Investment Rating - The industry investment rating is maintained at "Overweight" [6] Core Insights - The report highlights the release of the "Opinions on Deepening the Reform and Development of Elderly Care Services" by the Central Committee and the State Council, which aims to address population aging and enhance the well-being of the elderly [6] - The report emphasizes the importance of integrating medical and elderly care services, which is expected to create opportunities for companies involved in the elderly care industry [6] - The report suggests that companies focusing on smart elderly care devices, remote medical services, and health big data analysis are likely to benefit from market opportunities [6] Summary by Sections Industry Performance - The industry has shown relative returns of -6.18% over the past month, -7.39% over the past three months, and -28.78% over the past year compared to the CSI 300 index [3] Policy Highlights - The report outlines key tasks such as building comprehensive elderly care service management platforms and enhancing community-based elderly care services [6] - It also mentions the promotion of state-owned capital participation in the elderly care sector and the encouragement of foreign investment in domestic elderly care services [6] Investment Opportunities - The report identifies potential investment opportunities in the elderly care industry, particularly in companies involved in the construction and operation of elderly care facilities, elderly health management, and the development of elderly products [6] - Specific companies to watch include Yuexin Health, Madi Technology, and Yuyue Medical, which are positioned to benefit from the integration of medical and elderly care services [6]

证券研究报告·行业点评报告 2025 年 1 月 7 日 江海证券研究发展部 医药生物行业 执业证书编号：S1410524050001 近十二个月行业表现 % 1 个月 3 个月 12 个月 相对收益 -3.86 -3.43 -26.61 绝对收益 -9.0 -9.62 -13.4 数据来源：聚源 注：相对收益与沪深 300 相比 1. 江海证券-行业点评报告-医药生物行 业：瑞金医院与信通院联合发布元医院调 研报告，开启智慧医疗新篇章 – 2025.01.06 2. 江海证券-行业点评报告-医药生物行 业：国家医保局与卫健委完善医药集中带 量采购政策 – 2024.12.13 3. 江海证券-行业点评报告-医药生物行 业：医保个人账户打破地域限制，"家庭共 济"模式升级 – 2024.12.06 4. 江海证券-行业点评报告-医药生物行 业：2024 年国家医保药品目录调整：创新 药企的新机遇与挑战 – 2024.12.05 5. 江海证券-行业点评报告-医药生物行 业：医保基金预付政策实施，关注医药行 业个股机会 – 2024.11.26 分析师：吴春红 药品医疗器械政策不断升级，改革效果 显著 事件： ...

证券研究报告·行业点评报告 2025 年 1 月 7 日 江海证券研究发展部 执业证书编号：S1410524050001 近十二个月行业表现 % 1 个月 3 个月 12 个月 相对收益 -3.86 -3.43 -26.61 绝对收益 -9.0 -9.62 -13.4 数据来源：聚源 注：相对收益与沪深 300 相比 1. 江海证券-行业点评报告-医药生物行 业：瑞金医院与信通院联合发布元医院调 研报告，开启智慧医疗新篇章 – 2025.01.06 2. 江海证券-行业点评报告-医药生物行 业：国家医保局与卫健委完善医药集中带 量采购政策 – 2024.12.13 3. 江海证券-行业点评报告-医药生物行 业：医保个人账户打破地域限制，"家庭共 济"模式升级 – 2024.12.06 4. 江海证券-行业点评报告-医药生物行 业：2024 年国家医保药品目录调整：创新 药企的新机遇与挑战 – 2024.12.05 5. 江海证券-行业点评报告-医药生物行 业：医保基金预付政策实施，关注医药行 业个股机会 – 2024.11.26 医药行业研究组 分析师：吴春红 DLL3 药物研发热情升温，国产 ADC 药物前 ...

证券研究报告·行业点评报告 2025 年 1 月 7 日 江海证券研究发展部 电子行业 分析师：屈雄峰 发改委表示将补贴手机等数码产品， AI 手机渗透率持续提升 事件： 投资要点： 执业证书编号：S1410523100001 联系人：刘瑜 执业证书编号：S1410123110011 近十二个月行业表现 % 1 个月 3 个月 12 个月 相对收益 -2.63 12.76 4.94 绝对收益 -6.52 6.57 18.15 数据来源：聚源 注：相对收益与沪深 300 相比 1. 江海证券-行业点评报告-电子行业：国 产厂商在存储领域技术有所突破，关注相 关投资机会 – 2024.12.27 2. 江海证券-行业点评报告-电子行业：可 穿戴设备市场三季度同比增长，智能眼镜 将成为 AI 端侧重要载体 – 2024.12.19 3. 江海证券-行业点评报告-电子行业：AI 眼镜产品百花齐放，行业奇点将至 – 2024.11.14 江海证券有限公司及其关联机构在法律许可的情况下可能与本报告所分析的企业存在业务关系，并且继续寻求发展这些关系。因此，投资者应当考虑到本公司可能存在影响本报告客观性的 利益冲突，不应视本 ...

证券研究报告·行业点评报告 2025 年 1 月 7 日 江海证券研究发展部 执业证书编号：S1410524050002 近十二个月行业表现 % 1 个月 3 个月 12 个月 相对收益 -7.69 5.45 -11.25 绝对收益 -12.83 -0.74 1.96 数据来源：聚源 注：相对收益与沪深 300 相比 1. 江海证券-行业研究报告-机械设备行 业：机械设备行业跟踪报告 （2024.12.16~2025.01.01） – 2025.01.06 2. 江海证券-行业点评报告-机械设备行 装备市场预期可观 – 2025.01.06 3. 江海证券-行业点评报告-机械设备行 业：2025 年水利建设相关机械设备产业发 展展望 – 2025.01.06 4. 江海证券-行业点评报告-机械设备行 业：原材料产业标准提升引领设备市场发 展 – 2024.12.19 5. 江海证券-行业研究报告-机械设备行 业：机械设备行业跟踪报告 （2024.12.02~2024.12.15） – 2024.12.18 机械军工行业研究组 分析师：任沐昕 电力系统优化与数据基础设施建设政 策齐发，推动相关设备市场发展 事件 ...

证券研究报告·行业点评报告 2025 年 1 月 6 日 江海证券研究发展部 执业证书编号：S1410524050002 近十二个月行业表现 % 1 个月 3 个月 12 个月 相对收益 -5.32 6.09 -12.28 绝对收益 -9.69 0.05 -0.8 数据来源：聚源 注：相对收益与沪深 300 相比 1. 江海证券-行业研究报告-机械设备行 业：机械设备行业跟踪报告 （2024.12.16~2025.01.01） – 2025.01.06 2. 江海证券-行业点评报告-机械设备行 业：加快低碳清洁氢能源应用，产氢用氢 装备市场预期可观 – 2025.01.06 3. 江海证券-行业点评报告-机械设备行 业：2025 年水利建设相关机械设备产业发 展展望 – 2025.01.06 4. 江海证券-行业点评报告-机械设备行 业：原材料产业标准提升引领设备市场发 2024.12.18 机械军工行业研究组 分析师：任沐昕 赤泥综合利用推动氧化铝设备更新与 赤泥利用设备需求扩张 事件： 行业评级：中性（维持） 2025 年 1 月 2 日，工业和信息化部、国家发展改革委、财政部等六部门联合发 布《赤泥综合 ...

证券研究报告·行业点评报告 2025 年 1 月 6 日 江海证券研究发展部 执业证书编号：S1410523100001 分析师：吴雁宇 执业证书编号：S1410124010015 近十二个月行业表现 % 1 个月 3 个月 12 个月 相对收益 0.09 8.16 11.22 绝对收益 -4.27 2.12 22.7 数据来源：聚源 注：相对收益与沪深 300 相比 注：2025 年 1 月 3 日数据 1. 江海证券-行业点评报告-通信行业：卫 星互联网高速发展，持续看好 – 2024.12.09 分析师：屈雄峰 AI 产业高速成长，算力重要性持续凸 显 事件： 投资要点： 在 2025 财年，微软有望投资约 800 亿美元建设人工智能数据中心。 在 2025 财年，微软有望投资约 800 亿美元建设人工智能数据中心，以训练人工 智能模型并在全球范围内部署人工智能和基于云的应用程序。总投资的一半以 上将在美国，反映其对美国经济的信心。自 OpenAI 于 2022 年推出 ChatGPT 以来，随着各行各业的公司寻求将人工智能整合到其产品和服务中，全球对人 工智能的投资激增。作为 OpenAI 的主要支持 ...

证券研究报告·公司深度报告 2025 年 1 月 6 日 江海证券研究发展部 执业证书编号：S1410524040001 联系人：王金帅 执业证书编号：S1410123090009 | 投资评级: | 增持 (首次) | | --- | --- | | 当前价格: | 18.84元 | | 市场数据 | | | --- | --- | | 总股本(百万股) | 66.30 | | A 股股本(百万股) | 66.30 | | B/H 股股本(百万股) | -/- | | A 股流通比例(%)） | 34.16 | | 12 个月最高/最低(元) | 27.94/8.24 | | 第一大股东 | 孙秋根 | | 第一大股东持股比例(%) | 26.15 | | 上证综指/沪深 300 | 3393.35/3985.63 | % 1 个月 3 个月 12 个月 相对收益 -5.29 -15.53 86.87 绝对收益 -19.52 77.57 106.08 数据来源：聚源 注：相对收益与北证 50 相比 捷众科技 873690.BJ 汽车行业 分析师：张诗瑶 定位汽车零部件二级供应商，专注精密 注塑零部件 投资要 ...

Investment Rating - Industry investment rating: "Increase Holding" (maintained) [3] Core Viewpoints - The upgrade of WeChat Store's private domain incentive plan is expected to drive significant growth during the Spring Festival, with eligible merchants receiving incentives such as e-commerce growth cards or reductions in technical service fees [2][3][11] - The incentive plan is designed to encourage merchants to participate by providing clear activity timelines and participation methods, while also preventing fraudulent activities such as order brushing and external plugins [4][5] Summary by Sections Incentive Plan Details - Eligible merchants can receive incentives based on actual settlement order amounts after the refund period, with the incentives distributed in the form of reduced technical service fees or e-commerce growth cards [3][10] - The activity period for the incentive plan is from January 1, 2025, to March 31, 2025, and merchants must have a store rating greater than 4.2 to qualify [4][7] - Specific scenarios for incentives include sharing scenarios, public account/service account scenarios, mini-program scenarios, and service notification scenarios [5][6] Incentive Calculation and Distribution - The incentive calculation for sharing, public account, and mini-program scenarios involves reducing the technical service fee rate to 1%, while service notification scenarios will provide equivalent e-commerce growth cards [7][10] - Incentives will be directly deducted from the order settlement at the time of transaction, with e-commerce growth cards issued monthly based on the cumulative incentive amount [10] Industry Performance - Over the past twelve months, the industry has shown a relative return of -11.29% and an absolute return of 0.06% [8]

Investment Rating - The industry investment rating is maintained at "Overweight" [1] Core Insights - The gaming sector shows significant valuation attractiveness, continuing to be a key recommendation for investment [3] - In 2024, the total number of online game approvals reached 1,416, marking a year-on-year increase of 31.72% [4] - The actual sales revenue of China's gaming market in 2024 reached 325.783 billion, with a year-on-year growth of 7.53% [5] - The domestic revenue growth of self-developed games has slowed, while overseas revenue growth has turned upward, with overseas sales reaching 18.557 billion USD, a year-on-year increase of 13.39% [7] - The console gaming market in China experienced a significant surge, with sales revenue growing by 55.13% to 4.488 billion [8] Summary by Sections Industry Performance - Over the past 12 months, the industry has shown a relative return of -11.29% compared to the CSI 300 index [2] Game Approvals - In December 2024, 122 domestic game approvals were issued, contributing to a total of 1,306 domestic game approvals for the year, which is a 33.67% increase [4] Market Revenue and User Growth - The gaming market's actual sales revenue and user base both reached new highs in 2024, with user numbers at 674 million, a growth of 0.94% [5] Revenue Breakdown - The domestic market for self-developed games generated 260.736 billion, a growth of 1.70%, while the overseas market saw a significant increase [7] - The mobile gaming market generated 238.217 billion, a growth of 5.01%, while the console gaming market saw a remarkable growth of 55.13% [8] Investment Recommendations - The report suggests focusing on investment opportunities in companies such as Kaiying Network, Iceberg Network, and Changyu Technology [10]