Core Insights - The article highlights the innovative approach of Langjiu in integrating traditional cultural elements with modern consumer experiences, particularly targeting the aging population and the banquet market in China [2][11]. Group 1: Market Trends - The Chinese liquor industry is undergoing a structural transformation, with banquet consumption now accounting for approximately 40% of overall liquor consumption [2]. - The demographic shift shows that over 280 million people in China are aged 60 and above, with increasing purchasing power, indicating a significant market opportunity in the longevity banquet sector [2]. Group 2: Cultural Integration - The "Red Flower Lang" brand effectively leverages the cultural symbolism of the color red in China, enhancing its appeal in the longevity banquet market [3]. - The collaboration with local culinary experts in Guangdong to create a customized banquet menu integrates the essence of the liquor into local cuisine, enhancing the overall dining experience [6]. Group 3: Experiential Marketing - The "Red Flower Lang Longevity Banquet" event broke traditional tasting formats by offering an immersive experience that combines local cultural elements with the brand's heritage [4][5]. - The event featured performances and interactive elements that fostered a deeper emotional connection between the brand and participants, transforming consumers into active participants [8]. Group 4: Value Creation - The success of the longevity banquet events illustrates a shift from mere product transactions to a comprehensive value creation model, establishing a closed loop of experience, recognition, consumption, and communication [8]. - The brand's strategy includes enhancing customer loyalty through experiential offerings, such as exclusive access to the winery for purchasers, which has reportedly increased consumer interest in "Red Flower Lang" for banquet use [9]. Group 5: Strategic Implications - The "Red Flower Lang Longevity Banquet" initiative serves as a strategic model for the liquor industry, demonstrating how brands can evolve from product-centric approaches to providing meaningful cultural experiences [11][12]. - By tapping into traditional cultural narratives and modern consumer behaviors, the brand positions itself as a contemporary lifestyle contributor, rather than just a historical product [12].

Investment Rating - The report maintains an "Outperform" rating for the company, with a target price of 27.50 CNY per share based on a 25x PE ratio for 2026E [4][11]. Core Insights - The company is a leading player in the Chinese oatmeal market, with its competitive advantages in brand marketing, product innovation, supply chain, and distribution channels continuing to expand. The report anticipates significant growth potential and profit elasticity for the company in the future [1][4]. - The oatmeal market in China has seen rapid growth, with a compound annual growth rate (CAGR) exceeding double digits over the past seven years, and it is expected to continue growing as health awareness increases [4][26]. Financial Summary - The company's total revenue is projected to grow from 1,578 million CNY in 2023 to 3,221 million CNY by 2027, reflecting a CAGR of approximately 19% [3][11]. - Net profit attributable to the parent company is expected to rise from 115 million CNY in 2023 to 320 million CNY in 2027, with a significant increase in earnings per share (EPS) from 0.52 CNY to 1.43 CNY over the same period [3][11]. - The report forecasts a net asset return (ROE) improvement from 7.9% in 2023 to 18.4% in 2027, indicating enhanced profitability [3][11]. Market Dynamics - The report highlights the increasing health consciousness among consumers, which is driving the rapid penetration of oatmeal in the market. The oatmeal segment has grown from a market size of approximately 40-50 billion CNY in 2018 to around 114 billion CNY in 2023, with expectations to reach 125 billion CNY by 2025 [26][32]. - The company has established a strong market position, surpassing competitors and achieving a market share of over 20% in 2023, solidifying its status as the leading brand in the oatmeal sector [33][35]. Competitive Advantages - The company has a comprehensive competitive edge, including a strong marketing strategy, a full supply chain layout, and robust product innovation capabilities. This has allowed the company to maintain its leadership position in the oatmeal market [4][33]. - The report emphasizes the company's ability to respond quickly to market trends and consumer demands, which has been crucial in expanding its product offerings and market reach [4][33].

Core Viewpoint - The consumption market is undergoing a structural transformation from policy-driven expansion to quality-driven growth, with a focus on three key sectors: silver economy, maternal and infant consumption, and smart home technology [1] Silver Economy - The aging population in China is projected to reach 310 million by the end of 2024, accounting for 22% of the total population, with 220 million aged 65 and above [2] - The elderly population is increasingly seeking quality and intelligent living solutions, leading to a shift from traditional elderly care to technology-driven and health-oriented services [2] - The market for elderly products is expected to grow from 5.4 trillion yuan in 2024 to 6.1 trillion yuan by 2025, with a compound annual growth rate of 7.3% from 2014 to 2024 [2] - Over 405,000 companies related to the silver economy are currently registered in China, with approximately 75,000 new registrations in 2025 alone [2] Maternal and Infant Consumption - The retail sales of maternal and infant products (excluding food) are projected to reach 565.33 billion yuan in 2024, driven by the demand for smart, safe, and personalized products [6] - The number of registered maternal and infant product companies has exceeded 11.37 million, with about 2.99 million new registrations in 2025 [6] - Key regions for maternal and infant product companies include Guangdong, Hainan, and Hubei, which collectively account for over 35% of the total [6] Smart Home Technology - The smart home market in China is expected to reach 756 billion yuan in 2024 and surpass 800 billion yuan in 2025, with a target of reaching 1 trillion yuan by 2027 [9] - AI technology is transforming smart home products and services, enabling interconnected ecosystems that enhance user experience and energy efficiency [9] - There are over 92,000 registered smart home companies in China, with Guangdong leading in company numbers [9] Overall Market Trends - The three sectors are expected to drive significant growth in the consumption economy, transitioning from scale expansion to high-quality development, supported by policy initiatives and technological innovations [10]

长期护理保险发挥战略购买作用，助力养老服务业和健康产业的发展。新增了长期照护师职业，拓宽了就业渠道。据不完全统计，在"十四五"期间，49 个国家试点城市长期护理保险拉动社会资本投入相关产业超过500亿元，长期护理保险定点服务机构超过了8800家，护理服务人员达到30万人，均较"十四 五"初期增长超过50%，成为"银发经济"新的增长点。 12 SCIN 恒 n TB -19- B 央视网消息：我国自2016年开展长期护理保险制度试点以来，目前，长期护理保险制度已覆盖近3亿人，累计惠及超330万失能群众，基金支出超千亿 元。"十五五"时期，我国将推动长期护理保险制度实现全覆盖。 2016年以来，国家先后在49个城市开展长期护理保险制度试点。聚焦民生兜底，合理确定了保障范围，为失能人员提供协助进食、沐浴、失禁照护等生 活照料和留置导尿、常规换药等医疗护理服务，基金按规定分担护理服务费用。"十四五"期间，累计减轻群众护理服务费用负担超过600亿元。 CCTV 13 ...

Group 1 - The core focus of China's economic policy in 2026 will shift towards technological self-reliance and new productivity paradigms, moving away from the traditional real estate and investment-driven growth model [1] - The report emphasizes the importance of integrating resources through a new type of national system, focusing on key technologies such as integrated circuits, industrial mother machines, and high-end instruments, while also planning for future industries like quantum technology and sixth-generation mobile communications [1] - The structural transformation aims to enhance the security of the industrial chain and create a high-quality supply system, fostering a virtuous cycle among technology, industry, and finance to inject long-term growth momentum into the capital market [1] Group 2 - The logic of stimulating domestic demand is undergoing a profound shift, transitioning from physical consumption driven by subsidies for appliances and automobiles to service consumption as the new engine [1] - China's service consumption currently accounts for less than 50%, significantly lower than the nearly 70% in the United States, indicating substantial room for improvement [1] - The aging population is driving the "silver economy," while younger generations prefer experiences and spiritual satisfaction, further reinforcing the structural upward trend in service consumption, supported by intensive policy initiatives [1] Group 3 - The global liquidity environment is expected to improve significantly in 2026, with the Federal Reserve potentially initiating an unexpected rate-cutting cycle due to increasing fiscal pressures and political cycles [2] - The weakening of the US dollar will create favorable conditions for global risk assets, particularly emerging market equities, benefiting both A-shares and Hong Kong stocks [2] - Domestic policies focusing on technology and consumption will provide valuation support, potentially leading to a market value reconstruction trend, with quality growth and high-dividend leaders showing investment value [2]

中央经济工作会议将"内需主导"放在明年重点任务之首。河南省委经济工作会议在部署明年经济工作 时，也将内需摆在重要位置。 过去，我们总把"提振消费"当作一个刺激工具来用。如今，从"扩内需"到"坚持内需主导"，一个明显信 号是，促消费对经济稳定增长的作用越发重要，对经济再上台阶越发关键。 要让内需这个"主引擎"转起来，说到底，就是得解答好"敢消费、能消费、愿消费"这三个问题。 敢消费，关键是让人心里有底。发放消费券，如今成了各地政府提振消费时最常用的工具。这个方法直 接、见效快——把钱撒下去，就像是往市场的灶里添了一把柴。 原标题： 内需这个"主引擎"究竟怎么转？（省委经济工作会议精神解读） 当今世界，外部环境不确定性上升，内需对经济发展的支撑作用持续增强。从中央到河南，内需被提到 了前所未有的高度。 前三季度，河南社会消费品零售总额同比增长6.2%；1—8月，全省文化体育和娱乐业营业收入同比增 长22.3%。从一轮轮的国家补贴，到持续发放的餐饮券、文旅券，真金白银进了老百姓的口袋，不仅点 旺了城市"烟火气"，也为扩内需、稳增长提供了强劲的动力。 除了发放消费券，还要靠提高长期的收入预期增添消费底气。今年，中央经 ...

国家医疗保障局党组书记、局长 章轲："十五五"时期，从试点转向全面建制，国家医保局将加快推动 具有中国特色的长期护理保险制度建立。制度落地过程中，实行筹资、待遇、支付等政策标准的统一， 夯实长期护理保险制度高质量、可持续的发展根基。 (责任编辑：孟茜云) 2025年全国长期护理保险高质量发展大会昨天在浙江宁波举行。记者从大会上了解到，我国自2016年开 展长期护理保险制度试点以来，目前，长期护理保险制度已覆盖近3亿人，累计惠及超330万失能群众， 基金支出超千亿元。"十五五"时期，我国将推动长期护理保险制度实现全覆盖。 2016年以来，国家先后在49个城市开展长期护理保险制度试点。聚焦民生兜底，合理确定了保障范围。 为失能人员提供协助进食、沐浴等生活照料和常规换药等医疗护理服务，基金按规定分担护理服务费 用。"十四五"期间，累计减轻群众护理服务费用负担超过600亿元。 长期护理保险发挥战略购买作用，助力养老服务业和健康产业发展。新增了长期照护师职业，拓宽了就 业渠道。据不完全统计，在"十四五"期间，49个国家试点城市长期护理保险拉动社会资本投入相关产业 超过500亿元，长期护理保险定点服务机构超过了8800家 ...

Core Insights - The 20th China Insurance Innovation Forum emphasizes the insurance industry's pivotal role in integrating and leading the medical, health, and elderly care sectors, marking a significant transformation in response to evolving national policies and market demands [3][19]. Industry Trends - By the end of 2024, the population aged 60 and above in China is projected to exceed 310 million, representing a substantial market opportunity for the insurance sector [3][19]. - The insurance industry is transitioning from a focus on basic coverage to providing comprehensive, high-quality health and elderly care services throughout the entire lifecycle [3][19]. Economic Contribution - In 2023, the total assets of China's financial sector reached 461.09 trillion yuan, with the insurance sector providing over 13 trillion yuan in insurance coverage, equivalent to 106 times the GDP for that year [4][20]. - The insurance sector is recognized as a critical component of the national financial safety net, providing essential risk protection for families facing health crises [6][22]. Strategic Evolution - The development of the medical and elderly care industry in China has closely aligned with national strategies, evolving through distinct phases from initial exploration to comprehensive integration [7][23]. - The "14th Five-Year Plan" and the upcoming "15th Five-Year Plan" highlight a shift from a singular focus on elderly care to a dual approach that includes both care and industry development [25]. Practical Pathways - The insurance industry is evolving from being merely a payment tool to becoming an integrated ecosystem platform that connects various health and elderly care services [26][31]. - Innovations in service delivery, such as the integration of AI and IoT for real-time health monitoring and care, are being implemented to enhance customer experience and operational efficiency [28][32]. Future Outlook - The insurance sector is called to deepen collaboration across healthcare, technology, and elderly care sectors to develop integrated products that meet the needs of the population [32]. - There is a strong emphasis on establishing standards and frameworks to guide the development of the medical and elderly care services, ensuring a cohesive and effective industry evolution [32].

来源：环球时报 编者的话：12月20日，环球时报社举办2026年年会。本届年会以"世界可以相信中国：新征程，新机 遇"为主题，来自国内外政界、学界和商界的百余位权威人士、专家学者与会，深刻解码中国的发展逻 辑，阐释为何"相信中国"愈发成为国际共识。国际论坛版整理刊发部分嘉宾发言，以飨读者。本期选取 的是年会第二议题"赋能型国家，'十五五'释放哪些全球红利"精彩内容。 中国机遇就是全球红利 李君如（原中共中央党校副校长）："十五五"时期，中国将持续推进高水平对外开放，加快培育壮大新 质生产力，中国经济发展将为全球带来新机遇、增添新动能，世界各国也将在开放融通中共享中国发展 的丰厚红利。 中国释放的第一个红利来自开放。12月18日，海南自由贸易港正式启动全岛封关，这是"十五五"时期中 国给世界带来的"最大的动能、最大的机遇、最大的红利"。 第二个红利是"十五五"时期中国高水平的市场经济。众多重大举措将吸引更多外资进入中国，生产经营 再投资，形成新的发展动能。 第三个红利是中国新质生产力的发展，这将为全球经济提供强大发展动能。 第四个红利是中国稳定的社会政治。当下全球动荡不安，安全稳定的中国将吸引更多资金。因此，我 ...

设施升级加码，优化养老生活环境。针对老年人出行、居住等需求，强化基础设施适老化改造，同 时加快补齐老旧小区养老服务设施短板；在出行保障上，优先支持老年人口密集小区加装电梯、城市公 共区域增设老年人休息椅、推动网约车平台完善"一键叫车"功能，全方位降低老年人出行门槛。 记者12月22日获悉：省民政厅近日联合省发展改革委、省教育厅等25部门出台《关于促进养老服务 消费的十项措施》，为全省老年人打造更具品质、更有温度的养老生活，推动银发经济高质量发展。 多元供给扩容，织密养老服务网络。聚焦居家、社区、机构、农村四大养老场景，全面拓宽服务供 给渠道。发展居家养老服务，通过做好老年助餐、专业化助浴、智能化助医等服务，让居家养老更便捷 高效；拓展社区养老服务，统筹盘活闲置资源构建"一刻钟养老服务消费圈"，推广"养老顾问"服务模 式，落实老年人优待"同城同待遇"，实现优质服务"家门口可达"；优化机构养老服务，支持养老机构增 设认知障碍照护专区，实施乡镇卫生院与养老院"两院共建"，让专业照护更普惠；加快农村养老服务， 通过组建县域养老服务联合体、改造闲置农房建设"互助幸福院"，推进老年用品下乡与适老化配送等举 措，让农村老年 ...