2025年我国60岁及以上人口已达3.2亿，占总人口比重上升至23%，较2024年上升了1个百分点，标志着 我国已正式迈入中度老龄化社会。中国老龄化科学研究中心预计2035年前后，我国银发族人口数量将突 破4亿，到2050年左右突破5亿。当前社会银发族经济基础较好、收入稳定性较强、健康意识显著提升， 正经历消费观念重塑，倾向于"悦己型"和"健康投资型"消费。 国信证券主要观点如下： 银发一族：有钱、有闲、有健康焦虑的优质消费者 智通财经APP获悉，国信证券发布研报称，2025年我国60岁及以上人口达3.2亿，迈入中度老龄化社 会。银发族有钱有闲且有健康焦虑，驱动健康食品需求爆发。西麦食品(002956.SZ)作为燕麦龙头， 2024年市占率达26.0%，正围绕"燕麦谷物、大健康"双业务深化布局，受益于银发经济与健康消费趋 势。 健康食品成为蓝海市场 西麦食品从燕麦谷物赛道起步，历经三十余年发展历程，已完成从区域性品牌向全国行业龙头的蜕变。 2024年公司正式发布了新战略规划，明确继续围绕"健康产业"这一核心发展主线，积极布局"燕麦谷 物、大健康"两大业务。燕麦是一种健康食品的天然优质原料，其主要成分β-葡聚糖 ...

证券研究报告 | 行业点评报告 2026 年 02 月 24 日 信心逐步企稳 白酒春节渠道跟踪报告 消费品/食品饮料 本篇报告重点反馈河南、江苏、四川、山东、安徽等地白酒渠道春节动销情况， 综合来看，26 年春节期间行业动销符合节前预期（双位数下滑），各价格带分 化延续，高端与大众价格带韧性较强、次高端有一定压力。政商务延续承压， 大众消费场景需求提振显著、占比持续提升。除茅台、五粮液等强势品牌外， 多数品牌不再要求开门红，节后库存低于去年同期，渠道压力继续释放，叠加 费用兑付周期加快，经销商与终端信心逐步企稳。价格侧考虑到茅台供需具备 支撑，其他多品牌价格调整接近触底、26 年不再强压任务，后续淡季下探空间 有限，春节后行业配置建议精选强势头部品牌与动销超预期品种。 ❑ 26 年春节动销符合预期、品牌分化延续、渠道信心逐步企稳。 1）行业整体动销方面：26 年春节期间行业动销符合节前预期（双位数下滑）， 分价格带来看，高端与大众价格带韧性较强、次高端具有一定压力。分消费 场景来看，政商务需求仍然承压，家庭消费与个人聚饮等大众消费需求明显 提振，占比持续提升，悦己属性不断强化。 2）任务执行进度方面：当前除 ...

Group 1: Macro and Strategy - The report highlights three major industry opportunities for the 2026 bull market: 1) The technology sector led by AI, with a shift from hardware to application expansion, focusing on humanoid robots and AI+ fields 2) The "double low" characteristics of real estate and liquor industries, indicating potential recovery as valuations and institutional holdings are at historical lows 3) Changes in supply-demand dynamics in resource products, supported by global factors, enhancing the value of resource allocations [8][10][11] Group 2: AI Industry - The AI industry is expected to transition from hardware to application, with significant growth in sectors such as governance, finance, manufacturing, education, and healthcare, driven by policy support and technological advancements [9] - The report emphasizes the importance of the AI application acceleration, particularly in edge computing and AI+ related fields, as well as the continued investment in the computing power supply chain [9] Group 3: Nuclear Fusion Industry - The nuclear fusion sector is identified as a key area for future energy systems, with its potential for near-infinite energy, high energy density, and minimal environmental impact, making it a strategic focus for development [12][13] - The report outlines the challenges of achieving controlled nuclear fusion, including the extreme conditions required for the reaction and the need for advanced materials and technologies [13][14] - Various approaches to achieving nuclear fusion are discussed, with magnetic confinement (Tokamak) being the most mature and commercially viable option [14] - The report forecasts significant market potential for nuclear fusion, estimating an investment scale of around 200 billion yuan during the 14th and 15th Five-Year Plans, with a total market space of 8-10 trillion yuan if fusion power plants replace 20% of China's total electricity generation [16] Group 4: Financial Strategies - The report suggests a strategic asset allocation of 35% in equities, 25% in bonds, 25% in commodities, and 15% in cash, indicating a recovery phase in the economic cycle [28] - It highlights the importance of emerging markets as a diversification strategy, particularly in the context of high valuations in developed markets [29] Group 5: REITs Market - The REITs market is showing signs of recovery, with significant inflows into commercial real estate REITs and a notable increase in the number of public offerings [21][22][25] - The report notes that data center, consumer, and energy REITs have performed well, indicating a positive trend in these sectors [24]

Core Insights - The articles highlight the integration of digitalization and intelligent manufacturing in various companies in the Quwei district, showcasing how these advancements contribute to production efficiency and quality during the Spring Festival season [1][3][5][7][9]. Group 1: Qingdao Beer (青啤) - Qingdao Beer operates a digital factory that combines traditional brewing with modern technology, ensuring precise control over the brewing process, which enhances both the classic taste and production efficiency [1]. - The digital factory exemplifies the blend of cultural heritage and innovative manufacturing, maintaining the essence of local traditions while embracing smart manufacturing [1]. Group 2: Haotai Machinery (浩泰) - Haotai Machinery emphasizes its transition from traditional manufacturing to intelligent manufacturing, achieving a 30% increase in efficiency through a fully integrated digital management platform [5]. - The company maintains continuous production during the Spring Festival, showcasing a commitment to quality and productivity, which is essential for the high-demand season [3][5]. - The focus on innovation and digitalization has solidified Haotai's position in the market, contributing to the high-quality development of the Quwei industry [3][5]. Group 3: Jingke Robotics (敬科) - Jingke Robotics has established itself as an industry leader since its inception in 2021, developing the first domestically produced flexible production line in the CNC processing sector [9]. - The company integrates advanced technology with production processes, enhancing efficiency and quality while maintaining a festive atmosphere during the Spring Festival [7][9]. - Looking ahead, Jingke aims to deepen the integration of technology and application scenarios, contributing to the intelligent upgrade of various industries in China [9]. Group 4: Workforce Commitment - Workers in these companies exemplify dedication and responsibility, contributing to the reputation of "Quwei Manufacturing" through their hard work and commitment to quality [11].

2026 年 02 月 24 日 开源晨会 0224 ——晨会纪要 数据来源：聚源 -40% -20% 0% 20% 40% 60% 2025-02 2025-06 2025-10 沪深300 创业板指 昨日涨跌幅前五行业 | 行业名称 | 涨跌幅(%) | | --- | --- | | 综合 | 2.056 | | 国防军工 | 0.651 | | 食品饮料 | -0.183 | | 电子 | -0.288 | | 房地产 | -0.408 | | 数据来源：聚源 | | 昨日涨跌幅后五行业 | 行业名称 | 涨跌幅(%) | | --- | --- | | 有色金属 | -3.356 | | 建筑材料 | -3.099 | | 石油石化 | -3.093 | | 钢铁 | -2.462 | | 电力设备 | -2.026 | | 数据来源：聚源 | | | 吴梦迪（分析师） | | --- | wumengdi@kysec.cn 证书编号：S0790521070001 观点精粹 总量视角 【宏观经济】美对等关税被判违法，春晚展示机器人技术突破——春节海内外要 闻-20260223 【宏观经济】地方两会观 ...

Core Viewpoint - The probability of a positive market opening in the A-share market is high, supported by historical data and upcoming policy expectations [3]. Group 1: Market Trends - The first trading day of the Year of the Horse is approaching, with mixed sentiments in the market. While the Hang Seng Technology Index has risen by 3%, certain sectors like robotics and AI have seen declines [1]. - Historical data shows a 60% chance of an increase on the first trading day after the holiday, rising to 70% over the next five days and remaining at 70% over ten days [3]. Group 2: Sector Focus - There has been a shift in investment from high-valuation technology stocks to defensive sectors like banking and food and beverage prior to the holiday, indicating a "pre-holiday risk aversion" [4]. - Post-holiday, there is an expectation for funds to return to growth sectors with industrial catalysts and performance support, particularly in technology and domestic demand [4]. - Key areas of focus include technology growth stocks with solid orders and performance, such as core components in computing and robotics, as well as domestic demand sectors like chemicals, non-ferrous metals, and construction materials, which may experience a "value return" this year [5]. Group 3: Investment Strategies - Recommendations include reviewing current holdings, particularly those without performance backing, and adjusting positions during market rebounds [6]. - Investors are advised not to chase high openings and to look for buying opportunities during market fluctuations [7]. - Establishing a dual strategy focusing on technology growth and domestic demand is suggested for a more stable investment approach [7].

Group 1 - The core investment theme post-Spring Festival revolves around "price increases" and "revaluation of physical assets," particularly in resource, chemical, and midstream manufacturing sectors, leveraging China's pricing power amid global uncertainties [1][2] - The technology sector, particularly driven by AI, remains a key focus, with sub-sectors like computing power, applications, and robotics expected to remain active due to industrial catalysts [1][2] - The recovery of export chains, non-bank financials, and certain consumer and real estate chains are seen as important supplements to market trends under the backdrop of internal and external demand recovery [1] Group 2 - CITIC Securities emphasizes that price increases are a core configuration clue for Q1, with a focus on sectors like chemicals, non-ferrous metals, power equipment, and new energy, while also increasing exposure to undervalued insurance and brokerage stocks [2] - Historical data indicates that February and the period around the Spring Festival are strong for market movements, with small-cap stocks showing a 100% probability of rising from the Spring Festival to the Two Sessions [3] - Guojin Securities highlights the importance of balancing global physical assets against Chinese assets, recommending commodities like copper, aluminum, and oil, as well as sectors with global comparative advantages like equipment exports and domestic manufacturing [4] Group 3 - Industrial sectors experiencing structural price increases due to supply-demand gaps are primarily in midstream materials and manufacturing, with a focus on chemicals, steel, and high-end manufacturing [5] - The potential for recovery in the export chain is noted, particularly in industries with significant exposure to the U.S. market that will benefit from reduced tariffs [5] - The policy uncertainty surrounding tariffs and trade is expected to favor gold as a risk hedge, with market participants anticipating potential shifts in U.S. trade policy [6] Group 4 - Attention is drawn to the post-holiday inventory replenishment in commodities, with a continued positive outlook on technology applications, particularly in semiconductors and AI [7] - Quantum technology is highlighted as a sector receiving dual catalysts from policy and technological advancements, with significant developments in quantum key distribution networks [8] - The AI industry revolution is identified as a key investment theme, focusing on computing power, storage, and applications, with a strong emphasis on the performance of high-growth sectors [9] Group 5 - Localized opportunities are expected in AI applications linked to overseas trends and robotics associated with the Spring Festival, with a cautious approach to market movements anticipated [10] - The current bull market logic remains intact, with a recommendation for investors to maintain confidence despite short-term volatility, focusing on sectors with high securities ratios [11]

Group 1 - The investment activities are shifting from being solely AI-driven to a broader spectrum of real sectors, indicating a recovery in global manufacturing cycles supported by a smoother path for U.S. interest rate cuts [1][4] - The revaluation of Chinese assets is expected as capital flows back, promoting internal consumption and inflation cycles [1][4] - The report suggests specific asset allocation strategies, including physical assets like copper, aluminum, and oil, as well as sectors with global comparative advantages such as Chinese equipment exports and domestic manufacturing [1][4] Group 2 - The U.S. GDP growth for Q4 2025 was below expectations, primarily due to government spending disruptions, but investment in AI and non-AI sectors is showing signs of recovery [2] - The manufacturing PMI data indicates a global manufacturing recovery, with Europe exceeding expectations and the U.S. maintaining expansion, suggesting a positive outlook for the manufacturing sector [2] - The recent U.S. Supreme Court ruling on tariffs may ease domestic inflation pressures and support global export recovery, shifting the burden of inflation control from the Federal Reserve to other sectors [2] Group 3 - Commodity prices, particularly for industrial and precious metals, are experiencing high volatility, but there is a shift towards real industrial pricing rather than financial speculation [3] - The geopolitical risks and supply disruptions are expected to maintain a premium on industrial metals, while demand from tech giants for AI investments remains strong [3] - The focus on inflation control is shifting from the Federal Reserve to government actions, which may benefit commodities like gold as a hedge against economic uncertainty [3] Group 4 - The core of market style rebalancing is not about the existence of an AI bubble but rather the macroeconomic impacts of AI combined with monetary policy and major country policy choices [4] - The report emphasizes the importance of physical asset revaluation based on low inventory and stable demand, highlighting sectors such as oil, rare earths, and various manufacturing industries [4] - The report identifies opportunities in sectors benefiting from capital market expansion and a bottoming out of long-term asset returns, particularly in non-bank financials [4]

走进兰州，可以感受到这座老工业城市在嬗变。 一些企业家说，以前"跑断腿"的事，现在有政府专班人员在帮着跑，企业只专心做好生产经营；有科研 人员感慨，以前很多成果写完论文、评完奖就被束之高阁，现在转化的渠道更通畅了；有的干部坦言， 以前碰见棘手问题绕着走，现在不怕事、敢担事，还要琢磨如何干成事…… 这些心声被总结为一句话："当前的兰州呈现态势更好、气势更足、趋势更向上的发展势头。""十四 五"期间，特别是甘肃实施"强省会"行动以来的相关数据印证"兰州向上"—— 全市经济增速由2022年的0.8%提升至2025年的5.5%，对全省经济增长的贡献率由5.2%提升至27.7%；5 年来累计实施投资项目3270个，省外招商引资项目到位资金年均增长13%；综合科技进步水平指数达到 82.61%，跃居全球科研城市百强榜第48位；连续3年入选全国营商环境创新城市，连续4年居甘肃省营 商环境考评第一位。 近年来，兰州将营商环境视为"生命线"。甘肃省委常委、兰州市委书记张晓强说，对标国际国内一流水 平，兰州向高标准看齐，坚决打好优化营商环境攻坚战，着力营造良好产业发展生态和创业创新生态， 为推动高质量发展带来了新气象、新活力、新 ...

分析师：张刚 zhanggang@ccnew.com 021-50586990 晨会聚焦 资料来源：聚源，中原证券研究所 -15% -8% -2% 5% 12% 18% 25% 31% 2025.02 2025.06 2025.10 2026.02 上证指数 深证成指 登记编码：S0730511010001 证券研究报告-晨会聚焦 发布日期：2026 年 02 月 24 日 【财经要闻】 | 国内市场表现 | | | | | --- | --- | --- | --- | | 指数名称 | | 昨日收盘价 | 涨跌幅(%) | | 上证指数 | | 4,082.07 | -1.26 | | 深证成指 | | 14,100.19 | -1.28 | | 创业板指 | | 2,022.77 | -0.47 | | 沪深 | 300 | 4,660.41 | -1.25 | | 上证 | 50 | 2,443.97 | -0.52 | | 科创 | 50 | 891.46 | 0.14 | | 创业板 | 50 | 1,924.26 | -0.67 | | 中证 | 100 | 4,556.33 | -1.38 | ...