Core Viewpoint - The article discusses the newly released "Self-Regulatory Guidelines for the Science and Technology Innovation Board Listed Companies - Guideline No. 5: Science and Technology Innovation Growth Tier," which aims to support technology companies that are in the pre-profit stage but have significant technological breakthroughs and commercial potential [3]. Summary by Sections Definition of Science and Technology Innovation Growth Tier - The Science and Technology Innovation Growth Tier is designed for technology companies that have made significant technological breakthroughs, possess broad commercial prospects, and have substantial ongoing R&D investments, while still being in a pre-profit stage at the time of listing [4]. Applicability of Growth Tier Companies - The guidelines apply to both existing listed companies that have not yet turned a profit (referred to as "existing companies") and newly registered companies that are also unprofitable at the time of listing (referred to as "incremental companies"). Existing companies will be included in the growth tier from the date of the guideline's release, while incremental companies will be included from their listing date [5]. Criteria for Removal from Growth Tier - The removal criteria for companies from the growth tier are based on a "new and old distinction." To encourage incremental companies to accelerate technological development and market expansion, the removal conditions are aligned with the first set of listing standards for the Science and Technology Innovation Board. Companies will be removed if they meet one of the following conditions: (1) both net profits in the last two years are positive and cumulative net profit is not less than 50 million yuan, or (2) net profit is positive in the last year and operating revenue is not less than 100 million yuan [6]. Investor Awareness of Removal from Growth Tier - Investors can monitor company annual reports, which will disclose any companies that meet the criteria for removal from the growth tier. The Shanghai Stock Exchange will promptly announce the removal of companies from the growth tier. Additionally, investors can check if the stock or depositary receipt's name has removed the special identifier "U," which indicates its growth tier status [10][11]. Participation Considerations for Investors - Investors participating in trading of newly registered growth tier stocks must sign a special risk disclosure document. However, existing stocks or depositary receipts on the Science and Technology Innovation Board prior to the reform are not affected [13]. Information Disclosure Requirements - Companies in the growth tier are subject to stricter information disclosure requirements compared to other listed companies on the Science and Technology Innovation Board. They must adequately disclose the reasons for not being profitable and the impact on the company in their annual reports, along with a risk warning prominently displayed [15]. Additionally, the sponsoring institutions responsible for ongoing supervision must fulfill their duties as per the listing rules and report any significant adverse impacts on the company's technological innovation, R&D capabilities, growth prospects, or profit improvement [16].

Core Viewpoint - The article suggests that asset revaluation pricing is more suitable for the Chinese stock market as it enters a period of macroeconomic stability, shifting focus from net profit growth to asset revaluation growth, particularly in a low-growth environment [2][3]. Group 1: Effectiveness of Asset Revaluation Strategy - In 2024, the explanatory power of asset revaluation growth on industry performance is expected to increase, making it a more effective fundamental indicator than net profit and net asset growth [3]. - Among the top five industries in terms of growth, only the electronics sector has an asset revaluation growth rate below the median level, indicating a selective effectiveness of this strategy [3]. Group 2: Drivers of Asset Revaluation Strategy - The effectiveness of the asset revaluation strategy will be driven by several factors: 1) The rapid decline in opportunity costs in a low-interest-rate environment, making asset revaluation growth more favorable for investment decisions [4]. 2) The need for ROE optimization, where industry leaders focus on cash cycle efficiency, as seen in the improvement of the asset revaluation of the CSI 300 index due to reduced cash cycles [4]. 3) Continuous CAPEX investment is essential for future growth, with the total CAPEX of the CSI 300 index increasing over the past three years, supporting technological advancements and international competitiveness [4]. Group 3: Investment Opportunities under Asset Revaluation Pricing - Based on the asset revaluation pricing approach, three investment directions are recommended: 1) Financial sector: The asset revaluation growth rate in the financial industry exceeds the overall market average, indicating potential for revaluation beyond just banks [5]. 2) Large-cap stocks: The value of large-cap stocks is expected to recover over a longer time frame, with recent weakness in this style potentially leading to accumulated excess returns [5]. 3) CAPEX advantage: Companies with strong CAPEX investment and cash recovery capabilities should be prioritized for maintaining or enhancing international competitiveness [5].

Group 1 - The article is a reprint from the Shenzhen Stock Exchange Interactive Easy WeChat video account [1] - The content does not constitute any investment advice or promotion from Nomura Orient International Securities [2] - Nomura Orient International Securities has not independently verified the content of the reprinted article [2]

Group 1 - The core viewpoint of the article is that the A-share market is in the early stages of a transition from a bear to a bull market, supported by low valuations and policy backing, with significant long-term growth potential driven by new economic transformations and long-term capital inflows [2][4][6] Group 2 - A-shares are currently at historically low valuations, with the CSI 300 index PE at 13 times and PB at 1.3 times, indicating a favorable price-performance ratio compared to other asset classes [4][5] - The market is positioned similarly to the 2013-2014 period, where significant adjustments have occurred, and both policy support and investor sentiment are improving, laying the groundwork for a bull market [5][6] Group 3 - The Chinese government is focusing on expanding domestic demand through a combination of supply-side policies and demand-side stimulus, addressing the core obstacle of weak income growth expectations [8] - The structural differences between the Chinese and Japanese markets highlight that China is less likely to experience a balance sheet recession, with the current phase being characterized by the rise of new economies such as renewable energy and AI [9] Group 4 - Policy measures are enhancing the capital market's functionality, with long-term capital and stabilization funds entering the market, improving supply-demand dynamics [11] - The market structure is shifting towards new economies, with sectors like renewable energy and AI gaining traction, while consumer spending is transitioning from material to emotional consumption [12] Group 5 - Long-term investment strategies emphasize pricing, allocation, and professional management, advocating for a focus on reasonable valuations and avoiding short-term speculative trading [14] - The overall trend for A-shares is upward, supported by low valuations and policy benefits, encouraging investors to adopt a contrarian and long-term perspective to capitalize on new economic opportunities [14]

Core Viewpoint - The article discusses the growth and evolution of the card economy in Japan, highlighting its increasing popularity among consumers, particularly in China, and providing insights into the historical development of the card market [3][8]. Group 1: Market Overview - The Japanese card market reached a scale of 2,774 billion yen in 2023, indicating significant growth and consumer interest [3]. - The card industry has transitioned from physical products to digital formats, with collectible card games gaining traction during the pandemic [4]. Group 2: Historical Development - The collectible card industry began in the 1950s to 1990s with "food toys" as the primary sales format [4]. - From 1993 to 2010, major card games such as "Pokémon," "Yu-Gi-Oh!," and "Duel Masters" were launched, marking a significant shift in the market [4]. - The period from 2010 to 2020 saw the digitalization of card games, further expanding their reach and appeal [4]. Group 3: Recent Trends - Since 2020, the popularity of unboxing videos during the pandemic has led to increased attention on the value of card collecting [4].

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]

Core Viewpoint - The article discusses the introduction of the "Science and Technology Innovation Board Growth Layer" to support technology companies that are in the pre-profit stage but have significant technological breakthroughs and commercial potential [3][4]. Regulatory Framework - The reform establishes a growth layer within the Science and Technology Innovation Board to support technology companies that are not yet profitable at the time of listing, with all existing and newly registered unprofitable companies included in this layer [4][5]. - The investment threshold for investors remains unchanged, and new investors in the growth layer must sign a specialized risk disclosure document, while existing unprofitable companies are not affected by this requirement [4][5]. Main Institutional Arrangements - Newly registered companies that are unprofitable at the time of listing will be included in the growth layer from the date of listing [5]. - Existing companies that have not yet achieved profitability will be included in the growth layer from the date the guidelines are implemented [5]. Tier Adjustment Mechanism - A tier adjustment mechanism is established, allowing companies to be removed from the growth layer if they meet certain profitability criteria, such as achieving a positive net profit for two consecutive years with a cumulative net profit of at least 50 million RMB, or a positive net profit in the most recent year with revenue of at least 100 million RMB [6][9]. - Companies that achieve profitability after being listed will also be removed from the growth layer [6][9]. Information Disclosure Requirements - Companies in the growth layer must disclose reasons for not being profitable in their annual reports, along with impacts on cash flow, business expansion, talent attraction, and sustainability [11]. - Companies must also disclose any significant adverse events affecting their technological innovation, research capabilities, or growth prospects in a timely manner [11]. Special Identification and Risk Disclosure - The Shanghai Stock Exchange will implement special identification management for stocks or depositary receipts of companies in the growth layer, adding a "U" to their abbreviations [13]. - Investors participating in trading of growth layer stocks must meet suitability management requirements and sign a specialized risk disclosure document before their first transaction, while existing stock transactions do not require this [14].

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].