1. Initial results in industrial concentration

　　In the 21st century, the market competition is further intensified. In order to maintain the sustainable and stable development of the fastener industry, the whole industry has put forward a new idea of "adjusting in development, improving in adjustment", and promoted the transformation of the economic growth mode by focusing on the adjustment of market structure and product structure.

　　The shift from one-sided pursuit of output value to improving quality and brand effectiveness; Transforming from a one-sided pursuit of greatness and completeness to a direction of refinement, uniqueness, and specialization; The shift from a production oriented to a production service oriented approach has highlighted the concentration of the fastener industry.

　　Three major fastener industry clusters have been preliminarily formed, including the Yangtze River Delta, Pearl River Delta, and Bohai Bay Rim. Several fastener industry bases have been formed, including Jiaxing, Ningbo, Wenzhou, Dongguan, Xingtai, Hebei, and Yongnian.

　　2. Leading enterprises play a significant role

　　These regional fastener enterprises account for over 75% of the country, with leading enterprises such as Jinyi and Shanghai Standard Five emerging, with sales revenue exceeding one billion yuan, and 200 enterprises with annual sales revenue exceeding one billion yuan. These enterprises have an annual sales revenue of over 35 billion yuan, accounting for over 53% of the national sales revenue. There are more than 4000 enterprises above designated size in the industry, accounting for 85% of the national fastener sales revenue. There are more than 40 enterprises with an annual export revenue of over ten million US dollars, accounting for over 60% of the national export revenue. It can be seen that the development of leading enterprises is playing an increasingly strong role, resulting in a significant increase in industrial concentration.

　　3. Accelerated pace of enterprise technological innovation

　　Fastener enterprises adhere to the path of innovation, learn advanced foreign technology and experience, accelerate the integration of modern information technology and traditional industries, and improve the equipment and technological process level of the entire industry. Enterprises have also accelerated their pace of technological innovation, forming a group of distinctive precision, specialty, and specialized enterprises. Among them, high-strength special fasteners account for 15%, heat treatment products account for 60%, and other products account for 40%.

　　4. New Measures to Go Global

　　With the further intensification of domestic and international market competition, it is inevitable to promote the outward development of enterprises. Fastener enterprises will invest abroad separately and move towards the world. In addition to some traditional export trade markets, many companies have turned their attention to emerging countries, with more than 10 companies including Changshu Standard Parts and Ningbo Jinding exploring foreign markets such as Hungary, Malaysia, and Indonesia.