Core Viewpoint - The Chinese smart elderly care industry is transitioning from "partial pilot" to "full penetration" and from "technology stacking" to "ecological integration" due to the intersection of population aging and digital transformation [1][2][3] Industry Background - By the end of 2024, the population aged 60 and above in China will exceed 310 million, accounting for 22.0% of the total population, highlighting the urgent challenges faced by traditional elderly care models [3][5] - Factors such as changes in family structure, upgrading consumption among the elderly, and increased acceptance of digital technology are driving the development of the smart elderly care industry [5][22] - Technological innovations are reshaping the elderly care service ecosystem, pushing the industry towards precision, personalization, and efficiency [5][24] Industry Status - Smart elderly care has developed technical solutions covering home, community, and institutional settings, with a competitive landscape featuring comprehensive solution providers, vertical technology companies, and traditional elderly care enterprises [5][34] - Challenges such as data silos, insufficient technology adaptation for the elderly, and immature business models remain significant pain points for industry development [5][39] Research Outlook - Demand-side trends indicate a shift from survival-oriented elderly care to quality-oriented elderly care, while supply-side trends show a movement towards a full-cycle service ecosystem [6][42] - The smart elderly care industry is expected to evolve into a high-quality development phase characterized by large-scale supply, ecological collaboration, and a focus on value realization [6][45][48] Social Demand Driving Development - The smart elderly care industry is experiencing accelerated growth due to multiple demand-side drivers, including changes in family structure and a growing demand for quality life among the elderly [22][24] - The integration of smart elderly care with medical services is being propelled by the increasing demand for digital tools such as online consultations and remote monitoring [22] Technological Applications - The integration of AI, IoT, big data, and cloud computing is reconstructing the elderly care service model, addressing issues such as labor shortages and safety guarantees [24][25] - The technology-driven approach aims to shift elderly care from passive responses to proactive prevention, enhancing the quality of independent living for the elderly while reducing social care costs [24][25] Major Players and Business Models - The smart elderly care industry features three main types of players: comprehensive solution providers, vertical technology companies, and traditional elderly care enterprises, each with distinct competitive advantages [34][36] - Comprehensive solution providers focus on integrating technology and services, while vertical companies specialize in specific technological breakthroughs, and traditional enterprises leverage offline resources for service upgrades [34][36] Regional Development Patterns - The smart elderly care industry in China exhibits a pattern of "strong east, weak west," with eastern regions leveraging economic, policy, and technological advantages to build a comprehensive ecosystem [37] - Collaboration among regions is essential to narrow the gap and establish a unified national smart elderly care framework [37] Development Challenges - Despite the growth driven by policies, technology, and market forces, the smart elderly care industry faces systemic challenges such as data barriers, collaboration issues, and regulatory gaps [40][39] - Addressing these challenges requires unified data standards, enhanced collaboration among industry players, and the development of sustainable business models [40]

Core Viewpoint - The consumption market is undergoing a structural transformation from policy-driven expansion to quality-driven growth, with a focus on three key sectors: silver economy, maternal and infant consumption, and smart home technology [1] Silver Economy - The aging population in China is projected to reach 310 million by the end of 2024, accounting for 22% of the total population, with 220 million aged 65 and above [2] - The elderly population is increasingly seeking quality and intelligent living solutions, leading to a shift from traditional elderly care to technology-driven and health-oriented services [2] - The market for elderly products is expected to grow from 5.4 trillion yuan in 2024 to 6.1 trillion yuan by 2025, with a compound annual growth rate of 7.3% from 2014 to 2024 [2] - Over 405,000 companies related to the silver economy are currently registered in China, with approximately 75,000 new registrations in 2025 alone [2] Maternal and Infant Consumption - The retail sales of maternal and infant products (excluding food) are projected to reach 565.33 billion yuan in 2024, driven by the demand for smart, safe, and personalized products [6] - The number of registered maternal and infant product companies has exceeded 11.37 million, with about 2.99 million new registrations in 2025 [6] - Key regions for maternal and infant product companies include Guangdong, Hainan, and Hubei, which collectively account for over 35% of the total [6] Smart Home Technology - The smart home market in China is expected to reach 756 billion yuan in 2024 and surpass 800 billion yuan in 2025, with a target of reaching 1 trillion yuan by 2027 [9] - AI technology is transforming smart home products and services, enabling interconnected ecosystems that enhance user experience and energy efficiency [9] - There are over 92,000 registered smart home companies in China, with Guangdong leading in company numbers [9] Overall Market Trends - The three sectors are expected to drive significant growth in the consumption economy, transitioning from scale expansion to high-quality development, supported by policy initiatives and technological innovations [10]

12月16日，2025苏州银发经济创新创业大赛颁奖礼举行。赛事自11月启动以来吸引来自全国72个城市的近200个项目报名，围绕"康养技术与产品""康养服 务创新"两大赛道展开比拼，30个项目进入现场角逐并揭晓各类奖项。活动同步进行苏州银发经济产业推介，并发布首批苏州市银发经济产业顾问，为银 发领域创新更好回应"如何让3.1亿中国老年人生活得更好"的现实课题搭建对接通道。 颁奖礼现场同步进行苏州银发经济产业推介。苏州市民政局介绍了苏州老龄化现状及银发经济产业布局情况。随着养老服务需求持续增长，银发经济正成 为新的发展蓝海。围绕项目成长需求，苏州为参赛团队提供政策对接、投融资支持、应用场景验证等多元化扶持资源，助力创新成果加速落地。 活动中，首批苏州市银发经济产业顾问正式发布。该顾问团队汇聚老龄科学研究、养老服务、医疗健康、适老科技与设计等领域的专家力量，为银发经济 项目提供专业指导与智力支持。 大赛评委代表、北京银发壹族科技有限公司创始人段明杰在发言中表示，评审过程中始终坚持三项核心标准：是否真正回应老年人现实需求、是否具备可 持续发展能力、是否符合银发经济发展趋势。他特别提到，多项参赛项目呈现出良好的跨代协作 ...

智慧养老行业 丨研究报告 截至2024年底，我国60岁及以上人口已达3.1亿，占总人口22.0%，随着人口老龄化加速，传统养老模式面临严峻挑战。与此同时，科技革命为养老产业带来新机 遇，智慧养老通过技术+服务双轮驱动，不仅能满足老年人多层次需求，也为银发经济发展开辟新路径。 在此背景下， 系统梳 理智 慧养老 产业 生态、挖掘创新商业模式，不仅是回应社会需求的现实选择，更是推动产业从"野蛮生长"向"高质量发展"转型的关键支撑。 研究 内容 报告从行业背景、行业现状两大维度展开，全面剖析中国智慧养老行业的整体图景。 ➢行业背景 ： 政策层面 持续 加码 ，推动智慧养老战略地位不断提升。同时， 家庭结构变迁、老年群体消费升级、数字化接受度提高 等因素共同驱动行业发展。 技术革新正在重塑养老服务生态，推动产业向 精准化、个性化、高效化 方向发展。 序言： 在人口老龄化与数字化转型的历史交汇期，中国智慧养老产业正经历从"局部试点"到"全域渗透"、从"技术叠加"到"生态融合"的质变。 截至2024年，中国60岁以上人口突破3.1亿，占总人口比重攀升至22.0%。传统家庭养老功能弱化、机构养老供给不足、社区服务碎片化等问 ...

作者：王明夫 老龄化社会正在向我们走来，悲观的人听到了夕阳西下的生命挽歌，乐观的人看到了朝阳升起的经济日出。我和本书的牵头作者张卢锋、曹卓君，显然属 于乐观的人。我们坚信，未来二十年，"银发经济"是重构中国消费格局、驱动产业创新、支撑中国经济增长的重要力量。我对未来二十年的中国银发经济 有十一点认识，供方家批评指正。 一、规模跃迁，从万亿规模的蓝海到百万亿级规模的支柱产业。 未来二十年，中国银发经济将完成从"潜力市场"到"支柱产业"的史诗级跨越。随着"60后""70后"等高净值人群步入退休，老年人口总量增加、寿命延长与 人均消费能力提升这三者将形成乘数效应。这个市场将不再是原来概念下的养老、保健、医疗，而是渗透至消费全域，成为重塑市场格局的决定性力量。 二、消费分层，年龄层次定义银发经济的需求特征和市场结构。 目前，我国以60岁为老年人的起点（以退休年龄为标志），我国人口平均寿命接近80岁。银发经济对应的年龄期间约为20年（60岁-80岁）。随着AI和先 进生物技术应用于医药医疗，未来二十年，人的寿命将大幅延长，据说活到百岁以上是常态。如果依旧以60岁为老年人的起点，那么银发经济对应的年龄 期间可能是40年（ ...

家电行业 2026 年度策略：经营韧性，出海红利，左侧成 长 20251201 摘要 家电企业海外市场份额持续提升，欧美市场需求预计 2026 年下半年显 著回升，尤其美国降息及房地产需求将推动家电需求增长，利好相关企 业业绩。 出口链公司 2025 年业绩受海外产能爬坡影响，预计 2026 年修复。中 国家电企业在新兴市场抢占日韩份额，欧美市场增长潜力大，龙头企业 通过全球产能弹性应对关税影响。 黑电行业竞争格局改善，面板周期性减弱，国内面板产能接近垄断，成 本压力减轻，小米等竞争对手放缓竞争，中国黑电企业有望提升全球份 额和利润率。 2025 年双十一黑电行业整体下滑，但 Mini LED 渗透率提升至 47%， 均价提升 14%，表明高端产品需求稳健，预计 2026 年 Mini LED 与 LCD 价差收窄将继续推动渗透率提高。 北美市场库存趋于合理化，美国消费需求有望在降息周期下逐步恢复， 推动黑电行业复苏，欧洲市场价格竞争预计 2026 年放缓，利好中国黑 电龙头企业利润率稳定。 Q&A 2026 年家电行业的年度策略展望是什么？ 2026 年的家电行业投资策略主要围绕四条主线展开：经营韧性、出海 ...

Core Insights - The report emphasizes the resilience of the home appliance industry, particularly the white goods sector, and highlights the ongoing benefits from international expansion and growth opportunities in emerging markets [1][4][5] - The report maintains a positive outlook on leading companies in the white goods sector, suggesting that they possess strong operational resilience and are well-positioned to navigate market challenges [1][5][17] Investment Recommendations - **Main Line 1**: Focus on high dividend yields and high ROE, capitalizing on the operational resilience of leading white goods companies [3][11] - **Main Line 2**: Leverage the ongoing benefits from international expansion, as leading white goods companies have established global production capacities and can adapt to tariff policies [5][4] - **Main Line 3**: Follow valuation trends and sectors with upward beta, indicating potential growth opportunities [7] - **Main Line 4**: Pay attention to new product categories with low penetration and high growth potential, which could offer significant market opportunities [8] Performance Analysis - The report analyzes the performance of key white goods companies during the pressure testing period of Q2 and Q3 2025, noting that Midea Group and Haier Smart Home demonstrated strong operational resilience despite challenges [13][16] - The report provides detailed financial metrics for major players, indicating that Midea Group and Haier Smart Home maintained positive revenue growth, while Gree Electric experienced declines [14][15][16] Market Dynamics - The report discusses the competitive landscape, noting that leading companies have effectively managed pricing strategies to counter competition from emerging brands like Xiaomi [32][36] - It highlights the importance of understanding the impact of government subsidy policies on industry demand, particularly as the market enters a high base period in Q4 2025 [22][24] Global Expansion and Tariff Resilience - The report outlines the global production strategies of leading companies, emphasizing their ability to mitigate risks associated with tariff changes through diversified production locations [41][46] - It notes that China's dominance in global white goods production allows for effective pricing strategies and resilience against policy uncertainties [46][47] Consumer Demand and Economic Indicators - The report indicates that consumer demand in North America is closely tied to real estate trends, suggesting that a potential interest rate cut could stimulate home appliance consumption in 2026 [52][58] - It highlights the correlation between housing sales and appliance consumption, emphasizing the importance of monitoring macroeconomic indicators [58][59]

Core Insights - The Chinese smart elderly care industry is transitioning from "pilot projects" to "full-scale penetration" and from "technology stacking" to "ecosystem integration" due to the intersection of population aging and digital transformation [1][3][24] - By the end of 2024, the population aged 60 and above in China is expected to exceed 310 million, accounting for 22% of the total population, highlighting the urgent need for smart elderly care solutions [1][3][19] Industry Background - Continuous policy support is enhancing the strategic position of smart elderly care, driven by changes in family structure, consumption upgrades among the elderly, and increased digital acceptance [4][17] - The industry is evolving towards precision, personalization, and efficiency, with technological innovations reshaping the elderly care service ecosystem [4][21] Current Industry Status - Smart elderly care has developed comprehensive solutions covering home, community, and institutional settings, with three main types of players: comprehensive solution providers, vertical technology companies, and traditional elderly care enterprises [4][30] - Challenges such as data silos, insufficient technology adaptation for the elderly, and immature business models remain significant barriers to industry development [4][30][37] Research Outlook - Demand for smart elderly care is progressing from survival assurance to value realization, indicating a shift towards quality-oriented services [5][40] - The supply side is expected to evolve through technological, resource, and scenario advancements, leading to large-scale development of smart elderly care services [5][43] Technological Empowerment - The integration of AI, IoT, big data, and cloud computing is driving the transformation of elderly care services from passive care to proactive prevention, enhancing the quality of life for the elderly while reducing social care costs [21][43] Market Dynamics - The smart elderly care market is characterized by a shift from fragmented services to a comprehensive ecosystem, with a focus on both technological innovation and humanistic care [2][24][47] - The industry is witnessing a trend towards ecological collaboration, where the core ecosystem involves government support, enterprise delivery, and feedback from families and the elderly [47][49] Regional Development - The smart elderly care industry shows a pattern of stronger development in eastern regions compared to western areas, with each region leveraging its unique resources to shape its development path [33][37] Challenges and Opportunities - Despite the growth potential, the industry faces challenges such as data isolation, technological adaptation issues, and a lack of mature business models, which need to be addressed for sustainable development [37][38]

Core Viewpoint - The Chinese smart elderly care industry is transitioning from "pilot projects" to "full-scale penetration" and from "technology stacking" to "ecological integration" due to the intersection of population aging and digital transformation [1][2][3] Industry Background - By the end of 2024, the population aged 60 and above in China will exceed 310 million, accounting for 22.0% of the total population, posing severe challenges to traditional elderly care models [3][5] - Factors such as changes in family structure, consumption upgrades among the elderly, and increased acceptance of digital technology are driving the development of the industry [5][22] - The technological revolution is reshaping the elderly care service ecosystem, pushing the industry towards precision, personalization, and efficiency [5][24] Industry Status - Smart elderly care has formed technical solutions covering three major scenarios: home, community, and institutions [5][34] - The industry exhibits a competitive landscape with three main types of players: comprehensive solution providers, vertical technology companies, and traditional elderly care enterprises [5][34] - Challenges such as data silos, insufficient technology adaptation for the elderly, and immature business models remain significant pain points for industry development [5][39] Research Significance - The integration of technology and services in smart elderly care not only meets the multi-layered needs of the elderly but also opens new pathways for the development of the silver economy [3][4] Research Content - The report systematically analyzes the overall picture of the Chinese smart elderly care industry from the dimensions of industry background and current status [5] Research Outlook - Demand-side trends indicate a shift from survival-oriented elderly care to quality-oriented elderly care [6] - Supply-side developments will focus on technology, resources, and scenarios to lead smart elderly care services towards large-scale development [6] - The ecological aspect will emphasize value closure and multi-dimensional collaboration, outlining a new development landscape for the smart elderly care ecosystem [6] Policy Emphasis - A series of policies have been introduced to support smart elderly care, highlighting its strategic importance [19][21] Social Demand - The demand for smart elderly care is driven by significant changes in family structure, an increase in solitary and empty-nest households, and a growing elderly population with varying needs [22] Technological Application - The integration of AI, IoT, big data, and cloud computing is reconstructing the elderly care service model, transitioning from passive care to proactive prevention [24][25] Market Dynamics - The smart elderly care industry is characterized by a shift from fragmented services to a comprehensive ecosystem, driven by technological innovation and humanistic care [2][4][42] Future Trends - The demand for smart elderly care is evolving from basic survival needs to a focus on quality and value realization, reflecting a societal shift in values [42] - The supply side is moving towards large-scale development, with technology, resources, and scenarios driving the evolution of services [45] - The industry is expected to see increased ecological collaboration, enhancing the synergy between policies, markets, and technologies [48]

Core Points - The Ministry of Industry and Information Technology has selected 177 products for the "2025 Elderly Products Promotion Directory," aimed at enhancing the quality and availability of elderly care products in China [1][6]. Group 1: Product Categories - The selected products include various categories such as daily assistive products, elderly care products, and health management products [3][4][6]. - Notable products include exoskeleton rehabilitation devices, digital hearing aids, and smart nursing equipment [1][3]. Group 2: Regional Representation - Shandong province has a significant representation with 19 products, including a lower limb exoskeleton rehabilitation trainer and a laser walking aid [1][3]. - Other provinces also contribute to the directory, showcasing a diverse range of innovative products for elderly care [6]. Group 3: Government Initiatives - The initiative is part of a broader effort by five government departments to promote high-quality elderly products and services, encouraging local governments to include these products in consumer subsidy programs [6][7]. - Regular assessments will be conducted to ensure compliance and quality, with penalties for companies involved in illegal production or significant safety incidents [6].