Summary of Key Points from Conference Call Records Industry or Company Involved - Focus on the **Chinese economy**, **gold and jewelry industry**, **new consumption sectors**, **traditional consumption sectors**, **technology sector**, and **pharmaceutical industry**. Core Insights and Arguments 1. **Economic Environment**: The U.S. tariff policy remains unresolved, leading to increased pressure on Chinese exports and weakened production, investment, and consumption willingness among enterprises. Employment data shows negative growth, further impacting liquidity [1][2][4]. 2. **Industrial Profit Decline**: Domestic industrial profits are at their lowest since 2020, with PMI data hitting new lows, indicating persistent deflationary pressures. Actual financing costs for enterprises have risen, leading to decreased production willingness [1][4]. 3. **Investment Strategy**: A defensive investment strategy is recommended, focusing on trading U.S. recession through gold and gold stocks for certain returns, and increasing positions in growth dividends and innovative pharmaceuticals as domestic fiscal policies strengthen [1][5]. 4. **New Consumption Opportunities**: New consumption sectors such as the silver economy, tourism, pet economy, smart home, animation, and personal care are gaining traction, supported by fiscal stimulus and less correlation with economic cycles [1][6]. 5. **Traditional Consumption Stability**: Traditional sectors like education, dairy, maternal and infant consumption, hospitality, tourism, and medical beauty show stable cash flows and increasing ROE, with dividends expected to rise [1][8]. 6. **Technology Sector Focus**: Key areas in the technology sector include optical chips, smart speakers, new display materials, AI wearable devices, autonomous driving technology, GPUs, and radar. Companies with rising volume and price, along with high valuation tolerance, are of particular interest [3][9]. 7. **Gold and Jewelry Market Outlook**: The gold and jewelry industry is expected to perform well in 2025, with high gold prices increasing consumer acceptance. Companies like Chao Hong Ji are expanding overseas and innovating product lines to enhance consumer demand [15][16]. 8. **Pharmaceutical Sector Insights**: Innovative pharmaceutical companies are highlighted as key investment targets, with a focus on large pharmaceutical firms that are currently undervalued. Companies like Huadong Medicine and Sanofi are noted for their strong growth potential [12][14]. 9. **Gold Supply and Demand Dynamics**: The gold supply is expected to decline in 2025 due to reduced copper-associated gold mining, while demand remains strong, particularly from gold ETFs and central bank purchases [20]. 10. **Small Metals Market Performance**: The small metals market, especially rare earths and antimony, is performing well due to improved pricing and inventory replenishment driven by export controls [21]. Other Important but Possibly Overlooked Content 1. **Market Sentiment**: The uncertainty surrounding trade negotiations is significantly impacting market sentiment and fundamentals, particularly as U.S.-China relations remain tense [2]. 2. **Long-term Growth Potential**: Despite short-term volatility, companies with solid fundamentals, such as those in the insurance and banking sectors, are expected to show strong long-term growth potential [27][28]. 3. **Investment Timing**: Investors are advised to consider buying during short-term adjustments in new consumption sectors to capture long-term value [7][11]. This summary encapsulates the critical insights and recommendations from the conference call records, providing a comprehensive overview of the current market landscape and investment opportunities across various sectors.

如今老年人的钱真的好赚。在城市里，尤其三四线以下小城市里，经常会有向老年人推销产品的活动，从器械类产品到营养品、食品等不一而 足。他们惯用超值优惠、充值送礼等等小恩小惠来吸引老年人。几万、十几万甚至几十万元的投入进去。 乱象的存在，恰恰说明了老年人的市场真的很大，银发经济正成为一种主流，但更加暴露出养老市场痛点十分突出。 图片来源：腾讯公共图库 这是新消费智库第 2 6 4 5 期文章 新消费导读 老年食养，中国市场下一个万亿蓝海。 作者 ： l y y 编辑：竺天 审核： Single 来源：新消费智库 银发经济不是传统意义上的养老，它是一个涵盖多领域的庞大产业。 根据国家统计局数据， 2024 年，我国 60 岁以上人口已突破 3.10 亿，占全国人口的 22% ，其中 65 岁及以上人口数量为 22023 万 人，占全国人口的 15.6% 。而在 2022 年和 2023 年，我国 60 岁以上人口数量分别为 2.80 亿和 2.97 亿。这意味着，在过去两年， 我国 60 岁以上人口数量每年增加超过 1300 万人。 "人口老龄化"水平不断加深，老年食养作为刚需赛道，必然会迎来爆发式增长。从普遍意义上 ...

Core Viewpoint - Shanghai has launched a series of innovative measures to support and promote senior tourism, aiming to enhance the quality of travel experiences for the elderly and stimulate regional cultural tourism economic growth [1] Group 1: Market Demand and Demographics - In 2023, the number of senior tourists aged 60 and above reached 1.16 billion, accounting for over 20% of total domestic tourism [1] - By the end of 2024, the elderly population in Shanghai is projected to reach 5.7762 million, making up 37.6% of the total population, indicating a significant aging demographic with strong consumption capabilities [1] Group 2: Challenges in Senior Tourism - The cultural tourism market has traditionally focused on younger consumers, leading to issues such as a lack of diverse products, inadequate services, and age restrictions in the senior tourism sector [2] - The new generation of seniors has higher health levels and stronger purchasing power, seeking immersive cultural experiences and quality service rather than just price advantages [1][2] Group 3: Recommendations for Industry Improvement - The tourism industry needs to break stereotypes about the elderly market and develop more age-appropriate tourism products, such as integrating non-heritage experiences and social scenarios [2] - Service upgrades are essential, including the adaptation of cultural venue reservation systems and the provision of specialized insurance for senior tourists, creating a comprehensive service system [2][3] Group 4: Innovation and Future Directions - There is a need for product innovation by integrating cultural tourism with health and education, and developing themed travel routes [3] - The establishment of a service quality certification system for senior tourism and the promotion of cross-regional recognition of caregiver qualifications are crucial for building a robust senior tourism service network [3] - The senior economy is seen as a new industry track and a driving force for high-quality development in cultural tourism, emphasizing the importance of creating an inclusive and human-centered tourism ecosystem [3]

Core Insights - The report titled "2024 Chinese Digital Music White Paper" by Tencent Music Research Institute focuses on the overall landscape and trends of the Chinese digital music industry, showcasing industry dynamics and transformations through data insights, industry trends, cross-industry cases, and work reviews [1]. Group 1: Global and Chinese Market Data Insights - The global music market revenue is projected to grow from $70.7 billion in 2023 to $76.2 billion in 2024, with live performances remaining the largest revenue source at 46.1% [2][28]. - In China, recorded music revenue increased by 9.6% year-on-year, with online music paying users reaching 180 million, and Tencent Music's paying users rising to 121 million, reflecting a growing willingness to pay and improved service quality [2][34]. - The production of Chinese new songs surged to 1.351 million in 2024, driven by AI technology, while the number of long-tail songs (annual plays <1000) doubled, indicating intensified market competition and content diversification [2][45]. Group 2: Industry Core Trends - "County Narrative" has emerged as a focal point for creation, with local culture becoming a significant theme, as seen in works like "Factory" by Henan's rap artist, which resonates with societal issues [3]. - The "Silver Economy" is shifting from passive consumption to active participation, with the over-60 population exceeding 300 million, showcasing their potential in cultural consumption through events and user-generated content [4]. - The music festival market is experiencing intensified competition, with differentiation becoming crucial through unique artist lineups and cross-industry collaborations [5]. Group 3: Cross-Industry Cases - The game music for "Black Myth: Wukong" integrates diverse musical elements, showcasing the role of music in interactive storytelling and enhancing game promotion [6]. - Duolingo's music courses utilize gamification to lower barriers to learning instruments, achieving 3 million daily active users within six months [7]. - Innovative marketing strategies in live performances, such as the integration of nature and music festivals, demonstrate the potential of live music as a marketing medium [8]. Group 4: Annual Works and Industry Value Outlook - The white paper highlights the top ten artists, songs, and albums of the year, with notable performances from artists like Zhou Shen and Wang Sulong, indicating a balance between popularity and professionalism in music [9]. - The future challenges for the industry lie in embracing cross-industry thinking to break down barriers and adapt to technological changes while balancing content quality and commercial value [9].

《方案》明确总体目标，2025年成都市社会消费品零售总额计划增长5%，服务消费零售额占比超 50%；将打造100个以上特色消费场景，举办大型音乐节、演唱会等文体活动120场以上；通过消费品以 旧换新政策，力争拉动消费400亿元。 记者从成都市发展改革委获悉，近日，成都市发展改革委联合多部门印发《2025年成都市提振消费专项 行动实施方案》(以下简称《方案》)，围绕升级大宗消费、扩大服务消费、培育新型消费、创新消费场 景、促进增收减负、优化消费环境六方面提出26条重点任务，加快打造国际消费中心城市。 同时，培育首发经济、低空消费、平台经济等新型消费，将成为成都增强消费动能的抓手之一。《方 案》提出出台成都市推动首发经济发展三年行动计划，2025年落地800家首店、100场高能级首发活动， 打造50个首发地标，培育110个新消费品牌。低空消费领域，将丰富低空旅游、无人机表演等场景，支 持建设航空运动基地和起降设施，开辟高成长性消费新赛道。平台经济方面，发展即时零售、无人车配 送等模式，2025年网络零售额目标增长5%以上。另外，成都还将创新消费场景、载体，提质场景载 体、举办高品质活动、促进入境消费升级、推进便民 ...

Summary of Conference Call Notes Industry or Company Involved - Focus on the investment outlook for the A-share market and related sectors in China Core Points and Arguments 1. **Optimistic Investment Outlook for 2025** The company holds an optimistic view on investment opportunities in the second half of 2025, primarily driven by the anticipated Federal Reserve interest rate cuts, which are expected to fall below 1% from the current level above 5% [1][2] 2. **Impact of Federal Reserve Rate Cuts on Capital Flows** The expected rate cuts by the Federal Reserve will alter global capital flow patterns, directing international capital from developed markets to emerging markets, particularly benefiting the A-share market [2][6] 3. **Focus on High Dividend Yield Assets** There is a strategic emphasis on high dividend yield sectors, such as food and beverage and public utilities, which are expected to gain value as interest rates decline [3][6] 4. **Three Main Investment Themes for 2025** The company identifies three key investment themes for the second half of 2025: - High dividend strategies focusing on leading companies related to people's livelihoods - Emerging industries like robotics - Aging population themes, particularly in pharmaceuticals and home care for the elderly [4] 5. **Long-term Holding Strategy** A "buy and hold" strategy is emphasized, focusing on building a resilient asset portfolio to withstand market volatility. The current A-share market is viewed as being at a historical valuation low, with strong policy support and stable earnings from leading companies providing confidence [5][6] 6. **Response to U.S.-China Tariff Policies** The company believes that while U.S. tariffs may cause short-term pain, they will ultimately benefit China's production optimization and industry consolidation. The overall impact on the A-share market is considered neutral, with a recommendation to focus on competitively strong leading companies [3][6] 7. **Cautious Approach to Emerging Industries** Although there is recognition of the potential in emerging industries like robotics, the company prefers to wait for clearer industry dynamics before making investments in these areas [6] 8. **Focus on Aging Population Needs** The company highlights the growing demand related to the aging population, with the number of individuals aged 78 and above expected to increase from 32 million in 2025, indicating a long-term growth opportunity in related sectors [4][6] 9. **Balancing Risk and Return** The strategy to balance risk and return involves a buy-and-hold approach, focusing on constructing a resilient portfolio with an emphasis on essential consumer goods and defensive sectors [6] Other Important but Possibly Overlooked Content - The discussion includes a detailed analysis of the implications of macroeconomic factors, such as interest rates and demographic changes, on investment strategies in the A-share market and related sectors [1][2][4][5][6]

证券代码：870199 证券简称：倍益康 公告编号：2025-052 四川千里倍益康医疗科技股份有限公司 投资者关系活动记录表 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、 投资者关系活动类别 √特定对象调研 □业绩说明会 二、 投资者关系活动情况 活动时间：2025 年 5 月 29 日 活动地点：公司会议室 参会单位及人员：银河证券、融贤汇金基金、中国证券报 上市公司接待人员：公司董事长、总经理：张文 先生 证券事务代表：奚旺 先生 三、 投资者关系活动主要内容 本次投资者关系活动的主要问题及公司对问题的回复概要如下： 1、请问今年以来，公司海外市场销售如何？便携式气压按摩系统目前市场 推广进度如何？ √媒体采访 □现场参观 □新闻发布会 □分析师会议 □路演活动 □其他 答：公司在研发投入方面有着详细的规划布局，研发费用是根据公司战略、 市场需求、项目进展及财务状况等多方面因素综合决定，而非单一阈值限定。 答：今年公司海外市场销售就目前来看，还是比较稳定。便携式气压按摩系 统（压缩靴）作为 ...

Core Viewpoint - The railway sector in China is preparing for a significant increase in passenger traffic during the Dragon Boat Festival holiday, with an expected total of 80.5 million passengers from May 30 to June 3, 2023, peaking at 18.3 million on May 31 [1][3]. Group 1: Passenger Flow and Trends - The passenger flow during the holiday is primarily driven by family visits and tourism, with high traffic expected in regions such as Beijing-Tianjin-Hebei, the Yangtze River Delta, the Guangdong-Hong Kong-Macau Greater Bay Area, and popular tourist cities [3][4]. - Major departure cities include Beijing, Shanghai, Guangzhou, Chengdu, and others, while popular arrival cities are similar, indicating concentrated travel patterns [4]. Group 2: Capacity and Service Enhancements - The railway is increasing passenger capacity by implementing a peak operation schedule, planning to run over 11,000 passenger trains daily, and dynamically adjusting services based on ticket sales data [6]. - Special tourist trains and themed services are being introduced to cater to holiday travelers, enhancing the travel experience and promoting local tourism [8]. Group 3: Passenger Experience Optimization - The railway is improving the passenger experience through various digital services, optimizing ticket sales strategies, and enhancing station services to ensure smooth boarding and alighting [10]. - Additional measures include providing regional delicacies on trains, increasing public transport connections, and promoting a civilized travel environment through cultural activities [10]. Group 4: Safety and Emergency Preparedness - The railway is prioritizing safety during the holiday by ensuring staff presence, coordinating with meteorological departments, and preparing for potential emergencies due to extreme weather or high passenger volumes [12]. - Contingency plans are in place to manage unexpected surges in passenger flow, ensuring a safe and efficient travel experience [12].

Core Viewpoint - The State Administration for Market Regulation has launched a nationwide campaign to combat false advertising of drugs and health products targeting the elderly, addressing fraudulent practices disguised as expert consultations and health advice [1][2]. Group 1: Regulatory Actions - The campaign focuses on high-risk areas for false advertising, including forums, health tourism, and senior universities, employing comprehensive measures such as advertising regulation and food safety oversight to protect the rights of the elderly [1][2]. - The initiative includes a "You Take a Picture, I Check" activity, which encourages public participation in reporting issues, effectively creating a grassroots supervision network [2]. Group 2: Market Context - The campaign is a response to the evolving tactics of fraudsters who exploit the limited understanding of technology among the elderly, using targeted scams and pseudoscientific claims like "quantum water" and "health miracle drugs" [1][2]. - The shift from traditional marketing to online platforms, including short videos and social media, has increased the risk of financial loss and potential health threats for the elderly [1]. Group 3: Long-term Strategies - There is a call for the improvement of legal standards and the establishment of a long-term governance mechanism, utilizing big data and artificial intelligence to detect and analyze fraudulent advertising methods [3]. - The campaign aims to address the emotional and health service gaps for the elderly, thereby dismantling the foundations of scams that rely on emotional manipulation and misinformation [3].

5月27日上午，记者在第二十届中国西部国际博览会（以下简称"西博会"）医药健康馆见到中加智能科 技（无锡）有限公司董事长李飒时，他正在等候几名预约今天洽谈的客户到来。这几天，他和工作人员 每天都要接待几十名咨询客户，并进行实操演示，目前已经达成20多个意向订单。 在中加智能科技（无锡）有限公司总经理张建亚看来，国内的养老正在从过去传统的照护模式进入智能 化时代。本次西博会，公司带来了智能跌倒监测仪、人体活力监测仪、智能生命体征检测仪等智能化养 老产品，这一系列设备能够监护老年人的心率、呼吸等基本的身体数据。张建亚说："若出现老人夜间 突发疾病或起夜时跌倒等突发事件，大数据后台能够及时推送相关信息给服务人员及家属，从而在第一 时间对老人采取急救措施。" 李茜很看好四川市场的潜力，"四川是人口大省，成都也是一个非常宜居的城市，所以老年群体较为庞 大"。此外，她表示，成都是丰田设置无障碍车租赁服务的5座城市之一，"希望能够借西博会东风，拓 展更大的市场空间"。 张建亚坦言，四川是他们布局的重点区域。"人口大省旺盛的市场需求、政府对产业的高度重视和支持 等，都让我们企业信心倍增。" 来源：中国青年报客户端 在海尔康养 ...