Investment Rating - The report maintains an "Overweight" rating for the insurance industry, indicating a positive outlook for the sector in the next 6 months [1]. Core Insights - In April, the life insurance premium showed a continued recovery with a year-on-year increase of 11.6%, marking a 5.4 percentage point improvement from March [4]. - The total original premium for life insurance from January to April 2025 reached 2,096.6 billion yuan, reflecting a year-on-year growth of 1.8% [4]. - The report highlights that the current dividend insurance business is gaining market acceptance, and with commercial banks lowering deposit rates, the attractiveness of insurance products is expected to improve [4]. - Health insurance premiums in April showed a modest year-on-year increase of 0.3%, with a total of 648.6 billion yuan in premiums from January to April, up 4.1% year-on-year [4]. - Property insurance premiums in April increased by 5.5% year-on-year, with stable growth in both auto and non-auto insurance segments [4]. - The report notes that the insurance sector is experiencing improvements in both liability and asset sides, with a low valuation and low holdings, suggesting a balanced risk-reward profile [4]. Summary by Sections Life Insurance - April's life insurance premiums reached 287.9 billion yuan, up 11.6% year-on-year, continuing the upward trend from March [4]. - The total original premium for life insurance from January to April was 2,096.6 billion yuan, with a growth of 1.8% year-on-year [4]. Health Insurance - Health insurance premiums in April increased by 0.3% year-on-year, with a total of 648.6 billion yuan from January to April, reflecting a 4.1% increase [4]. - The report emphasizes the long-term growth potential of health insurance through the integration of various health services [4]. Property Insurance - Property insurance premiums in April rose by 5.5% year-on-year, with stable growth in both auto and non-auto segments [4]. - The report indicates that the growth in auto insurance is supported by the increasing penetration of new energy vehicles [4]. Market Conditions - The report mentions that the current valuation of the insurance sector is at historical lows, with estimates for 2025 ranging from 0.55 to 0.92 times PEV and 0.92 to 2.06 times PB [4]. - The report anticipates a gradual decline in liability costs and relief from interest rate pressure as the economy recovers [4].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company's Q1 2025 performance met expectations, with significant progress in AI commercialization [1][9] - The advertising revenue from short videos and new content consumption continues to contribute positively, with e-commerce GMV showing steady growth [3][9] - The company expects a return to double-digit growth in online marketing services revenue starting Q2 2025 [3] Financial Performance Summary - Total revenue for 2023 is projected at 113.525 billion RMB, with a year-on-year growth of 20.51% [1] - Net profit attributable to shareholders is expected to reach 6.396 billion RMB in 2023, reflecting a substantial year-on-year increase of 146.72% [1] - Non-IFRS net profit is forecasted at 10.271 billion RMB for 2023, with a year-on-year growth of 72.49% [1] - The company anticipates continued growth in e-commerce, with GMV expected to reach 3,323 billion RMB, a year-on-year increase of 15.4% [3] User Engagement Metrics - Daily Active Users (DAU) reached 408 million, while Monthly Active Users (MAU) stood at 712 million, showing year-on-year growth of 3.6% and 2.1% respectively [9] - The DAU/MAU ratio is stable at 57.3%, indicating strong user engagement [9] AI Business Development - The company's AI revenue exceeded expectations, with Q1 revenue reaching 150 million RMB, driven primarily by paid memberships [9] - The AI business is rapidly advancing, providing services to over 10,000 enterprise clients [9] Earnings Forecast - The adjusted net profit forecast for 2025 is 17.335 billion RMB, corresponding to a PE ratio of 12.34x [1][10] - The report projects continued growth in adjusted net profit for 2026 and 2027, with estimates of 22.202 billion RMB and 27.276 billion RMB respectively [1][10]

Investment Rating - The report suggests a strong investment outlook for the humanoid robot industry, indicating a potential supply-demand gap for harmonic reducers by 2027, with a recommendation for companies that can establish early connections with leading clients, especially overseas [2][4]. Core Insights - The harmonic reducer industry is characterized by high technical barriers, primarily in gear design, material preparation, precision processing, and equipment. The leading overseas company, Harmonic Drive, excels in performance metrics compared to domestic manufacturers [2][17]. - The humanoid robot market is expected to experience explosive growth, with global humanoid sales projected to exceed 500,000 units by 2027, leading to a demand for 6 million harmonic reducers, alongside traditional demand totaling 8.8 million units [2][42]. - The competitive landscape is rapidly evolving, with domestic manufacturers increasingly capturing the incremental demand for humanoid robots. Companies with strong manufacturing capabilities and technological foundations are expected to thrive [2][4]. Summary by Sections PART 1: Design, Materials, Process, and Equipment Create High Barriers for Harmonic Reducers - The harmonic reducer's high barriers stem from the complexity of gear design, material purity, and precision manufacturing processes, which are heavily reliant on imported equipment [2][21]. - Key performance indicators for harmonic reducers include lifespan, transmission precision, efficiency, stiffness, temperature rise, and noise levels, with Harmonic Drive leading the industry [17][18]. PART 2: Humanoid Robots Drive Explosive Demand for Harmonic Reducers - The traditional industrial sector is stable, with an expected demand of approximately 2 million units in 2024, while humanoid robots are projected to significantly increase harmonic reducer demand [2][42]. - The global market for harmonic reducers is anticipated to reach nearly 20 billion in the long term, driven by the surge in humanoid robot production [2][4]. PART 3: Deep Binding with Overseas Humanoid Clients, Broad Growth Space - The report highlights the importance of establishing relationships with overseas clients, as these partnerships can lead to significant revenue growth for domestic manufacturers [2][4]. - The pricing of mainstream harmonic reducers is expected to decline slightly, with cost reduction opportunities remaining substantial due to the high manufacturing cost structure [2][4]. PART 4: Investment Recommendations - Recommended companies include Lide Harmonic (leading domestic player with rapid overseas client engagement), Keda Li (strong engineering capabilities), and others that show potential in the evolving market landscape [2][4].

Investment Rating - The report suggests a strong investment outlook for the humanoid robot industry, indicating a potential supply-demand gap for harmonic reducers by 2027, with a recommendation to focus on companies that have established relationships with leading clients, especially overseas [2][4]. Core Insights - The harmonic reducer industry is characterized by high technical barriers, primarily in gear design, material preparation, precision processing, and equipment. The leading overseas company, Harmonic Drive, excels in performance metrics compared to domestic manufacturers [2][17]. - The humanoid robot market is expected to experience explosive growth, with global humanoid sales projected to exceed 500,000 units by 2027, leading to a demand for 6 million harmonic reducers, alongside traditional demand reaching a total of 8.8 million units [2][42]. - The competitive landscape is rapidly evolving, with domestic manufacturers increasingly capturing market share in the humanoid segment, particularly by establishing connections with overseas clients [2][4]. Summary by Sections PART 1: Design, Materials, Process, and Equipment Create High Barriers for Harmonic Reducers - The harmonic reducer's high barriers stem from the complexity of gear design, material quality, and precision manufacturing processes, with a significant reliance on imported equipment [2][21]. - Key performance indicators for harmonic reducers include lifespan, transmission accuracy, efficiency, stiffness, temperature rise, and noise levels, with Harmonic Drive leading the industry [17][18]. PART 2: Humanoid Robots Drive Explosive Demand for Harmonic Reducers - The demand for harmonic reducers is primarily driven by the humanoid robot sector, with traditional industrial applications growing at a stable rate [2][42]. - The report forecasts that by 2025, the global demand for harmonic reducers will reach 2.27 million units, with China being the largest market [47][48]. PART 3: Deep Binding with Overseas Humanoid Clients Offers Broad Growth Space - Domestic manufacturers are increasingly binding with overseas clients, which enhances their growth potential in the humanoid robot market [2][4]. - The report highlights several recommended stocks, including Lide Harmonic and Keda Li, which are positioned well to capitalize on this growth [2][4].

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]