Group 1 - The investment outlook for the mainland and Hong Kong stock markets is positive, supported by factors such as a weakening US dollar, declining interest rates in the mainland, and reasonable valuation levels [1] - The focus will be on companies with strong earnings performance, particularly in the healthcare and precious metals sectors [1] - Healthcare stocks are expected to benefit from ample liquidity and government support for innovative drugs, with a preference for industry leaders and companies with late-stage drug pipelines [1] Group 2 - Schroders has recently re-engaged in commercial property loans in Hong Kong, indicating that the commercial real estate market is in a bottoming process, dependent on the overall performance of the Hong Kong economy [1]

2026年02月25日 证券研究报告 | 悦己消费产业链研究之银发经济 关注运动产业和适老化产品企业机会 行业研究 · 行业快评 纺织服饰 投资评级：优于大市（维持） 证券分析师：丁诗洁 证券分析师：刘佳琪 0755-81981391 010-88005446 dingshijie@guosen.com.cn liujiaqi@guosen.com.cn S0980520040004 S0980523070003 请务必阅读正文之后的免责声明及其项下所有内容 核心观点 请务必阅读正文之后的免责声明及其项下所有内容 • 事项：随着中国正步入深度老龄化社会，老龄化既带来劳动力供给趋紧等社会挑战，也蕴含巨大的银发族的消费市场新 机遇。相关企业积极布局有望迎来发展新机遇。 • 国信纺服观点：随着中国老龄化程度逐步加深，银发经济正成为消费市场的重要增长引擎。老龄化虽带来劳动力供给趋 紧等挑战，但同时也孕育着消费新机遇，如健康意识的提升推动大众运动产业蓬勃发展，老年人口对医疗护理、适老用 品的需求持续扩容等。具体来看： 1）运动服饰：日本老龄化社会运动鞋服消费坚挺，大众运动产业逆势增长。参照日本经验，经济低迷与老龄化背景 ...

资本集团股票投资总监Andy Budden表示，目前市场表现强劲，但同时充斥着大量变量与波动，预期市 场最终总会回归长期基本面，故认为现时仍是投资良机，呼吁投资者坚守三大投资原则。该行同时指 出，只持有美国科技股并非现阶段最佳投资策略，配置宜变得多元化。 Andy Budden认为，随着人工智能(AI)急速发展，经济增长过往依赖劳动力增加，但随着人口结构改 变，劳动力正在萎缩，预期经济增长动力会由人口红利变成AI变革，直言AI现时正以前所未有的速度 取代劳工，预期AI对生产力的推动将是最初预期的两倍。他补充，虽然AI会取代部分劳动力，但企业 正创造更高效的新职位，整体对经济仍持乐观态度。 该行股票投资总监李乐鸣指出，虽然市场基本面乐观，但认为今年股票市场或可能因成熟市场AI板块 估值及预期偏高、以及地缘政治因素等出现回调。但指市场复苏时间通常比预期长，所以关键不在 于"预测时机"，而是"留在市场内的时间"。 投资者以往会锁定增长股，特别是美国科技股，但未来将并非一个理想组合。投资组合需要变得均衡 (Balanced)、具全球视野(Global)以及主动管理(Active)，又指盈利增长正从美国扩散到全球其他地 ...

Core Viewpoint - Yulin is actively enhancing its livelihood construction through industrial development, urban-rural integration, and modern governance, transforming high-quality development outcomes into tangible benefits for the community [1] Group 1: Industrial Development - Yulin is leveraging its characteristic industries to create job opportunities for residents, enabling them to achieve income growth close to home [2] - The Yuyang District is fostering leading enterprises and agricultural cooperatives to connect small farmers with larger markets, facilitating the modernization and branding of traditional agriculture [2] - The Shagai Mei Food Technology Co., Ltd. has transformed local traditional food into a significant industry, creating over 260 jobs and benefiting more than 1,000 people [2] - The Yujia Economic and Technological Development Zone aims to be a model for new industrialization in the province, promoting rural revitalization and high-quality county development [2] - The Jidong Oilfield (Yulin) Energy Co., Ltd. has created over 3,000 jobs and supported the development of 65 local enterprises through diversified development of the natural gas industry [2] Group 2: Infrastructure Improvement - Since the 14th Five-Year Plan, the Hongshan District has optimized its urban road network and planned over 60 major construction projects, with a total investment of 641 million yuan [3] - Efforts to upgrade urban infrastructure and improve public services have enhanced the living environment and comfort for residents [3] Group 3: Social Services and Governance - The Yuyang District's third Ice and Snow Tourism Consumption Season combines winter leisure with local culture, providing residents with enjoyable recreational options [4] - The integration of elderly care and medical services in the Hongshan District has provided remote support and home services for over 560 elderly residents, focusing on vulnerable groups [4] - The Jia County has implemented a comprehensive governance system based on the "Fengqiao Experience," enhancing grassroots governance modernization [4] Group 4: Sustainable Development - Yulin is building a sustainable and shared ecosystem for livelihood development, ensuring that residents continuously experience stable happiness [5]

在"十五五"规划下，中国料将聚焦于高科技创新行业如人工智能、先进制造及可再生能源。该行因此看 好中资科技股，尤其是人工智能相关股份如半导体，亦偏好先进制造、机器人及医疗护理股。 宏利投资管理亚洲区股票投资部主管蔡尚琴表示，中国经济运行平稳，亚洲股市可受惠美元转弱。她提 到，中国有越来越多高价值出口，包括工业设备、新能源车。 宏利投资管理给予内地和香港股票"中性"评级，宏利投资管理亚洲区资产配置主管潘乐勤(Luke Browne)指该行偏好中资股，虽预期中资股不会出现爆炸性回报，但认为中资股具有投资机会。 宏利投资管理高级环球宏观策略师兼环球宏观策略高级总监邵宇婷预期，美国今年将减息3次，第一次 会在5月份美联储主席换届前，余下两次料将于下半年发生。她又提醒，现任主席鲍威尔有机会在主席 任期结束后留任委员一职，有机会导致美联储币策立场较该行预期更鹰派。 ...

Core Viewpoint - UBS Wealth Management's Chief Investment Officer for Asia Pacific, Chen Minlan, anticipates a 15% upside potential for Hong Kong and A-shares this year [1] Group 1: Market Outlook - The firm is optimistic about European, Chinese, and Japanese stock markets, with a preference for H-shares over A-shares due to a positive outlook on Chinese tech stocks listed in Hong Kong [1] - The expected average earnings growth for Chinese tech stocks over the next few years is projected to reach 25% or more [1] Group 2: Investment Themes - There are interesting "bottom-up" investment themes within Chinese stocks, particularly in areas such as technology autonomy, which includes companies related to artificial intelligence, automation, and robotics [1] - The firm also expresses optimism for sectors such as healthcare, new consumption, and high-yield financial stocks [1]

Core Insights - The Shaanxi Provincial Human Resources and Social Security Department has released a talent demand directory for key industrial chains by 2025, identifying 696 critical job types across various sectors, including 445 in industry, 123 in agriculture, and 128 in culture and tourism [1][2] Industrial Sector - The focus in the industrial sector is on 32 key industrial chains, particularly in semiconductor and integrated circuits, new power industries, and modern chemical industries [1] - The most urgent job demands are in software and information technology services, sensors and IoT, and the aviation industry, with high demand for talent in high-tech fields like semiconductors and smart terminals [1][2] - Nearly two-thirds of the talent demand is for innovative R&D and skilled personnel [1] Skills Development - The directory emphasizes elevating high-skilled talent to the same strategic importance as technological talent, advocating for a comprehensive implementation of the "New Eight-Level Worker" vocational skill grading system [2] - Regular "Shaanxi Manufacturing" top skill competitions will be held, with significant rewards for winners, including direct recognition of senior technician titles [2] Cultural and Tourism Sector - In the cultural and tourism sector, the most significant talent demand is in cultural creativity, entertainment performances, and commercial tourism streets, focusing on marketing and innovation [2] Health and Elderly Care Sector - The health and elderly care sector shows a substantial demand for skilled personnel, with shortages in the elderly care industry (23,100), medical care (21,400), domestic services (15,300), and childcare (10,700) [2] - The most critically needed professions include elderly capability assessors, health care practitioners, and early childhood development guides [2] Training Initiatives - Shaanxi has been conducting specialized training in key industries, particularly in the health and domestic service sectors, with over 20,000 government-subsidized training sessions annually for roles like elderly care workers and health assessors [3] - Local civil affairs departments are also implementing project-based skill training to meet regional elderly care service demands [3]

Group 1: Talent Demand in Key Industries - The Shaanxi Provincial Human Resources and Social Security Department has released a directory of talent demand for key industrial, agricultural, cultural tourism, and health care sectors, identifying 696 critical job types [1] - The industrial talent demand is primarily concentrated in semiconductor and integrated circuits, new power industries, and modern chemical industries, with Xi'an and Xianyang having the highest demand for critical positions [1] - Over 60% of the urgently needed positions require a bachelor's degree, with a significant demand for innovation and research roles [1] Group 2: Agricultural Sector Talent Needs - In agriculture, the demand for talent is mainly in the dairy, apple, and poultry meat industries, with notable shortages in specialized sectors like kiwi and traditional Chinese medicine [1] - The current workforce is predominantly in marketing roles, but there is a clear shift towards a demand for research, technical, and skilled positions, with research roles being the most sought after [1] Group 3: Cultural Tourism Sector Talent Needs - The cultural tourism sector shows a high demand for talent in cultural creativity, entertainment performances, and tourism scenic routes, while rural tourism and sports event economies lag behind [2] - Marketing roles are particularly in demand, followed by innovation and research positions, with a lower demand for skilled roles [2] Group 4: Health Care and Elderly Care Sector Talent Needs - The health care sector has the highest demand for talent, with a shortage of 47,500 positions, while the elderly care sector has a shortfall of 23,100 positions, the highest among all sectors [2] - The health care sector's critical roles include highly needed positions such as elderly capability assessors and health care providers, with a range of roles classified by urgency from high to low [2]

Core Viewpoint - Zhang Shuihua, known as the "fastest nurse," has officially resigned from her position at Fujian Medical University First Affiliated Hospital, with the resignation approved by the hospital on January 4, 2026. The resignation follows a series of controversies related to her participation in the Harbin Marathon and subsequent disciplinary actions taken by the hospital [1]. Group 1 - Zhang Shuihua announced her resignation on January 2, 2026, via her personal video account, expressing her desire to move forward despite the challenges faced [1]. - The controversy surrounding Zhang began in August 2025 when she won the women's group championship at the Harbin Marathon and made public statements requesting support from her superiors for time off to participate in marathons, which sparked widespread discussion [1]. - The hospital conducted an investigation in December 2025, confirming that Zhang had engaged in unauthorized paid work and had used false reasons to obtain time off, leading to disciplinary actions [1]. Group 2 - Initially, there were rumors of Zhang's resignation, but the hospital clarified that she was still employed until her official announcement [1]. - The hospital's response to the situation has been cautious, with staff stating they could not disclose further details regarding her resignation [1].

Core Viewpoint - The resignation of Zhang Shuihua, known as the "fastest nurse," highlights the conflict between professional obligations and personal passions in the modern workplace, reflecting a common dilemma faced by contemporary workers [1][3]. Group 1: Professional Ethics and Responsibilities - The unique nature of nursing does not allow for frequent absences to participate in competitions, making the hospital's disciplinary actions a necessary enforcement of professional standards [3]. - The initial public support for Zhang shifted to skepticism after details of her violations were revealed, indicating that while people appreciate personal aspirations, they also uphold the importance of professional ethics [3]. Group 2: Personal Choices and Values - Zhang's decision to resign is not a clear-cut right or wrong but represents a rational restructuring of life priorities, balancing adherence to professional norms with the pursuit of personal passions [5]. - The incident raises important questions about whether systems can provide flexible space for talented individuals and how individuals can pursue their passions without crossing professional boundaries [5].