截至2024年末，江苏省60岁及以上常住老年人口2175万人，占常住人口的25.5%，高于全国3.5个百分点；65岁及以上常住老年人口1594万人，占比 18.7%，高于全国3.1个百分点。面对深度老龄化现状，江苏省政协委员、南京农业大学人文与社会发展学院姚兆余建言，应把发展银发经济视为江苏经 济"勇挑大梁"、培育未来产业的重要抓手。他认为，当前银发产品研发生产中的核心矛盾：旺盛的"新老年"需求与低端同质化的供给严重错配，呼吁必须 系统打通从需求到研发再到市场的全链路，让"银发经济"成为内需增长的新引擎。 姚兆余建议，可借鉴先进经验，构建银发产品产业链，打通"研发—生产—流通—服务—反馈"全链路，形成上中下游协同、跨产业融合的闭环生态。他提 议在全省建设2-3个核心研发园区和一批示范产业园，并关键性地推动所有县(市、区)建设"适老生活体验馆"，展示和推广银发产品。 在人才与资金两端，他建议，鼓励高校开设银发经济相关专业，同时完善财政金融支持政策，为银发产业发展注入动能。如，鼓励各类产业引导资金、政 府投资基金、创业投资基金等加大对银发经济企业的支持；落实税收优惠政策，适老化产品、智能辅具、健康检测设备等研发活 ...

"江苏人口老龄化进程早、程度深，面临的压力与挑战也更为突出。"王明强表示，当前江苏正全力打造具有苏式特色的"苏适养老"品牌，推动养老服务体 系高质量发展。而他所在的南京中医药大学也依托自身学科优势，率先在全国提出"中医养老学"交叉学科，目前重点聚焦三大领域：一是中医药养老理论 与文化研究；二是中医药抗衰老方法与机制研究；三是中医特色养老服务体系构建与实践研究。作为学科带头人，王明强对推动中医与养老深度融合充满 信心和期待，"中医药在慢性病调治、康复护理等方面具有独特优势，是中华民族的瑰宝。在养老领域中，我们应当把它利用好、发展好。要让中医药为 中国式养老插上腾飞的翅膀。" 养老服务事关千家万户福祉，关乎社会和谐稳定大局。江苏省政协委员、南京中医药大学养老服务与管理学院执行院长王明强一直以来奔走于学校和养老 机构之间，深入调研、倾听民声。为进一步提升养老服务效能，他建议，江苏应着力培育更多养老服务产业集群与创新主体，全力打造长三角民政科技产 业高地。 此外，他还提出，应充分利用江苏在长三角一体化中的区位优势，主动联合上海、浙江、安徽等地，共同搭建"长三角民政科技成果交易平台"，定期举办 创新成果对接活动，加速科 ...

宏 观 研 究 2026 年地方"两会"跟踪 国 内 经 济 相关研究 证券分析师 赵伟 A0230524070010 zhaowei@swsresearch.com 贾东旭 A0230522100003 jiadx@swsresearch.com 侯倩楠 A0230524080006 houqn@swsresearch.com 联系人 社零方面，多数省份设定的目标高于 2025 年实际增速。新疆、河南、海南等地将社零增速目 标定在 6%及以上；河北、吉林定在 5%左右。贵州、甘肃、辽宁及重庆的目标设定为 4%及以 上。与 2025 年目标相比，河南、新疆目标分别上调 0.5 个百分点和 1 个百分点。与 2025 年 地方实际社零增速相比，河北、吉林、河南、广东等明显调高社零增速目标。 侯倩楠 A0230524080006 houqn@swsresearch.com 2026 年 02 月 01 日 地方"两会"观察：二十省市，三大特征 ——2026 年地方"两会"跟踪 1 月下旬以来，地方"两会"进入密集召开期。各地 2026 年 GDP 增速设定情况如何，各地 2026 年政府工作报告定量与定性分析呈现 ...

Investment Rating - The report upgrades the investment rating to "Recommended" for the company [2]. Core Views - The company, a leading education training provider in Shanghai, has shown significant performance recovery, with a projected revenue of 1.38 billion yuan for 2025, representing a year-on-year growth of 12.23%. The net profit attributable to shareholders is expected to be approximately 80 million yuan, marking a turnaround from losses [1][8]. - The company is actively expanding into the silver economy, with plans to acquire Shanghai Leyou, which focuses on high-end leisure tourism and services for individuals aged 40 and above. This strategic move aims to enhance the company's growth trajectory by integrating educational and tourism services [8]. Financial Forecasts - Revenue projections for 2025, 2026, and 2027 are 1.38 billion yuan, 1.70 billion yuan, and 2.00 billion yuan, respectively, with growth rates of 12.2%, 23.0%, and 18.0% [2][9]. - The net profit attributable to shareholders is forecasted to be 80 million yuan in 2025, 99 million yuan in 2026, and 122 million yuan in 2027, with corresponding growth rates of 265.5%, 23.5%, and 22.5% [2][9]. - Earnings per share (EPS) are expected to be 0.28 yuan in 2025, 0.35 yuan in 2026, and 0.42 yuan in 2027, with price-to-earnings (PE) ratios of 38, 31, and 25, respectively [2][9]. Business Strategy - The company is enhancing its competitive edge by improving product quality, teaching standards, and operational management, while also focusing on technology integration and talent development [8]. - The acquisition of Shanghai Leyou is part of the company's strategy to tap into the growing silver economy, with the "Happy Community" brand aimed at providing educational and companionship services to older adults [8].

Core Viewpoint - NMN (β-Nicotinamide Mononucleotide) is gaining attention in the global health industry for its potential in anti-aging, DNA repair, and metabolic regulation, with significant advancements in regulatory approval and market potential expected by 2025 [1][2]. Industry Development - The NMN industry has evolved from laboratory research to commercial application, with major markets like the US, Japan, Canada, and Australia recognizing its legal status through various regulatory pathways [1][2]. - China is currently the largest producer of NMN raw materials, with leading companies building competitive barriers through technological innovation and industry chain layout [2]. NMN Definition and Function - NMN is a direct precursor of NAD+ (Nicotinamide Adenine Dinucleotide), crucial for delaying aging and enhancing physiological functions [3][4]. - Supplementing NMN can quickly elevate NAD+ levels in the body, playing a vital role in anti-aging, cardiovascular health, and metabolic improvement [4][6]. Synthesis Pathways - NMN supplementation shows significant advantages in NAD+ synthesis pathways compared to other precursors, with the highest conversion efficiency and no known adverse reactions [6][7]. Natural Sources and Supplementation - Natural food sources of NMN are limited, making NMN supplements, which can provide up to 300 times the dietary intake, more effective for achieving beneficial doses [8]. Synthesis Technology - The NMN synthesis process has shifted from chemical methods to fully enzymatic methods, focusing on high purity, safety, and environmental sustainability [10][12]. - Leading companies are innovating in full enzymatic synthesis and patenting technologies to create competitive advantages [12]. Market Trends and Demand - The aging population and increasing anti-aging awareness among younger demographics are driving demand for NMN products, with the market expected to grow significantly [19][21]. - The NMN market in China is projected to exceed 3 billion yuan by 2025, with applications expanding beyond health supplements and cosmetics into areas like pet nutrition and agricultural technology [28][24]. Application Areas - NMN is primarily used in health supplements (90% market share) and cosmetics (10-20% market share), with potential future applications in pet nutrition, medical health, and agricultural technology [24][28]. - The Chinese health supplement market is expected to surpass 430 billion yuan by 2025, indicating substantial growth potential for NMN products [40]. Sales Channels - NMN products are mainly sold through cross-border e-commerce and private channels, with cross-border platforms accounting for 60-70% of market share [35]. Regulatory Environment - The regulatory landscape for NMN is evolving, with significant progress in China towards legalizing NMN as a health supplement, which could reshape the market dynamics [17][61]. - The "blue hat" certification for health supplements in China represents the highest standard for product safety and compliance, which could significantly impact market structure if achieved [37]. Challenges and Opportunities - The NMN industry faces challenges such as exaggerated claims, lack of consumer awareness, and technological iterations, necessitating a focus on compliance and innovation to unlock market potential [61][63]. - Companies are encouraged to innovate their business models and extend their value chains to enhance competitiveness and market presence [66].

登录新浪财经APP 搜索【信披】查看更多考评等级 金融市场瞬息万变，投资与经济政策深刻影响全球。我们为您带来昨夜今晨的财经新闻，涵盖股市动 态、经济数据、企业财务和政策更新，帮助您全面把握金融世界。 从狂热到踩踏，贵金属市场的"两脚刹车" 2026年1月底，国际金银价格在创历史新高后突发暴跌，创40年来最大单日跌幅。分析指出，这并非偶 然，而是市场过热后的技术性回撤。第一脚刹车源于极端上涨后的获利了结与杠杆资金平仓引发的踩 踏。第二脚刹车则因美联储鹰派主席提名及核心PPI数据超预期，动摇了市场对提前降息的押注，推高 实际利率与美元，削弱了黄金的吸引力。中长期看，地缘紧张与全球去美元化趋势仍构成结构性支撑， 但短期市场情绪脆弱，高波动风险需警惕。 组件价格跟着金属期货价格走 义乌中小光伏企业：不敢报价接单 新能源出口退税政策调整与银、铜、铝等金属价格大幅上涨形成双重冲击，导致义乌中小光伏企业陷入 经营困境。组件价格随金属期货剧烈波动，企业无法稳定报价，客户观望情绪浓厚，交易频现毁约。成 本结构中，飙升的白银价格使银浆取代硅料成为最大成本项。面对压力，企业纷纷清空库存避险，并尝 试拓展储能、逆变器业务或使用新材料 ...

Core Viewpoint - China is facing a significant aging population challenge, necessitating the development of a comprehensive pension finance system to support the elderly economy and enhance the quality of life for senior citizens [1][2]. Group 1: Overview of Pension Finance - Pension finance encompasses a range of financial activities using credit, insurance, bonds, equity, and wealth management tools to meet diverse retirement needs and support the elderly economy [2]. - The pension finance system is structured around two main components: pension financial activities for economic security and pension industry finance for service security [3]. Group 2: Pension Financial System - The pension financial system consists of a three-pillar structure: - The first pillar includes basic pension insurance with 54.35 million urban employees and 53.02 million rural residents participating, with a fund investment scale exceeding 27.2 trillion yuan [4]. - The second pillar comprises supplementary pension insurance, with 175,000 employers and 33.32 million participants, and an investment scale over 7.7 trillion yuan [4]. - The third pillar includes personal pensions, with over 150 million accounts opened, alongside various commercial pension financial products [4]. Group 3: Pension Industry Finance - Pension industry finance provides financing support for the elderly economy through indirect and direct financing methods, with a focus on long-term loans and innovative financial service models [5]. - Financial institutions are encouraged to invest in elderly care facilities and develop smart elderly care technologies, enhancing the overall financing landscape for the pension industry [5]. Group 4: Policy Recommendations for Pension Finance Development - To enhance economic security, it is essential to solidify the three-pillar pension insurance system and innovate financial products and services [7]. - Improving service security involves establishing specialized pension financial institutions and increasing financial support for the elderly economy, including credit schemes and financing for elderly care enterprises [7]. Group 5: Trends in Elderly Wealth Management - There is a growing awareness among residents regarding the importance of retirement planning, with a notable shift towards younger individuals initiating their pension planning earlier [9][10]. - The average age for starting pension planning has decreased to 37 years, indicating a trend towards proactive wealth management for retirement [9]. Group 6: Challenges in Pension Wealth Accumulation - Current pension wealth accumulation faces several challenges, including a significant gap in savings, uneven development across the three pillars, and a mismatch between pension financial products and consumer needs [10]. - The third pillar, while having over 1,200 personal pension products, suffers from high homogeneity and inflexibility in fund withdrawal, leading to a disparity between account openings and actual contributions [10]. Group 7: Innovations in Pension Financial Services - Various regions are exploring innovative financial products tailored to the elderly economy, such as specialized credit products and financing models that utilize non-physical collateral [15][16]. - Financial institutions are also enhancing their services to better cater to the elderly population, including mobile banking initiatives and tailored financial products for seniors [17]. Group 8: Future Directions for Pension Finance - The future of pension finance requires a focus on market-oriented, sustainable practices that meet the diverse needs of different age groups and ensure long-term stability [18]. - A multi-layered and diversified pension financial system is essential for promoting high-quality development in both finance and elderly care sectors [18].

（来源：沈阳日报） 老龄事业是我市民政工作的重头戏，新的一年将继续围绕老年人多层次服务需求全方位推进工作。在促 进老年人社会参与上，将实施"银龄·赋能计划"，举办"银龄行动"主题活动，充分发挥老年志愿服务作 用。组织开展"银龄风采秀"、沈阳都市圈中老年春晚等品牌活动，展现我市老年群体昂扬向上的精神风 貌。在着力构建老年友好型社会上，将推动13个全国示范性老年友好型社区建设，开展丰富多彩的"敬 老月"活动。同时，积极推进老旧小区、居家环境等全域适老化改造，开展数字助老活动，强化老年人 权益保障。 转自：沈阳日报 牢记"民政为民"，在城市发展中持续增进民生福祉，以改革创新化解群众的急难愁盼……新一年沈阳民 政工作有哪些新亮点新举措？市民政局相关负责人接受记者采访，前瞻性展现了2026幸福沈阳的民生新 图景。 厚植慈善文化理念，持续拓展"慈善+"服务场景。市民政局将持续升级"沈慈阳善"品牌，充分调动社会 各界参与慈善事业的积极性，募集总量增长10%以上；大力发展社区慈善，社区慈善基金覆盖率提升至 80%，社区慈善项目覆盖100个重点社区，开展慈善活动不少于1000场。通过促进慈善帮扶与政府救助 的有效衔接，推动慈善 ...

以下文章来源于刺猬公社 ，作者刺猬公社编辑部 刺猬公社 . 互联网内容行业观察与研究 出生率持续下跌， 老年教育是教培又一出路吗？ 文 ｜ 白棉 编辑 ｜ 园长 来源｜ 刺猬公社（ID ： c iweigongshe ） 封面来源 ｜ IC Photo 除了新东方，还有从上海交通大学勤工俭学中心发展而来的昂立教育、公考机构粉笔等多家 教培公司 选择布局银发经济。 和传统的K12教育相比，老年教育是一门怎样的生意？未来又会怎样发展？ 刺猬公社 发现，醉翁之意不在酒，老年大学仅是教培机构更大生意的流量入 口。 不止一家教培入局 近几年的教培行业内，转型和自救 早已是各个企业共同的命题：有的直播卖货，有的尝试转型To B，有的做起了学习机、羽绒服、咖啡等新的生意...... 就在最近 ， 一个新 的转型方式 出现了——养老。 以行业的龙头企业新东方为例，2024年 ， 新东方先是在南京试点老年大学，设立外语、旅游文化和艺术三个学院； 近期 ， 新东方 又在 北京 推出" 退休俱乐部 " ，同样开设多个兴趣课程，相较其他新东方培训课程价格亲民。 图源公众号南京新东方银铃俱乐部 这个消息社交媒体上也是小火一把。" 过去 ...

20 26年开年以来，中央和地方密集发力推出各项政策，力促"十五五"开 局"起好步"。一方面，中央密集调研河南、内蒙古、广东等地，央行宣布 推出 一揽子货 币金融 政 策 ，开 年 以来 两场 国常 会均 围绕 促消 费。 另 一方 面，地方进入两会期，各地"开年第一会"率先动员，多聚焦营商环境、科 技创新、"两重" "两新"。 开 年发力 "起好步"： 促消费受关注 两场国务院会议关注促消费 开年以来，央行、证监会、商务部等部门陆续召开"开年第一会"，其中包括，一是商务系统继续推进8方面工作，包括深入实施提振消费专项行动、推进 统一大市场建设等；二是央行延续强调继续实施适度宽松的货币政策；三是证监会联合多部门召开资本市场财务造假综合惩治推进会，"进一步增强行 政、刑事、民事协同"；四是教育工作有两大关注，民生为大、进一步优化基础教育资源布局，和强化对科技和人才的支撑，"完善高校科技成果转化网络 体系，探索关键领域拔尖人才培养新模式"。 中央密集调研河南、内蒙古、广东等地，分别聚焦"菜篮子"稳产保供、新质生产力、"十五五"良好开局。其中，针对内蒙古产业升级，要用好大规模设备 更新和技改等政策，也要同步推进硬件 ...