21世纪经济报道 记者郭聪聪 实习生徐若萱 养老，既是关乎发展全局的"国之大者"，也是牵动千家万户的"民之关切"。 在"十五五"时期即将来临之际，大家保险集团与21世纪经济报道携手，于安徽合肥共同举办"第四届保 险养老融合与发展论坛(合肥站)"。 同时，大家保险联合尼尔森IQ发布了《中国城市商业养老白皮书2026》（以下简称《白皮书》），不 仅揭示了"中国式养老"面临的三大不确定性，还首创"三维九问"诊断模型，为中国家庭提供一份寻 找"确定性"养老方案的行动指南。 养老问题关乎国家发展全局，"十四五"时期，我国已经积极把应对人口的老龄化上升为国家战略。 "'十五五'时期，我国人口老龄化程度将继续加深。"大家保险集团党委副书记、总经理孙先亮在致辞中 指出，大家保险作为国有金融机构，高度关注中国式养老课题，自成立之初就选择了以服务型养老作为 战略突破口，坚定不移地推进战略落地。 他指出，家庭养老需求正在从基本的生活照料向品质服务提升，养老责任也从家庭单一主体向社会多元 化协同转变，保险公司也要从单一的保障供给向综合服务拓展，保险与养老融合发展正在成为应对中国 式养老的重要模式。 南开大学经济学院教授、博导，南开大 ...

Group 1: Consumer Sector - The government has implemented substantial measures to boost consumption, focusing on smart products, green energy, and products for the elderly [1] - The fourth round of "trade-in" subsidies is accelerating, targeting home appliances, digital products, and home decoration, with a deadline for consumers to act by December 31 [1] Group 2: Alcohol and Pharmaceutical E-commerce - A company specializing in both liquor and pharmaceutical e-commerce has seen revenue growth of nearly 30%, with high gross margins due to increased demand during year-end banquets [1] - The pharmaceutical e-commerce segment benefits from stricter regulations, providing a competitive edge, while innovative drugs are in phase three clinical trials, indicating strong cash flow and a low price-to-earnings ratio compared to peers [1] Group 3: Prepared Dishes and New Retail - A company focused on prepared dishes and new retail is experiencing rapid market growth, with the market size exceeding 600 billion, although its actual revenue contribution is only over 10% [3] - The main business remains traditional retail with lower gross margins, and new production facilities for prepared dishes will not be operational until 2026, posing risks for large investments [3] Group 4: Healthcare Sector - Companies specializing in cold medicine are expected to see revenue spikes during the flu season, with over 40% of their revenue coming from this period, but they have low R&D investment, limiting long-term growth potential [3] Group 5: Elderly Care and AI Medical Services - A company focusing on elderly care and AI medical services has seen over 50% revenue growth in community care and rehabilitation, with AI diagnostic systems implemented in numerous grassroots hospitals [5] - The company has high R&D investment compared to industry averages, but its diverse business lines contribute limited short-term profits, making it suitable for long-term investment [5] Group 6: Private Hospitals and Smart Medical Services - A company operating in private hospitals, smart medical services, and coal has seen over 30% revenue growth in private hospitals, with stable cash flow from coal operations [6] - The company has a diversified risk profile but lacks a core growth engine, making it suitable for conservative investors [6] Group 7: High-end Manufacturing - The high-end manufacturing sector is receiving strong policy support, with a focus on industrial mother machines, which are expected to modernize by 2027 [6] - A company producing CNC machines has reported over 60% profit growth in the first three quarters, with a nearly 40% year-on-year increase in industrial mother machine revenue [6] Group 8: New Energy and Digital Economy - The new energy and digital economy sectors are experiencing explosive growth, with data trading becoming a national focus and data center capacity reaching 500 PB [8] - The company involved in data business has seen revenue double, with stable cash flow from cement operations and lower valuations compared to peers, indicating potential for increased profitability if the data business model is successful [8]

27日下午，就今日股价波动，悦心健康在邮件中向《财经新康养》表示，公司股价波动受宏观政策、市 场环境等多种因素综合影响。 随着老龄化程度的持续加深、老年群体消费能力的显著提升，以及对现代服务业接受度的提高和需求日 趋多元化，近年来，有越来越多的上市公司在基于自身原有业务的基础上逐步将产品和服务向养老领域 延伸。 基于此，投资者该如何正确看待养老概念股的发展前景？ 根据市场监测，11月27日临近午盘，受养老概念局部异动驱动，悦心健康曾直线拉升至涨停价5.31元， 但午后未能维持涨停，收盘回落至5.10元，涨幅收窄至5.59%。这一波动或与养老概念板块午后分化有 关，当日板块内欧圣电气、亚华电子等跟随冲高后亦出现不同程度回落。 "投资养老概念股不能盲目追逐政策热点，投资者更要聚焦养老企业长期的核心竞争力，企业的核心竞 争力具体可分为稳定的现金流、清晰的商业模式、较高的产品和技术护城河。"27日下午，艾媒咨询 CEO兼首席分析师张毅在微信中向《财经新康养》表示，宏观政策为养老产业发展指明了方向，不同个 股也基于自身优势积极在银发领域布局，但市场分歧主要还是与个股的业绩与核心竞争力挂钩，"多数 养老企业目前尚未形成稳 ...

Group 1 - The core viewpoint of the news is the introduction of policies aimed at enhancing the adaptability of supply and demand in consumer goods to stimulate consumption and promote economic circulation [1][2]. Group 2 - The Ministry of Industry and Information Technology emphasizes the importance of aligning production supply with changing consumer trends to maximize consumption potential and ensure quality and suitability of products [2]. - The Ministry plans to collaborate with relevant departments to enhance the development of elderly care products, including service robots and age-friendly standards [3]. - The Ministry of Commerce will promote reforms in the automotive circulation sector, expanding the second-hand car market and related services to boost automotive consumption [4]. - The Ministry of Commerce encourages the "first launch economy," supporting businesses in releasing new products and establishing new stores to foster healthy consumption and new growth points [5]. - The National Development and Reform Commission will strengthen the planning and construction of parking facilities and charging infrastructure to improve convenience for consumers [6]. - The Ministry of Culture and Tourism will support the introduction of high-quality cultural and tourism products and promote innovative cultural experiences to enhance consumer engagement [7].

Core Insights - The article highlights the entrepreneurial journey of Taiwanese youth Jingran, who has been deeply involved in the elderly care industry in mainland China for sixteen years, integrating Taiwanese service expertise with mainland internet technology [1] Group 1: Background and Motivation - Jingran graduated in 2009 and was inspired to contribute to the aging society after witnessing elderly groups traveling in Kunming [1] - His initial motivation stemmed from a desire to address the challenges posed by an aging population [1] Group 2: Business Development - Jingran has led his team to create a smart elderly care platform and has undertaken public-private partnership projects in Yunnan, enhancing the quality of elderly care services [1] - The model he employs emphasizes "complementary advantages across the Taiwan Strait," positioning his business as an industry benchmark [1] Group 3: Personal Growth and Community Engagement - Jingran has received significant support from colleagues, including a long-term partnership with a director who has been likened to a "close confidante" [1] - He has established a family in Tianjin, which has provided him with a strong support system and a sense of belonging [1] - As the chairman of the Youth Committee of the Tianjin Taiwan Enterprise Association, he actively encourages more Taiwanese youth to explore opportunities in Tianjin [1]

Core Viewpoint - The "14th Five-Year Plan" emphasizes boosting consumption as a key driver for sustainable economic growth and improving the quality of life for citizens, especially in the context of a complex global economic environment and domestic economic transformation [1] Group 1: Implementation of Consumption Boosting Actions - The government will implement targeted actions to stimulate consumption through a combination of policies aimed at enhancing market vitality [2] - Focus on increasing employment and income, particularly for key groups such as recent graduates and migrant workers, to enhance consumer capacity [2] - Increase public service spending in areas like education and healthcare to reduce the financial burden on residents, encouraging them to spend more [2] Group 2: Development of International Consumption Centers - The plan includes cultivating international consumption center cities to attract global quality consumption resources and enhance the national image [3] - Improvement of urban consumption infrastructure and introduction of international brands to meet consumer demand for global products [3] - Expansion of inbound consumption by optimizing the environment for international tourists, including simplifying visa processes and enhancing payment options [3] Group 3: Direct Consumer Benefits through Inclusive Policies - The government will increase funding for consumer welfare initiatives, such as issuing consumption vouchers and providing subsidies for upgrading old products [4] - Policies will target high-demand sectors like dining and tourism to stimulate market recovery [4] - Removal of unreasonable restrictions on consumption, such as easing car purchase limits, to unleash consumer potential [4] Group 4: Strengthening Consumer Rights Protection - Enhancing consumer rights protection is crucial for boosting consumption, with plans to improve legislation and market regulation [5] - Establishing efficient complaint resolution mechanisms to lower the cost of consumer rights protection [6] - Promoting consumer education to foster informed and responsible consumption behaviors [6]

Core Insights - The People's Bank of China Beijing Branch, along with 12 other departments, issued an implementation plan to support the expansion of consumption in Beijing, aiming to enhance financial services in the consumption sector by 2030 [1][2] Group 1: Financial Support for Consumption - The implementation plan emphasizes the need for quality enterprises in the consumption industry to finance through public offerings and "New Third Board" listings [1] - It aims to increase the loan balance for sectors such as accommodation, catering, cultural tourism, education, and elderly services, while enhancing the quality and efficiency of personal consumption financial services [1] - The plan sets a goal to establish a diversified consumption financial service system to support Beijing's development as an international consumption center [1] Group 2: Credit Support and Financial Products - The plan calls for increased credit support for consumer goods, particularly in the automotive sector, by optimizing loan issuance ratios, terms, and interest rates [2] - Financial institutions are encouraged to innovate financial products tailored to various car purchasing scenarios, including first-time purchases and trade-ins, with a focus on electric vehicles [2] - There is a push for financial institutions to meet consumer demand in areas like home appliances, green smart home renovations, and electronics through various promotional activities [2] Group 3: Equity Financing and Investment - The plan supports equity financing for quality enterprises in the consumption industry through public listings and private equity investments [2] - It encourages social capital to invest in key service consumption areas, utilizing "long-term capital" and "patient capital" to meet the financing needs of long-cycle consumption industries [2] - The role of private equity and venture capital funds is highlighted to increase investments in seed and early-stage enterprises [2]

Core Viewpoint - The trend of cross-border elderly care is emerging in the Guangdong-Hong Kong-Macao Greater Bay Area, with an increasing number of Hong Kong residents choosing to retire in mainland cities within the region [1][2]. Policy Connection - The "Guangdong Residential Care Service Program" has expanded, now recognizing 24 service institutions across eight mainland cities, including Guangzhou and Shenzhen [1][2]. - By 2024, nearly 100,000 Hong Kong residents aged 65 and above are expected to settle in Guangdong, marking a 40.5% increase compared to the past decade [2]. - The "Guangdong Residential Care Service Program" has strict selection criteria, emphasizing the need for institutions to meet high operational standards and provide 24-hour medical care [2][3]. Service Innovation - The facilities at Chuanxuanmao (Guangzhou Kelin Road) include well-designed living spaces, with double rooms averaging 40 square meters and single rooms exceeding 90 square meters, ensuring comfort for the elderly [5][7]. - The monthly cost for self-paying double rooms starts at 7,000 yuan, with various subsidies enhancing affordability [7]. - Cultural and dietary services are tailored to create a sense of belonging, including regular Hong Kong-style afternoon teas and activities that help residents integrate into mainland life [7][11]. - The company has developed a non-pharmaceutical intervention solution called "Memory Journey" for elderly residents with cognitive impairments, establishing a unique advantage in dementia care [11]. - Future expansion plans focus on cities like Guangzhou, Shenzhen, and Foshan, considering GDP, aging rates, and consumer capacity [11].

京津冀推进医养结合，方便老年人异地就医。成立京津冀医养结合联盟，覆盖三地542家单位；扩容北 京市医养结合远程协同平台，纳入56家河北省医养结合机构，发挥"互联网+医疗"作用，开展人员培 训、照护指导、远程会诊等协同服务。 京津冀多举措加强异地养老政策支持 中新社北京11月18日电 (记者 徐婧)京津冀地区持续强化异地养老政策支持，推动养老项目资源共享。 北京市民政局18日发布的报告显示，截至今年9月底，入住河北养老机构的京籍老年人1万余人，入住天 津养老机构的京籍老年人200余人。 京津冀养老服务协同发展有助于优化养老资源布局，是京津冀协同发展战略在民生领域的重要实践。18 日，2025年京津冀养老服务协同发展项目推介会在北京举办，会上发布的主旨报告指出，近年来，京津 冀地区着力打破养老服务地域壁垒，北京按照"政策跟着老人走"思路，落实对津冀地区接收京籍老年人 养老机构的运营补贴政策；河北省印发相关措施，吸引京津老年人到河北养老。 下一步，民政部门将推动北京养老项目向环京周边地区延伸布局。同时，加强部门协同力度，推动解决 养老机构等级评定结果互认的应用场景不广泛等问题。(完) 来源：中国新闻网 本文为转载内 ...

Core Viewpoint - The article emphasizes the importance of service consumption in China's economic development, highlighting the expected growth in service consumption quality and quantity over the next five years, driven by rising GDP and an expanding middle-income group [1][2]. Group 1: Economic Context - China's per capita GDP is projected to rise from $10,000 in 2019 to $13,300 in 2024, with per capita service consumption expected to reach 13,000 yuan by 2024 [1]. - Currently, service consumption accounts for approximately 52% of GDP in China, compared to 68.5% in the U.S., indicating significant room for growth [1]. Group 2: Demand Factors - The expansion of service consumption is primarily driven by the demand from a growing middle-income group, which is expected to exceed 800 million people in the next decade [2]. - However, the average daily working hours for employed individuals in China is projected to be 49 hours, which may limit the time available for service consumption, leading to a "crowding out effect" on leisure activities [2]. Group 3: Supply Constraints - There are multiple supply-side constraints affecting service consumption, including insufficient effective supply, a mismatch in supply and demand, and a lack of quality and standards in services [3]. - The integration of technology in traditional service sectors remains shallow, with significant gaps in areas such as telemedicine and smart elderly care [3]. Group 4: Policy Recommendations - To enhance service consumption, it is recommended to improve overall income levels through employment promotion and social security reforms, as well as to stabilize asset prices and enhance social security systems [4]. - Policy innovation is needed to enrich high-quality service supply, including investment in cultural, tourism, and healthcare services, while also easing market access and breaking local protectionism [4]. Group 5: Standardization and Consumer Protection - There is a need for a systematic approach to developing service consumption standards, involving industry associations and leading enterprises to create a collaborative standard system [5]. - Establishing efficient dispute resolution mechanisms and consumer protection measures is crucial, particularly in high-risk service areas such as home services and education [5].