Core Viewpoint - The consumption market is undergoing a structural transformation from policy-driven expansion to quality-driven growth, with a focus on three key sectors: silver economy, maternal and infant consumption, and smart home technology [1] Silver Economy - The aging population in China is projected to reach 310 million by the end of 2024, accounting for 22% of the total population, with 220 million aged 65 and above [2] - The elderly population is increasingly seeking quality and intelligent living solutions, leading to a shift from traditional elderly care to technology-driven and health-oriented services [2] - The market for elderly products is expected to grow from 5.4 trillion yuan in 2024 to 6.1 trillion yuan by 2025, with a compound annual growth rate of 7.3% from 2014 to 2024 [2] - Over 405,000 companies related to the silver economy are currently registered in China, with approximately 75,000 new registrations in 2025 alone [2] Maternal and Infant Consumption - The retail sales of maternal and infant products (excluding food) are projected to reach 565.33 billion yuan in 2024, driven by the demand for smart, safe, and personalized products [6] - The number of registered maternal and infant product companies has exceeded 11.37 million, with about 2.99 million new registrations in 2025 [6] - Key regions for maternal and infant product companies include Guangdong, Hainan, and Hubei, which collectively account for over 35% of the total [6] Smart Home Technology - The smart home market in China is expected to reach 756 billion yuan in 2024 and surpass 800 billion yuan in 2025, with a target of reaching 1 trillion yuan by 2027 [9] - AI technology is transforming smart home products and services, enabling interconnected ecosystems that enhance user experience and energy efficiency [9] - There are over 92,000 registered smart home companies in China, with Guangdong leading in company numbers [9] Overall Market Trends - The three sectors are expected to drive significant growth in the consumption economy, transitioning from scale expansion to high-quality development, supported by policy initiatives and technological innovations [10]

Core Viewpoint - AI technology has become a significant growth engine for the company, which is positioned as a leading digital health and insurance service platform in China [4][5]. Group 1: IPO Details - The company officially listed on the Hong Kong Stock Exchange on December 23, 2025, under the stock code "2661" [2]. - A total of 26,540,000 shares were issued, with the Hong Kong public offering being oversubscribed by 1,421.47 times and the international offering by 2.9 times [2]. - The cornerstone investor, Guangdong Hengqin Guangdong-Macao Deep Cooperation Zone Aoqin Harmony Investment Partnership, subscribed for 100 million RMB [2]. Group 2: Financial Performance - As of 11:00 AM, the stock price reached HKD 53.40, representing an increase of over 135% from the issue price, with a market capitalization exceeding HKD 11 billion [3]. - Revenue figures for the company from 2022 to 2024 are projected to be 394 million RMB, 490 million RMB, and 945 million RMB, respectively, reflecting a compound annual growth rate (CAGR) of 54.9% [4]. - In the first half of this year, revenue grew by 84.7% year-on-year to 656 million RMB, with health service revenue accounting for 76.7% of total revenue [5]. Group 3: Market Position and User Base - The company ranks 10th in China's digital comprehensive health and health insurance market based on projected 2024 revenue, and 7th in the digital health service market [4]. - The total registered user base has reached 168.4 million, with 60.4% of users aged between 20 and 45, and a high user retention rate of 92.2% after 13 months [4]. Group 4: Strategic Focus - The funds raised from the IPO will primarily be used for AI technology upgrades, expansion of health service scenarios, and integration of the industry chain [5]. - The company aims to deepen the "testing-medical-pharmaceutical-health-insurance" ecosystem, leveraging the vast market potential of the digital health industry [5].

证券研究报告 | 策略报告 gszqdatemark 2025 12 22 年 月 日 投资策略 跨年行情的复盘与展望 一、策略专题：跨年行情的复盘与展望 回顾过去 10 年出现过的跨年行情，指数层面主要有以下结论： （1）跨年行情并非确定性事件，过去 10 年共出现过 5 次跨年行情，出现 概率仅 50%。 （2）宏观经济情况大概率不影响跨年行情的出现，历史上 5 次跨年行情 中，有 2 次处于宏观经济较好的阶段（2018 年、2021 年），而 3 次则处 于基本面偏弱的阶段（2019 年、2020 年、2023 年）。 （3）流动性宽松与叙事积极变化可能是跨年行情的重要条件：5 次中有 3 次都处于宏观流动性宽松阶段，包括 2019 年、2023 年的央行全面降准与 2020 年的海外美联储降息，此外 2021 年也明确政策操作"不急转弯"； 5 次中有 4 次都出现了重要的叙事变化，2019 年、2020 年处于中美经贸 关系的改善阶段，2021 年拜登当选美国总统，同样指向中美经贸关系恶 化风险的减弱，2023 年防疫政策的逐渐优化提振了国内经济增长信心； 此外，股市流动性也形成助力，2021 年公 ...

Core Insights - The company, Easy Health (2661.HK), debuted on the stock market with a significant opening increase of 120.46%, reaching HKD 50, resulting in a market capitalization of HKD 10.3 billion [1] - The IPO was priced at HKD 22.68, with a public offering subscription rate of 1,421.47 times and an international placement subscription rate of 2.9 times [1] Company Overview - Easy Health provides comprehensive digital health services and health insurance solutions in China, positioning itself as a leading integrated digital health platform [1] - The company has accumulated 168.4 million registered users, with 60.4% belonging to the core consumer group aged 20-45 years [1] - The user retention rate after 13 months is notably high at 92.2% [1] Technology and Business Model - AI technology plays a crucial role in the company's operations, with its self-developed AIcare technology stack contributing over 21% to the value of leads [1] - The business structure is continuously optimized, with health service revenue projected to account for 76.7% by the first half of 2025, demonstrating a compound annual growth rate of over 220% in the past three years [1] Fund Utilization and Market Potential - The funds raised from the IPO will primarily be used for AI technology upgrades, expansion of health service scenarios, and integration of the industry chain, aiming to deepen the "test-medication-insurance-health" ecosystem [1] - Industry experts suggest that with a trillion-dollar market potential in the digital health sector, the company is expected to attract ongoing investor interest post-IPO due to its unique business model and competitive advantages, potentially delivering long-term returns [1]

Industry Overview - The Chinese gaming industry is experiencing steady growth, with the actual sales revenue expected to reach 350.79 billion yuan in 2025, a year-on-year increase of 7.68%, and the user base growing to 683 million, up 1.35% [1] - The market shows a "stronger stronger, emerging rise" pattern, with the console gaming market continuing its rapid growth, achieving sales revenue of 8.36 billion yuan, a staggering increase of 86.33% year-on-year [1] - Mini-program games have emerged as a major highlight, generating revenue of 53.54 billion yuan, a year-on-year growth of 34.39%, driven by dual-track monetization through in-app purchases and advertising [1] International Expansion - The overseas market for self-developed games has also performed well, with actual sales revenue reaching 20.46 billion USD, a year-on-year increase of 10.23%, maintaining a scale of over 100 billion yuan for six consecutive years [1] Policy Support - The "Game Shanghai Ten Measures" was officially released, introducing systematic support policies in key areas of industry development, with an annual support fund totaling 50 million yuan, aimed at building a globally influential gaming and esports industry ecosystem [1] Technological Integration - The gaming industry is evolving from a mere entertainment medium to a flexible tool driving digital transformation in traditional sectors such as healthcare, education, and manufacturing, reshaping perceptions of gaming and opening new growth points [2] - Game companies are increasingly demanding AI technology, which is accelerating the application of AI in the industry, further enhancing its value to society and achieving a leap in digital and real-world integration [2] Market Performance - A-share gaming stocks have shown strong performance this year, with an average increase of nearly 44%, and three leading gaming stocks have doubled in price [3] - Giant Network's stock has surged over 260% this year, driven by the deep integration of AI technology into its core gaming business [3] - As of December 19, three gaming stocks have seen net purchases exceeding 50 million yuan in December, with Giant Network leading at 263 million yuan [3] Investor Interest - The most frequently researched company this year is Shunwang Technology, with 23 investor inquiries, indicating strong interest in its upcoming asymmetric competitive card mobile game [4]

Group 1 - The core innovation is the intelligent fully automatic bathing robot developed by Xiangyu Medical, designed to address the bathing difficulties faced by elderly individuals or patients with limited mobility [1] - The bathing robot features 18 spray nozzles that evenly distribute warm water and shower gel, and includes a display screen for easy operation, significantly reducing the workload of caregivers [1] - The robot's design includes a closed cabin with privacy features, adjustable settings for water temperature and height, and safety measures to ensure a comfortable bathing experience [1] Group 2 - The current bathing practices for elderly individuals in care facilities pose risks such as falls and physical strain on caregivers, highlighting the urgent need for improved solutions [2] - By the end of 2024, the population aged 60 and above in China is projected to reach 310 million, accounting for 22% of the total population, indicating a strong demand for healthcare services for the elderly [2] - The integration of AI technology in elderly care is transforming service models, aligning with national policies aimed at enhancing long-term care systems for the elderly [2] Group 3 - Xiangyu Medical is developing AI therapy robots that utilize advanced technologies for precise treatment, catering to the rehabilitation needs of elderly patients [3] - The company is focusing on smart elderly care solutions, including wearable and portable rehabilitation products, to enhance the quality of life for seniors [3] - The goal is to create technology-driven partners in elderly care, ensuring that seniors can enjoy a dignified and high-quality life [3]

Core Insights - The Chinese gaming industry is experiencing steady growth, with historical highs in core metrics, including an expected actual sales revenue of 350.79 billion yuan in 2025, representing a year-on-year increase of 7.68%, and a user base growth to 683 million, up 1.35% [1] Industry Performance - The console gaming market continues its rapid growth, with actual sales revenue reaching 8.362 billion yuan, a staggering year-on-year increase of 86.33%, marking three consecutive years of explosive growth [1] - Mini-program games have emerged as a significant highlight, generating revenue of 53.535 billion yuan, up 34.39%, driven by dual monetization through in-app purchases and advertising [1] - The overseas market for self-developed games also performed well, with actual sales revenue reaching 20.455 billion USD, a year-on-year increase of 10.23%, maintaining a scale of over 100 billion yuan for six consecutive years [1] Policy and Support - The "Game Shanghai Ten Measures" was officially released, introducing systematic support policies in key areas of industry development, with an annual support fund totaling 50 million yuan, aimed at building a globally influential gaming and esports industry ecosystem [1] Technological Integration - The gaming industry is evolving beyond mere entertainment, integrating with traditional sectors such as healthcare, education, and manufacturing, thus reshaping perceptions and opening new growth avenues [2] - Game companies are increasingly demanding AI technology, which is accelerating the application of AI in the industry and creating a value leap through the integration of digital and physical realms [2] Market Trends - The gaming industry is expected to maintain a high level of prosperity, with new products being launched and cross-platform connectivity contributing to growth, while seasonal activities are likely to enhance user engagement and average revenue per user (ARPU) [2] - The mini-program gaming sector is anticipated to exhibit characteristics of sustained high prosperity, stable growth rates, and optimized profit structures, supported by collaborations between WeChat and Apple [2] Stock Market Performance - Leading gaming stocks have shown strong performance in the A-share market, with an average increase of nearly 44% this year, and three stocks, including Giant Network, Century Huatong, and G-bits, have doubled in price [3] - Giant Network's stock has surged over 260% this year, driven by the integration of AI technology into core gaming operations and innovative product offerings [3] - As of December 19, three gaming stocks, including Giant Network, Zhejiang Shuju, and G-bits, saw net purchases exceeding 50 million yuan in December, with net buying amounts of 263 million yuan, 66 million yuan, and 58 million yuan respectively [3]

Group 1 - The National Internet Information Office and the China Securities Regulatory Commission are intensifying efforts to address false and misleading information related to the capital market, taking legal action against accounts like "Eight Sisters Invincible" and "Investment Banking Matters" [1][3] - Some financial influencers and internet celebrities are attempting to exploit the A-share market through deceptive "small essays" to gain attention and traffic, which undermines the market's foundation and ultimately leads to negative consequences for them [1][2] - The spread of false information in the capital market distorts pricing logic and violates the principles of fairness, justice, and transparency, which are essential for market survival [2] Group 2 - The use of AI technology to create misleading "small essays" has made it easier and cheaper to produce deceptive content, increasing the difficulty for ordinary investors to discern the truth [2] - Some creators of false "small essays" aim to manipulate stock prices for profit, either by fabricating positive news to inflate stock prices or by spreading negative news to depress them, ultimately leading to illegal gains [2] - The ongoing regulatory crackdown on false "small essays" aims to eliminate the sources of such misinformation, reducing the survival space for those relying on fabricated content to exploit the capital market [3]

央视网消息：据"平安北京朝阳"微信公众号消息，近日，北京朝阳警方接报警称，有人在网络社交平台 发布针对中国女篮教练员和运动员的不实视频信息。 经查，林某某和陈某某曾从事过视频带货，但为了"来钱快"，打起了利用AI技术制作视频追热点、蹭流 量、以"养号"牟利的歪主意。 作案过程中，其通过AI软件编造中国女篮某教练员压榨某运动员的虚假文案，后将该教练员和运动员 的网络图片、视频、虚假文案混编制作了网传视频，通过个人社交账号发布，引流得逞后，将账号倒卖 牟利4000元。 林某某、陈某某利用公众对篮球运动的关注，无底线博眼球、蹭流量，编造谣言对教练员和运动员进行 抹黑，引发网民对立，破坏社会信任，扰乱公共秩序，给当事教练员和运动员的声誉造成严重损害，社 会影响恶劣。 以为自己玩的是"高科技"，实则踩的是高压线！12月18日，林某某、陈某某已被朝阳警方依法刑事拘 留，案件正在进一步办理中。同时，相关账号已被所属平台关闭。 警方提示 网络空间不是法外之地，利用AI技术必须遵守法律法规，尊重社会公德和公序良俗。对于借机造 谣以及非法牟利的违法犯罪行为，公安机关将坚决依法打击。 对此，警方立即开展调查，经循线追踪，锁定作案嫌 ...

证券日报网讯12月22日，九芝堂（000989）在互动平台回答投资者提问时表示，公司关注AI技术在公 司业务领域内的发展及应用。 ...