Core Insights - The report highlights the shift in consumption patterns among the "new silver-haired" demographic in China, moving from a frugal approach to a focus on quality and self-indulgence in their spending habits [2][3] - This demographic, primarily consisting of individuals born in the 1960s and 1970s, is characterized by a stable income and a willingness to invest in experiences and products that enhance their quality of life [3][4] Consumption Trends - Travel has become a significant area of interest, with approximately 17.6% of older adults traveling more than three times a year, and 40.8% traveling once or twice a year, reflecting an increased focus on leisure and health [3] - The consumption of beauty and personal care products has also evolved, with a notable interest in high-quality, personalized, and technologically advanced products, as evidenced by the 2024 survey indicating that brands emphasizing safety and quality are gaining traction among older consumers [4] Service and Lifestyle Changes - The report notes a transition in lifestyle philosophies among the new silver-haired group, who are increasingly independent and exploring diverse retirement options, such as high-end retirement communities and smart home care solutions [4][5] - There is a growing trend of "buying time" through service-oriented consumption, with 25% of online grocery orders coming from individuals over 60, and a 36% year-on-year increase in delivery service orders, indicating a preference for convenience [5] Investment Recommendations - The report suggests investing in comprehensive wellness and travel communities that integrate medical and ecological resources to cater to the needs of the aging population [6] - It also recommends focusing on anti-aging medical aesthetics and biotechnology sectors, as well as accelerating the application of smart elderly care technologies to enhance community services and smart home ecosystems [6]

本届博览会积极适应银发经济发展大趋势，聚焦新时代老年人多层次多样化养老服务需求，设立十大展 区，共计220多家来自10多个国家和地区的政府部门、社会组织、品牌机构参展参会，同期举办了10多 场交流分享会和相关活动，共同探索养老服务业发展的新路径、新模式，为推动我国养老服务业高质量 发展、积极应对人口老龄化贡献更多的智慧和力量。同时，重磅推出的"中福汇养银发产业平台"也在博 览会上正式上线，助力银发产业生态升级。 "我国也已步入中度老龄化社会，老年群体多样化、差异化、个性化的服务需求日益增长，积极应对人 口老龄化，推动养老服务业高质量发展，已成为国家战略和全社会的共同责任。"徐建中表示，在这一 时代背景下，本届博览会以"携手共促新质生产力，探索银发经济新未来"为主题，汇聚国内外优质资源 和养老服务力量，搭建起高层次的国际交流合作桥梁，助力中国养老服务业加速与国际前沿理念、技术 和模式接轨，为破解行业发展瓶颈、提升老年人生活品质、积极应对人口老龄化国家战略实施作出积极 贡献。 新京报讯(记者吴为)5月21日，第十一届中国国际养老服务业博览会在北京国家会议中心举行。本届博 览会由中国社会福利与养老服务协会(简称中福 ...

申万宏源 「研选」说 风来了，怎么选择 | 研究 相应的 投资风口 ,? - 在瞬息万变的投资市场中,风口往往意味 着高增长潜力的行业或领域。从实操角度而 言,如何识别并抓住风口是非常难。 对于个人投资者，申万宏源"研选"为您 提供一些简易的思路。 贸区、高新区的产业倾斜）。 技术创新 技术突破往往催生新需求。例如人工智 能大模型的成熟让智能硬件从概念走向应 用,带动芯片、云端服务等产业链爆发。您 可通过科技新闻、行业报告跟踪前沿技术动 态等,识别风口。 社会需求 例如老龄化催生银发经济,元宇宙体验 店满足年轻人对新娱乐形式的追求等,这些 需求变化往往代表着新的增长点。您可通过 观察社交媒体热点、消费趋势报告等,挖掘 未被充分满足的市场需求。 资本流动 成交量是市场交易活跃程度的重要指 标,您可以通过跟踪某个板块的成交量来更 好地理解市场情绪和趋势,例如关注成交量 异动的板块。再如一级市场大量融资、并购 事件也可能是行业起势的信号。 个人投资者识别风口的部分思路 政策导向 政策是风向标。例如,前几年表现较好 的新能源、近期的人工智能等领域,频繁获 得国家支持。您可关注政府发布的五年规 划、产业扶持文件,以及地 ...

Core Viewpoint - International Medical (000516) is experiencing growth in business scale and revenue, but is still facing losses due to the operational costs of newly established medical projects [1][2]. Group 1: Financial Performance - As of May 21, 2025, International Medical's stock closed at 5.23 yuan, up 0.77%, with a trading volume of 207,800 shares and a turnover of 109 million yuan [1]. - The company's revenue increased from 2.711 billion yuan in 2022 to 4.815 billion yuan in 2024, while the net profit attributable to the parent company improved from a loss of 1.177 billion yuan to a loss of 254 million yuan over the same period [1]. - The number of outpatient and emergency service visits rose from 1.5467 million in 2022 to 2.5727 million in 2024, and the total number of employees increased from 7,750 to 8,858 [1]. Group 2: Stock Buyback and Management Actions - On April 24, 2024, the company announced a stock buyback plan with a total fund of no less than 100 million yuan and no more than 150 million yuan, with a maximum buyback price of 9.16 yuan per share [2]. - As of May 20, 2025, the company had repurchased 19,304,400 shares, accounting for 0.854% of the total share capital, with a total transaction amount of approximately 100 million yuan [3]. - The company’s board and president, Liu Ruixuan, increased their holdings by purchasing 100,000 shares on September 2, 2024 [2].

Core Viewpoint - The Shanghai Municipal Government has launched a "Special Action Plan to Boost Consumption" aimed at transforming the economic development model and enhancing the role of consumption in economic growth [1] Group 1: Enhancing Consumer Capacity - The plan prioritizes enhancing consumer capacity by focusing on stabilizing employment, improving skills, and increasing income to stimulate consumer willingness [5] - An employment-first strategy will be implemented, including support plans for key sectors and small businesses, as well as one-time job expansion subsidies [5] - Skills training will be improved in key industries such as AI and elderly care, with policies to enhance vocational skills and support for high-skilled talent development [5] - Measures will be taken to promote reasonable income growth, including collective wage negotiations and improved wage distribution mechanisms [5] Group 2: Targeting Potential Consumption - The plan aims to improve the quality of consumption supply, focusing on service consumption, bulk consumption, and new consumption types [7] - In service consumption, initiatives include developing cultural consumption, supporting major performance events, and enhancing tourism and sports event economies [7] - For bulk consumption, policies will support trade-in programs for vehicles and appliances, as well as new subsidies for digital products [8] - New consumption will be fostered through the application of advanced technologies like AI and VR, and by catering to the elderly demographic with tailored services [8] Group 3: Strengthening Policy Coordination - The plan emphasizes the coordination of consumption policies with macroeconomic policies to ensure consistency and effectiveness [10] - A three-year action plan will be implemented to optimize the consumption environment, including improved consumer rights protection and efficient complaint handling mechanisms [10] - Statistical monitoring will be established for service consumption, silver economy, and new consumption models to support data-driven policy adjustments [10]

5月21日，上海市人民政府办公厅正式发布《上海市提振消费专项行动方案》（以下简称：《行动方案》）， 推出提振消费六大行动，旨在切实转变经济发展方式，进一步增强消费对经济增长的拉动作用。 提振消费，上海行动! 《行动方案》还把提升消费供给质量作为主攻方向，推动服务消费、大宗消费、新型消费提质升级，让居民 既"拥有更多"，也"体验更好"。 激发居民消费意愿 《行动方案》把提升消费能力放在优先位置，着力稳就业、提技能、增收入，激发居民消费意愿。 一是实施就业优先战略。落实重点领域、重点行业、城乡基层和中小微企业就业支持计划，稳定和扩大就业规 模。实施一次性扩岗补助政策。统筹用好各类政策资金促进就业，将稳岗扩岗作为奖励、补贴的重要因素。统 筹优化高校毕业生等青年群体就业支持政策，加大就业、创业和安居支持力度。 二是推进技能培训教育提质增效。实施人工智能、智能制造、家政服务、养老护理等重点行业技能人才培养计 划。以促就业稳就业为导向，完善职业技能提升补贴政策。加强新职业标准开发，畅通高技能人才与专业技术 人才职业发展通道。加快优化高校学科布局，推进应用型人才培养改革试点等。 三是多措并举促进收入合理增长。积极推行工资集 ...

Core Insights - The long-term care insurance (LTCI) system aims to establish a nationwide coverage for long-term care, particularly addressing the needs of the 120 million rural elderly in China [1][2][3] - The LTCI pilot program has highlighted the significant gap in care services for rural elderly, exacerbated by funding challenges and insufficient service supply [1][2][3] - Experts suggest that the LTCI can stimulate the silver economy and lead to the emergence of branded, chain-based elderly care service companies similar to those in the UK [1][4][6] Group 1: Current Situation and Challenges - The aging population in rural areas is more severe than in urban areas, with 121 million individuals aged 60 and above, representing 23.81% of the rural population [2][3] - The proportion of empty-nest elderly individuals has surpassed 50%, with some rural areas exceeding 70%, highlighting the urgent need for care services [2][4] - The current LTCI pilot program is fragmented, with varying coverage and benefits across different regions, leading to inadequate support for rural residents [2][3] Group 2: Policy and Implementation - The government is encouraging the development of embedded and chain-type nursing institutions to enhance service accessibility in rural areas [1][5] - Local pilot programs have shown success in integrating long-term care services into existing healthcare facilities, such as transforming hospitals into care zones [5][6] - The LTCI system has expanded to cover 1.8 billion people, with over 800 billion yuan spent on benefits, creating approximately 300,000 jobs and attracting 60 billion yuan in social capital [7] Group 3: Future Prospects - The establishment of localized care service institutions is seen as a key strategy to improve accessibility and efficiency in rural long-term care [6][7] - The LTCI policy is expected to attract significant social capital investment into the nursing industry, potentially leading to the development of well-known brand chains in rural care services [6][7] - The effective implementation of LTCI will require a robust network of quality care institutions to ensure that the benefits translate into real services for the elderly [6][7]

Core Viewpoint - The recovery of newborn population in 2024 has provided relief to maternal and infant-related listed companies, but long-term growth remains dependent on overcoming reliance on population dividends [1][2]. Group 1: Company Performance - In Q1 2024, Kidswant (孩子王) reported revenue of 2.4 billion yuan, a year-on-year increase of 9.5%, and net profit of 31.08 million yuan, up 166% [1]. - Aiyingshi (爱婴室) achieved Q1 2024 revenue of 860 million yuan, growing 6.6% year-on-year, with net profit of 6.694 million yuan, up 6.1% [1]. - The newborn population in China for 2024 was 9.54 million, an increase of 520,000 from the previous year, positively impacting the maternal and infant market [1]. Group 2: Revenue Drivers - The growth in revenue for Kidswant and Aiyingshi was primarily driven by core business milk powder sales, with revenues of 5.07 billion yuan and 2.1 billion yuan respectively, both showing year-on-year growth of 9.4% and 9.5% [2]. - In Q1 2025, Aiyingshi's milk powder revenue reached 530 million yuan, a 10.9% increase year-on-year, while sales of other products like toys also saw growth [2]. - Haoyue Care (豪悦护理) reported a 4.3% increase in infant hygiene product revenue to 2.06 billion yuan in 2024, contributing to an overall revenue of 2.93 billion yuan, reversing a decline from the previous year [2]. Group 3: Market Trends and Challenges - Analysts indicate that while the recovery in newborn numbers has contributed to performance, companies must diversify away from reliance on population growth due to the long-term decline in birth rates [3]. - Companies are exploring transformation paths, with Haoyue Care investing in adult incontinence products to capitalize on the aging population trend [3]. - The management of Yili has indicated potential slight declines in birth rates in 2025, reflecting ongoing challenges in the demographic landscape [3].

实施就业支持计划 挖掘先进制造等新质生产力就业潜力。实施新一轮十大重点行业稳增长工作方案，开展先进制造业促就 业行动，开展科技成果转化和产业化行动，实施大中小企业梯度培育专项行动，实施"人工智能+"行动 计划。 推动消费新热点转化为就业新渠道。推进煤电机组节能降碳、供热、灵活性改造"三改联动"，推动冰雪 运动、冰雪文化、冰雪装备、冰雪旅游全产业链发展，持续开展夏季避暑和冬季冰雪旅游"百日行动"， 培育具有黑龙江省特色的服务外包集聚区。 放大重大工程项目建设就业增量。抢抓国家"两重"建设、超长期特别国债等政策机遇，谋划实施标志 性、引领性项目，加强重大基础设施建设，突出抓好省级重点项目建设，加大以工代赈实施力度，挖掘 重点工程项目用工潜力。 围绕保障重点民生服务促进就业。大力发展中医康养、智慧养老等银发经济，实施医疗卫生强基工程， 健全完善普惠托育服务体系，推动家政服务职业技能培训，发展重度残疾人托养照护服务，及时扩大物 业服务人员配备。 拓宽劳动者城乡基层服务空间。因地制宜打造县域优势特色主导产业，加大社区专职工作人员岗位供 给，稳定基层项目招募规模，支持投身法律援助志愿服务，支持引导社会组织持续拓展服务空间 ...

Group 1 - The health and nutrition of the elderly population is crucial for overall public health, with a focus on promoting balanced diets and adequate nutrition for seniors [1] - The 2024 version of the Chinese Elderly Balanced Diet Pyramid will be released in July 2024, emphasizing the importance of dairy intake, recommending 300-500 grams of liquid milk daily [1] - The dairy industry is expected to see growth opportunities as the aging population increases, with a rising demand for dairy products tailored to the nutritional needs of seniors [1][2] Group 2 - Functional dairy product development for the elderly should address comprehensive solutions and product effectiveness, focusing on preventing falls and cognitive decline [2] - Dairy products can help reduce the risk of falls through calcium and vitamin D, while specific nutrients can support joint, muscle, and bone health [2] - There is a need for improved promotion and consumer awareness regarding elderly dairy products, with suggestions to expand consumption scenarios beyond households to communities and elderly care facilities [2] Group 3 - The initiative to safeguard elderly health requires collaboration across society, with companies like Fonterra aiming to enhance nutrition for seniors through quality dairy sources, product innovation, and market education [3]