国金证券：中国人口老龄化将进入加速阶段，人口“灰犀牛”的影响将愈发不可忽视

Core Viewpoint - The report from Guojin Securities indicates that China's population aging will accelerate, making the impact of the "gray rhino" increasingly significant [1] Supply Side Analysis - Population aging will lead to a shrinkage of the working-age population, exerting downward pressure on potential growth rates [1] Demand Side Analysis - Population aging will exacerbate insufficient total demand, reflected in a negative output gap, while also increasing the proportion of service consumption [1] Short-term and Long-term Implications - In the short term, deepening aging will suppress inflation, but in the long term, it may drive inflation upward [1]