高盛发布研报称，某些医疗健康服务和治疗项目(如高端dental种植体、白内障手术、特定疫苗)，由于 不在国家医保范围内或目前不受药品集中采购影响，能够很好地持续吸纳"银发群体"(50岁及以上)不断 增长的自付医疗支出。高盛重点列出了覆盖范围内最有望从高端自付治疗项目增长中受益的主要股票 ——上调爱尔眼科(300015.SZ)、智飞生物(300122.SZ)至"买入"评级、予普瑞眼科(301239.SZ)、 Straumann(SAUHY.US)"买入"评级、升通策医疗(600763.SH)评级至"中性"。 高盛重点关注"银发群体"，其拥有强劲的"人民币"消费能力(净资产超过300万元人民币)，并给出了独立 的总体可寻址市场(TAM)预估，该市场在2024-2035年期间将从2210亿元人民币(310亿美元)增长至9630 亿元人民币(1350亿美元)，复合年增长率为14.3%，而更广泛的50岁以上人群/整体人群的医疗健康支出 复合年增长率分别为4.7%/5.3%。2024 年，该群体虽仅占50岁以上总人口的3%，却贡献了该群体医疗 健康支出的5%，高盛预计到2035年，这一比例将增长至13%(占50岁以上人口 ...

Group 1: Hong Kong Conglomerates and Real Estate - The rating for Jardine Matheson has been upgraded to "Buy" due to expected earnings improvements driven by Dairy Farm and HKLand [1] - Hong Kong real estate rental companies have outperformed developers, with commercial rents stabilizing earlier than expected [1] - Goldman Sachs favors companies emerging from high capital expenditure cycles, those improving shareholder returns through dividends or buybacks, and those with management or strategic changes [1] Group 2: Chinese Healthcare - The "silver economy" is gaining attention, with the elderly population (50+) expected to drive significant growth in healthcare spending, projected to increase from 221 billion RMB (31 billion USD) in 2024 to 963 billion RMB (135 billion USD) by 2035, at a CAGR of 14.3% [2][3] - High-end medical services not covered by national insurance are expected to benefit from increased out-of-pocket spending by this demographic [3] - Key stocks benefiting from this trend include Aier Eye Hospital, Puren Eye Hospital, and Zhifei Biological Products, with ratings upgraded to "Buy" [3] Group 3: Hong Kong Stock Exchange - The average daily turnover of cash stocks on the Hong Kong Stock Exchange has reached a historical high of over 200 billion HKD, despite stock prices being approximately 20% lower than their peak in 2021 [5][6] - Goldman Sachs has raised EPS estimates for 2025-2027 by about 4% and increased the 12-month target price by 11% to 500 HKD, maintaining a "Buy" rating [6] - Key factors that could drive stock price increases include A-shares listing in H-shares, increased ADR trading, and narrowing bid-ask spreads in cash markets [6] Group 4: Chinese Software Industry - The Chinese software industry is expected to see revenue growth in 2025, driven by improved customer order momentum, although profit recovery may take longer [11] - Key focus areas for upcoming earnings reports include AI product upgrades, IT spending outlook, and new business opportunities [11] - Preferred stocks include Kingsoft Office, Kingdee International, and Yonyou Network, which are favored for their early adoption of AI monetization and healthy cash flows [11]