“银发浪潮”下中国养老产业竞争格局与头部企业战略特征分析

Analysis of the Competitive Landscape of China’s Elderly Care Industry and the Strategic Characteristics of Leading Enterprises in the Context of the “Silver Wave”

摘要: 随着我国人口老龄化进程加快，银发经济上升为国家战略，养老产业竞争格局与头部企业战略成为重要研究议题。本文基于产业组织理论与战略管理理论，系统分析了中国养老产业的竞争格局与头部企业战略特征。研究发现：我国养老产业呈现保险公司、房地产企业、专业养老运营商、国资控股康养集团四类主体并存的竞争格局，市场集中度整体较低，产业处于初创向成长期过渡阶段。头部企业战略选择本质上是资源禀赋与行业矛盾间的适应性反应——保险公司依托长期资金优势构建“保险 + 养老”重资产生态，房地产企业借土地资源探索会员制运营与存量盘活，专业运营商聚焦精细化服务实现轻重结合扩张。三类企业均面临“资源依赖症”与盈利困境，尚未形成内生可持续的商业模式。本文提出企业应明确战略定位、强化运营能力，政策应从供给侧补贴转向需求端支持，加快长护险落地与REITs制度突破，共同推动养老产业高质量发展。

Abstract: As China’s population ages at an accelerated pace, the silver economy has been elevated to a national strategy, making the competitive landscape of the elderly care industry and the strategies of leading enterprises important research topics. Based on industrial organization theory and strategic management theory, this paper systematically analyzes the competitive landscape and strategic characteristics of leading enterprises in China’s elderly care industry. The study finds that China’s elderly care industry presents a competitive landscape where four types of entities coexist: insurance companies, real estate enterprises, professional elderly care operators, and state-owned health and wellness groups. The overall market concentration is low, and the industry is in a transitional stage from start-up to growth. The strategic choices of leading enterprises are essentially adaptive responses to resource endowments and industry contradictions. Insurance companies leverage their long-term capital advantages to build an “insurance + elderly care” heavy asset ecosystem, real estate enterprises explore membership-based operations and inventory activation by leveraging land resources, and professional operators focus on refined services to achieve a combination of heavy and light expansion. All three types of enterprises face “resource dependency syndrome” and profitability challenges, and have not yet formed an endogenous sustainable business model. This paper proposes that enterprises should clarify their strategic positioning and strengthen their operational capabilities, while policies should shift from supply-side subsidies to demand-side support, accelerate the implementation of long-term care insurance and breakthroughs in the REITs system, and jointly promote the high-quality development of the elderly care industry.