Core Insights - The "new silver-haired population" aged 45 and above has grown from 460 million in 2020 to 660 million in 2023, becoming a significant driver of the consumption market, shifting from "basic elderly care" to "quality living" [1] - The report by iResearch and Kuaishou reveals that the consumption needs of this demographic are evolving from basic utility to a pursuit of quality and comfort, aligning well with Kuaishou's content and e-commerce ecosystem [1][2] Industry Trends - The consumption scale of the 45 and above demographic in China has exceeded 14 trillion, with a rising consumption ratio year by year, driven by policies like the "Silver Economy 26 Articles" and an increase in life expectancy to 79 years [2] - The new silver-haired market is rapidly expanding, becoming a key force in driving domestic demand [2] Digital Empowerment - Digital platforms like Kuaishou are becoming central to the lifestyle and consumption of the new silver-haired population, who are actively embracing online life [4][5] Demographic Breakdown - The new silver-haired population can be categorized into four groups: Practical, Vitality, Calm, and Zen, each with distinct attitudes and consumption preferences [7][10] - The Vitality group (45% of the population) is the main driver of "self-satisfying consumption," while the Practical group (18.6%) balances family and self, and the Calm group (22.8%) focuses on basic consumption [10] Core Consumption Scenes - Health, travel, and fashion are identified as the three core scenes for the new silver-haired population's "comfortable" lifestyle, with a shift from basic functionality to quality experiences [11][13][15] - Health is the foundation of a comfortable life, with a significant percentage of users engaging with health-related content and making related purchases [13] Travel Preferences - The new silver-haired population shows a strong preference for travel experiences that prioritize comfort and ease, with a notable interest in flexible travel arrangements [15][16] Fashion Consumption - The fashion consumption logic has shifted from durability to aesthetics and comfort, with a high purchasing rate for clothing among the new silver-haired demographic [18] Kuaishou's Ecological Advantages - Kuaishou leverages diverse content formats to engage the new silver-haired population, with a high percentage actively searching for products featured in short videos and live streams [20] - Trust is a critical factor, with users valuing platform certification and user reviews to alleviate purchase concerns [21][28] Future Trends - The market is expected to evolve towards a focus on comfort, satisfaction, and multi-dimensional trust systems, enhancing the overall consumer experience for the new silver-haired population [24][27] - Products and services are shifting from basic functionality to enhanced user experience, with a focus on customization and ease of use [25][26] Conclusion - The pursuit of a "comfortable" lifestyle is a fundamental aspect of the new silver-haired population's consumption behavior, driving the transformation of the silver economy from survival to quality living [29]

Group 1 - The upcoming Central Economic Work Conference is crucial for determining China's economic direction for 2026, especially as it marks the end of the "14th Five-Year Plan" and the beginning of the "15th Five-Year Plan" [1][3] - The conference will assess the progress of major projects, such as the domestic production of lithography machines, and set economic targets for the coming year, including GDP growth and per capita income [3] - The meeting will focus on the transformation paths for emerging industries and traditional sectors, with particular attention to support policies for artificial intelligence, new energy, and biotechnology [3] Group 2 - China's economy is currently facing significant pressures, including weak domestic demand, a declining real estate market, and external challenges such as trade tensions with the U.S. [5][9] - The consumer price index showed an average year-on-year decline of -0.1% in the first half of 2025, indicating a lack of consumer spending and leading to intensified price competition [5] - Real estate investment fell by 23% year-on-year in October 2025, with housing prices and sales continuing to decline for four consecutive years, impacting consumer confidence [5] Group 3 - The conference will propose macroeconomic policy adjustments, shifting monetary policy from "prudent" to "moderately loose," potentially leading to further interest rate cuts [12][13] - Fiscal policy is expected to be more proactive, with government fund budget expenditures increasing by 15.4% year-on-year in the first ten months of 2025 [14] - Coordination between fiscal and monetary policies will be essential to ensure liquidity and support for infrastructure and technology sectors [16] Group 4 - Expanding domestic demand is a key focus, with strategies aimed at increasing income and reducing burdens on consumers [11][18] - Employment stabilization is prioritized, particularly for small and medium-sized enterprises, which account for over 80% of urban employment [18] - The silver economy is rapidly growing, with predictions that related industries will reach a scale of 19.1 trillion yuan by 2035, indicating a significant investment opportunity [18] Group 5 - The impact of the conference on ordinary people's lives will be significant, with reduced mortgage pressures leading to lower costs for consumer and business loans [19] - The diversification of childcare services will ease the burden on dual-income families, with community childcare options available for under 1,000 yuan per month [19] - The job market will evolve, with high demand for talent in artificial intelligence and new roles emerging in elder care and design for aging populations [21]

■中国经济时报记者 王丽娟 11月29日，由中国经济时报社主办的经济前瞻论坛2025年会在北京首都宾馆举行。中国社会福利与养老服务协会会长，复旦大学老龄研究院副院长、教授 吴玉韶作《"十五五"养老服务政策与实践发展展望》主题演讲。 吴玉韶在介绍我国老龄化及养老服务发展进程时表示，从2013年养老服务业发展元年以来，经过"十二五""十三五""十四五"三个五年规划的部署，我国养 老服务业从无到有、从小到大、从量到质实现了突破性、跨越式发展，取得了历史性成就。 党的二十届四中全会对"十五五"养老事业作出部署。"'十五五'将是我国进入老龄化社会以来，老龄化发展最快的时期。按中央部署，到2035年中国特色养 老体系成熟成型，'十五五'是体系构建关键期。"他认为。 四是从粗放到精细精准转变。养老服务当前的主要矛盾是供求与需求不"适配"。"十五五"期间，要从"有没有"到"优不优""好不好"转变，在经济面临下行 压力宏观背景下，养老服务政策要从"漫灌"到"滴灌"转变，更加强调精细化和精准化。为此，要重视养老评估的重要性。 五是从信息化到智能化转变。我国养老服务与信息化发展相伴随，从建设信息平台开始，实现了从跟跑、并跑到领跑的 ...

二是专业服务能力有待完善。老年教育资源有限，新型文化研学、心理陪伴、数字素养提升等新兴服务 仍在探索阶段。超过半数受访者对当地精神文化服务评价为"中等"，反映整体供给水平仍需提升。 三是数字应用渗透度不高。调研显示，中老年群体对AI等新技术产品的使用仍处于较低水平，适老化 设计、使用体验和学习支持均有提升空间。 11月28日，在第十一届中国国际老龄产业博览会上，《银发经济新趋势：中老年人精神文化需求与产业 发展白皮书》(以下简称"白皮书")正式发布。该白皮书由中国传媒大学银发经济研究院(筹)与梨花教育 共同编撰，基于规模化样本调研，对我国"新中老年人"群体的精神文化需求特征、市场供给状况及产业 发展趋势进行了系统分析。 银发经济进入"精神文化需求扩张期" 随着国家《关于发展银发经济增进老年人福祉的意见》等政策相继出台，银发经济已经从传统养老服务 延伸至"为老""备老"全链条，精神文化需求成为新的增长动力。白皮书显示，以20世纪60—70年代出生 人群为代表的"新中老年人"正逐渐成为精神文化消费的重要力量。 调研结果显示，该群体普遍受教育程度较高，对新技术、新内容的接受度较好，精神文化活动在其生活 中的重要性持 ...

Core Insights - The aging population in China is a significant strategic issue for national development, and actively addressing aging and developing the silver economy is crucial for sustainable development [3][4] - The report emphasizes the need for policy innovation, financial empowerment, and social collaboration to build an inclusive and sustainable elderly care ecosystem [1][3] Industry Overview - The "14th Five-Year Plan" has highlighted the "active response to population aging" as a national strategy, with a focus on developing a coordinated policy mechanism for elderly care and industry [3] - Financial policies are increasingly recognizing "pension finance" as a key growth area for high-quality development [3] Company Positioning - The company, as a state-owned financial enterprise, prioritizes national strategy and social responsibility, particularly in the important area of pension finance [4] - The company has been a pioneer in personal pension finance, being one of the first brokerages to pilot personal pension product distribution, and currently holds nearly 700,000 personal pension investment accounts [4] - The company's pension financial products have shown strong performance, with its first pension target fund achieving a return of 84.25% since inception, and its three-year investment yield ranking first among similar products [4] Future Outlook - The company plans to continue deepening its practices in the pension finance sector, guided by the "15th Five-Year Plan," by enriching its pension financial product offerings and enhancing wealth management services throughout the lifecycle [5] - There will be increased investment in financial technology to improve services for the elderly, along with efforts to educate investors and promote knowledge of pension finance [5] - The company aims to collaborate with various sectors to innovate products and upgrade services, believing that collective efforts will help address aging challenges and activate new momentum in the silver economy [5]

Core Insights - The report highlights the opportunities and challenges presented by China's aging population, emphasizing the need for a sustainable and inclusive elderly care ecosystem [1][3] - The aging population is seen as a significant driver of economic growth, with elderly consumption becoming an important engine for domestic demand [1][2] Group 1: Economic Implications - The aging population will reshape China's economic landscape and social values, marking a historical shift that requires comprehensive preparation across various sectors [3] - Elderly individuals are both creators and owners of wealth, indicating their increasing role in the economy [2][3] - The "silver economy" is expected to become a new driving force for economic growth, industry upgrades, and innovation [1][2] Group 2: Policy and Strategy - There is a call for policy innovation, financial empowerment, and social collaboration to build a more inclusive and sustainable elderly care system [1] - The concept of "active aging" and strategies for healthy aging are emphasized as essential for seizing opportunities in the silver economy [3]

Core Insights - The report highlights the opportunities and challenges presented by China's aging population, emphasizing the need for a more inclusive and sustainable elderly care ecosystem [1][3] - The aging population is seen as a significant driver of economic growth, with elderly consumption increasingly contributing to domestic demand [1][3] Group 1: Economic Implications - The elderly are both creators and owners of wealth, indicating their potential as a vital economic force [3] - Elderly consumption is recognized as an important engine for driving domestic demand, suggesting a shift in economic focus towards the silver economy [1][3] Group 2: Policy and Strategy - The need for policy innovation, financial empowerment, and social collaboration is emphasized to build a robust elderly care ecosystem [1] - A proactive approach to aging, including the promotion of healthy aging strategies, is necessary to harness the opportunities presented by an aging society [3]

Group 1 - The aging population has become a significant strategic issue for national development in China, with a focus on actively addressing aging and developing the silver economy as key points for sustainable development [3][4] - The "14th Five-Year Plan" emphasizes the need for a national strategy to actively respond to population aging, while the upcoming "15th Five-Year Plan" will further clarify policies for the coordinated development of elderly care and industry [3][4] - The government is committed to creating a robust institutional foundation for the construction of the elderly care ecosystem through continuous and precise policy support [3] Group 2 - Industrial Securities has established itself as a leader in the personal pension finance sector, having opened nearly 700,000 personal pension investment accounts and managing a total scale of nearly 6 billion yuan in its subsidiary's pension fund [4] - The company's first pension target fund has achieved a return of 84.25%, with the highest investment yield among similar products over the past three years [4] - Looking ahead, Industrial Securities aims to deepen innovation in the pension finance field, enhance product offerings, and improve services tailored for the elderly, while also promoting financial literacy and collaboration across various sectors [4][5]

责任编辑：尉旖涵 会议上国家发展改革委社会发展司原副司长、一级巡视员郝福庆称，人口老龄化是大趋势、大趋势就会 带来大需求、孕育着大市场、大市场需要大服务、依靠大科技，这5个认知构成了银发经济划分的底层 逻辑。在人口老龄化的大背景下，可以预见，银发经济一定会成来未来我国经济社会发展的新经济增长 期。 郝福庆称，人口老龄化是大趋势，不可逆转。当前世界出现了百年未有之大变局，在这其中有两个确定 性我觉得是不容置疑的：一个是中华民族的伟大复兴，再一个大家看得见、摸得着的人口老龄化。对于 后者而言，生活水平的提高、医疗条件的改善、社会保障的建立、包括生育观念的转变、人类寿命的延 长等等，很多因素共同的作用导致人口老龄化。 去年我们国家出生人口是954万，生育率只有百分之一点零几，我们的老年人口是负增长，去年是减少 了139万，老年人口达到是3.1亿，占比达到22%。我们中国人口从22年开始进入拐点，也就是22年达到 峰值，开始进入下行的通道。去年一年人口减少了139万，老年人口净增了1334万。那么前一年我们出 生人口是902百，死亡是1110万，人口减小208万。这是全球的一个趋势。 专题：银发浪潮中的新机遇：共建包 ...

Core Insights - The implementation plan by six departments, including the Ministry of Industry and Information Technology, aims to establish three trillion-level consumption sectors and ten hundred-billion-level consumption hotspots by 2027, based on comprehensive analysis of consumption trends, industrial foundations, and technological changes [3][4]. Trillion-Level Consumption Sectors - The three trillion-level consumption sectors identified include elderly products, smart connected vehicles, and consumer electronics. For instance, the market size for elderly products has grown from 2.6 trillion yuan in 2014 to an expected 5.4 trillion yuan by 2024, reflecting a compound annual growth rate of 7.3%, highlighting the significance of the silver economy [4]. Hundred-Billion-Level Consumption Hotspots - The ten hundred-billion-level consumption hotspots encompass a diverse range of products, including baby products, smart wearable devices, cosmetics, fitness equipment, outdoor goods, pet food, civilian drones, trendy toys, jewelry, and national trend clothing. These sectors are showing strong growth momentum and significant development potential, contributing to a diversified and vibrant consumer market [4][6]. Emerging Trends - The rise of health-conscious living and the concept of national fitness are driving increased demand for outdoor products and fitness equipment [6]. - The IP economy, which leverages intellectual property to create economic value, aligns with the consumption preferences of younger demographics, leading to a rapid global popularity of trendy toy products [8]. Market Resilience - The multi-faceted and layered approach to consumption hotspots is expected to significantly enhance the resilience and vitality of the domestic consumer market, providing solid support for the construction of a new development pattern [8].