政策明确健康消费方向，推荐食品和中药四大主线

Investment Rating - The industry investment rating is "Strongly Outperforming the Market" [15] Core Insights - The report emphasizes the promotion of health consumption as outlined in the "Special Action Plan for Promoting Healthy Consumption," which includes specific measures for health-oriented dietary habits, fitness, elderly care services, and new health service models [1][2] - Four key sectors are recommended for investment: functional foods and precise nutrition, silver economy ecology, traditional Chinese medicine, and special medical foods [1][2][7] Summary by Relevant Sections Functional Foods and Precise Nutrition - The health food market in China is projected to reach CNY 328.2 billion in 2023, with a compound annual growth rate (CAGR) of 10.18% over five years, driven by increasing public health awareness and an aging population [1] - Recommended companies include Baihe Co., which has nearly 20 years of experience in the health food industry and a strong ability to innovate and adapt to market demands [1] Special Medical Foods - The market for special medical foods is expected to grow significantly due to factors such as an aging population and the increasing prevalence of chronic diseases [2] - In 2024, 66 new special medical food products are expected to be approved, with major players including Nestlé and Abbott, alongside domestic companies like China Feihe and Yili Group [2] Silver Economy Ecology - The report highlights the need for enhanced services for the elderly, particularly in chronic disease management and early screening initiatives [7] - Recommended companies include Lexin Medical, which focuses on remote health monitoring and has developed AI-driven health solutions [7] Traditional Chinese Medicine - The report advocates for leveraging traditional Chinese medicine for preventive health care and nutrition guidance [7] - Recommended companies include Kunming Pharmaceutical Group, which aims to lead in the silver health industry and has made significant acquisitions to strengthen its market position [7]