Jianghai Securities: Deepening pension service reform, focusing on opportunities in the industry chain and technological innovation.

Jianghai Securities released a research report stating that with the continuous improvement of the pension service system, companies in the upstream and downstream of the pension industry chain will usher in development opportunities, including the construction and operation of pension service facilities, elderly health management and medical services, research and production of elderly products, etc. The report repeatedly mentioned promoting the integration of medical care and elderly care, and encouraging medical and health institutions to cooperate with elderly care institutions. Therefore, attention should be paid to enterprises that have layout or potential in the field of medical and elderly care integration, which are expected to benefit from policy dividends. The report emphasized accelerating the development and application of pension technology and informatization, which will bring market opportunities to relevant technology companies. Event: The "Opinions of the Central Committee of the Communist Party of China and the State Council on Deepening the Reform and Development of Pension Services" (hereinafter referred to as the "Opinions") was released on December 30, 2024, aiming to deepen the reform of pension services, actively respond to population aging, and improve the sense of gain, happiness, and security of the elderly. The "Opinions" clearly defined the overall requirements, main goals, key tasks, and policy measures for the reform and development of pension services, which have a profound impact on the pharmaceutical industry. Key points of Jianghai Securities: Overall requirements: The report emphasized the principle of doing as much as possible and making decisions within one's means, strengthening scientific forecasting capabilities, making forward-looking arrangements in advance, and accelerating the improvement of the pension service network system. Optimize the structure of pension service supply, based on home care, relying on community support, leveraging the professional advantages of institutional care for the elderly, and promoting deep integration of medical and health care with elderly care services. Focus on strengthening care services for disabled elderly people, building a hierarchical, universal, accessible, urban-rural coverage, and sustainable development pension service system. Strengthen elderly health promotion work, promote double improvement in scale and quality of pension services, further stimulate the vitality of the pension industry and pension services to better meet the diversified and multi-level needs of the elderly. Main goals: By 2029, the basic establishment of the pension service network, with significantly enhanced service capacity and level; by 2035, the pension service network will be more sound, service supply and demand will be more coordinated and adapted, and all elderly people will enjoy basic pension services. Key tasks: Including the construction of county-level comprehensive pension service management platforms, strengthening the capacity building of township (street) regional pension services, improving village (community) pension service facilities sites, consolidating the basic role of home care, strengthening the role of community-based elderly care support, optimizing the role of institutional elderly care professional support, promoting the integration of medical care and elderly care, accelerating the filling of rural pension service gaps, strengthening and improving comprehensive supervision of pension services, etc. Policy highlights: The report notably emphasized promoting state-owned capital participation in the development of pension services, accelerating the development and application of pension technology and informatization, such as promoting the research and application of technological products such as human-like Siasun Robot&Automation, and encouraging foreign investment in the domestic pension service industry and enjoying national treatment, etc. Investment advice: Companies focusing on intelligent pension equipment, remote medical services, health big data analysis, and other fields are worth paying attention to. Recommend Everjoy Health Group (002162.SZ), Suzhou MedicalSystem Techology (603990.SH), Jiangsu Yuyue Medical Equipment & Supply (002223.SZ), etc. Risk warning: Risks of policy changes; intensified market competition risks; risks of technological iteration.