Investment Rating - The report does not explicitly state an investment rating for the wearable medical device industry Core Insights - The wearable medical device industry in China has transitioned from consumer-grade functionalities to specialized medical applications, driven by regulatory certifications and clinical data validation, enabling a shift from health monitoring to disease warning and management [3] - The market is expected to grow from CNY 140 billion in 2020 to CNY 230 billion by 2029, with a compound annual growth rate (CAGR) of 7.0% [6] - The industry is evolving towards an integrated health management ecosystem that combines devices, data, and services, focusing on chronic disease management and remote patient monitoring [5][6] Market Background - The wearable medical device market has developed from basic health monitoring to professional medical applications, with a focus on meeting medical device standards and providing clinically accurate data [4][5] - The industry is supported by a framework that includes policy guidance, standardization, technological integration, and clinical validation [3] Market Status - The market size is projected to grow from CNY 1,400.2 billion in 2020 to CNY 1,499.6 billion in 2024, with a CAGR of 1.7% [6] - The market faced a decline in 2022 due to high base effects from previous growth and macroeconomic pressures, but future growth is expected to be driven by policy incentives, technological advancements, and ecosystem integration [6] Market Competition - The competitive landscape is characterized by a mix of specialized medical companies and consumer electronics giants, with companies like Nine安医疗, 乐心医疗, and 乐普医疗 leading in the medical-grade segment [16] - Consumer technology companies such as Huawei and Apple are increasingly entering the medical-grade market, blurring the lines between consumer and medical devices [16] Development Trends - The industry is moving towards "cognitive intelligence," where devices will not only collect data but also analyze and provide decision support in real-time [24] - The application value is evolving from health monitoring to integrated management and deep integration with medical ecosystems, facilitating remote healthcare services [24] - The driving forces are shifting from technological innovation to a dual push from policy and essential healthcare needs, indicating a trend towards becoming a fundamental component of basic healthcare [25]

南方财经记者彭敏静 澳门报道 Kent Dahn：澳门与珠海的协同效应，有效解决了全球科技企业进入大湾区市场面临的两大核心痛点。 一方面，澳门作为拥有全球商贸网络的国际自由港，为全球科技企业搭建了对接国际资本、高端人才与 跨境贸易资源的门户，简化了国际市场准入与合规流程。另一方面，珠海坚实的制造基础与完整的产业 链，为技术创新提供了落地平台，助力前沿技术从原型快速转化为量产产品。二者结合，破解了众多全 球科技企业进入亚洲市场时面临的"技术研发"与"产业化"脱节的问题。 南方财经：相较于CES等其他展会，AIE具备哪些特色？ Kent Dahn：与CES相比，AIE具备三大独特特色。其一，"一展双城"模式形成了"技术—产品—应用"的 全链条展示生态，澳门聚焦智能电子，珠海侧重智能装备，覆盖从上游研发到下游应用的全产业链。其 二，AIE突出"首发经济"，汇聚大量全球及全国首发的产品与技术，并能通过优质采购商资源将首发成 果快速转化为实际订单。其三，不同于CES侧重消费电子展示，AIE融合"展览+论坛+投资"模式，联动 300亿元科技产业基金支持前沿技术商业化，形成"创新—展览—投资—产业化"的闭环。 南方财经：据 ...

Investment Rating - The report does not explicitly state an investment rating for the smart elderly care industry Core Insights - The smart elderly care industry in China is rapidly evolving through technological integration and innovative models to address the challenges posed by an aging population, which is expected to reach 30% by 2050, significantly higher than the global average [5][18] - The industry is focusing on creating a comprehensive health management ecosystem that covers the entire life cycle of elderly care, showcasing significant breakthroughs from technology application to system construction [5] Summary by Sections Overview of the Smart Elderly Care Industry - The aging population in China is accelerating, with the proportion of individuals aged 65 and above expected to reach 30% by 2050, indicating a severe challenge for social and economic development [18][20] - The report highlights the structural challenges in the current elderly care service supply system, including insufficient total supply, uneven resource distribution, and a shortage of professional caregivers [6] Demand Environment - The acceptance of smart products among the elderly is steadily increasing, with 43.08% of users spending 1-3 hours daily using these products [6][39] - The demand for personalized leisure and entertainment services is significantly higher among elderly individuals living with family compared to those living alone, indicating a strong expectation for functionality in multi-generational households [6] Supply Situation - Smart elderly care products are evolving from single-function devices to comprehensive solutions, with wearable devices forming a health management loop covering prevention, diagnosis, and rehabilitation [7] - The report emphasizes the need for a smart transformation in elderly care services to enhance sustainability and meet the growing demand [6] Policy Environment - The report outlines a systematic approach to policy development in the smart elderly care sector, emphasizing the integration of technology and the enhancement of service quality to improve the well-being of the elderly [33] Economic Environment - Investment strategies in the elderly care sector are shifting from quantity to quality, focusing on high-quality projects in areas such as artificial intelligence, robotics, and digital platforms [35] - The report notes significant investment activity in the elderly care robot sector, with a notable increase in funding for companies developing companion and rehabilitation robots [37] Technological Environment - The health IoT is driving the development of automated and intelligent health services, with technologies such as blockchain enhancing data security and sharing [45][47] - The integration of various technologies is crucial for creating a seamless health management ecosystem that meets the needs of the elderly [47] Industry Chain Analysis - The smart elderly care industry chain consists of upstream technology support, midstream product and service integration, and downstream application scenarios, forming a collaborative ecosystem [51][53] - The report highlights the importance of integrating resources from various sectors to create a comprehensive elderly care solution that includes home care, community support, and institutional care [52]

Group 1 - The wearable medical devices industry is experiencing rapid growth driven by technological advancements, product innovation, remote monitoring, home healthcare, and increased health awareness, with the global market expected to reach USD 42.74 billion in 2024 and grow to USD 168.29 billion by 2030, representing a compound annual growth rate (CAGR) of 25.53% [2][8][10] - In China, the wearable device market is the largest globally, with a year-on-year sales increase of 41.0% in January 2025, driven by the "National Subsidy" policy, which significantly boosted sales of smartwatches and wristbands by 33.7% and 68.0% respectively [9][10] - The market is benefiting from enhanced product cost-performance due to subsidies and promotions, leading to increased demand for both replacement and new users, particularly in the price segments of RMB 500-2000, which saw sales growth rates of 83.1%, 112.3%, and 77.0% respectively [9][10] Group 2 - The wearable medical devices encompass various forms such as headbands, necklaces, glasses, smartwatches, and wristbands, which monitor parameters like heart rate, sleep, and blood pressure, utilizing optical sensors for blood pressure and blood component monitoring [7][8] - Despite the rapid development, the industry faces challenges including data security, lack of unified standards, and issues with monitoring data accuracy and medical device certification [10] - The industry is entering a phase of accelerated development characterized by policy support and consumption upgrades, positioning wearable medical devices as a crucial component in health monitoring and intervention treatment [2][10]

Core Viewpoint - The article discusses the increasing life expectancy in China and the associated challenges of an aging population, emphasizing the need for innovative healthcare solutions and technologies to improve the quality of life for the elderly [3][6][12]. Group 1: Life Expectancy and Aging Population - The National Health Commission aims to raise the average life expectancy in China from 79 years in 2024 to around 80 years by 2025 [3]. - As of the end of 2024, the elderly population (aged 60 and above) in China exceeds 310 million, indicating a significant aging trend [3]. - Experts highlight that improving life expectancy requires addressing the mortality rates of major diseases, particularly cardiovascular diseases and cancer [3][6]. Group 2: Cancer Treatment and Management - Cancer is becoming a manageable chronic disease, with advancements in immunotherapy being crucial for addressing the burden of high-incidence cancers like lung and stomach cancer [7]. - The establishment of early screening tools for cancer, particularly liver cancer, has shown promise in improving early diagnosis and treatment outcomes [8][9]. - The five-year survival rate for liver cancer patients at Zhongshan Hospital has reached 71% due to new technologies and proactive follow-up plans [8]. Group 3: Health Management and Technology Integration - Comprehensive health management strategies, including regular check-ups and early intervention for chronic diseases, are essential for increasing life expectancy [12][13]. - AI and wearable medical devices are being integrated into disease prevention and management, allowing for real-time monitoring of patients' health [14][15]. - The World Health Organization emphasizes the importance of expanding hypertension treatment coverage as a cost-effective health measure [14]. Group 4: Regenerative Medicine and Technological Innovations - Regenerative medicine, including stem cell therapy, is gaining attention as a potential solution for age-related health issues and organ repair [17][18]. - The Chinese government has introduced regulations to support the clinical research and application of new biomedical technologies, including stem cells [18]. - Innovations in elder care technology, such as fall detection systems and care robots, are being developed to address the challenges of an aging population [19][20]. Group 5: Challenges in Elderly Care Technology - There is a disconnect between the development of elderly care technologies and the actual needs of the elderly, leading to ineffective products [19]. - Experts call for collaboration between technology developers and elderly care providers to ensure that products meet the real needs of older adults [20].

Core Viewpoint - ASEAN member countries are currently experiencing their best historical relationship, with significant initiatives underway to enhance economic integration and attract investment in the private equity and venture capital sectors [1][6]. Group 1: ASEAN Economic Integration - ASEAN aims to become the world's fourth-largest economy by 2030, with a current average economic growth rate of 4% to 5% over the past decade [4][5]. - The establishment of the ASEAN Private Market Association is a substantial step towards economic integration, aiming to unify fragmented capital flows within the region [1][4]. Group 2: Objectives of the Private Market Association - The association aims to standardize private equity rules across ASEAN member states, reducing policy barriers and enhancing cross-border fund registration efficiency [7]. - It seeks to create a unified evaluation system for private equity funds, providing standardized assessment frameworks to attract international capital [7]. - The initiative is expected to accelerate the attraction of external funding for high-quality ASEAN enterprises, particularly in sectors like cloud computing, semiconductors, and healthcare [7]. Group 3: Beneficiary Industries - Renewable energy is identified as a key sector that will benefit from the private market association, with a focus on solar energy, energy storage, and carbon-neutral technologies [8]. - The digital economy and AI are also prioritized, with projections indicating that ASEAN's digital economy coverage will rise from 25% in 2021 to 85% by 2028, highlighting significant investment opportunities [9]. - The healthcare sector, particularly AI-driven medical technologies, is rapidly emerging, with a notable gap in AI application across the region [9][11]. Group 4: Economic Transition - The establishment of the private market association signals a shift in ASEAN's economic growth model, moving away from traditional manufacturing and trade towards technology-driven growth [10][11]. - The anticipated $60 billion in private equity funding is seen as a potential benchmark for measuring investment activity and economic cooperation depth within the region [12].