高盛-2024人口结构困境研究报告：老龄化社会与潜在解决方案中的社会投资机遇（英）

Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. For Reg AC certification and other important disclosures, see the Disclosure Appendix, or go to www.gs.com/research/hedge.html. Analysts employed by non-US affiliates are not registered/qualified as research analysts with FINRA in the U.S.The Goldman Sachs Group, Inc.EQUITY RESEARCH | November 19, 2024 | 5:14PM GMTThe Demographic Dilemma Aging populations and the Social Investing opportunities from potential solutionsLatest 2024 UN data show that populations are declining faster than initially expected in mature economies around the world and nearly 1/4 of the world's population already lives in countries with declining populations. A resulting Demographic Dilemma – a shrinking productive labour pool tasked with supporting an aging population – has the potential to impact multiple Sustainable Development Goals and drive a wider opportunity set for Social Investing, particularly in verticals such as education, healthcare, human capital, and automation. In this report, we cover investment implications of the global aging trend across maturing economies that could elevate Social Investing opportunities via five potential responses from companies and governments – Womenomics, Education, Immigration, Capital Relocation, Automation & AI.Madeline Meyer +44 20 7774-4593 madeline.r.meyer@gs.com Goldman Sachs InternationalSharon Bell +44 20 7552-1341 sharon.bell@gs.com Goldman Sachs InternationalShubham Jain +1 332 245-7652 shubham.jain@gs.com Goldman Sachs India SPLBrian Singer, CFA +1 212 902-8259 brian.singer@gs.com Goldman Sachs & Co. LLCEvan Tylenda, CFA +44 20 7774-1153 evan.tylenda@gs.com Goldman Sachs InternationalDerek R. Bingham +1 415 249-7435 derek.bingham@gs.com Goldman Sachs & Co. LLCNote: The following is a redacted version of the original report published November 19, 2024 [44 pgs]. AuthorsMadeline Meyer+44 20 7774-4593madeline.r.meyer@gs.comGoldman Sachs InternationalEvan Tylenda, CFA+44 20 7774-1153evan.tylenda@gs.comGoldman Sachs InternationalSharon Bell+44 20 7552-1341sharon.bell@gs.comGoldman Sachs InternationalBrian Singer, CFA+1 212 902-8259brian.singer@gs.comGoldman Sachs & Co. LLCYuriko Tanaka+81 3 4587-9964yuriko.tanaka@gs.comGoldman Sachs Japan Co., Ltd.Derek R. Bingham+1 415 249-7435derek.bingham@gs.comGoldman Sachs & Co. LLCShubham Jain+1 332 245-7652shubham.jain@gs.comGoldman Sachs India SPLJacqueline Du+86 21 2401-8948jacqueline.du@goldmansachs.cnGoldman Sachs (China)Securities Company LimitedDaniela Costa+44 20 7774-8354daniela.costa@gs.comGoldman Sachs InternationalYuichiro Isayama+81 3 4587-9806yuichiro.isayama@gs.comGoldman Sachs Japan Co., Ltd.Suhasini Varanasi+44 20 7774-3722suhasini.varanasi@gs.co