In the downward period of the economic cycle, some industries have gone through the complete shuffling of the sand, complete the complete shuffling, the industry pattern has been fixed, leading companies stand out. For the thorough definition of shuffling industry, one is over the past few years, the capacity investment is too fast; two is the price decline is very obvious in recent years, the price of the loop ratio continues to fall; three is the industry's large companies in transition or bankruptcy liquidation; four is the leading company market share is increasing. Fang Zheng Securities said that it will be optimistic about the LED packaging industry, and the follow-up will be further supplemented, and it is suggested that the LED packaging industry be the leader of the industry. 1, the economic downlink cycle, industry shuffle intensifies. This round of cycle performance is roughly 2010-2012 years of production capacity investment acceleration, especially manufacturing investment, three years of continuous growth in the continuous growth of 20%-30%, undoubtedly increased the huge capacity. 2012-2015 years, the price has been declining, has been 4 years, part of the industry has completed a thorough shuffling, in the macro-economic stage of stability in the background, part of the industry has been reversed. 2, reverse industry: LED packaging industry. Because the entry threshold of LED package is low and the investment scale is above 20 million, it attracts a lot of capital in the early stage of industrial development. The packaging industry forms a small and scattered pattern. More than 10 years ago, the industry basically showed the pattern of hegemony, the price of LED package fell in 14 and 15 years, the 14 year fell 30%, and 15 years fell 30%-5. 0%, in this context, enterprise large-scale bankruptcy transformation, industry mergers and acquisitions significantly increased, large amount of mergers and acquisitions cases obviously increased, the number of mergers and acquisitions over the number of hundreds of millions of cases, accounting for 73.6%. 3, LED package leading company: Ma Lin Sen. In terms of the capacity of the package, it was 360 billion in 2015, 48 billion in the state, and 15 billion by Hongli, and the advantage of the leader was not shaken. The following core points: one is to increase the capacity of LED package to continue to expand; two is to lay down the field of downstream lighting; three is the expectation of overseas merger and acquisition, and the international brand OSRAM is the possible standard.