目前，数字人民币定位是M0（现金），不能生息 在微观层面，商业银行承担钱包管理、资金安全、支付服务及合规反洗钱等责任，而数字人民币目前是央行的直 接负债，应该考虑实现责权利一致。 目前，数字人民币定位是M0（现金），不能生息。穆长春表示，让老百姓和企业手握闲置不生息的资产，会失去 货币的时间价值。 文｜《财经》记者 唐郡 编辑｜张威 "数字人民币的试点取得很大进展，同时我们也发现货币体系中的一些新的变化，我们有必要从理论和实践等方面 进行改革和升级。" 9月13日上午，中国人民银行数字货币研究所所长穆长春出席2025inclusion·外滩大会"金融科技新应用与央行数字 货币创新发展（闭门会）"，并以《数字人民币理论与实践》为题发表主题演讲。 演讲中，穆长春进一步讲述了对数字人民币改革和升级的思考。 在宏观层面，目前数字人民币作为中央银行直接负债，实行100%准备金。客户将资金存入钱包后，资金即回笼至 央行。穆长春表示，要考虑经济越发展，就越要提高数字人民币的货币派生能力。 封图来源 | 视觉中国 "因此，为保障货币供应量与经济增长加上价格预期相适应，同时提升商业银行和用户的积极性，应该对数字人民 币的计量框 ...

房子，这个承载着无数人梦想的四方空间，近年来成了许多普通家庭难以攀登的高山。我们身边有不少朋友为了一套小小的住房，省吃俭用、加班加点，甚 至倾尽全家之力。有趣的是，当我们喊着"买不起"的时候，房地产数据却显示出另一番景象。 据住建部2025年最新发布的《全国住房发展报告》显示，目前我国城镇住房总量已达到33亿平方米，平均每户家庭拥有1.15套住房，从数量上看，全国住房 供应已经超过了实际需求。中国房地产业协会的数据也印证了这一点：截至2025年6月，全国商品房空置率达到17.3%，比2024年同期上升了2.1个百分点。 这种"房子过剩，买不起房"的矛盾现象，引发了我们的深思。为什么会出现这种情况？问题到底出在哪里？有没有可行的解决方案？ 房子过剩却买不起的核心矛盾 这个矛盾的本质在于：住房分布不均、结构不合理、价格与收入不匹配。 先看分布问题。2025年国家统计局数据显示，一二线城市住房需求旺盛，空置率仅为8.7%，而三四线城市空置率高达22.5%。这就造成了"有的地方一房难 求，有的地方空房无主"的局面。 我朋友小李在北京工作已经5年了，每个月支付着近5000元的房租，占了工资的三分之一。他说："北京的房子 ...

Group 1 - The core viewpoint of the article highlights the financial struggles of the leading A-share listed chain pharmacy, Lao Bai Xing Pharmacy, as it reports a slight decline in revenue and a significant drop in net profit for the first half of 2025 [1][2] - The company achieved a revenue of 10.774 billion yuan, a year-on-year decrease of 1.51%, and a net profit attributable to shareholders of 398 million yuan, down 20.86% year-on-year, indicating continued pressure on performance [1] - Lao Bai Xing Pharmacy operates over 15,000 stores across 18 provinces and more than 150 cities, maintaining its leading position in store scale, with a notable increase in franchise stores [1] Group 2 - The decline in net profit is attributed to a decrease in gross margin and a significant increase in R&D investment, with gross margin dropping by 1.24 percentage points to 33.08% due to the rising sales proportion of new retail business [1] - R&D expenses surged to 36.89 million yuan compared to 420,000 yuan in the same period last year, with personnel costs for R&D reaching 28.57 million yuan [1] - The company experienced high-level personnel changes during the reporting period, including the departure of the vice president and president, leading to the founder taking on dual roles as chairman and president [2] Group 3 - The company has faced a continuous decline in performance, with a 44.13% year-on-year drop in net profit for the entire year of 2024, amidst a broader industry slowdown [2] - The major shareholder initiated a plan to reduce holdings by up to 3%, resulting in the sale of 18.11 million shares, cashing out over 340 million yuan, which raises concerns about the company's stability [2] - The competitive landscape in the pharmaceutical retail industry is intensifying, with the need for the company to stabilize its team and enhance profitability becoming increasingly critical [2]

触及国人心弦的房地产：政策调控下的市场新篇章 于我们中国人而言，房屋承载的不仅仅是遮风挡雨的居所，更是安身立命、传承家业的情感寄托。拥有一套属于自己的房产，便 意味着内心有了最坚实的依靠，真正实现了"安家立业"的宏愿。对于大多数普通家庭来说，房屋往往是其最宝贵的资产，几乎所 有的家庭财富都倾注于此。因此，任何与房价相关的风吹草动，都能轻易拨动亿万国人的心弦。 近来，一项事关每个家庭福祉的重大消息从国家重要会议上传来：政府正以前所未有的决心和力度，出手稳定房地产市场。 市场之寒：数据折射出的严峻挑战 细观2025年1至6月的统计数据，触目惊心。全国房地产开发投资同比下滑11.2%，其中住宅投资更是下降了10.4%。新开工面积的 跌幅尤为明显，房屋新开工面积同比下降20.0%，住宅新开工面积更是高达19.6%。这些冰冷的数字背后，是房地产市场所面临的 现实困境。 具体来看，1至6月，全国新建商品房销售面积同比下滑3.5%，销售额也下降了5.5%，其中住宅销售面积和销售额分别下滑3.7%和 5.2%。企业层面，房地产开发企业到位资金总额为50202亿元，同比下降6.2%。其中，国内贷款虽有0.6%的增长，利用外资更 ...

Market Overview - The pharmaceutical commercial sector experienced a decline of 0.29% on September 10, with Dazhenglin leading the drop [1] - The Shanghai Composite Index closed at 3812.22, up 0.13%, while the Shenzhen Component Index closed at 12557.68, up 0.38% [1] Stock Performance - Key stocks in the pharmaceutical commercial sector showed varied performance, with Seer Medical (603716) rising by 3.99% to a closing price of 28.70, and Dazhenglin (603233) falling by 2.37% to 17.30 [1][2] - Other notable gainers included Guofa Co. (600538) with a 1.65% increase and Dazhangzhang (002462) with a 1.22% increase [1] Trading Volume and Value - Seer Medical had a trading volume of 250,500 shares and a transaction value of 719 million yuan, while Dazhenglin had a trading volume of 77,200 shares and a transaction value of 134 million yuan [1][2] Capital Flow - The pharmaceutical commercial sector saw a net outflow of 11.87 million yuan from institutional investors and 50.86 million yuan from speculative funds, while retail investors contributed a net inflow of 62.74 million yuan [2] - Specific stocks like Seer Medical and Jiuzhoutong (600998) had significant net inflows from institutional investors, while others like Yifeng Pharmacy (603939) experienced net outflows from both institutional and speculative funds [3]

Core Insights - The decline in bank deposit interest rates has not stimulated consumer spending as intended, leading to increased household savings and a sluggish consumption market [1][4][6] - Rising living costs, including education, healthcare, and housing, are outpacing income growth, creating financial strain on households [4][6][9] - The high debt burden, particularly among younger generations, is constraining consumer spending and contributing to a cycle of financial insecurity [6][7][9] Economic Conditions - The median disposable income for residents in 2024 is projected at 41,000 yuan, translating to an average monthly income of less than 3,600 yuan, which is insufficient to cover basic living expenses in major cities [1] - Over the past decade, average wage growth has been 8% annually, while medical expenses have risen by 11%, education costs by 9%, and housing prices have significantly increased in certain cities [1][4] Consumer Behavior - Many consumers are adopting a "preventive savings" mentality, leading to increased bank deposits despite lower interest rates, with a reported increase of 9.8 trillion yuan in household deposits in the first half of 2025 [6][9] - The average household debt balance is expected to exceed 80 trillion yuan, with over 70% attributed to housing loans, indicating that 40% of income is allocated to debt repayment [6][9] Debt and Financing Challenges - Small and medium-sized enterprises face high financing costs, with interest rates 3 percentage points higher than those for large corporations, which stifles investment and wage growth [4][9] - The prevalence of high-interest consumer loans has led to a cycle of debt for many, particularly students, exacerbating financial difficulties and reducing consumption willingness [9] Policy Recommendations - To stimulate consumption, it is essential to increase income through higher minimum wage standards and expanded social security coverage [9] - Reducing the costs of education, healthcare, and elder care is crucial to releasing suppressed consumer demand [9] - Optimizing debt structures by controlling consumer loan interest rates and promoting housing loan conversions to public fund loans can alleviate household debt pressure [9]

消费作为拉动经济增长的"三驾马车"之一，不仅是经济内循环的关键环节，更是实现高质量发展的 强大引擎。今年市政府工作报告提出，要聚焦消费提振，更大力度建设国际新型消费中心城市。如何使 杭州消费这辆"马车"跑得更稳、更快，市人民代表大会期间，赵伯祥等市人大代表提出了8件涉及消费 领域问题的建议，为它"喂草""加鞭"。 近日，"局长·代表面对面"建议办理协商活动在杭州市全过程人民民主实践中心（市人大代表联络 总站）举行，人大代表、街道居民议事会成员、咨询专家和市商务局、市市场监管局、市农业农村局等 部门负责人围绕高质量办理涉及消费领域问题的代表建议进行面对面互动交流，代表们直抒胸臆、畅所 欲言，部门负责人认真解答、积极表态，探讨凝聚共识，交流碰撞火花。 能消费—— 夯实居民消费"基本盘" 若要问近年来杭州消费市场的热词，"以旧换新"必定位列其中——它不仅是撬动居民"能消费"的重 要支点，更创造了消费者享实惠、企业增效益、产业得升级的多赢局面。 "现在各类消费补助虽撬动消费回暖，但存在提前消费影响后期市场、线下兑付复杂、领取有数字 鸿沟等问题。"市人大代表毛磊开门见山。她结合自己亲身经历，提出加强顶层设计、优化兑付领 ...

证券代码：603883 证券简称：老百姓 公告编号：2025-048 老百姓大药房连锁股份有限公司 关于为全资子公司提供担保的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 重要内容提示： ● 担保对象及基本情况 一、担保情况概述 （一）担保的基本情况 为满足子公司的日常经营发展的资金需求，近日，老百姓大药房连锁股份有限公司(以下简称"公司")就 全资子公司丰沃达医药物流（湖南）有限公司（以下简称"湖南丰沃达"）向银行申请综合授信提供担 保，具体情况如下： ■ （二）内部决策程序 二、被担保人基本情况 ■■ 截止2024年12月31日，湖南丰沃达（单体）经审计资产总额470,654.77万元，负债总额425,248.92万元， 资金净额45,405.85万元。2024年年度经审计营业收入643,098.59万元，净利润11,472.33万元。 截止2025年6月30日，湖南丰沃达（单体）未经审计资产总额620,899.58万元，负债总额559,164.13万 元，资产净额61,735.45万元。2024年半年度未经审 ...

证券代码：603883 证券简称：老百姓 公告编号：2025-048 老百姓大药房连锁股份有限公司 关于为全资子公司提供担保的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 担保对象及基本情况 | | | 被担保人名称 | | | 丰沃达医药物流（湖南）有限公司 | | --- | --- | --- | --- | --- | --- | | | | 本次担保金额 | 10,000 | 万元 | | | 担 保 象 | 对 | 实际为其提供的担保余额 | 10,000 | 万元 | | | | | 是否在前期预计额度内 | 是 | □否 | □不适用：_________ | | | | 本次担保是否有反担保 | □是 | 否 | □不适用：_________ | （二）内部决策程序 公司已于 2025 年 4 月 29 日召开第五届董事会第九次会议、2025 年 6 月 30 日召开了 2024 年年度股东大会，审议通过《关于公司及子公司 2025 年度申请银 行综合授信额度及提供担保的议案》， ...

Group 1: Company Performance Highlights - The report indicates that Meinian Health achieved a revenue of 4.1 billion yuan in H1 2025, with a year-on-year decline of 2.28%, and a net loss of 221 million yuan, which is an increase in loss by 2.59% year-on-year [4][6] - Zhongjian Technology reported a significant revenue increase of 59.46% year-on-year, reaching 464 million yuan in H1 2025, with a net profit growth of 99.15% [8][9] - Jinfat Technology's revenue for H1 2025 was 31.6 billion yuan, reflecting a 36% year-on-year increase, while net profit rose by 54% [15][16] Group 2: Strategic Initiatives and Innovations - Meinian Health is advancing its "All in AI" strategy, integrating AI technology into health management, generating 140 million yuan in revenue from AI-related services, a 62.36% increase year-on-year [6][7] - Zhongjian Technology is benefiting from the growing demand for high-performance carbon fiber in aerospace and high-end equipment, with a focus on expanding production capacity [8][11] - Jinfat Technology is leveraging new materials and innovative products to capture emerging market opportunities, with significant growth in its modified plastics and new materials segments [15][17] Group 3: Financial Projections and Ratings - Meinian Health's revenue projections for 2025-2027 are 10.4 billion, 11.4 billion, and 12.6 billion yuan, with net profits expected to grow significantly in the coming years [7] - Zhongjian Technology's revenue forecasts for 2025-2027 are 1.06 billion, 1.27 billion, and 1.59 billion yuan, with a "buy" rating maintained due to strong growth prospects [13] - Jinfat Technology anticipates revenues of 646 billion, 737 billion, and 828 billion yuan for 2025-2027, with a "buy" rating reflecting its leadership in the modified plastics industry [19]