Core data interpretation: First, explosive growth of installation volume, the new installation volume of elevator IoT equipment in Q1 2026 was 1.26 million units, a year-on-year increase of 128% and a month-on-month increase of 42%, the growth rate hit a record high, of which new elevator supporting installation accounted for 48%, and existing elevator transformation and installation accounted for 52%; Second, regional distribution, East China accounts for 36%, South China 22%, North China 16%, Central China 12%, Southwest China 8%, Northwest and Northeast China 6%. Guangdong, Jiangsu, Zhejiang, Shandong, and Shanghai are the top five provinces and cities in terms of installation volume; Third, equipment function structure, basic monitoring equipment with fault early warning and trapped automatic alarm functions accounts for 32%, mid-end equipment with AI video monitoring, intelligent maintenance, and emergency rescue linkage accounts for 45%, high-end equipment with digital twin, predictive maintenance, and full life cycle management accounts for 23%, and the proportion of mid-to-high end equipment continues to increase; Fourth, core growth drivers, 26 provinces and cities nationwide have issued elevator smart supervision policies, requiring new elevators to be equipped with IoT monitoring devices, and existing elevators to be renovated and installed within a time limit. Mandatory policy requirements have become the core growth driver. At the same time, the renewal and transformation of old elevators, the digital transformation of maintenance enterprises, and the improvement of owner safety demand also promote the continuous growth of installation volume; Fifth, future market forecast, the national new installation volume of elevator IoT equipment in 2026 is expected to exceed 4 million units, a year-on-year increase of more than 85%. By the end of 2026, the cumulative installation volume will exceed 7 million units, accounting for more than 65% of the total national in-service elevators, and the full coverage of in-service elevator IoT nationwide will be achieved by the end of 2027.