Core Viewpoint - The humanoid robot industry in China is entering a rapid development phase, driven by advancements in technology and increasing market demand, but achieving true "human-like" capabilities remains a long-term challenge [2][5][21]. Group 1: Industry Development - The humanoid robot industry is expected to showcase significant capabilities by 2025, including walking and precise movements, as demonstrated in various competitions [2]. - The industry is currently focused on specific application scenarios where robots can be effectively deployed, such as lawn mowing and elder care, which are anticipated to see early market penetration [6][11]. - According to Gartner, the humanoid robot industry is still in its technological infancy, with a production maturity timeline extending over the next decade [5]. Group 2: Market Opportunities - The lawn mowing robot market is projected to grow significantly, with a compound annual growth rate (CAGR) of 12% from 2025 to 2030, driven by product upgrades and increasing labor costs [9][10]. - The elder care robot market is expected to expand rapidly due to China's aging population, with over 47 million people projected to require care by 2035 [11][13]. - The penetration rate of Chinese lawn mowers in Europe has increased from 25% to 41% between 2023 and early 2025, indicating a growing competitive edge in pricing and product quality [7][9]. Group 3: Technological Advancements - The development of humanoid robots requires breakthroughs across the entire supply chain, including advancements in artificial intelligence models, motion control systems, and cost-effective components [2][3]. - The industry is witnessing a shift towards higher technical barriers in core component manufacturing, with domestic companies gradually overcoming challenges in this area [3][19]. - The software aspect of humanoid robots is lagging behind hardware, with a need for improved algorithms and data training systems to enhance robot intelligence [22][25]. Group 4: Component Insights - The market for dexterous hands, a crucial component for humanoid robots, is expected to grow from $1.7 billion to $3 billion between 2024 and 2030, reflecting a CAGR of 10% [20]. - The domestic production of linear actuators is hindered by a lack of high-end processing equipment, with significant reliance on imports for critical components [16][18]. - The acceleration of domestic sensor production is crucial for enhancing the sensory capabilities of humanoid robots, with various types of sensors being essential for complex interactions with the environment [19].

Group 1 - The core viewpoint of the article is that the Chinese ready-to-drink tea industry is transitioning from homogeneous competition to global expansion and structural upgrades, with a focus on health and cultural recognition in consumer demand [11] - The current state of the domestic tea beverage market is characterized by intense competition and saturation in lower-tier markets, leading to the conclusion that international expansion is essential for growth [2][3] - The overseas revenue growth of tea beverages is showing a rapid increase, indicating a potential second growth curve for tea companies [2] Group 2 - The Southeast Asian market is identified as a promising area for high-density replication of ready-to-drink tea, supported by a favorable climate and a large young population [5] - In 2023, the annual consumption of new tea beverages in Southeast Asia reached $3.66 billion, with Indonesia leading at $1.6 billion [5] - The coffee-drinking culture in Japan and South Korea presents a challenge for tea beverages, necessitating strategies to penetrate these markets [8] Group 3 - The article emphasizes the importance of adapting pricing strategies to align with the income levels of overseas consumers [9] - Companies are encouraged to enhance product innovation capabilities driven by health upgrades and consumer demand segmentation [11] - Establishing a global supply chain to ensure quality and cost-effectiveness is crucial for maintaining competitive advantages [12] Group 4 - The article outlines a tiered international expansion strategy, suggesting high-density penetration in Southeast Asia, gradual market entry in Japan and South Korea, and a premium approach in the U.S. and Europe [14][15] - The need for consumer education and brand recognition in the U.S. and European markets is highlighted, as the current density of tea beverage stores is low compared to coffee shops [8]

图看懂《上海证券交易所 科创板上市公司自律监管指引第5号 科创成长层(征求意见稿)》 科创成长层是科创板的组成部分,发行上市等基础 制度保持不变,存量未盈利企业摘"U"条件保持不 变。投资者投资科创板成长层的资金门槛保持不变,投 资新注册的科创成长层企业需要签署专项风险揭示书, 但投资存量未盈利企业则不受影响。 主要制度安排 ● 纳入餐件 Part 1 1 新注册的上市时未盈利的科创板 公司,自上市之日起纳入科创成长层。 6 存量的上市后尚未首次实现盈利 的科创板公司,自指引发布实施之日起 纳入科创成长层。 调 H 条件 科创成长晨建立了层次调整机制,并实行"新 老划断"安排。 为落实《中国证监会关于在科创板设置科创成长层 增强制度包容性适应性的意见》,更大力度支持科技企业 高水平发展,6月18日起,上海证券交易所就配套规则向 市场公开征求意见。为帮助广大投资者更好地理解相关规 则的制定情况,我们将推出系列图文对规则进行介绍。本 期,我们为大家划重点的规则是《上海证券交易所科创板 上市公司自律监管指引第5号 -- 科创成长层(征求意见 稿】》,欢迎阅读并提出您的宝贵意见! C 上海 登 系 交 易 所 | 上 ...

NOA URA 野村东方国际证券 分钟了解日本 for from Treat with a more of the 日本的老年健身房 上期我们介绍了日本体育消费趋势的转变。本期我们将聚焦 少子老龄化背景下的日本社会是如何将体育健身与养老体系 结合在一起。 老年健身房的起源 HHHHH 2000年后日本推行社区性体育场所 长期以来,日本的体育发展以 "综合型地域体育俱乐部"。 学校、企业为中心。大众体育 更多老年人开始从对抗性运动 设施资源比较缺乏。 转向健身房。 分析师 张影秋 （SAC执证编号：S1720522110001） 曾万霖 （SAC执证编号：S1720524050001） 往期推文回顾 一分钟了解日本｜日本体育消费趋势的转变 免责声明 向上滑动阅览 内容来源 本内容根据野村东方国际证券2023年08月17日发布的证券研究报告《赛道之上，创新致胜——日本经济下行期黄金赛道之运动服饰》制 作。 本材料虽由野村东方国际证券有限公司（以下简称"本公司"或"我们"）研究部提供，但并非我们发布的证券研 究报告，仅系我们根据本公司已正式发布的研究报告内容制作。我们不保证本材料内容、观点、文字与正式出 具的研究报 ...

Core Viewpoint - The article discusses the external environment and market expectations for the second half of 2025, highlighting the potential for increased volatility and the importance of a dual-track allocation strategy in investment [3][4]. Group 1: External Environment and Market Trends - Since March, the euro has appreciated against the dollar, indicating a shift of funds away from dollar assets, with non-dollar assets receiving strong liquidity support [3]. - The market has already priced in most potential changes, including consistent expectations for the U.S. and Chinese economies, as well as shifts in international capital flows [4]. Group 2: Market Outlook for the Second Half of 2025 - The article anticipates that the second half of 2025 will see increased market volatility as expectations align with reality, particularly as high-frequency data begins to validate these expectations [4]. - The article suggests that Chinese equity assets are likely to outperform overseas markets due to strong domestic policy expectations and favorable liquidity conditions in emerging markets [4]. Group 3: Investment Strategy - A "barbell strategy" focusing on dividend stocks and technology growth sectors is recommended, with projected revenue growth for the CSI 300 index at 4.5% and 5.3% for 2025 and 2026, respectively [5]. - The static valuation of the CSI 300 is considered undervalued by 25.6% compared to its ten-year average, making it attractive for long-term investors [5].

TE 上海證券交易所 1 上海证券交易所 向上滑动阅览 本文系转载自 上交所投教公众号。 本文不构成野村东方国际证券的任何投资建议、推介或宣传。野村东方国际证券没有独立核实过被转载文章的 内容，该文章中的任何观点不代表野村东方国际证券观点，野村东方国际证券不对投资者依赖本文的任何内容 而采取的行动承担任何责任。投资有风险，入市需谨慎。 · 全国防范非法证券期货基金宣传月 · IE I'= 15 % 就是对 家人 最大的守护 l 客传 理性投资 本文转自上交所投教微信公众号，请点击"阅读原文"查看原文。 本文转载自： 上交所投教 免责声明 ...

"投资的代际传承" －日本家庭支持证券账户制度－ 作者：野村资本市场研究所 野村 亜紀子 要点 1.在长寿的日本，如何支持老年人在认知判断能力下降后的资产管理成为了一大课题。2025年2 月，日本证券业协会公布的一项制度纲要"家庭支持证券账户"，成为了一项新的选择。 2.家庭支持证券账户是指高龄客户（委托人）可以在健康时指定一位家庭成员作为意定代理人 （亲属代理人），在本人认知判断能力下降或丧失后进行代理交易。除了可以出售资产和提款外， 其特点是还可以继续进行投资管理。委托人与信任的家人共同制定管理和投资方针后，签订公证合 同并申请开户。证券公司将从准备阶段开始提供全程的支持。 3.亲属代理人必须秉持善良管理人的行事准则。此外，账户的代理权限范围也有限制，例如：不 允许代理人投入新资金进行投资等，以抑制代理人滥用权力的风险。该制度的设计并不像意定监护 制度中对监督人选任的严格规定，而是更关注用户的便利性。 4.关于家庭支持证券账户的提供，预计各证券公司将在2025年4月以后根据客户需求、现有服务 等做出判断。若能藉此增进老年人的晚年福祉，最终使"投资的代际传承"得以实现，那将具有重大 的社会意义。 Ⅰ 老年人 ...

本文系转载自 深交所投教公众号。 本文不构成野村东方国际证券的任何投资建议、推介或宣传。野村东方国际证券没有独立核实过被转载文章的 内容，该文章中的任何观点不代表野村东方国际证券观点，野村东方国际证券不对投资者依赖本文的任何内容 而采取的行动承担任何责任。投资有风险，入市需谨慎。 本文转载自： 深交所投教 免责声明 向上滑动阅览 ...

Core Viewpoint - The mid-term strategy meeting by Nomura Orient International Securities emphasizes the theme of "seeking certainty amid geopolitical games," focusing on how to navigate uncertainties and capitalize on industry and asset certainties in the current market environment [2]. Group 1: Market Environment - The euro, which accounts for over 60% of the dollar index, has appreciated against the dollar since March, indicating a trend of capital withdrawal from dollar assets [2]. - Non-dollar assets have received strong liquidity support in the first half of the year, with international capital favoring European bonds, European stocks, and the Hang Seng Technology Index [2]. - The market has priced in most potential changes, including consistent expectations for the U.S. economy and shifts in international capital flows [2]. Group 2: Future Market Outlook - The second half of 2025 is expected to be a critical juncture for market direction, with discrepancies between expectations and reality likely to converge as high-frequency data is validated monthly [3]. - The loosening and shifting of international capital narratives may lead to additional liquidity impacts, potentially increasing market volatility [3]. - Given strong domestic policy expectations and a favorable liquidity environment under a weak dollar, Chinese equity assets are anticipated to outperform overseas markets in the latter half of the year [3]. Group 3: Sector and Stock Performance - The projected revenue growth rates for the CSI 300 Index are 4.5% and 5.3% for 2025 and 2026, respectively, with corresponding net profit growth rates of 2.8% and 6.7% [3]. - The decline in risk-free interest rates suggests that the CSI 300 is still undervalued from a static valuation perspective, making it attractive for long-term domestic investors [3]. - Dividend stocks with stable yields and specific technology growth sectors (military, new energy, and new consumption) are expected to be more suitable for the market environment in the second half of the year [3].

近日，野村东方国际证券举办了家庭日活动，公司特别邀请员工携带孩子走进上海办公室。活动 当日，办公室褪去了平日的严肃模样，换上了端午节的装饰，轻盈的飘空气球摇曳生姿，处处洋 溢着端午的温馨氛围，让大小朋友们一踏入便感受到浓浓的节日喜悦。 艾香与粽香交织的午后，上海的同事们欢聚一堂共享美味，从传统的蛋黄肉粽到清甜的豆沙粽，从箬叶 包裹的咸香软糯到蜜枣流露的绵密清甜，每一款粽子都似舌尖上的文化密码，诉说着南北风味的交融与 传承。 免责声明 本文不构成野村东方国际证券的任何投资建议、推介或宣传。野村东方国际证券不对投资者依赖本文的任何内容而 采取的行动承担任何责任。投资有风险，入市需谨慎。 大家用五彩丝线串联翡翠、玛瑙般的珠串，指尖上的盘结传递着五彩绳"辟邪纳吉"的千年传说，以及珠 串中"五谷丰登"的美好寓意。 在温馨愉悦的氛围中，本次端午家庭日活动圆满落下帷幕，这场充满爱与陪伴的聚会，不仅为亲子关系 搭建了温馨的互动桥梁，更让员工们在忙碌的工作之余，以轻松愉快的方式增进了彼此的情感联结，共 同度过了一段充满欢笑与温情的美好时光。 ...