国务院常务会议对银发经济和养老服务发展作出相关部署，要求进一步释放银发消费需求，发挥消费补 贴等政策牵引作用，打造一批银发消费新场景新业态 文｜《财经》记者 邹碧颖 编辑 | 王延春 2月24日，国务院常务会议召开，对银发经济与养老服务发展相关工作作出部署。会议指出，中国银发 经济具备巨大发展潜力，需完善支持举措、强化政策落地，推动养老事业与养老产业协同发展，为应对 人口老龄化筑牢支撑。同时明确要求，进一步释放银发消费需求、提升老年群体消费能力，发挥消费补 贴等政策牵引作用，打造一批银发消费新场景、新业态。 中国正面临深刻的人口老龄化挑战。国家统计局最新数据显示，截至2025年底，全国60岁及以上人口约 3.2亿人，占全国总人口的23%；其中65岁及以上人口约2.24亿人，占比达15.9%。当前我国仍处于中度 老龄化社会阶段，而据预测，到2035年左右，全国60岁及以上老年人口将突破4亿人，占总人口比重超 30%，正式进入重度老龄化阶段。 4亿老年人口的规模，约等于美国与意大利的人口总和。另据《中国统计年鉴2025》数据，2024年中国 老年人抚养比达22.8%，即约4名劳动人口需抚养1名老年人，且该比例呈持 ...

光大期货金融期货日报 光大期货金融期货日报（2026 年 2 月 12 日） 一、研究观点 | 品种 | 点评 | 观点 | | --- | --- | --- | | | 昨日市场全天窄幅震荡，三大指数涨跌互现。个股跌多涨少，沪深京三市近 | | | | 3000 股飘绿，今日成交 2.12 万亿。截止收盘沪指涨 0.13%，深成指涨 0.02%， | | | | 创业板指跌 0.37%。近期各部位密集出台经济调控政策，对指数形成基本面 | | | | 支撑。近日，发改委召开国新办发布会，表示：（1）研究设立国家级并购基 | | | | 金 加强政府投资、基金布局规划；（2）综合整治"内卷式"竞争，将进一步 | | | | 规范地方经济促进行为；（3）正在谋划推进一批"十五五"时期高技术产业 | | | | 标志性引领性重大工程等内容。上周，央行将下调各类结构性货币政策工具 | | | 股指 | 利率 25BP。结构性货币政策工具以定向支持社会特定融资需求为主，科技 | 震荡 | | | 创新、普惠养老、碳减排等近期股市热点题材均涵盖其中。本次降息体现了 | | | | 央行在保持总量稳定的基础上，对于特定 ...

Market Overview - The A-share market experienced high-level fluctuations, with Wind All A Index rising by 0.44% and a trading volume of 2.72 trillion yuan [10] - The China Securities Index 1000 increased by 0.79%, while the CSI 500 rose by 0.57%. The CSI 300 saw a marginal increase of 0.01%, and the SSE 50 index fell by 0.46% [10] Economic Policies - Recent economic adjustment policies have been introduced, providing fundamental support for the indices. The National Development and Reform Commission announced plans to establish a national-level merger fund to enhance government investment and fund layout planning [10] - The commission also aims to regulate "involutionary" competition and is planning to advance significant projects in high-tech industries during the 14th Five-Year Plan period [10] Monetary Policy - The central bank lowered the interest rates of various structural monetary policy tools by 25 basis points, reflecting targeted support for specific financing needs in sectors like technological innovation, inclusive elderly care, and carbon reduction [10] - This interest rate cut is expected to guide funds into relevant sectors, boosting valuations and reducing financing costs in the long term [10] Market Sentiment - The Shanghai and Shenzhen Stock Exchanges announced an increase in the minimum margin ratio for margin trading from 80% to 100%, indicating a rise in risk-averse sentiment among investors [10] - The current market is characterized by high-level fluctuations, with increased short-term volatility, suggesting a cautious approach to buying [10] Bull Market Dynamics - The ongoing bull market is driven by breakthroughs in technology and geopolitical uncertainties that promote strategic resource procurement, supported by global liquidity easing [10] - The long-term outlook suggests that the influences driving the market are not yet over, with a low risk of significant index declines [10]

（来源：衢州日报） 市人大代表詹寿明建议，加快推广普惠型养老机构，加大政策支持力度，如在用地、水电价格、床位运 营等方面予以政策倾斜；鼓励农村地区将符合条件的闲置公共服务场所改造提升为普惠型养老机构；强 化设施建设与场地供给保障，推动普惠养老服务提质扩面，切实缓解社会养老压力。 转自：衢州日报 党的二十届三中全会提出，积极应对人口老龄化，完善发展养老事业和养老产业政策机制。2025年，国 家发展改革委等八部门联合印发《促进普惠养老服务高质量发展的若干措施》，大力发展价格可负担、 质量有保障、运营可持续的普惠养老服务，积极应对人口老龄化。 目前，社会养老机构主要划分为兜底保障型、普惠支持型、完全市场型。完全市场型的养老机构费用较 高，给"421"家庭和农村家庭带来沉重负担。与之相比，公办公营的普惠型养老机构费用更低，部分残 疾老人还可享受补贴，大幅减轻经济压力。 记者 胡灵萍 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The stock index is expected to be volatile. The market showed a pattern of rising and then falling throughout the day, with the three major indexes showing mixed performance. The central bank's interest rate cut is expected to guide funds into relevant sectors, boost the valuation of these sectors, and increase corporate profits. However, the market has entered a high - level volatile mode, and short - term fluctuations have increased. In the long - term, the risk of a significant decline in the index is relatively low [1]. - The bond market is expected to continue its bearish trend. The central bank's structural interest rate cut boosts the financing demand in relevant fields and is conducive to enhancing market risk appetite. The current economy maintains resilience and accelerates high - quality transformation, and the central bank emphasizes the reasonable recovery of prices, which is expected to lead to a bearish bond market [2]. 3. Summary by Relevant Catalogs Research Views - **Stock Index**: The market had a mixed performance with some sectors rising and others falling. The central bank's decision to cut the interest rates of various structural monetary policy tools by 25BP is expected to support specific sectors. The adjustment of the minimum margin ratio for margin trading may increase the risk - aversion sentiment of funds. The current market is in a high - level volatile mode, and short - term fluctuations are large. The long - term upward trend of the market is driven by technological innovation and geopolitical factors [1]. - **Treasury Bonds**: On January 19, 2026, the central bank conducted a 7 - day reverse repurchase operation of 158.3 billion yuan, with a net injection of 7.22 billion yuan. The central bank announced a series of policies including interest rate cuts, tool optimization, and quota expansion on January 15. The structural interest rate cut is expected to boost market risk appetite, but the bond market is expected to continue its bearish trend [2]. Daily Price Changes - **Stock Index Futures**: From January 16 to January 19, 2026, the IH contract decreased by 0.22%, the IF contract increased by 0.11%, the IC contract increased by 0.68%, and the IM contract increased by 0.09% [3]. - **Stock Indexes**: During the same period, the Shanghai Composite 50 index decreased by 0.12%, the CSI 300 index increased by 0.05%, the CSI 500 index increased by 0.67%, and the CSI 1000 index increased by 0.40% [3]. - **Treasury Bond Futures**: The TS contract remained basically stable, the TF contract decreased by 0.02%, the T contract decreased by 0.02%, and the TL contract decreased by 0.22% [3]. Market News - In 2025, China's GDP exceeded 140 trillion yuan, with a year - on - year growth of 5%, and the GDP growth in the fourth quarter was 4.5% [4]. - In December 2025, the added value of industrial enterprises above the designated size in China increased by 5.2% year - on - year, and the high - tech manufacturing industry showed good momentum, with the 3D printing equipment increasing by 52.5% throughout the year [4]. - In December 2025, the year - on - year growth rate of China's social consumer goods retail sales dropped to 0.9%, with pressure on home appliance and building decoration retail [5]. - In 2025, China's fixed - asset investment decreased by 3.8% year - on - year, with the mining investment increasing by 2.5% and the manufacturing investment increasing by 0.6% [6]. - In 2025, China's real estate development investment was 8.2788 trillion yuan, a year - on - year decrease of 17.2%, and the real estate development climate index continued to decline [7]. - In December 2025, the housing prices in first, second, and third - tier cities in 70 large and medium - sized cities generally decreased month - on - month, and the year - on - year decline widened [8]. Chart Analysis - **Stock Index Futures**: The report provides charts showing the trends of IH, IF, IM, IC main contracts, and the basis trends of these contracts [10][11][12][13][14]. - **Treasury Bond Futures**: The charts include the trends of treasury bond futures main contracts, treasury bond spot yields, basis, inter - period spreads, cross - variety spreads, and capital interest rates [17][18][19][20][21][24]. - **Exchange Rates**: The report presents charts of the central parity rates of the US dollar and the euro against the RMB, forward exchange rates, the US dollar index, and exchange rates between different currencies [26][27][28][30][31].

Core Insights - The newly opened Tongyun Street Elderly Service Center has quickly attracted many elderly visitors, filling a gap in regional elderly care services and significantly improving the lives of local seniors [1][2] Group 1: Service Offerings - The center features a community restaurant that provides affordable meals with nutritional information displayed, catering specifically to the elderly population [1] - It offers 82 elderly care beds, with over 20 residents already moved in, indicating strong community acceptance of professional and inclusive elderly care services [2] - Future plans include creating a specialized area for dementia care to address the challenges faced by families caring for elderly individuals with disabilities or cognitive impairments [2] Group 2: Demographics and Needs - Tongyun Street, established in 2018, has a population of 67,000, with over 8,800 residents aged 60 and above, highlighting the demand for elderly care services in the area [3] - The center aims to meet the growing needs of the elderly population, particularly those who are disabled or suffering from dementia, thereby alleviating the burden on families [2][3] Group 3: Broader Context - As of 2024, Beijing has established 155 regional elderly service centers, covering 255.4 million elderly individuals, which is about 49.6% of the city's elderly population [4] - The city plans to build an additional 20 regional elderly service centers this year to further enhance the availability of services for the elderly [4] - The integration of various services through these centers aims to improve the overall well-being and satisfaction of the elderly population [4]

Group 1 - The newly opened Tongyun Street Elderly Service Center has quickly attracted many elderly visitors, filling a gap in regional elderly care services and bringing significant changes to the lives of local seniors [1] - The center features a community restaurant that offers small portion meals with visible nutritional information, and prices are affordable, with discounts for seniors [2] - The center has 82 elderly care beds, with over 20 residents already, indicating strong community support for professional and inclusive elderly care services [3] Group 2 - Tongyun Street, established in 2018, has a population of 67,000, with over 8,800 seniors aged 60 and above, and prior to the center's opening, there were limited elderly care facilities in the area [4] - The center aims to provide professional and inclusive elderly care services, addressing the needs of the aging population and supporting family caregivers [3][4] - The initiative aligns with national policies aimed at improving public welfare and addressing urgent social issues [4]

Group 1 - The company is actively aligning with national strategies and focusing on product innovation, technology empowerment, and ecological collaboration to enhance its development and contribute to high-quality economic growth in Guangdong [2] - The company has launched a comprehensive risk protection system targeting strategic emerging industries and specialized enterprises, successfully implementing innovative insurance products for the biotechnology sector [3] - The company has developed a digital platform for agricultural insurance, utilizing advanced technologies like satellite remote sensing and AI algorithms to achieve precise management of underwriting and claims [3] Group 2 - The company is committed to green finance, creating insurance products tailored for renewable energy sectors such as wind and solar power, and has provided over 162.1 billion yuan in risk protection to more than 630 enterprises [4] - The company has introduced the first carbon sink insurance for oysters in Yangjiang, expanding its services to support carbon neutrality goals and marine ranching initiatives [4] - The company emphasizes a multi-layered inclusive insurance system, providing health insurance services to over 40 million people and launching innovative products like "Sui Xin Bao" for convenient health services [5] Group 3 - The company is exploring new service models by integrating insurance with technology, launching initiatives like "Tai Ai Kan" and "Risk Radar" to enhance risk management and community safety [7] - The company is leveraging digital tools to shift customer service from reactive to proactive, establishing a comprehensive risk reduction service ecosystem [7] - The company aims to continue supporting the development of the real economy and enhancing public welfare through precise product offerings and technological empowerment [7]

Core Viewpoint - The 2025 Taikang Colorful Charity Festival emphasizes the theme of "Connecting through Love, Acting for Good" and highlights the contributions of the Taikang Colorful Charity Foundation in promoting inclusive elderly care and enhancing the elderly care ecosystem [1] Group 1: Foundation Achievements - Over the past seven years, the Colorful Charity Foundation has focused on inclusive elderly care, supporting the construction of the elderly care ecosystem and industry innovation [1] - As of December 2025, the "Colorful Thousand Homes" initiative has funded 460 elderly care institutions nationwide and donated over 37,000 pieces of elderly rehabilitation equipment [1] - The foundation has trained over 149,000 elderly care professionals and home care personnel, improving the quality of elderly services and enhancing the quality of life for over 95,000 elderly individuals [1] Group 2: Community Engagement - The Colorful Starlight Community Elderly Care Project has served over 70,000 elderly individuals in Beijing and Shanghai by supporting social organizations and community actors [1] - The foundation aims to remain committed to its mission, striving to be a problem solver for social issues and a promoter of better living [1] Group 3: Future Initiatives - In 2025, in celebration of its 30th anniversary, Taikang will launch the "Happy Colorful Charity Insurance Policy Plan," where each sale of the "Happy Appointment" policy will donate 300 yuan to the Colorful Charity Foundation to support inclusive elderly care projects [1]

Core Viewpoint - The recent notice issued by the Guangxi Zhuang Autonomous Region's Civil Affairs Department and 15 other departments aims to strengthen rural elderly care services by establishing a comprehensive three-tiered service network and promoting deeper reforms in rural elderly care [1][2]. Group 1: Current Challenges in Rural Elderly Care - Rural elderly care in China faces significant challenges, including limited income and inadequate care services, leading to situations where elderly individuals either cannot afford care or are unwilling to utilize available services [1]. - Some care institutions are forced to lower fees and reduce staff to survive, resulting in a loss of professional talent and a decline in service quality, making it harder to retain elderly residents [1]. Group 2: Strategies for Improvement - To achieve inclusive elderly care, it is essential to optimize the allocation of resources and solidify the support for elderly care services, including the establishment of county-level care institutions focused on disabled individuals and expanding the coverage of township-level service centers [1]. - Implementing favorable policies regarding land and taxes, as well as ensuring the execution of various subsidy policies, is crucial to alleviate the operational pressures on elderly care institutions and to establish a pricing mechanism for inclusive services [1]. Group 3: Institutional and Service Enhancements - Strengthening the institutional guarantees for rural elderly care is necessary, which includes integrating rural elderly care services into reform and development plans and enhancing management and service levels [2]. - The application of artificial intelligence and the development of age-friendly smart products are encouraged to make elderly care services more precise and personalized [2]. - Innovative service models should be promoted to enhance the attractiveness of elderly care institutions, such as incorporating well-equipped rural care facilities into premium travel care routes to improve service offerings and occupancy rates [2].