中国国际经济交流中心研究员 张茉楠：在2018年之后，我们逐步实现了贸易的多元化，特别是市场的多元化，比如说东南亚、非洲 和拉美等，逐步形成了我们多元化的布局。贸易的多元化，使得我们会减少对单一市场的依赖。 央视网消息：2025年即将划上句号，回望这一年的中国经济，无论是对内还是对外，又是整个国家克服巨大困难的一年。这一 年走得不容易，成效也看得出来。本周召开的中央经济工作会议提出的八项任务中，坚持内需主导，建设强大国内市场被放在了首 位。那么未来的一年，中国经济将会取得什么样的进展，新的重要政策和措施将如何更精准地抵达企业和个人？ 2026中国经济：向"内"求变 本周一，山东青岛港，随着这艘货轮完成装卸作业，这个世界第四大港今年的货物吞吐量累计突破7亿吨，比去年完成这一数字提 前了15天。同一天，海关总署发布今年前11个月的外贸数据，我国货物贸易进出口总值41.21万亿元，同比增长3.6%。其中，出口 24.46万亿元，进口16.75万亿元，我国贸易顺差首次超过1万亿美元。 中国国际经济交流中心研究员 张茉楠：从市场或者从国际社会来看，大家原本预期中国今年的出口可能会面临非常大的挑战，或者 说我们出口会面临 ...

Economic Overview - In 2025, China's economy faced significant challenges but showed resilience, with a focus on domestic demand and building a strong domestic market highlighted in the Central Economic Work Conference [1][15] - China's total import and export value reached 41.21 trillion yuan, with a year-on-year growth of 3.6%, and a trade surplus exceeding 1 trillion USD for the first time [1][3] Trade Dynamics - Despite a decline in exports to the US by 18.9%, China saw increased exports to ASEAN and the EU, indicating a diversification of trade markets [4][6] - Private enterprises have become the mainstay of foreign trade, with their imports and exports growing by 7.1%, accounting for 57.1% of China's total foreign trade [6][8] Domestic Demand and Consumption - The Central Economic Work Conference emphasized the need to boost domestic demand and consumer spending, with a focus on addressing the imbalance between strong supply and weak demand [19][25] - The proportion of final consumption in GDP reached 56.6%, indicating room for growth compared to developed countries [17] Policy Initiatives - A new initiative to implement a "rural and urban residents' income increase plan" aims to enhance income levels and stimulate consumption [27][28] - The government plans to optimize policies related to consumption, including doubling the budget for the "two new" policies to 300 billion yuan, which has already driven significant sales growth [26][30] Market Stability and Quality Improvement - The focus is shifting from quantity to quality in production, with measures to combat "involution" in various industries [21][24] - The government aims to stabilize the real estate market to boost consumer confidence, with policies to manage inventory and improve supply [33][35]

在进入到2025年之后，国内经济仍处于通缩周期，像房子、车子、小家电、电子产品、猪肉等商品价格出现了不同程度的下跌。这将会在很大程度上，降低 了老百姓的支出成本。不过，也有业内人士预测：从12月起，这4类东西价格或将明显上涨，老百姓要提前做好准备。 第一，冬季农产品价格出现上涨 最近，我们只要去菜场逛一下，就会发现蔬菜的价格出现明显的上涨。比如，青菜的价格从之前的2.5/斤，涨到了4-5元/斤。蕃茄的价格从之前的4.5元/斤， 涨到了6-7元/斤。菠菜的价格从之前的5-6元/斤，涨到了现在的8-9元/斤。对此，不少家庭主妇表示，冬天蔬菜价格大涨，生活成本明显上升了。 而导致12月份蔬菜价格大涨的原因有两个：一个是，现在已经进入到冬季，很多蔬菜都在大棚里种植，这既要购买塑料薄膜，又要控制大棚温度，这个生产 成本就会出现上升，最终会推高蔬菜价格。另一个是，很多蔬菜在冬季无法种植，只能到南方较远的地区采购。而这无疑会增加更多的运输成本，这最终也 会在蔬菜的价格上面体现出来。 在进入到12月份之后，北方很多城市都会开始集中供暖，而每年的供暖费用都会有5%-10%的上涨。如果是一个两室一厅的普通住宅，整个冬天的供暖费用 ...

证券日报网讯12月12日，老百姓在互动平台回答投资者提问时表示，公司经营正常，业务运行良好。今 年第三季度的营收和净利润均已实现正增长。11月份以来，受流感影响，公司"四类药品"销售同环比增 长。 ...

（文章来源：证券日报） 证券日报网讯 12月12日，老百姓在互动平台回答投资者提问时表示，公司2025年第三季度营业收入 52.96亿元，同比增长0.07%，归母净利润1.31亿元、同比增长2.6%，均已转正增长，经营业绩逐季改 善、持续向好。在行业整合出清的背景下，公司持续夯实经营质量，努力实现更好的经营业绩，回报投 资者。在美妆护肤领域，公司一方面引进优质护肤品牌产品强强联合；另一方面打造公司自有品牌美妆 护肤性价比商品，包括面膜、胶原蛋白辅料等。 ...

Core Viewpoint - The discussion revolves around the risks of holding cash due to inflation and the need for individuals to reconsider their financial strategies, particularly in light of predictions for 2026 [2][4][6]. Inflation and Cash Holding - Inflation diminishes the purchasing power of money, meaning that cash held over time loses value [4]. - In China, inflation rates have fluctuated between 2% to 4% in recent years, leading to significant long-term impacts on cash value [4]. - A hypothetical scenario illustrates that 100,000 yuan held without investment could lose approximately 26% of its purchasing power over ten years at a 3% inflation rate [4]. Investment Recommendations - It is advised that individuals should not keep all their money in cash or fixed deposits but rather invest in appreciating assets like stocks, bonds, or real estate to outpace inflation [5]. - Diversification in asset allocation is crucial, as it helps mitigate risks associated with market volatility [6][9]. Practical Financial Strategies - Maintaining a cash reserve for emergencies is essential, with recommendations suggesting 3 to 6 months' worth of living expenses as a safety net [9]. - For funds exceeding emergency reserves, conservative investment options such as government bonds or bank products are recommended to balance risk and return [9][10]. - Individuals should avoid impulsive investments based on trends or peer pressure, as many inexperienced investors face losses in volatile markets [10][11]. Future Economic Considerations - The year 2026 is highlighted as a potential turning point for economic policies or cycles, prompting discussions about cash management strategies [6]. - The increasing prevalence of digital payments may further alter the role of cash in personal finance [6]. Conclusion on Financial Management - A balanced approach to cash holding and investment is emphasized, with a focus on understanding personal financial situations and risk tolerance [13]. - The importance of financial literacy and cautious decision-making in response to external financial advice is underscored [11][13].

Core Viewpoint - The trend of phasing out five-year deposits indicates the end of an era where banks relied on high-interest, long-term deposits for easy profits, signaling a shift in the banking landscape [1]. Group 1: Historical Context of Five-Year Deposits - Five-year deposits have been a staple since the establishment of the banking system in New China [2]. - In the early 1990s, five-year deposit rates peaked at 13.9%, allowing significant interest earnings [3][4]. - The economic environment during that time was characterized by high growth and inflation, leading to a strong demand for bank loans [6][7]. Group 2: Current Banking Environment - The current financial landscape has shifted to an "asset shortage" era, where there is an abundance of money but a scarcity of viable investment opportunities [11]. - Banks are facing dual challenges: declining interest rates and a decrease in loan demand from both individuals and businesses [13]. - The low-interest environment is expected to persist, affecting the viability of long-term, high-yield deposit products [14]. Group 3: Changes in Investment Products - The availability of safe investment options like deposits, government bonds, and insurance products is diminishing, with yields decreasing significantly [21][23]. - Trust products, once favored by wealthy individuals, are facing a crisis due to defaults linked to the real estate sector [25]. - Bank wealth management products have transitioned to a net value model, requiring investors to accept the risk of potential losses [27]. Group 4: Global Comparisons and Strategies - In mature markets, the trend is towards shorter deposit terms, with banks encouraging shorter-term savings [17][18]. - The U.S. and Japan have seen their citizens adapt to low-interest environments by shifting investments towards equities and other assets [35][46]. - Japanese citizens have historically maintained a high proportion of savings in deposits, but this has limited their investment opportunities [46]. Group 5: Future Investment Strategies - With the end of the "no-risk, high-yield" era, investors must either accept higher risks or find alternative ways to secure current interest rates [32][33]. - Strategies from other countries, such as embracing equity investments or utilizing savings insurance to lock in rates, may offer insights for domestic investors [35][45]. - The current environment suggests that long-term savings insurance products may still provide reasonable returns, but investors should be cautious about liquidity needs [56][58].

老百姓大药房从战略角度高度重视并持续推动ESG理念融入企业经营，努力成为可持续发展的行动典 范。公司董事会下设战略与ESG委员会，构建"决策层-管理层-执行层"三级治理架构，深化ESG管理与 实践。截至2025年，公司已连续十年披露企业社会责任报告（2023年度、2024年度升级为ESG报告）， 全方位多视角与利益相关方分享ESG成效。作为医药零售龙头，公司通过覆盖全国18个省级市场的 15,000余家门店让健康之光温暖城市乡村的每一个角落，提供近6万余个工作岗位让更多的药店人能够 施展才华、创造价值，积极践行社会责任携手合作伙伴累计捐资捐物价值超1亿元。同时，公司持续筑 牢合规运营堤坝，与利益相关方一起打造公正、廉洁的商业环境，助力社会绿色协调发展。 未来，公司将始终以"可持续的价值"作为发展底色，深化ESG战略落地、夯实ESG实践，为守护全民健 康、推动行业可持续进步贡献更多力量。 近期，全球著名评级公司——标普全球（S&P Global）及路孚特（Refinitiv）更新对老百姓大药房连锁 股份有限公司（以下简称"老百姓大药房"，603883）评分，其中：标普全球最新ESG评分24分、连续两 年实现增长 ...

央视网消息(焦点访谈):12月7日,2025创新药高质量发展大会在广州举行。会上公布了最新国家医保 目录调整结果,其中基本医保目录新增114种药,很多都是近年获批的创新药。特别值得一提的是,这次调 整还首次设立了《商业健康保险创新药品目录》,这个新设的目录当中几乎也都是创新药,一共有19种。 调整为什么要聚焦创新药?为什么要特别增加商保创新药品目录?调整后的"双目录"如何满足百姓用药需 求? 今年基本医保目录调整的一大亮点就是进一步加大对创新药的支持。最新基本医保目录新增的114 种药品中有111种都是五年之内获批的新药,而其中此前未在国内外上市的一类创新药的数量又创历史新 高。 这次进入基本医保目录中的新药大多都是临床价值较高、创新水平较高的药品。其中超过七成是国 产的创新药,而且这些国产创新药在某些领域,已经走在了国际前列。 除了加入填补某些领域临床用药空白的一类创新药,2025年基本医保目录还重点关注了近年刚获 批、已经用于临床,但是还没有被纳入基本医保保障的创新药。比如在治疗乳腺癌、肺癌领域就新增了 填补保障空白的创新药。 来自四川广汉58岁的王女士2018年患上了三阴性乳腺癌,在医院接受多次治疗后病 ...

央视网消息（焦点访谈）：12月7日，2025创新药高质量发展大会在广州举行。会上公布了最新国家医保目录调整结果，其中基本医保目录新增114 种药，很多都是近年获批的创新药。特别值得一提的是，这次调整还首次设立了《商业健康保险创新药品目录》，这个新设的目录当中几乎也都是 创新药，一共有19种。调整为什么要聚焦创新药？为什么要特别增加商保创新药品目录？调整后的"双目录"如何满足百姓用药需求？ 四川大学华西医院乳腺疾病中心副主任罗婷："乳腺癌是中国女性恶性肿瘤发病第一，在我们觉得非常难治性的，比如说三阴性乳腺癌的治疗当 中，像国外的欧美的很多药物虽然研发出来了，但是因为价格的问题，好多患者还是用不起。" 国家医疗保障局医药服务管理司司长黄心宇："这些患者以前没有靶向药，三阴性乳腺癌一直是（保障）空白，之前只有一款进口药物，年费用70 多万元，也没有进入医保目录。" 不过，因为当时这款新药还没有纳入基本医保目录，每个月她都要支付约3万元的费用。而现在这款国产创新药经过医保谈判筛选后纳入了国家基 本医保目录，药品价格降低了，而且还可以报销，将大大减轻王女士的负担。 今年基本医保目录调整的一大亮点就是进一步加大对创新药的 ...