Fixed Income - The bank wealth management market's existing scale reached 30.67 trillion yuan as of H1 2025, an increase of 0.72 trillion yuan compared to the end of 2024, surpassing the average change of -0.13 trillion yuan from H1 2021 to H1 2024 [2][7][8] - The average annualized yield of wealth management products weakened in H1 2025, with an average yield of 2.12%, down 0.53 percentage points from the entire year of 2024 [9][10] - The market is expected to stabilize above 30 trillion yuan in H2 2025, with a focus on long-term municipal investment bonds and capital bonds [10] New Consumption - Maternal and Infant Industry - The implementation of the childcare subsidy policy is expected to stimulate the maternal and infant industry, with the market size projected to reach 76,299 billion yuan in 2024 and 89,149 billion yuan by 2027 [12][13] - The birth population in China is expected to increase to 9.54 million in 2024, marking a rise of 520,000 from 2023, the first increase since 2017 [13] - The policy aims to alleviate family burdens and enhance birth rates, benefiting sectors such as dairy products, education and training, and infant care [13] New Consumption - Investment Opportunities - The high-end beauty sector is expected to grow faster than the mass market, with projected CAGR of 9.6% for skincare and 10.8% for makeup from 2023 to 2028 [14][15] - The ancient gold market shows strong growth potential, with a CAGR of 21.8% expected from 2023 to 2028 [15][16] - The current beverage market is seeing a rise in ready-to-drink products, with the market size for ready-to-drink beverages reaching 5,175 billion yuan in 2023, accounting for 36.3% of the beverage market [16][17] Medical Devices - Kaili Medical - Kaili Medical is positioned as a leader in ultrasound and endoscopy equipment, with new product launches expected to enhance market penetration [19][20] - The company has expanded its workforce significantly, preparing for a recovery in the medical device sector, with procurement activities showing signs of normalization [20][21] - Revenue forecasts for Kaili Medical indicate a growth trajectory, with expected revenues of 2.388 billion yuan in 2025, growing to 3.224 billion yuan by 2027 [21] Transportation - YTO Express - YTO Express reported a revenue of 5.53 billion yuan in June 2025, reflecting a year-on-year increase of 11.35%, with a business volume growth of 19.34% [23][24] - The express delivery market is experiencing structural growth, with YTO's business volume growth outpacing overall market growth [24][25] - The "anti-involution" policy is expected to improve profitability in the express delivery sector, with YTO's net profit per ticket projected to increase significantly [25][26]

Investment Rating - The report maintains a "Buy" rating for the company, highlighting the potential of new endoscopic products to penetrate high-end markets and the innovative capabilities of the medical device platform [5][8]. Core Views - The company is positioned as a leader in the domestic market for ultrasound and endoscopic medical devices, with a focus on expanding its product lines and enhancing market penetration through innovative high-end products [7][9]. - The recovery of procurement activities in the medical device sector is expected to provide a positive turning point for the company, which has been expanding its sales and technical teams despite recent industry challenges [7][9]. - The introduction of the HD-650 4K endoscope is anticipated to significantly enhance the company's competitive edge in high-end markets, supported by advanced imaging technologies and AI capabilities [7][29]. Summary by Sections 1. iEndo 4K Endoscope Leading Smart Transformation - The company launched the HD-650 4K iEndo smart endoscope platform in 2025, which offers ultra-high-definition image quality and improved operational experience, further enriching its product matrix [14][24]. - The HD-650 platform integrates advanced optical technologies and AI capabilities, enhancing diagnostic accuracy and operational efficiency [29][30]. 2. Continuous Iteration Strengthening Product Power, Procurement Recovery Signals Industry Turning Point - The company has seen a clear trend in high-end product iterations, with significant improvements in imaging and clinical applications [34][40]. - Domestic procurement activities for medical devices are gradually returning to normal, with notable increases in bid amounts for ultrasound and endoscopic products [44][45]. 3. Counter-Cyclical Layout of Potential Businesses, Innovative Products Expected to Support Long-Term Growth - The company has diversified its product offerings across ultrasound, endoscopy, minimally invasive surgery, and cardiovascular intervention, enhancing its competitive edge [50][56]. - The introduction of AI technologies and comprehensive solutions for various medical specialties is expected to drive sustained growth [50][56]. 4. Profit Forecast and Rating - The company is projected to achieve revenues of 23.88 billion, 27.77 billion, and 32.24 billion RMB from 2025 to 2027, with year-on-year growth rates of 18.56%, 16.32%, and 16.07% respectively [8][82]. - The forecasted net profits for the same period are 3.07 billion, 5.06 billion, and 6.42 billion RMB, with significant growth rates of 115.45%, 64.85%, and 26.99% [8][82].