居家适老化改造进程复盘与展望

Investment Rating - Investment recommendation: Outperform the market (maintained) [4] Core Insights - Since 2019, multiple policies have been introduced in China to support the silver economy and aging-friendly renovations, with the 14th Five-Year Plan setting a target to complete renovations for 2.2 million low-income households [2][6] - Recent local policies in regions like Shanghai, Hubei, and Hainan have added subsidies for aging-friendly products, enhancing demand elasticity for these products [2][6] - The report anticipates that aging-friendly products, such as smart toilets and cameras, will benefit from the alignment with renovation and silver economy policies [2][6] Summary by Sections Government Support for Aging-Friendly Renovations - The 2024 State Council and National Development and Reform Commission have launched initiatives to promote aging-friendly renovations through government support and consumer subsidies [6][11] - Subsidy rates for aging-friendly products are concentrated in the 15%-20% range, with expectations of significant market impact [6][11] Case Study: Shanghai's Aging-Friendly Renovation - Shanghai aims to complete 25,000 aging-friendly renovations by the end of 2025, with subsidies of 15% on various home and aging-friendly products [7][9] - The renovation program includes over 200 products and offers different service packages tailored to the needs of elderly residents [7][9] Learning from Japan's Aging-Friendly Renovation Journey - Japan has established a comprehensive community care system and has continuously improved its aging care policies since entering an aging society in 1969 [8][19] - China's aging population is approaching Japan's levels, indicating a need for enhanced aging-friendly renovation policies and systems [8][19] Investment Focus: Demand for Aging-Friendly Products - The report emphasizes the growing demand for aging-friendly products, driven by government policies and the increasing elderly population [18][19] - The renovation market for aging-friendly products is projected to reach significant figures, with estimates suggesting a market size of 15 trillion yuan for renovations of existing buildings [19][20]