Group 1: Aging Population Trends - China's aging population is accelerating, with the proportion of individuals aged 65 and above increasing by approximately 0.6 percentage points annually from 2020 to 2024, compared to 0.5 percentage points from 2015 to 2019 and 0.3 percentage points from 2010 to 2015[12] - By the end of 2023, the 50-60 age group has become the main demographic in China, indicating a significant shift in population structure[12] - Compared to developed economies, Asian countries, including China, Korea, and Japan, transition from aging to deep aging societies more rapidly, while the U.S. and European countries take longer[12] Group 2: Consumption Changes Due to Aging - In Japan, from 1994 to 2006, the average annual growth rate of private consumption was only 0.8%, significantly lower than the previous period of 1981-1993[20] - Japan's private consumption growth further declined to an average of 0.2% from 2007 to 2024, primarily due to a decrease in the youth population, which is the main consumer group[20] - As aging progresses, essential consumption categories like food and healthcare see increased spending, while discretionary spending on housing and clothing declines[25] Group 3: Economic Implications for China - China's per capita disposable income has maintained a stable growth rate of over 5% since 2022, providing a solid economic foundation for consumption growth, unlike Japan, where income growth has stagnated[30] - China's urbanization rate was 65% as of 2022, indicating significant potential for growth compared to Japan's nearly 90% urbanization rate during its population decline[30] - The relationship between urbanization and consumption expenditure suggests that increasing urbanization can continue to drive consumption growth in China[32] Group 4: Development of Silver Economy - Japan's key policy for developing its silver economy was the implementation of the Long-Term Care Insurance Law in 2000, which facilitated market-driven growth in elder care services[45] - China can learn from Japan by establishing a comprehensive long-term care insurance system to alleviate financial pressures on elderly care and enhance consumption capacity[46] - Promoting re-employment opportunities for younger seniors can significantly boost their income and consumption, as their marginal propensity to consume is higher than that of younger populations[47]

Group 1 - The stablecoin market is experiencing rapid growth, with a global market value nearing $240 billion as of April 2025, having increased by $36 billion within the year. USDT and USDC dominate the market, holding nearly 90% of the total market share [1][2] - Stablecoins have become widely adopted in payment and transaction sectors, with a total transfer volume of $27.6 trillion in 2024, surpassing the combined transaction volume of traditional payment giants Visa and Mastercard [1] - Circle, the issuer of USDC, plans to go public on the NYSE, aiming to raise up to $624 million by issuing 24 million shares, with a valuation of $6.7 billion [2] Group 2 - Recent regulatory developments in both China and the U.S. are accelerating the construction of the stablecoin ecosystem. Hong Kong has introduced a licensing system for fiat-backed stablecoin issuers, while the U.S. is advancing legislation to establish a regulatory framework for stablecoins [3][4] - Stablecoins are viewed as strategic tools to uphold the dominance of the U.S. dollar, with significant policy support expected. The leading stablecoin issuers hold over $100 billion in U.S. Treasury securities, positioning them among the top 20 holders of U.S. debt [4] - The stablecoin theme encompasses various sectors, including Real World Assets (RWA), stablecoins themselves, and internet finance, with companies like Ant Group and JD.com leading the way in integrating stablecoins and digital currencies [5][7] Group 3 - The report identifies key stocks related to the stablecoin theme, including companies across various sectors such as insurance, software development, and IT services, with market capitalizations ranging from approximately 17.41 million to 309.40 billion [9]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is focusing on optimizing store models and enhancing quality, with a shift from aggressive expansion to store upgrades and closures, which is expected to improve operating profit margins [7] - The company anticipates a recovery in 2025, driven by the closure of unprofitable stores and the introduction of a new store model that is expected to contribute to revenue growth and improved profitability [7] - The supply chain layout is gradually being implemented, with a central kitchen in Guangzhou expected to be operational in 2025, and further expansions planned for other regions in 2026-2027 [7] - The company forecasts significant growth in net profit from 2025 to 2027, with expected net profits of 135.26 million, 163.63 million, and 202.98 million respectively, reflecting year-on-year growth rates of 142.37%, 20.97%, and 24.05% [7] Financial Projections - Total revenue is projected to reach 6,110 million in 2025, with a year-on-year growth of 0.60% [1] - The earnings per share (EPS) is expected to be 0.10 in 2025, with a corresponding price-to-earnings (P/E) ratio of 23.39 [1] - The company’s operating profit is forecasted to improve significantly, with operating profits of 357.45 million in 2025 and 398.88 million in 2026 [8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is focusing on optimizing store models and enhancing quality, with a shift from aggressive expansion to store upgrades and closures, which is expected to improve operating profit margins [7] - The company anticipates a recovery in 2025, driven by the closure of unprofitable stores and the introduction of a new store model that is expected to contribute to revenue growth and improved profitability [7] - The supply chain layout is gradually being implemented, with a central kitchen in Guangzhou expected to be operational in 2025, and further expansions planned for other regions in 2026-2027 [7] - The company forecasts significant growth in net profit from 2025 to 2027, with expected net profits of 135.26 million, 163.63 million, and 202.98 million respectively, reflecting year-on-year growth rates of 142.37%, 20.97%, and 24.05% [1][7] Financial Summary - Total revenue is projected to grow from 6,074 million in 2024 to 6,895 million in 2027, with a compound annual growth rate of approximately 7.17% [1][8] - The earnings per share (EPS) is expected to increase from 0.04 in 2024 to 0.15 in 2027, indicating a positive trend in profitability [1][8] - The price-to-earnings (P/E) ratio is projected to decrease from 56.69 in 2024 to 15.59 in 2027, suggesting an improvement in valuation as earnings grow [1][8]

证券研究报告 传感器行业深度报告 触觉提升机器人现实感知能力，打通灵巧操作关键一环 首席证券分析师：周尔双 执业证书编号：S0600515110002 zhouersh@dwzq.com.cn 证券分析师：钱尧天 执业证书编号：S0600524120015 qianyt@dwzq.com.cn 2025 年 5 月 30 日 请务必阅读正文之后的免责声明部分 1 投资要点： 1. 人形机器人为何需要触觉传感器？ 触觉传感器是用于机器人中模仿触觉功能的传感器，可以感知末端力、温度、湿度等等。按功能可分为接触觉传感器、力矩传感器、 压觉传感器和滑觉传感器等。触觉传感器分布于机器人的躯干&灵巧手等部位，但灵巧手指尖传感器是核心部位，精准的力控是灵巧手 商业化落地的基础。在灵巧手手掌上需要电子皮肤，主要强调对接触位置的精准控制和对物体材质的感知能力，在抓握动作中并不起 主导作用。在灵巧手指尖上需要触觉传感器，指尖触觉传感器强调感知+控制，感控一体，最重要的特性是对三维力的感知，而且要实 现不同手指的分布式协同工作，在抓握动作中起到主要作用。 2. 技术路线：触觉传感器各技术路线辨析 据GMI数据，2024年全球触觉传 ...

Investment Rating - The report maintains a "Buy" rating for Xiaomi Group-W (01810.HK) [1] Core Insights - The report highlights strong performance across various business segments, particularly in IoT and automotive sectors, which are expected to continue enhancing earnings [1][9] - The company achieved record high revenue and net profit in Q1 2025, with revenue reaching 111.29 billion yuan, a year-on-year increase of 47.4%, and adjusted net profit of 10.68 billion yuan, up 64.5% year-on-year [9] - The automotive segment shows promising growth with revenue of 18.58 billion yuan in Q1 2025, a quarter-on-quarter increase of 11.5%, and a narrowing loss of 500 million yuan [9] - Xiaomi's smartphone market share has returned to first place in China, with a year-on-year increase of 4.7% to 18.8% [9] - The IoT segment reported revenue of 32.34 billion yuan, a year-on-year increase of 58.7%, driven by strong sales in home appliances and tablets [9] Financial Projections - The report provides financial forecasts indicating total revenue growth from 365.91 billion yuan in 2024 to 726.72 billion yuan in 2027, with a compound annual growth rate (CAGR) of 15.64% [1][10] - Net profit is projected to increase from 23.66 billion yuan in 2024 to 65.94 billion yuan in 2027, reflecting a significant growth trajectory [1][10] - The report anticipates a steady improvement in earnings per share (EPS), rising from 0.91 yuan in 2024 to 2.54 yuan in 2027 [1][10]

Investment Rating - The report maintains a "Buy" rating for Xiaomi Group-W (01810.HK) [1] Core Views - The report highlights strong performance across various business segments, particularly in IoT and automotive sectors, which are expected to continue enhancing earnings [9] - The company achieved record high revenue and net profit in Q1 2025, with revenue reaching 111.29 billion yuan, a year-on-year increase of 47.4%, and adjusted net profit of 10.68 billion yuan, up 64.5% year-on-year [9] - The automotive segment shows promising growth with revenue of 18.58 billion yuan, a quarter-on-quarter increase of 11.5%, and a narrowing loss of 500 million yuan [9] - Xiaomi's smartphone market share has returned to first place in China, with a year-on-year increase of 4.7% to 18.8% [9] - The IoT segment reported revenue of 32.34 billion yuan, a year-on-year increase of 58.7%, driven by strong sales in home appliances and tablets [9] Financial Projections - The report provides financial forecasts for Xiaomi Group, projecting total revenue to grow from 365.91 billion yuan in 2024 to 726.72 billion yuan in 2027, with a compound annual growth rate (CAGR) of 15.64% [1][10] - Net profit is expected to increase significantly from 23.66 billion yuan in 2024 to 65.94 billion yuan in 2027, reflecting a robust growth trajectory [1][10] - The report anticipates a steady improvement in earnings per share (EPS), projected to rise from 0.91 yuan in 2024 to 2.54 yuan in 2027 [1][10]

Investment Rating - The report maintains a "Buy" rating for Kingsoft Corporation (03888.HK) [1] Core Views - The report highlights the importance of the upcoming launch of the game "Limitless Machine" and the company's focus on AI, collaboration, and internationalization in its office software segment [1][8] - Kingsoft's revenue for Q1 2025 was 2.338 billion yuan, showing a year-on-year increase of 9.41% but a quarter-on-quarter decrease of 16.28% [8] - The gaming segment's revenue was 1.037 billion yuan, contributing 44.33% to total revenue, with expectations for continued performance from existing titles and the upcoming launch of "Limitless Machine" [8] - The office software segment generated 1.301 billion yuan, accounting for 55.67% of total revenue, driven by growth in WPS personal and WPS 365 services [8] Financial Projections - Total revenue projections for Kingsoft are as follows: 10.318 billion yuan in 2024, 11.669 billion yuan in 2025, 13.149 billion yuan in 2026, and 14.721 billion yuan in 2027, with year-on-year growth rates of 20.91%, 13.09%, 12.68%, and 11.96% respectively [1] - Net profit projections are 1.552 billion yuan in 2024, 1.867 billion yuan in 2025, 2.304 billion yuan in 2026, and 2.735 billion yuan in 2027, with year-on-year growth rates of 220.94%, 20.32%, 23.41%, and 18.70% respectively [1] - The report forecasts EPS of 1.33 yuan for 2025, 1.65 yuan for 2026, and 1.95 yuan for 2027, corresponding to P/E ratios of 24, 20, and 17 times respectively [1][8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report emphasizes the importance of the upcoming launch of the game "解限机" and the company's focus on AI, collaboration, and internationalization in its office software segment [1][8] - The company is expected to maintain steady growth in its dual business segments, with a positive outlook on new game categories and the continued development of AI capabilities in office software [8] Financial Performance Summary - For 2023, total revenue is projected at 8,547 million, with a year-on-year growth of 11.74% - The net profit attributable to the parent company is expected to be 483.46 million, reflecting a significant year-on-year increase of 107.99% - Earnings per share (EPS) for 2023 is estimated at 0.35 yuan, with a price-to-earnings (P/E) ratio of 93.52 [1] Revenue and Profit Forecast - The company forecasts total revenue of 10,318 million for 2024, with a year-on-year growth of 20.91% - The net profit attributable to the parent company is projected to reach 1,551.61 million in 2024, representing a year-on-year increase of 220.94% - EPS is expected to rise to 1.11 yuan in 2024, with a P/E ratio of 29.14 [1][9] Business Segments Overview - The gaming segment reported revenue of 10.37 billion in Q1 2025, with a year-on-year growth of 13.71% - The office software segment generated revenue of 13.01 billion in Q1 2025, with a year-on-year increase of 6.21% [8] - The report highlights the company's strategy to enhance AI user engagement and expand its international presence through localized operations [8] Research and Development Investment - The company has increased its R&D expenses to support AI and new game category development, with R&D costs rising by 16.14% year-on-year [8][9] - The report indicates a commitment to continuous investment in R&D to drive innovation and growth in both gaming and office software sectors [8]

Investment Rating - The investment rating for Meituan-W (03690.HK) is "Buy" (maintained) [1] Core Insights - The report indicates that Meituan's Q1 2025 performance exceeded expectations, with total revenue reaching 86.557 billion yuan, a year-on-year increase of 18%. Adjusted net profit was 10.949 billion yuan, outperforming Bloomberg consensus estimates [8] - Core local business profits were better than expected, and the trend of reduced losses in new businesses continued. The core local business revenue for Q1 was 64.3 billion yuan (yoy +17.8%), with an operating profit of 13.5 billion yuan (yoy +39.1%), and the operating profit margin increased by 3 percentage points to 21.0% [8] - The report highlights that while competition may impact Q2 profits, the long-term outlook remains positive due to the company's advantages in fulfillment, supply, and operational efficiency [8] Financial Forecasts - Total revenue projections for Meituan are as follows: - 2023: 276.85 billion yuan - 2024: 337.59 billion yuan (yoy +21.94%) - 2025: 389.69 billion yuan (yoy +15.43%) - 2026: 442.51 billion yuan (yoy +13.55%) - 2027: 494.21 billion yuan (yoy +11.68%) [1] - Adjusted net profit forecasts are: - 2023: 13.86 billion yuan - 2024: 35.81 billion yuan (yoy +158.43%) - 2025: 35.91 billion yuan (yoy +0.28%) - 2026: 46.21 billion yuan (yoy +28.70%) - 2027: 60.46 billion yuan (yoy +30.82%) [1] - The report adjusts the 2025-2027 adjusted profit estimates down to 43.4 billion, 54.1 billion, and 68.4 billion yuan respectively, with corresponding adjusted P/E ratios of 18, 15, and 12 times [8] Business Segments - The core local business is expected to maintain healthy growth, particularly in the food delivery segment, with user engagement and purchase frequency improving. The company plans to invest 100 billion yuan over the next three years to promote high-quality industry development [8] - Instant retail business showed strong growth, with transaction users exceeding 500 million and daily active users peaking at nearly 6.5 million. Non-food category orders grew over 60% year-on-year [8] - The travel and hotel segment is also expected to grow rapidly, especially in lower-tier cities, supported by enhanced membership benefits [8] - The new business segment, particularly the overseas expansion through Keeta, is showing significant progress, with plans to invest 1 billion USD in the Brazilian market over the next five years [8]