证券时报记者 张智博 在当今中国，3.1亿的银发群体，正以超越年轻人消费增速的步伐，奔向一场数十万亿的确定性未 来。 从首个以"银发经济"命名的国家政策文件，到辽宁、湖南等省市先后落地实施方案；从筹建老年大 学、搭建全社会老年教育体系，到各地"康养+文旅"业态如雨后春笋般涌现。近些年，针对银发群体的 新政策、新消费层出不穷，适老化改造、智慧养老已然成为经济热词。 然而，在银发经济伴随着政策热、产业热的另一面——作为终端的消费市场，却面临着"雷声大， 雨点小""叫好不叫座"的窘境。 （责任编辑：张晓波 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 从客观情况看，人口多也并不等于消费能力强。"银发族"是被收入、家庭、健康等因素严重分化的 异质群体，这无疑抬高了产品的开发门槛——高端养老和基础医疗供给相对容易开展，而大众品质服务 则面临较大的适配难度。体现到消费市场，就是眼下老年人消费需求和支付意愿不成正 ...

Core Viewpoint - The recent Central Economic Work Conference emphasizes the importance of prioritizing people's livelihoods, particularly focusing on stabilizing employment for college graduates as a direct reflection of this commitment [1] Group 1: Employment Stability for College Graduates - Stabilizing employment for college graduates is crucial for enhancing the quality of life and ensuring the future talent pool for the nation [1] - The increasing enrollment rate in higher education has led to over ten million graduates each year, raising demands for job market capacity and structural alignment [1][2] - The resilience and potential of the Chinese economy remain strong, with new industries and business models emerging, creating opportunities for graduates [1][2] Group 2: Expanding Job Demand and Opportunities - Expanding job demand and exploring new job growth areas are essential for stabilizing employment [2] - Policies such as tax reductions, financial support for industries with strong employment absorption capacity, and incentives for innovation and entrepreneurship are necessary to lower employment costs for businesses [2] - Emerging sectors like the digital economy, green economy, and silver economy are creating numerous job opportunities suitable for college graduates [2] Group 3: Enhancing Talent Supply and Market Demand Matching - Improving the matching between talent supply and market demand is key to stabilizing employment [3] - Higher education institutions should proactively align with economic and social needs, enhancing practical and forward-looking course offerings [3] - Collaboration among educational institutions, human resources departments, and businesses is vital to provide quality internships and training programs for graduates [3] Group 4: Comprehensive Employment Services and Support - A detailed and continuous employment service network is necessary to support graduates throughout their job search [4] - Digital tools have significantly improved service efficiency, enabling online recruitment and guidance activities [4] - Special attention should be given to graduates from disadvantaged backgrounds, ensuring targeted assistance and support [4] Group 5: Collaborative Efforts for Employment Promotion - Promoting employment for college graduates requires a collaborative effort from government, educational institutions, businesses, and society [5] - Governments must take responsibility for employment promotion, while educational institutions should focus on improving talent cultivation quality [5] - Businesses are encouraged to fulfill their social responsibilities by providing quality job opportunities and training platforms [5]

随着60后、70后群体逐步迈入退休生活，"新银发族"对于自我、品质、价值实现的追求，正在构筑起一 个涵盖健康、文娱、科技、时尚的数十万亿级新消费市场。他们以充沛的活力、可观的财富和全新的生 活态度，打破对老龄群体"负担""拖累"等刻板印象，推动"银发经济"从边缘走向经济舞台的中央。 "十五五"规划建议提出，积极应对人口老龄化，优化基本养老服务供给。民政部部长陆治原日前接受采 访时表示，积极促进银发经济发展，推动出台银发经济高质量发展支持措施。 我国正慢慢步入人口老龄化社会。中国人口与发展研究中心预测，"十五五"时期我国老年人口将快速增 长，规模将从当前的约3.1亿人增加到2030年的3.9亿人。曾经被视为"夕阳议题"的老年消费市场，正在 以"朝阳产业"的姿态，重构中国经济的边界与内涵。 蓝海市场： 30万亿规模的"朝阳产业" 银发经济，作为向老年人提供产品或服务，以及为老龄阶段做准备等一系列经济活动的总和，其未来发 展的确定性，根植于中国社会人口结构的深刻变化中。 2024年1月，国务院办公厅印发《关于发展银发经济促进老年人福祉的意见》，成为我国首个以"银发经 济"命名的政策文件。该意见要求加快银发经济规模化 ...

Core Insights - The "silver economy" in China, characterized by a population of 310 million elderly individuals, is growing at a pace that surpasses younger consumers, indicating a significant market potential worth trillions [1] - Despite the enthusiasm surrounding policies and initiatives aimed at the elderly, the actual consumption market faces challenges, with a disconnect between demand and effective supply [1] Group 1: Market Dynamics - The elderly consumer group tends to prioritize practical needs over emotional spending, with 78.3% of seniors considering actual needs as their primary factor in purchasing decisions [1] - The elderly demographic is heterogeneous, with significant disparities in income, health, and family support, complicating product development and market strategies [1] Group 2: Supply-Side Challenges - The core bottlenecks hindering consumption among middle-income elderly individuals include supply mismatch, trust issues, and unclear payment expectations [2] - The market is currently trapped in a low-end, homogeneous product cycle, failing to align with the genuine needs of the elderly [2] Group 3: Future Directions - Future development of the silver economy requires a shift in focus from youth-centric consumption models to those that emphasize the "lifecycle value" of elderly consumers [2] - Successful engagement with the elderly market will depend on creating a "trust-consumption" pathway and addressing deeper emotional and experiential needs [2]

过去一周，市场风格出现显著切换。偏防守的价值因子以及代表交易博弈的量价类因子（波动率、技术）表现强势。 而此前表现优异的成长因子和一致预期因子则有所回撤。这反映出在震荡环境下，资金暂时脱离了业绩驱逻辑，转而 寻求低估值防御。展望未来一周，考虑到年末资金避险情绪，我们预期价值因子的防御属性仍将受捧，同时量价类因 子有望延续活跃态势，而成长风格短期或需等待拥挤度消化后的企稳。 以上结果通过历史数据统计、建模和测算完成，在政策、市场环境发生变化时模型存在失效的风险。 过去一周，国内主要市场指数平稳，其中上证 50、沪深 300、中证 500 和中证 1000 涨跌幅分别为 0.61%、-0.15%、 0.01%和-0.56%。 微盘股指标监控：综合来看，当前轮动模型由于微盘股滚动 20 天斜率收负，茅指数为正斜率，当前轮动模型发出切 换至茅指数信号，中期配置茅指数的预期能有更高相对收益。从中期微盘股择时角度来看，目前风控信号还没触发， 但能看到波动率拥挤率正在快速上行，风险有明显聚集。对于持有微盘板块投资者建议做好风险控制，以及密切跟踪 相对净值、动量及中期风险指标的动态。 过去一周，政策端进入了高频落地的执行期， ...

中新网北京12月24日电 (记者 刘亮)中国家用电器服务维修协会日前在北京召开《"十五五"期间家电服 务业发展指导意见》课题研讨会。会上，专家展望"十五五"时期家电服务业发展形势。 国务院发展研究中心市场经济研究所原所长任兴洲指出，"十五五"时期，要着力提振消费，推动供需在 更高水平上实现良性互动。她强调，相关政策将通过多种举措增强居民消费能力与信心。同时，"两 新"政策的优化实施有望为家电服务业带来新发展机遇。 对于"十五五"时期家电服务业创新发展，中国社会科学院工业经济研究所研究员罗仲伟强调，要紧跟技 术趋势，深化技术应用；顺应市场需求变化，发展个性化定制、拓展服务化延伸业态。 商务部研究院服务贸易研究所副所长俞华指出，当前我国消费市场面临需求不足等挑战。对此，要进一 步破除市场堵点，推动消费向服务化、智能化升级。 中国商业联合会副会长李祥波指出，当前行业面临消费基础性作用增强、数字融合加深及新消费兴起等 机遇。未来企业发展要拥抱人工智能，挖掘消费新场景，对标"优质优价"，关注"银发经济"与"一老一 小"领域。 海尔服务国内服务总经理郭要指出，"十四五"期间，海尔服务以数字化转型为核心，推出多项创新举 措 ...

Core Viewpoint - The Chinese silver economy is being actively promoted through various policies aimed at enhancing the welfare of the elderly and creating new consumption scenarios, with recent measures introduced by multiple provinces to stimulate this sector [1][2]. Group 1: Policy Initiatives - Multiple provinces, including Shaanxi, Jilin, Guangdong, Sichuan, and Hunan, have implemented measures to promote elderly care service consumption, laying a foundation for the long-term development of the silver economy [1]. - The policies are expected to boost consumption, facilitate industrial transformation, and enhance the conversion of technological achievements [1]. Group 2: Characteristics of the Silver Economy - The silver economy is characterized by increasingly diverse supply, growing demand, and significant penetration of digital technology [2]. - Supply includes a variety of elderly care services such as home care, day care, short-term care, and wellness tourism, alongside a range of elderly-friendly products like fitness equipment and health supplements [2]. - Demand is driven by the elderly's willingness to spend on personal enjoyment, leading to increased sales in sectors like travel, health services, and cultural activities [2]. Group 3: Integration of Technology - The integration of advanced technologies like AI and big data with the silver economy is mutually beneficial, providing scalable application scenarios for technology while driving high-quality development in the silver economy [3]. - Smart elderly care devices and platforms are evolving to enhance service efficiency and user experience, indicating a trend towards practical applications in the sector [2][3]. Group 4: Challenges and Recommendations - Despite the growth, challenges such as supply-demand mismatches and inadequate support policies remain significant [3]. - Experts suggest that stakeholders should focus on precise policy implementation, investment attraction, standardization of products and services, and the cultivation of talent that understands both elderly care and digital technology [3].

转自：新华财经 12月23日，在上海首个大型银发主题体验馆——上海老博会创新产品体验馆（上海银发商店）启幕仪式 上，上海农商银行作为唯一金融机构签约成为"上海银发生态合作伙伴"，并跻身"上海银发经济百大品 牌"，助力打造可触可感的银发消费新场景。 当天，上海农商银行设立特色展区与提供专属金融服务，与仪式现场展示、体验、消费、科普于一体的 大型银发体验空间有机融合。 未来，上海农商银行将继续秉承"普惠金融助力百姓美好生活"的使命，不断延伸服务触角，创新服务模 式，以更具情感价值的金融实践，助力上海养老服务体系完善，在服务银发经济、提升老年人福祉的道 路上贡献更多金融力量。（邓侃） 通过设立"上农好物"专区，上海农商银行精选20余款由"驻村第一书记"推荐的本地优质农产品直供市 民，并为持卡客户提供"满100元减30元"专属优惠，通过"金融+消费"双向赋能，既服务城市银发群体生 活品质，也助力乡村产业发展。 近年来，上海农商银行持续深化"金融为老上海模式"，切实回应老年人需求：打造超百家养老金融特色 网点，组建专业养老服务经理团队，落实"六专"服务机制；建成350余家社银直联网点，设立超千家覆 盖所有街镇的"心家园 ...

12月22日，国民养老保险股份有限公司发布信息披露公告，根据北京产权交易所公开征集投资人的结 果，公司拟以发行新股增资方式引入杭州市拱墅区国有投资集团有限公司（简称"拱墅国投"）、成都市 锦江投资发展集团有限责任公司（简称"锦江发展"）、重庆渝中国有资产经营管理有限公司（简称"渝 中国资"）及广州凯云发展股份有限公司（简称"凯云发展"）为战略投资人。 登录新浪财经APP 搜索【信披】查看更多考评等级 （来源：经济日报） 转自：经济日报 国民养老保险本次拟增资总金额为人民币5亿元，拟发行3.36亿股，拟增加注册资本人民币3.36亿元，增 资后注册资本金增至117.14亿元。 4家战略投资人均为国民养老分公司所在地方政府的投资平台公司：拱墅国投是杭州市拱墅区产业投资 和资产经营的核心平台；锦江发展是成都市锦江区负责资本投资运营、资产运营管理、城乡融合发展的 国有独资公司；渝中国资承担重庆市渝中区重大产业投资任务；凯云发展是广州开发区控股集团有限公 司（简称"广开控股"）全资子公司，广开控股是广州开发区管委会为拓展资本运营和资产经营、优化产 业结构、加速区域经济发展而设立的国有独资公司。 国民养老保险相关负责人表示 ...

Core Viewpoint - The aging population is driving the "silver economy," with elderly education being a crucial component to activate this economic sector. Hainan is looking to learn from Hong Kong's experiences in elderly education to enhance its own silver economy through innovative mechanisms and integration of education with industry [1]. Group 1: Establishing a Collaborative Elderly Education System - Hong Kong has integrated elderly education into its overall aging policy framework, creating a multi-departmental collaborative policy system. In contrast, Hainan lacks a unified leadership structure for elderly education, which is currently managed by three separate entities without effective communication [2]. - A long-term mechanism should be established in Hainan to optimize resource allocation among different educational institutions and clarify the responsibilities of governing bodies [2]. Group 2: Demand Management System for Elderly Education - The new generation of educated seniors in Hong Kong is becoming a significant force in driving new consumption models. Hainan's elderly education should focus on creating social and economic value for seniors, particularly younger seniors [3]. - A dynamic demand research system is recommended, including the establishment of a Silver Economy Research Institute in Hainan to conduct ongoing surveys and publish a "Silver Economy Skills Demand White Paper" [3]. Group 3: Integrating Education with Industry - The experience from Hong Kong indicates that a curriculum closely aligned with industry needs is essential for stimulating the silver economy. Hainan should move away from traditional interest-based courses to develop a curriculum that is market-driven and industry-empowered [4]. - Courses should be tailored to Hainan's regional characteristics, such as collaborating with local heritage centers to teach traditional crafts alongside e-commerce skills [5]. Group 4: Promoting Cross-Border Elderly Care and Learning - The cooperation between Hainan and Hong Kong presents new opportunities for cross-border elderly care and educational programs, including a "Hainan-Hong Kong Interactive" cross-border elderly care plan [6]. - A "Hainan-Hong Kong Silver Learning" brand should be developed, offering themed educational travel products that cater to the interests of elderly participants from both regions [7].