Core Viewpoint - The trend of cross-border elderly care is growing in the Guangdong-Hong Kong-Macao Greater Bay Area, with increasing numbers of elderly from Hong Kong and Macao choosing to retire in mainland cities for a comfortable lifestyle [2][7]. Summary by Sections Expansion of Elderly Care Programs - The "Guangdong Residential Care Service Program" has expanded from 11 to 15 recognized service institutions, covering six cities in the Greater Bay Area, providing more options for Hong Kong elderly [2][4]. - The program allows Hong Kong elderly to stay in Guangdong care homes without paying for accommodation, nursing services, or basic medical care [2]. Cost and Accessibility - The cost of elderly care in Shenzhen is approximately 40% lower than in Hong Kong, with convenient transportation allowing family visits within 40 minutes [4]. - Personalized health management records are established for each Hong Kong elderly resident, with real-time health data accessible to family members [4]. Talent Development and Standardization - The "One Exam, Multiple Certificates" pilot program allows caregivers to obtain various qualifications from Guangdong, Hong Kong, and Macao, enhancing their employment prospects in the Greater Bay Area [5]. - Continuous efforts are being made to align standards and improve cooperation in elderly care services across the three regions [5][6]. Medical Support and Services - Zhuhai has introduced a "medical reserve fund" to support Hong Kong elderly with medical expenses during their stay, enhancing healthcare access [7]. - The expansion of the "Elderly Medical Voucher Greater Bay Area Pilot Program" includes 12 new medical institutions, benefiting over 178,000 Hong Kong elderly [7]. Future Prospects - The establishment of a cross-border elderly care service platform is being considered to integrate the needs of Hong Kong elderly with resources from mainland care and medical institutions [9].

每经记者｜吴林静 每经编辑｜杨欢 2017年，上海60岁及以上老年人口占总人口比例为33.2%，站在了1/3的关口。此后，占比持续走高，直至最新公布的截至2024年底的数据。 上海"老"，并不是一件让人特别惊讶的事。我们讨论上海的意义在于，要直面"老"的城市，不止上海。 2023年底的数据显示，全国60岁及以上老年人口占总人口的21.1%，达到中度或重度老龄化的省份已有19个。 所以，与其惊讶上海"老"得比肩日本，不如看看这些年这座城市为社会养老服务体系都做过哪些工作。 一个格局 图片来源：摄图网500831957 近日，上海37.6%的常住人口、约577.62万人年满60岁，再次引发社会对老龄化的关注。 但其实，上海于1979年步入老龄化社会，比全国早了21年。而且，"三人行，有一老"，更是这座超大城市长达8年多的现实。 | 上海 | 60岁及以上老年人口占总人口 | 65岁及以上老年人口占总人口 | 80岁及以上高 | | --- | --- | --- | --- | | 2015 | 30.20% | 19.60% | | | 2016 | 31.60% | 20.60% | | | 2017 | 3 ...

Core Viewpoint - The urgent need for meal assistance services for the elderly in China is highlighted, with a focus on improving the quality of life for the aging population, which currently stands at 310 million people aged 60 and above [1] Group 1: Current Situation and Challenges - 22.1% of elderly individuals face difficulties in cooking and eating, particularly those who are disabled, elderly, or living alone [1] - Guangzhou has been a pioneer in providing meal assistance services since 2016, but the sustainability of these services is under pressure due to low pricing and limited revenue from elderly-only clientele [5][7] - The elderly population in Guangzhou's Liwan District is 250,000, accounting for 31% of the total population, indicating a high demand for meal assistance services [5] Group 2: Solutions and Innovations - To ensure sustainability, many meal assistance providers are transitioning to community dining services that cater to all residents, not just the elderly [7] - The government provides meal subsidies for elderly individuals, with additional delivery subsidies for those in special need, enhancing the support for vulnerable seniors [9] - In Hangzhou, a smart restaurant has been adapted to serve as an elderly dining facility, integrating professional catering services to improve meal quality and operational sustainability [11][14] Group 3: Government and Policy Support - The Ministry of Civil Affairs emphasizes the need for a multi-faceted approach to support meal assistance services, involving contributions from individuals, businesses, and government [16] - By the end of 2024, the number of elderly meal assistance points nationwide is expected to reach 75,000, reflecting the expanding network and improving service quality [16]

Core Viewpoint - Brookdale Senior Living Inc. (BKD) reported a first-quarter loss and experienced a decline in share price despite some revenue growth, primarily due to rising operational costs and decreased interest income [1][2]. Financial Performance - BKD incurred a first-quarter loss of 11 cents per share, which is an improvement from a loss of 13 cents in the prior year [2]. - Total revenues increased by 4% year over year to $813.9 million, driven by higher resident and management fee revenues, but fell short of the Zacks Consensus Estimate by 0.8% [2]. - Resident fees reached $777.5 million, up 4.5% year over year, but were below the consensus estimate of $781.3 million [3]. - Management fees rose slightly by 0.1% year over year to $2.6 million, missing the consensus mark of $2.7 million [3]. Operational Metrics - Revenue per occupied unit (RevPOR) increased by 3% year over year, attributed to annual rate increases [4]. - Weighted average occupancy improved by 140 basis points year over year to 79.3% [4]. - Revenue per available unit (RevPAR) saw a 4.9% year-over-year increase [4]. Cost Structure - Facility operating expenses totaled $557 million, reflecting a 2.7% year-over-year increase due to higher wage rates and utility costs [4]. - General and administrative costs rose by 4.7% year over year to $47.9 million [4]. - Interest income decreased by 23.7% year over year to $3.6 million [5]. Net Loss and Cash Flow - The net loss for the quarter was $65 million, wider than the previous year's loss of $29.6 million, primarily due to increased operating and interest expenses [5]. - Adjusted EBITDA rose by 27.2% year over year to $124.1 million [5]. - BKD generated $23.4 million of net cash from operations, a significant improvement from a net cash usage of $1.1 million in the prior year [7]. - Adjusted free cash inflow was $3.8 million, compared to an outflow of $26.3 million in the previous year [7]. Balance Sheet Overview - As of March 31, 2025, BKD had cash and cash equivalents of $239.7 million, down from $308.9 million at the end of 2024 [5]. - Total assets decreased to $6.2 billion from $6.3 billion at the end of 2024 [6]. - Long-term debt increased to $4.2 billion from $4 billion as of December 31, 2024 [6]. - Total equity dropped to $148.1 million from $213.9 million at the end of 2024 [6]. Future Outlook - Management now estimates RevPAR growth for 2025 in the range of 5%-5.75%, an increase from the previous estimate of 4.75%-5.75% [8]. - Adjusted EBITDA is projected to be between $440-$450 million, up from the earlier range of $430-$445 million [8]. - Non-development capital expenditures are expected to remain within $175-$180 million for 2025 [8].

Core Insights - The report "2025 Insights into the Silver Economy Consumer Group" highlights the growth of China's silver economy, focusing on individuals aged 55 and above, with a current population of 280 million aged 60 and above, accounting for 22% of the total population, driving market expansion [1][17][18] - The government has introduced policies to promote the development of the silver economy, including the "Opinions on Developing the Silver Economy to Enhance the Well-being of the Elderly," which supports various sectors such as elderly care services, age-friendly products, and health industries [1][8][12] Consumer Behavior - The silver demographic prioritizes health-conscious diets, favoring fresh, low-salt, low-oil, low-sugar, and easily digestible foods, with a significant demand for functional foods aimed at gastrointestinal health and nutritional supplementation [1][32][36] - Travel preferences include short-distance trips, natural landscapes, and ancient towns, with self-driving and wellness travel favored by younger seniors [1][2] - Shopping habits emphasize health safety and practicality, with increasing penetration of online channels, where short videos and social platforms serve as key consumption entry points [1][2] Aging Care Models - Over 90% of the elderly prefer home-based care, with community home care and the 90-7-3 model (90% home, 7% community, 3% institutional) being mainstream, while younger and older seniors show high concern for medical care and age-friendly facilities in institutional settings [2][12] - Different age groups exhibit distinct needs: younger seniors focus on travel and health management, middle-aged seniors prioritize safety and medical services, while older seniors emphasize dignified care and convenient medical access [2][12] Market Potential - The silver economy is projected to reach a market size of 8 trillion yuan, reflecting the vast potential of this demographic as a core consumer force across various sectors, including health, leisure, and education [17][20] - The industry chain encompasses upstream (biological and textile materials), midstream (smart healthcare and rehabilitation aids), and downstream (consumption, cultural tourism, and elderly care services) [21][22] Policy Support - National and local governments are implementing policies to support the silver economy, addressing the need for improved quality in elderly services and products, and fostering a more comprehensive elderly care system [12][13][14]

Report Summary 1. Report Industry Investment Rating No information provided in the given content. 2. Core Viewpoints of the Report - In the production industry, attention should be paid to automobile exports, especially BYD's performance in the European electric vehicle market, where it has surpassed Tesla [1]. - In the service industry, focus on the advancement of elderly - care service - related policies, such as the joint issuance of the guiding opinion by 19 departments including the Ministry of Civil Affairs [1]. 3. Summary by Relevant Catalogs A. Industry Overview - **Upstream**: - In agriculture, egg prices have declined [2]. - In the black industry, the prices of glass and soda ash have dropped in the short term [2]. - **Midstream**: - In the chemical industry, the PTA operating rate has rebounded, while the PX operating rate has declined recently [3]. - In the infrastructure sector, the asphalt operating rate has been continuously rising [3]. - **Downstream**: - In the real - estate industry, the sales of commercial housing in first - and second - tier cities have seasonally declined [3]. - In the service industry, the number of domestic flights has decreased cyclically [3]. B. Market Pricing - The credit spreads of the pharmaceutical and chemical industries have slightly declined recently [3]. C. Industry Credit Spread Tracking (as of May 16) - Different industries show various trends in credit spreads. For example, the credit spreads of industries like agriculture, forestry, animal husbandry, and fishery, and the chemical industry have decreased compared to the previous period [48]. D. Key Industry Price Index Tracking (as of May 15) - Different products in various industries have different price changes. For example, the spot price of corn has increased by 0.81%, while the spot price of glass has decreased by 2.50% [49]. E. Specific Industry Highlights - **Automobile**: BYD's new electric vehicle registrations in Europe in April reached 7,231, a 169% increase year - on - year, surpassing Tesla, whose registrations dropped 49% [1]. - **Elderly - care Service**: The Ministry of Civil Affairs and 19 other departments jointly issued a guiding opinion aiming to improve the elderly's social participation service system by 2035 [1].

5月22日，总投资2.2亿元、建筑面积超2万平方米的杭州国投健康长者公寓在富阳区富春街道金桥北 路259号正式投入运营。 作为国家培疗机构改革首批试点单位、国家及省市区三级重点项目，杭州国投健康长者公寓由国投 健康产业投资有限公司与中国兵器装备集团杭州疗养院共同出资设立，是富阳区首家央企投资运营的高 端康养项目，更是富阳区深化"浙里康养"品牌、打造"全域幸福养老示范区"的关键落子。 "我们为长者提供全方位的贴心服务，医疗和养老无缝衔接，从预防到康复全程守护；智能设备24 小时保障安全，随时响应紧急情况。专业护理团队会细心照顾每位老人的特殊需求，营养师还会准备既 美味又健康的饭菜。对于记忆力不好的老人，我们有专门的照护方法。平时组织书法、音乐、园艺等活 动，让老人们开心交友，享受丰富多彩的晚年生活。"国投健康杭州公司营运总监雷浪介绍道。 浙江省民政事业发展促进会常务副会长方金土在开业庆典上致辞时指出，养老不是冰冷的床位数 字，而是每位长者脸上的笑容。杭州国投健康长者公寓项目不仅填补了富阳城区高品质养老空白，更通 过央企主导的可持续发展模式，为银发经济注入新活力。 展望未来，国投健康杭州公司总经理柴泳表示，杭州国 ...

Core Insights - The long-term care insurance (LTCI) system aims to establish a nationwide coverage for long-term care, particularly addressing the needs of the 120 million rural elderly in China [1][2][3] - The LTCI pilot program has highlighted the significant gap in care services for rural elderly, exacerbated by funding challenges and insufficient service supply [1][2][3] - Experts suggest that the LTCI can stimulate the silver economy and lead to the emergence of branded, chain-based elderly care service companies similar to those in the UK [1][4][6] Group 1: Current Situation and Challenges - The aging population in rural areas is more severe than in urban areas, with 121 million individuals aged 60 and above, representing 23.81% of the rural population [2][3] - The proportion of empty-nest elderly individuals has surpassed 50%, with some rural areas exceeding 70%, highlighting the urgent need for care services [2][4] - The current LTCI pilot program is fragmented, with varying coverage and benefits across different regions, leading to inadequate support for rural residents [2][3] Group 2: Policy and Implementation - The government is encouraging the development of embedded and chain-type nursing institutions to enhance service accessibility in rural areas [1][5] - Local pilot programs have shown success in integrating long-term care services into existing healthcare facilities, such as transforming hospitals into care zones [5][6] - The LTCI system has expanded to cover 1.8 billion people, with over 800 billion yuan spent on benefits, creating approximately 300,000 jobs and attracting 60 billion yuan in social capital [7] Group 3: Future Prospects - The establishment of localized care service institutions is seen as a key strategy to improve accessibility and efficiency in rural long-term care [6][7] - The LTCI policy is expected to attract significant social capital investment into the nursing industry, potentially leading to the development of well-known brand chains in rural care services [6][7] - The effective implementation of LTCI will require a robust network of quality care institutions to ensure that the benefits translate into real services for the elderly [6][7]

Core Viewpoint - The Heilongjiang Provincial Employment Promotion and Labor Protection Working Group has issued a plan to enhance employment support, focusing on key groups such as college graduates, impoverished populations, migrant workers, veterans, and people with disabilities, through three main initiatives: employment support, stabilization and expansion of job positions, and entrepreneurship promotion [1]. Group 1: Employment Support Plan - The plan aims to tap into the employment potential of advanced manufacturing and other new productive forces by implementing a new round of ten key industry growth strategies [2]. - It seeks to transform new consumption hotspots into new employment channels, promoting the development of the ice and snow industry and related tourism [2]. - The plan emphasizes the importance of major engineering projects to increase employment opportunities, leveraging national policies for infrastructure development [2]. - It focuses on enhancing essential public services to promote employment, including the development of elderly care services and healthcare infrastructure [2]. - The plan aims to expand service opportunities for laborers in urban and rural areas by creating community-based job positions and supporting legal aid volunteer services [2]. Group 2: Stabilizing Job Positions for Enterprises - The plan encourages state-owned enterprises to lead in job absorption and stabilize recruitment scales while providing support for private enterprises [4]. - It includes measures to reduce burdens on businesses, such as lowering unemployment insurance rates and improving access to financial support for small and medium-sized enterprises [4]. - The plan promotes timely implementation of tax incentives and employment subsidies to encourage employers to hire more workers [4]. - It emphasizes improving employment services by enhancing job posting systems and establishing local employment service stations [4]. - The plan advocates for large-scale vocational skills training to align with industry needs and promote a comprehensive training model [4]. Group 3: Entrepreneurship Promotion Plan - The plan promotes the "Chuangxiang Longjiang" initiative, which aims to create a supportive ecosystem for entrepreneurship through training, services, and incubation [7]. - It seeks to streamline the entrepreneurial process by enhancing inter-departmental collaboration and providing integrated services for entrepreneurs [7]. - The plan focuses on improving the quality of incubation services and ensuring that local governments provide support for key groups in entrepreneurship [7]. - It aims to facilitate entrepreneurship financing by implementing favorable policies and optimizing loan processes for startups [7].

Group 1 - The Ministry of Human Resources and Social Security plans to add 17 new occupations and 42 new job types by 2025, reflecting industry transformation and societal needs [1] - The new occupations, such as steel structure assembler, highlight the increasing demand for specialized skills in the construction industry due to higher safety, efficiency, and environmental standards [1][2] - The steel structure assembly method improves construction efficiency and facilitates material recycling, contributing to environmental sustainability [1][2] Group 2 - The new role of long-term care worker aims to address the challenges of an aging society, particularly for the disabled population, and to alleviate family burdens [4][6] - The recognition and certification of long-term care workers enhance their sense of belonging and motivation, leading to better care services for disabled individuals [6] - The training for long-term care workers includes various tasks, from basic care to emergency response, emphasizing the need for professionalism and empathy in the role [6][4] Group 3 - The burgeoning homestay industry has led to the emergence of homestay managers, with the number of practitioners growing from zero to over a million in just a few years [7][10] - Homestay managers focus on creating personalized experiences for guests, differentiating their services from standardized hotel offerings [10] - The role of a homestay manager involves understanding guest preferences and providing tailored experiences, contributing to the emotional well-being of guests [12][10] Group 4 - The continuous emergence of new technologies, consumer demands, and market changes is creating limitless possibilities for careers, encouraging individuals to explore new professional paths [14]