billion in 2021. The Chinese electronic measuring instrument market was worth $2.629 billion in 2015 and increased to $5 billion in 2021. The booming development of 5G, Internet of Things, new infrastructure, and consumer electronics industries will bring stable demand growth for electronic measuring instruments.

Domestic manufacturers continue to achieve technological breakthroughs, and domestic substitution is expected to speed up. In recent years, the development of domestic enterprises has been rapid. Dingyang Technology has launched SFA8001, a high-bandwidth, low-noise density digital oscilloscope front-end amplifier dedicated chip with a bandwidth of 8GHz, and continues to launch high-end products such as the 26.5GHz spectrum analyzer; Puyuan Jingdian has successively launched the 'Phoenix' chip set, the Centaurus chip set, and released the DS80000 series of high-bandwidth real-time digital oscilloscopes, with a bandwidth of up to 13GHz, and the sales proportion of high-end products continues to increase; Yuli De has successively launched 2.5GHz and 4GHz oscilloscope products; Kunheng Shunwei broke the monopoly of international manufacturers in the wireless channel simulator field. In recent years, the domestic enterprise's technological strength has continued to improve, and with the frequent issuance of national supportive policies, the domestic manufacturer's market share is expected to steadily increase.

Risk warning: risks in the import dependence of electronic components such as IC chips and high-precision resistors; the progress of localization cannot be expected; the recovery of downstream prosperity is less than expected.