【环球财经】星展银行：长寿经济迎来“拐点” 建议采取“哑铃型”投资策略

Core Insights - The report from DBS highlights that the Longevity Economy is at a critical turning point, driven by breakthroughs in key technologies, accelerated capital flows, and demographic changes [1] Group 1: Drivers of Longevity Economy - The rise of the Longevity Economy is primarily driven by three factors: significant advancements in medical technology, substantial capital inflow, and the inevitable trend of population aging [1] - Medical technology advancements include the clinical application of gene editing tools like CRISPR [1] - According to Pitchbook, venture capital investment in the longevity sector has increased over 20 times from 2013 to 2024 [1] - Global life expectancy has risen from approximately 40 years in 1900 to over 74 years currently [1] Group 2: Investment Strategy - DBS's Chief Investment Officer team recommends a "Barbell Strategy" for investing in the Longevity Economy, focusing on both mature therapies and innovative technologies [1] - On the conservative end, the report favors GLP-1 drugs and the eldercare industry, noting the rising demand for housing and services for the elderly, particularly in the U.S. [2] - GLP-1 drugs have transitioned from diabetes treatment to a significant therapy for obesity and show potential for treating neurodegenerative diseases [2] Group 3: Performance Metrics - The Longevity Economy theme has shown strong investment performance, with the related index outperforming the global stock index by approximately 135 percentage points since the end of 2019 [2] - Companies within this theme have a mixed return on equity (ROE) of 28.7%, significantly higher than the market average of 14.5% [2]