医药生物行业点评报告：九部门联合印发养老事业发展指导意见，有望推动银发经济进一步发展

Investment Rating - The industry investment rating is "Increase" [7] Core Viewpoints - The newly issued guidelines for financial support of the elderly economy are comprehensive and targeted, aiming to promote the development of the silver economy through 16 key measures across five areas, including expanding financing channels and enhancing financial service foundations [4] - Personal pensions are becoming a crucial support for the silver economy, with the number of personal pension accounts expected to exceed 70 million by December 2024, providing further security for the future development of the silver economy [4] - The silver economy is projected to reach a scale of 30 trillion yuan by 2035, with the aging population in China rapidly increasing, indicating significant growth potential in healthcare services for the elderly [4] Summary by Sections Financial Support for Elderly Economy - The guidelines set phased goals for pension finance development by 2028 and 2035, focusing on various demographic needs and financing channels [4] - Financial institutions are encouraged to support leading enterprises in the silver economy and to increase direct financing efforts [4] Personal Pensions - The number of personal pension accounts rose from 19.54 million in December 2022 to over 70 million by December 2024, with annual contributions capped at 12,000 yuan per person [4] Silver Economy Growth - The current scale of the silver economy is approximately 7 trillion yuan, accounting for 6% of GDP, with expectations to grow to 30 trillion yuan by 2035, representing 10% of GDP [4] - The healthcare sector, particularly in areas like elderly care, chronic diseases, and rehabilitation, is expected to benefit significantly from policy support [4][5]