China's total population stood at 1.40489 billion at the end of 2025, a decrease of 3.39 million from the end of the previous year. The population decreased by 1.39 million in 2024 compared to 2023, and by 2.08 million in 2023 compared to 2022. The year 2022 marked the first instance of negative growth, with a population decline of 850,000. Considering the special circumstances of the pandemic, the logical conclusion is that the population has been declining continuously over the past three years, with the scale of decline accelerating.

The number of newborns was 9.02 million in 2023, 9.54 million in 2024, and 7.92 million in 2025. Taking into account the impact of the second-child policy surge, the number of newborns is also decreasing, making policies to encourage childbirth increasingly important.

In terms of age composition, the population aged 16-59 was 851.36 million, accounting for 60.6% of the national population. The population aged 60 and above was 323.38 million, representing 23.0% of the national population, of which those aged 65 and above numbered 223.65 million, accounting for 15.9% of the total population.

Compared to 2024, the aging of our population has continued to deepen. According to research data from Ren Zeping, around 2032, the proportion of the population aged 65 and above is expected to exceed 20%, signifying an entry into a super-aged society. This will profoundly impact our economy, culture, consumption, production, and all other aspects of society.

The issue of providing for the elderly, starting with the entire post-80s generation, presents a heavy social challenge that requires enhanced preparedness.

Looking at the urban-rural composition, the permanent urban population was 953.80 million, an increase of 10.30 million from the end of the previous year. The permanent rural population was 451.09 million, a decrease of 13.69 million. The proportion of the urban population (urbanization rate) reached 67.89% of the national population, an increase of 0.89 percentage points from the end of the previous year.

The "old hometown" of our memories, the countryside, is disappearing at an irreversible and accelerating pace. This is the force of our times.

In terms of economic structure, the value-added of the primary industry was 9.3347 trillion yuan, a year-on-year increase of 3.9%. The value-added of the secondary industry was 49.9653 trillion yuan, up 4.5%. The value-added of the tertiary industry was 80.8879 trillion yuan, rising by 5.4%. The experience of economic conditions varies among workers in these three sectors.

After reviewing the population size and structure, as well as the industrial structure, it becomes much easier to understand our consumption trends and financial policies.

Conclusion: Technological advancement and industrial upgrading are our only viable path forward. Low interest rates and low inflation represent the medium- to long-term macroeconomic fundamentals.

1. Based on this fundamental assessment, combined with bottom-up research on specific targets, I proposed a "barbell" investment strategy of "Technology + Dividends" at the end of 2024, coupled with a rebalancing strategy. This has become the cornerstone of my investment approach. 2. Considering potential US interest rate cuts, I generally believe opportunities in the Hong Kong stock market are still greater than those in the A-share market. For defensive positioning, consider the Hong Kong Large Cap 30 ETF (520560), with its Connect Fund C code 006355. This ETF tracks the Hang Seng China (Hong Kong Listed) 30 Index, avoiding the difficulty and risk of selecting individual stocks from the vast Hong Kong market. It provides one-stop coverage of the 30 most representative leading companies in the Hong Kong market, which can be understood as a focus on leaders and blue chips. For the offensive side, consider the Hong Kong Internet ETF (513770), with its Connect Fund C code 017126. This ETF tracks the CSI Hong Kong Stock Connect Internet Index. Its top ten holdings aggregate leading internet companies such as Alibaba, Tencent, Xiaomi, and Meituan. These companies are deeply involved across the entire industry chain, from AI cloud computing and large language model development to AI applications in various vertical sectors. AI has moved from concept to commercialization, becoming a key engine driving the performance growth and valuation reassessment of these internet giants. For example, Alibaba's launch of the "Qianwen Task Assistant," which achieves deep integration with ecosystems like Taobao and Alipay, signals a move from a "chat tool" into the "AI Agent era," potentially reshaping its growth logic and valuation framework. The opportunities in artificial intelligence for 2026 are likely significant, spanning from hardware to software. The Hong Kong Internet ETF (513770) serves as a "core AI tool" for the Hong Kong market. 3. Taking a quick glance at the market, sectors like satellites, commercial aerospace, and robotics are performing strongly again, while dividend stocks are showing moderate performance. There's no helping it; the fundamental characteristic of this bull market is a tech-driven rally. Dividend strategies can only capture returns from reinvested dividends, but for those who can endure the wait and span the timeframe, the final returns may still be respectable. That's all for now.

MACD golden cross signals have formed, and these stocks are performing well!