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Demographic Trends - By the end of 2025, the national population is projected to be 1,404.89 million, a decrease of 3.39 million from the previous year. The population has been declining for three consecutive years, with a reduction of 1.39 million in 2024 and 2.08 million in 2023, marking the first negative growth in 2022 with a decrease of 0.85 million [1][9] - The number of newborns is expected to decline, with 9.02 million in 2023, 9.54 million in 2024, and 7.92 million in 2025, indicating the importance of encouraging childbirth [1][9] - The age structure shows that the population aged 16-59 is 851.36 million, accounting for 60.6% of the total population, while those aged 60 and above are 323.38 million, making up 23.0% [1][9] Aging Population - The aging trend is deepening, with projections indicating that by around 2032, the proportion of individuals aged 65 and above will exceed 20%, leading to a super-aged society that will significantly impact various aspects of the economy, culture, consumption, and production [2][12] Urbanization and Economic Structure - The urban population reached 953.80 million, an increase of 10.30 million from the previous year, while the rural population decreased by 1.37 million. The urbanization rate is now 67.89%, up by 0.89 percentage points [5][15] - The economic structure shows that the primary industry added value is 93,347 billion yuan, growing by 3.9%; the secondary industry added value is 499,653 billion yuan, increasing by 4.5%; and the tertiary industry added value is 808,879 billion yuan, rising by 5.4% [5][15] Investment Strategy - The company proposes a "technology + dividend" investment structure with a rebalancing strategy as a foundation for investment, based on the macroeconomic fundamentals of low interest rates and low inflation [6][17] - Considering the potential for U.S. interest rate cuts, opportunities in the Hong Kong stock market are viewed as higher than in the A-share market. Defensive strategies may include the Hong Kong large-cap 30 ETF, which tracks the 30 largest companies listed in Hong Kong [7][17] - For aggressive strategies, the Hong Kong internet ETF is recommended, which includes major players like Alibaba and Tencent, involved in the full AI application chain, indicating a shift from concept to commercialization in AI [7][17][18]