【环球网科技报道 记者 心月】第八届中国国际进口博览会于11月10日闭幕。连续第四次参展的旭化成株式会 社以"赋能多元材料，共创新质生产力"为主题亮相本届进博会。展会期间，围绕公司核心技术毫米波雷达的适 老化应用、本土场景适配、行业生态共建等话题，旭化成电子科技市场开拓部总监杨瑞朝接受了环球网记者的 采访，详解旭化成如何以技术创新回应中国"银发经济"需求，助力健康养老产业升级。 锚定银发经济：毫米波雷达开辟适老化新路径 随着中国人口老龄化进程加速，智慧康养、智能家居市场迎来快速增长，旭化成精准捕捉这一社会课题与市场 机遇，将毫米波雷达技术作为切入适老化赛道的核心支点。本届进博会上，旭化成重点展示的天线一体型毫米 波雷达模组"AiM"，无需摄像头即可非接触监测多人位置、动作及呼吸心率，为家庭健康守护与隐私安全提供 了全新解决方案。 生命体征监测精度是适老化产品的核心竞争力。杨瑞朝透露，旭化成正与合作伙伴从多维度探索优化路 径："我们不断探索新算法，完善状态逻辑判断，优化安装使用场景，同时结合算力发展、算法升级和成本降 低的趋势，力求在细分领域实现突破，让产品获得用户广泛接受。"这种"技术+场景"的双重优化，让毫 ...

从结构看，一是文旅服务增势较好，二是信息服务较快增长，数字影音、网络娱乐等服务需求持续扩 大。此外，假期期间居民外出就餐增加。从新兴消费看，数字消费和绿色消费在持续壮大。 付凌晖表示，我国正处在消费结构升级的关键阶段，文化旅游、医疗健康等消费发展空间广阔，银发经 济、首发经济等快速发展也为消费扩大注入新动能。 人民财讯11月14日电，11月14日，国家统计局新闻发言人、总经济师、国民经济综合统计司司长付凌晖 在国新办新闻发布会上表示，我国居民消费正在加快转型，服务消费增长日益成为居民消费的重要增长 点。在国庆中秋假日的因素带动下，10月份的服务消费持续较快增长，1—10月份服务零售额比1—9月 份是加快0.1个百分点，高于同期商品零售额的增速是0.9个百分点。 ...

Core Viewpoint - The aging population will not lead to an unsustainable burden if proper institutional frameworks are established, as artificial intelligence (AI) can significantly enhance caregiving productivity, outpacing the growth rate of the elderly dependency ratio [1]. Summary by Relevant Sections Aging Population and Dependency Ratio - Concerns about the increasing elderly dependency ratio leading to unsustainability are deemed incorrect. Data indicates that from now until 2035, China's caregiving productivity is expected to grow at an average annual rate of 5.6%, which is higher than the 4.6% average annual growth rate of the elderly dependency ratio [1]. Impact of Artificial Intelligence - If AI can boost China's GDP by 20% as predicted by international think tanks, the average annual growth rate of caregiving productivity could exceed 7%, effectively outpacing the aging process [1]. Institutional Design and Economic Sharing - The key to addressing the challenges posed by an aging society lies in institutional design that enables AI to empower the basic pension system and the silver economy. This approach can enhance caregiving productivity, expand pension resources, and improve the sharing of productivity gains among all residents, including the elderly [1].

Core Insights - The launch of "The Way of Beauty: Decoding the Essence of Beauty" by L'Oréal China at the China International Import Expo represents a significant milestone in the company's 28-year journey in the Chinese market, showcasing a methodology for understanding beauty as a driving economic force [1][6][10]. Group 1: Background and Market Context - L'Oréal's history in China reflects the evolution of the cosmetics industry, with the market size surpassing 1 trillion yuan in 2024, making it the largest cosmetics consumer market globally, driven by rising incomes and changing consumer demands [6][7]. - The shift in consumer preferences from mere product efficacy to a focus on safety, cultural significance, and brand values has created new challenges for the industry and laid the groundwork for the book's development [6][7]. Group 2: The Concept of Beauty Economics - "The Way of Beauty" aims to transform the perception of beauty from a subjective concept into a quantifiable economic model, demonstrating that beauty can generate profits, create jobs, drive innovation, and open new markets [10][11]. - The book highlights that L'Oréal China has created over 330,000 direct or indirect jobs, with each job generating an average of 20 additional jobs in related sectors, significantly exceeding the industry average [11]. Group 3: Industry Trends and New Markets - The book identifies emerging consumer segments, including male consumers and the elderly, indicating a broadening market for beauty products, with male consumers spending over 1,000 yuan annually on cosmetics [12]. - The "silver economy" is also highlighted, with a 14.41% year-on-year growth in beauty and personal care products for older consumers, reaching 44.138 billion yuan in 2024 [12]. Group 4: Global Perspective and Value Chain Reconstruction - "The Way of Beauty" serves as a model for multinational companies on how to localize their business strategies in China, emphasizing the importance of integrating into the national economic framework for sustainable development [16][17]. - The book illustrates how L'Oréal aligns its business practices with China's goals of high-quality development and common prosperity, thereby reinforcing its commercial foundation through social value creation [17]. Group 5: Insights from Influential Figures - The book has received endorsements from prominent figures, emphasizing its role in enhancing Sino-French economic ties and showcasing the vitality and innovation of the cosmetics industry [22][23]. - The perspectives shared by industry leaders highlight the book's comprehensive analysis of the beauty industry, its achievements, and the challenges it faces, providing valuable insights for both practitioners and consumers [23].

Core Viewpoint - The successful loan issuance by the Shandong Branch of the China Export-Import Bank to Zibo Baishi Intelligent Home Co., Ltd. marks a significant breakthrough in the area of service consumption and elderly care financing, providing essential support for local inclusive elderly care development [1] Group 1: Company Overview - Zibo Baishi Intelligent Home Co., Ltd. is a state-owned micro-enterprise located in Huantai County, Zibo City, focusing on the elderly care market with products like electric monitoring smart beds [1] - The company aims to enhance its research and production capabilities for elderly-friendly products, driven by the recent financial support [1] Group 2: Financial Support and Impact - The loan represents the first of its kind in the sector for the bank, injecting "policy financial vitality" into local elderly care initiatives [1] - The financial backing will enable the company to improve the intelligence level of its products and meet the growing market demand, contributing to the high-quality development of the "silver economy" [1] Group 3: Bank's Role and Future Plans - The Shandong Branch of the China Export-Import Bank is committed to aligning with policy directions and addressing enterprise needs by customizing loan solutions [1] - The bank plans to continue increasing financial support for key sectors such as service consumption and elderly care, fulfilling its mission as a policy bank to bolster regional economic and social development [1]

Core Viewpoint - The company, 足力健, has expanded into the organic food sector, selling products like dumplings and corn, amidst ongoing financial struggles and a significant debt burden [4][6][22]. Group 1: Business Expansion - 足力健 has launched a new brand called "足力健有机食品" in 河南, offering products at low prices to attract consumers [4][10]. - The company aims to open 100 stores by 2025, 600 by 2026, and 2000 by 2027, with a current count of 45 stores [16][18]. - A franchise model has been introduced, allowing加盟商 to operate stores while 足力健 retains a significant portion of the revenue [17][20]. Group 2: Financial Challenges - The company has accumulated approximately 7 billion yuan in debt, primarily owed to suppliers, and has faced ongoing issues with employee salary payments [6][23][24]. - Despite the introduction of the organic food line, the financial situation has not improved, with reports of delayed salaries for employees in this new sector [24][25]. - The company's strategy focuses heavily on cash flow and debt repayment, with a goal of achieving 100 billion yuan in returns [22][23]. Group 3: Market Positioning and Consumer Perception - The brand's shift to organic food has not resonated strongly with consumers, who remain skeptical about the quality of products from a shoe company [8][10]. - The pricing strategy emphasizes low-cost offerings, but this may compromise long-term brand value and product quality [11][12]. - The company faces challenges in maintaining quality control due to its reliance on a contract manufacturing model [11][12].

Core Viewpoint - The report from Zhongyin Securities indicates that Kunyu Group's net profit attributable to shareholders for the first three quarters reached 269 million yuan, a year-on-year decrease of 39.42%, with a third-quarter net profit of 71 million yuan, down 59.03% year-on-year [1] Group 1: Financial Performance - Kunyu Group's net profit for the first three quarters was 269 million yuan, reflecting a 39.42% decline compared to the previous year [1] - The net profit for the third quarter alone was 71 million yuan, showing a significant year-on-year decrease of 59.03% [1] Group 2: Business Strategy and Outlook - The company is facing sales pressure due to channel adjustments and is looking forward to improved performance in the coming year [1] - Kunyu Group is enhancing collaboration with China Resources Sanjiu, focusing on the silver economy sector, and is committed to strengthening this partnership [1] - The company is accelerating the integration of offline pharmacies and adapting to online purchasing trends, aiming to build a more efficient business model [1] - Efforts are being made to upgrade the "Kunzhong Medicine" brand and to preheat new product series, with the goal of optimizing inventory, improving sales, and enhancing brand communication [1] - The company is increasing its R&D investment and has a deep layout in the chronic disease sector, which supports a positive long-term development outlook [1]

每年"双十一"不断跳跃翻新的数字背后，记录着的是中国电商经济一路发展的历程。"双十一"的火热不仅停留在消费者下单时点击屏幕的指尖，在更多样 化的场景中，也涌现出更多贴近消费者的购物玩法。 2025电商消费新趋势： "银发族"消费潜力爆发 如今，刷短视频、看直播、比价格，不仅是年轻人的日常。随着"银发族"加速拥抱互联网，他们正在成为电商消费增长的一大主力军。而"银发族"的消费 也从"买商品"走向"买品质、买体验"。 北京的李女士，正在和女儿分享"双十一"期间在网上淘到的好物。李女士今年65岁了，如今闲暇时间充裕的她，把网购变成了生活里的乐趣。从米面粮油 到衣物护肤，她一周要在网上下单三四次。 淘宝天猫玩具行业运营孙瑞雪认为， 背后核心的驱动因素是网购人群年龄结构变化带来的老年市场需求的提升 。平台上网购玩具的新客户中，50岁以上 人群的占比超过了15%，"银发族"成为新消费者的重要来源。 李女士说，最早有"双十一"的时候，她就学会网购了，如今更偏爱通过短视频和直播选购商品。在她看来，直播能清晰展示穿着效果和使用方式，让她买 得更踏实。买到了满意的商品，她还会和同龄人互相推荐。 关卫江表示，从店铺用户画像来看，5 ...

Core Insights - The aging population in China is viewed as a significant challenge, referred to as a "gray rhino," which requires a multi-dimensional approach to transform it into an opportunity for economic development [1][3][4] - The upcoming "15th Five-Year Plan" emphasizes the need to accelerate the development of a multi-tiered pension insurance system to address the rapid aging process [2][3] Aging Population and Financial Support - China has the largest elderly population globally, with 310 million people aged 60 and above by 2024, projected to exceed 400 million by 2035, highlighting the urgent need for a robust pension system [1][3] - The pension finance sector is seen as a crucial support mechanism to tackle the challenges posed by an aging society [1][4] Development Trends in Pension Finance - The pension system is undergoing significant changes, shifting from a savings-based model to an investment-oriented approach, necessitating differentiated services and product development from pension institutions [3][4] - Technological advancements, including AI and quantum computing, are creating new investment opportunities and demands for innovative pension services [3][4] - The low-interest-rate environment presents challenges for pension fund management, emphasizing the need for strategies to enhance long-term asset creation capabilities [3][4] Constructing a Pension Finance Ecosystem - A well-functioning pension finance ecosystem is essential for converting aging pressures into economic growth, acting as a bridge between national savings and capital for technological innovation and industrial upgrades [4][5] - Long-term capital, such as pensions and life insurance funds, can address the capital patience issues faced by industries requiring substantial investment over extended periods [4][5] Multi-Dimensional Optimization of Institutional Design - Current challenges in China's pension finance development include insufficient tax incentives, limited coverage of pension schemes, and a dominant first pillar in the pension system [6][7] - Proposed solutions involve combining effective markets with proactive government roles, engaging micro, meso, and macro levels, and integrating innovation, funding, product, and talent chains [6][7] Opportunities for Financial Institutions - Insurance companies and other institutions are positioned to capitalize on the evolving pension finance landscape, transitioning from risk providers to comprehensive life-cycle service providers [7] - Future strategies should focus on solidifying basic pension insurance investments, enhancing asset management capabilities, and creating integrated ecosystems that combine insurance, asset growth, and wellness services [7]

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [1][3]. Core Insights - The company's short-term innovation business is driving performance beyond expectations, with accelerated AI hardware innovation catalyzing a valuation reassessment. Long-term, the company is transforming its proprietary brand and optimizing its profit structure, fully embracing AI and robotics innovation to create a new growth curve [1]. - The company has achieved significant growth in its innovative product lines, with a 37.11% year-on-year revenue increase in the innovation segment, driven by successful overseas expansion of its proprietary brands [7]. - The company is actively investing in the home care robotics sector, having secured seven related patents, indicating a strategic focus on capturing opportunities in the aging economy [7]. Financial Data and Valuation - The projected total revenue for 2023 is 13,447 million yuan, with a year-on-year growth of 16%. However, a decline of 3% is expected in 2025, followed by a recovery in subsequent years [2][15]. - The company's net profit attributable to shareholders is forecasted to decrease to 707 million yuan in 2025, reflecting a 15% decline from the previous year, but is expected to rebound to 937 million yuan in 2026 [2][15]. - The current price-to-earnings (PE) ratio is 22.5 for 2025, with a projected PE of 17.0 in 2026, indicating potential for valuation improvement as earnings recover [2][15]. Shareholder Returns - The company has returned 17 billion yuan to shareholders through dividends since its IPO, demonstrating a commitment to shareholder value [7]. - The company plans to reward shareholders with AI products based on their holdings, further emphasizing its focus on shareholder engagement [7].