国信证券主要观点如下： 事项 随着中国正步入深度老龄化社会，老龄化既带来劳动力供给趋紧等社会挑战，也蕴含巨大的银发族的消 费市场新机遇。相关企业积极布局有望迎来发展新机遇。 随着中国老龄化程度逐步加深，银发经济正成为消费市场的重要增长引擎 智通财经APP获悉，国信证券发布研报称，关注银发经济下运动产业和适老用品发展机会。看好国产大 众运动品牌全年龄段、广覆盖的客群结构，一方面，面向年轻群体，依托国潮与时尚潮流属性，满足个 性化穿搭、运动社交等多元需求，具备较强消费黏性；另一方面，伴随健康老龄化趋势，银发经济成为 重要增量，中老年客群对舒适、实用型运动装备的需求稳步提升，市场空间广阔。 2）稳健医疗：适老化产品提供健康护理方案，高品质纯棉服饰获得青睐。稳健医疗依托"Winner稳健医 疗"与"Purcotton全棉时代"双品牌，布局银发经济赛道。医疗板块聚焦高端伤口敷料国产替代，通过收 购隆泰医疗完善硅凝胶泡沫、水胶体等产品线，2019-2024年高端敷料收入复合增速达40.5%，显著受益 于慢病老人护理需求增长；消费板块推出"轻肤理"成人失禁品牌，以100%全棉材质切入成人护理市 场，同时全棉时代成人服饰业务 ...

Domestic Financial Market - The Shanghai Composite Index closed at 4147.23, with an increase of 0.72% [4] - The Shenzhen Component Index closed at 14475.87, rising by 1.29% [4] - The ChiNext Index closed at 3354.82, up by 1.41% [4] Macro News Summary - On February 25, the central bank conducted a 600 billion MLF operation for a one-year term to maintain liquidity in the banking system [6] - The National Energy Administration is working to enhance oil and gas infrastructure connectivity while considering the needs for green hydrogen and ammonia transportation [6] - The Financial Secretary of Hong Kong announced that the Hong Kong Stock Exchange will consult the market on the implementation plan for the "T+1" settlement cycle in the first half of the year [6] Industry Dynamics - The domestic fertilizer market is experiencing a general price increase, with key stocks such as Liuguo Chemical and Chuanfa Longmang showing potential [7] - The State Council is focusing on the silver economy and the development of elderly care services, indicating significant potential in this sector, with related stocks including Innovation Medical and Kaidi Co. [7] - Google announced plans to build a new data center, advancing green electricity and energy storage initiatives, with related stocks like Sungrow Power Supply and Guodian NARI [7] Company Focus - Shunwang Technology is steadily advancing the construction of cloud-edge computing rooms, integrating more high-performance graphics card computing power to meet application demands [8] - Kaige Precision Machinery has delivered 800G and 1.6T optical module automation assembly product lines to overseas clients [8] - Yangdian Technology's dry-type transformer products are now being applied in data center infrastructure [8] - Ningbo Huaxiang is responsible for the OEM business of the Zhiyuan Expedition series, with the 6-degree-of-freedom dexterous hand product currently in the final stages of development and testing [8] Market Review and Outlook - The market showed a noticeable recovery post-holiday, with increased individual stock activity and the Shanghai Composite Index closing positively, indicating a solid foundation for future advances [9] - The market experienced a broad increase, with over 3700 stocks rising, and a significant number of stocks hitting the daily limit for two consecutive days, reflecting a general bullish trend [9] - Caution is advised as the index shows signs of divergence at higher time frames, and attention should be paid to the speed and volume of index rebounds [10]

Trip.com Group (NasdaqGS:TCOM) Q4 2025 Earnings call February 25, 2026 07:00 PM ET Company ParticipantsAlex Yao - Co-Head of Asia TMT ResearchCindy Wang - CFOJames Liang - Executive Chairman of the BoardJane Sun - CEOMichelle Qi - Senior Investor Relations DirectorParash Jain - Head of Transport ResearchSimon Cheung - Managing DirectorThomas Chong - Managing Director and Regional Head of Internet & MediaYang Liu - Executive DirectorConference Call ParticipantsBrian Gong - Equity Research AnalystJoyce Ju - E ...

2月24日召开的国务院常务会议研究推进银发经济和养老服务发展有关工作。 但洪涛向21世纪经济报道记者表示，尽管潜力巨大，但当前养老服务仍存在供给不足、专业化程度不高、从业人员短缺等问题，制约银发经济 高质量发展。 会议指出，我国银发经济潜力很大，要完善支持举措、强化政策落实，促进养老事业和养老产业发展，为应对人口老龄化提供有力支撑。 专家指出，2026年银发消费补贴和打造银发消费新场景新业态或将加力加速。 图片来源：新华社 更好保障老有所养 我国银发经济正迎来政策密集发力期。2024年以来，《关于发展银发经济增进老年人福祉的意见》《关于进一步促进养老服务消费 提升老年 人生活品质的若干措施》《关于深化养老服务改革发展的意见》等一系列顶层设计先后出台。进入2026年，有关部门又印发了《关于培育养老 服务经营主体 促进银发经济发展的若干措施》《关于进一步推进民政科技创新的指导意见》等文件。 中国消费经济学会副理事长、北京工商大学商业经济研究所所长洪涛认为，当前在促进银发消费、提升老年人消费能力和意愿方面，已形 成"政策引导+市场响应+服务创新"协同推进的格局。 新华社2月24日报道称，预计到2035年，银发经济规 ...

Group 1 - The article highlights a growing trend among elderly users embracing AI technology, with many older individuals actively learning to use AI applications for various purposes such as generating poetry and restoring old photos [1] - There is a notable increase in AI learning courses available on platforms like Taobao and Douyin, with prices ranging from hundreds to thousands of yuan, indicating a burgeoning market for AI education targeted at seniors [1] - The marketing strategies employed in these courses often exploit the fears and desires of older adults, using enticing advertisements that promise high earnings and quick success, which can lead them into expensive traps [1] Group 2 - The emotional appeal of feeling "needed" and the fear of social marginalization are central to the tactics used to attract elderly learners to AI courses, revealing a significant gap in the availability of legitimate AI education for this demographic [2] - To protect elderly individuals from exploitation in the AI learning market, a collaborative effort is required involving regulatory bodies to address false advertising, platforms to scrutinize course promotions, and younger family members to assist in discerning credible information [2] - The true value of AI education for seniors lies not in financial gain but in fulfilling their social and emotional needs, suggesting that the silver economy can transition from mere "traffic" to genuine "livelihood" benefits [2]

Core Viewpoint - The Chinese government emphasizes the need to enhance and expand elderly care services to address the challenges posed by an aging population, aiming to create better conditions for senior citizens to enjoy their later years [1]. Group 1: Aging Population and Policy Response - By the end of 2025, the population aged 60 and above in China is projected to reach 323 million, with expectations to exceed 400 million by 2035, highlighting the urgency of addressing elderly care [1]. - The government is actively working on policies to support the development of the silver economy and elderly care services, indicating a strategic approach to tackle the challenges of an aging society [1]. Group 2: Expansion of Elderly Care Services - There is a significant structural contradiction between the high demand for elderly care services and the insufficient supply, leading to challenges such as difficulties in home care, community support, and medical access for many elderly individuals [2]. - Initiatives are underway to revitalize existing spaces through renovation and repurposing, creating a "15-minute elderly care service circle" that brings services closer to the elderly [2]. Group 3: Quality Improvement in Elderly Care - The demand for elderly care is evolving towards more personalized and refined services, necessitating improvements in service quality, including better facilities, management, and skilled personnel [2]. - There is a need to develop a compassionate and skilled workforce in elderly care to support the quality enhancement and expansion of services [2]. Group 4: Focus Areas for Development - Special attention is required for rural elderly care, which has been historically underdeveloped, and the complexities surrounding the care of disabled and cognitively impaired individuals [3]. - The expansion and quality improvement of elderly care services present not only a social welfare opportunity but also a chance for economic development, integrating positive aging perspectives into broader economic and social development [3].

随着我国人口老龄化进程加快，养老服务需求进一步增长，银发消费市场持续扩容，银发经济已经从民 生保障升级为培育经济新动能的重要抓手。从需求潜力和发展趋势来看，我国养老服务市场正迎来刚需 扩容与品质升级的双重机遇。 【光明时评】 作者：杨舸（中国社会科学院首都治理研究院特约研究员、中国社会科学院人口与劳动经济研究所副研 究员） 近日，民政部等八部门联合印发《关于培育养老服务经营主体促进银发经济发展的若干措施》（以下简 称《若干措施》），精准回应当前养老服务产业面临的机遇和挑战，提出14项举措，以系统性的政策支 撑为银发经济高质量发展提供动力。 《光明日报》（2026年02月26日 02版） [ 责编：孙宗鹤 ] 当前，银发群体总量持续增长，其规模效应驱动了医疗、健康、养老、照护等相关行业快速增长。国家 税务总局数据显示，2025年上半年，适老类家庭服务业、适老类社会看护与帮助服务业销售收入同比分 别增长14.1%、8.8%；适老类健身器材制造、康复辅具制造、营养保健食品制造销售收入同比分别增长 14.7%、12.1%、6.9%。 银发群体从"养老"转向"享老"，悦己属性显现。据统计，2025年上半年，老年旅游服务 ...

转自：成都日报锦观 锦江区将聚焦人工智能、银发经济等8条重点产业链承载地建设，强化场景驱动、壮大市场主体，加速 形成优势产业集群。 金牛区将建立多部门联动机制，以应用场景驱动技术突破、产品迭代与产业升级，让创新成果高效转化 为发展实效。 龙泉驿区将推动先进能源产业链式跃升，布局航空航天全链，培育新型材料产业，拓展低空示范应用场 景，同步建强平台经济、文化旅游、银发经济及生态康养等产业链，激发多元活力。 郫都区提出深化科产融合，将建设西南交大先进制造科创园，打造"透明工厂"等应用场景，以优质生态 保障产业高质量发展。 彭州市则聚焦低空经济延链优链，将创新打造无人机测试场景，加快新型无人机适航取证，新增低空物 流航线、站点。 加快做强产业园区新引擎 围绕深化"立园满园"，做强园区支撑，青羊区将加快"一区三片"功能优化，围绕航空航天装备制造、电 子信息等主攻产业，打造特色"园中园"；深化"固根引优"，推动培育园区主攻产业"四上"企业；发 挥"镇园之宝"企业引领带动作用，注重新培育10亿级企业、千万级企业。 聚链强链 区（市）县这样干 丙午马年首个工作日，成都市召开"新春第一会"——成都市推进重点产业链高质量发展工作 ...

■安宁 春节假期刚过，银发经济便迎来重大利好。2月24日召开的国务院常务会议，研究推进银发经济和养老 服务发展有关工作。笔者认为，在"十五五"开局之年的关键节点，此次国常会对于银发经济的部署，透 露出三重深刻信号，为全年乃至未来一段时期的养老事业与产业发展锚定了方向。 其三，规范秩序守底线，从"规模扩张"迈向"安全优质"新阶段。 在鼓励发展的同时，此次国常会也划出了清晰的监管红线。会议强调，"要加强养老机构安全管理，及 时排查化解风险隐患，严厉打击虚假宣传、非法集资和养老诈骗等行为，切实维护老年群体合法权 益"。 其一，战略定位提升，为市场主体打开了广阔的发展空间。 近年来，随着产业资本大量涌入，养老领域成为新的投资风口，部分假借"养老"名义的违规乱象也随之 滋生。国常会强调强化安全监管和严厉打击涉老违法行为，意味着国家将在推动产业发展的同时，建立 更为严格的准入标准和动态监管机制。这既是为了维护老年群体的合法权益，保障"老有所安"，也是为 了清除行业害群之马，为合规经营的各类主体提供清朗的发展空间。 会议明确指出，"我国银发经济潜力很大，要完善支持举措、强化政策落实，促进养老事业和养老产业 发展，为应对人口 ...

Group 1 - The State Council's recent meeting emphasizes the importance of the silver economy as a means to address aging population issues and drive economic transformation, indicating a significant policy push [1] - The Ministry of Civil Affairs and other departments are set to enhance the accessibility and intelligence of elderly care services, aiming to create competitive brands and leading enterprises in the sector [1][2] - The silver economy is projected to reach a scale of 30 trillion yuan by 2035, highlighting substantial market potential and opportunities for related enterprises [2] Group 2 - Companies are increasingly focusing on "consumption upgrades" and "technology empowerment" in their strategies to capitalize on the silver economy [2] - Specific sectors such as integrated medical care and rehabilitation are identified as key beneficiaries of the silver economy, with companies like Shanxi Panlong Pharmaceutical targeting the needs of the elderly [2][3] - Companies are integrating AI technology into healthcare services, enhancing efficiency and patient care, which positions them favorably in the emerging smart elderly care market [3]