Core Insights - The health consumption trend among young people in Hangzhou is rapidly evolving, characterized by a shift towards personalized and intelligent health services [5][6][7] - The market for traditional Chinese health products, such as herbal drinks and acupuncture, is experiencing significant growth, driven by younger demographics [2][5][6] Group 1: Health Consumption Trends - Young consumers are increasingly favoring health-focused products, with traditional herbal drinks replacing high-calorie beverages like milk tea [2][5] - The market for Chinese herbal drinks is projected to grow from 100 million yuan in 2023 to 450 million yuan in 2024, representing a growth rate of over 350% [5] - The popularity of acupuncture and other traditional health practices is evident, with a notable increase in young people participating in these activities [5][6] Group 2: Fitness and Wellness Innovations - New fitness models, such as American-style gyms focusing on strength training, are gaining traction among young fitness enthusiasts [3][4] - The emergence of flexible training options, including online personal training, reflects the diversification of fitness services [4] - Comprehensive health centers are integrating various health services, including dietary planning and health monitoring, to cater to diverse consumer needs [4][6] Group 3: Policy and Market Dynamics - The Hangzhou government is actively promoting the health industry as a pillar of economic growth, with initiatives like the "Health Hangzhou Three-Year Action Plan" [6][7] - The city's health consumption landscape is supported by a robust infrastructure, including the establishment of numerous sports facilities [6][7] - The overall health industry in China is expected to grow at an annual compound rate of over 10% from 2024 to 2029, with a projected market size of 24 trillion yuan by 2029 [7]

证券研究报告 | 行业动态点评 2025 年 04 月 11 日 食品饮料 政策明确健康消费方向，推荐食品和中药四大主线 事件：4 月 9 日，商务部、国家卫生健康委等 12 部门联合印发《促进健康 消费专项行动方案》，明确了促进健康消费发展的具体行动举措。 布局大健康产业升级，重点推荐四大核心赛道。《促进健康消费专项行动方 案》围绕健康饮食、健身运动、养老服务、新型健康服务业态等领域，从供 给侧改革、消费场景扩容、服务能力提升、智能制造等方面提出重点举措。 我们推荐重点关注四大核心赛道： （1） 功能食品与精准营养 保健食品：《方案》提到要完善保健食品事前审评和事后评价机制，畅通保 健食品新功能及产品审查注册，引导零售药店拓展健康促进、营养保健等功 能。根据沙利文，2023 年中国保健食品市场规模为 3282 亿元，5 年复合增 长率高达 10.18%。随着公众健康意识的提升和人口老龄化趋势的加剧，保 健品市场规模有望持续增长。我们重点推荐消费复苏传导较快的保健品代工 企业——百合股份，公司拥有近 20 年在保健食品行业的深厚积淀与经验， 能够及时根据市场和终端需求调整产品结构，产品和剂型的创新能力较强， ...