Northeast Securities: High barriers in the civil explosives industry, industry continues to advance towards intelligence and unmanned operations.

Northeast Securities released a research report stating that the civil explosive industry has multiple barriers such as production permits, sales qualifications, engineering experience, and regional resources, with the industry concentration continuously increasing. By 2024, the CR10 has reached 62.47%, exceeding the "Fourteenth Five-Year Plan" target. The proportion of mixed explosives is 37.9%, the substitution rate of electronic detonators is 94%, and intelligent transformation is accelerating. The policy points out that it is necessary to promote civil explosive companies to actively participate in the construction of the "Belt and Road" initiative and increase international competitiveness.