2025博鳌亚洲论坛｜郭树清：应将医养结合纳入养 老保险，作为"第四支柱" 谈及中国养老保险体系的特色，郭树清表示，与许多国家主要依靠政府征税并独立承担基本养老保险支 出的模式不同，中国实行的是多方共同筹资的制度——由"国家、集体（用人单位）、个人，三个方面 共同筹措资金"。这种模式将现收现付和基金积累制结合，是中国借鉴国际经验后的重要创新。 在3月25日举行的"人口老龄化与养老金改革"分论坛中，第十四届全国人大常委会委员、财政经济委员 会副主任委员、原中国银保监会主席郭树清在发言时表示，中国经过四十多年的改革探索，已建立起世 界上规模最大的养老保险体系，覆盖了近11亿人，保障较为有力，富有中国特色，能够促进社会发展， 并且体系还在不断完善中。 郭树清表示，中国养老保险体系可包括五大支柱。第一支柱是基本养老保险。第二支柱是企业年金和职 业年金，目前覆盖了七千多万人，总额超过5.7万亿元人民币。第三支柱是商业性养老金融产品，近年 来发展迅速，总量已超8万亿元人民币。接下来，中国还应将医养结合纳入养老保险的重要组成部分， 作为"第四支柱"。"老年人一个是要有饭吃，再一个是身体好，还要精神愉快，没有病或者病比较少、 ...

Investment Rating - The report maintains a "Strong Buy" rating for the non-bank financial sector, specifically focusing on the elderly care industry [1]. Core Insights - The elderly care industry is characterized by a diverse range of participants, including government entities, real estate companies, insurance firms, and specialized elderly service operators. Insurance companies are identified as the main investors in elderly communities due to their financial, customer, and resource advantages [3][4]. - The operational models in the elderly care sector primarily consist of heavy asset and light asset approaches, with heavy asset models being suitable for financially robust participants like insurance and real estate companies [3][4]. - The profitability of elderly care institutions revolves around rental and sales strategies, with a predominant focus on external leasing for stable income generation [4]. Summary by Sections 1. Current Status of Institutional Elderly Care Services - The development of institutional elderly care services is steadily progressing, supported by policies that encourage a multi-faceted approach to elderly care [15][32]. - The number of registered elderly care institutions and their bed capacity has been increasing, although the overall bed utilization rate has declined, indicating a faster growth in community care services [33]. 2. Diversity of Participants in Elderly Real Estate - The elderly real estate sector features four main types of social capital participants, each with unique strengths, with insurance companies holding a comprehensive advantage [3]. - The operational models are categorized into heavy asset, light asset, and a combination of both, allowing for flexibility in service coverage [3][4]. 3. Profitability Models - Elderly care institutions primarily generate revenue through direct sales, external leasing, or a combination of both, with external leasing being the most common approach for stable income [4].

Investment Rating - The report maintains an "Outperform" rating for the non-bank financial sector, specifically focusing on the elderly care industry [1]. Core Insights - The elderly care industry is characterized by a diverse range of participants, including government entities, real estate companies, insurance firms, and specialized elderly service operators, with insurance companies holding a comprehensive advantage in investment [3][4]. - The operational models in elderly care primarily consist of heavy asset and light asset approaches, with the heavy asset model being suitable for financially robust participants like insurance and real estate companies [3][4]. - Profitability in elderly care institutions is mainly derived from rental and sales activities, with a focus on long-term rental agreements providing stable income streams [4]. Summary by Sections 1. Current Status of Institutional Elderly Care Services - The evolution of institutional elderly care policies has shifted from public welfare institutions to a multi-faceted approach supported by various social forces, emphasizing the coordination of home, community, and institutional care [7][14]. - The number of registered elderly care institutions and beds has been steadily increasing, although the overall bed utilization rate has declined, indicating a faster growth in community care services compared to institutional care [31]. 2. Diverse Participants in Elderly Real Estate - The elderly real estate sector features four main types of social capital participants, each with unique strengths, where insurance companies leverage their financial resources and customer base to dominate the investment landscape [3][4]. - The operational models are categorized into heavy asset, light asset, and a combination of both, allowing for flexibility in service coverage and financial management [3][4]. 3. Profitability Models - Elderly care institutions primarily generate revenue through direct sales, external rentals, or a combination of both, with external rentals being the preferred method for stable income [4].