国资股东的持续支持，是建艺集团得以喘息的核心支撑。自2021年底正方集团控股以来，建艺集团在股 东的支持下持续推进债务重组和业务转型。通过股东在资金、业务、管理等维度的多重赋能，建艺集团 在稳住经营基本盘的同时积极自救，全面推进资产盘活计划，优化资产配置与结构，提升风险抵御能 力。2023年建艺集团承接的公共建筑项目营收同比增长，逐步摆脱对房企客户的依赖。其间主动调整业 务格局，开展新业务探索，布局新能源、银发经济等新领域，从传统装饰企业向城市建设综合服务商迈 进。截至今年第三季度建艺集团已签约未完工合同金额达22亿元，包含香港市场及新能源相关项目。今 年10月，公司新晋中标深圳市"南方医科大学深圳医院二期工程项目精装修工程Ⅲ标"，总价逾6866万 元，客户整体质量不断提升。 面对退市危机，此次国资股东的大力支持，成为建艺集团破局关键力量。此次债务豁免及捐赠不仅为建 艺集团彻底卸下债务包袱、为实现净资产转正扫清了关键障碍，让其得以轻装上阵，有更多可能聚焦核 心业务升级与新赛道的拓展。随着公共建筑、新能源、香港市场等高质量业务的持续落地，公司客户结 构不断优化，盈利能力与抗风险能力稳步提升，叠加珠海"十五五"规 ...

来源：中保新知 成立尚不足四年，偿付能力处于行业前列的国民养老保险股份有限公司（以下简称"国民养老"）已经在 进行第二次增资，这也是继2024年底之后时隔一年再次增资。 12月22日，国民养老发布公告称，根据北京产权交易所公开征集投资人的结果，公司拟以发行新股增资 方式引入杭州市拱墅区国有投资集团有限公司、成都市锦江投资发展集团有限责任公司、重庆渝中国有 资产经营管理有限公司及广州凯云发展股份有限公司为战略投资人。4家战略投资人分别出资2亿元、1 亿元、1亿元、1亿元，增资后持股比例分别为1.148%、0.575%、0.575%、0.575%。 事实上，此次增资的背后彰显了国民养老新的战略考量。就如同国民养老在公告中表述得那样，地方政 府是国家养老政策关键的执行者，在覆盖城乡、普惠可及的三级养老服务网络建设中起着不可替代的作 用。此次引入多个重点区域地方政府投资平台作为战略投资人，相关区域的经济活跃度、公共服务能 力、民生事业发展水平、政府运作效率等在国内均处于领先，老百姓养老需求较为集中，且在国民养老 分公司落户发展过程中给予了有力支持。 "国民养老将更紧密地协同地方资源，精准对接区域养老多元化、个性化需求 ...

Core Viewpoint - The year 2025 is pivotal for the construction of China's elderly care service system, focusing on deepening reforms, improving service quality, strengthening talent, and fostering industry innovation to achieve high-quality development [1] Policy Framework - In 2025, China's elderly care service policy system will continue to optimize, with a focus on building a supply system that covers urban and rural areas, prioritizing services for the disabled and cognitively impaired elderly [2] - The Ministry of Civil Affairs, in collaboration with multiple departments, will issue guidelines for planning elderly care facilities and measures to promote high-quality inclusive elderly care services [2] - A long-term care insurance system will be accelerated, providing long-term care security for disabled elderly individuals [2] - A comprehensive standard system for elderly care services will be established, covering management, service quality, and safety standards [2] Safety Management - The Ministry of Civil Affairs and the National Fire Rescue Administration will implement safety management measures for elderly care institutions, including a collaboration checklist and emergency response plans [3] - Financial safety measures will be established to protect the rights of the elderly regarding pre-paid fees [3] Focus on Key Groups - The Ministry of Civil Affairs will implement concentrated care for economically disadvantaged disabled elderly individuals, supported by central financial resources [4] - Pilot programs for providing consumption subsidies to disabled elderly individuals will be launched in several provinces [4] - The government will support the renovation of homes for the elderly, with nearly 1 billion yuan allocated for subsidies to improve living conditions [4] Talent Development - A new "Eight-Level Worker" system will be fully implemented to enhance the professional skills of elderly care workers [6] - The profession of elderly care worker will be officially recognized, providing a clear career development path for practitioners [6] - Training programs for elderly care skills will be developed, aiming to train 1.5 million skilled workers within three years [6][7] Industry Growth - The potential for elderly care service consumption is significant, with diverse needs across various sectors [8] - A nationwide "Elderly Care Service Consumption Season" will be launched to stimulate market activity and promote consumption [8] - Technological advancements will drive the development of smart elderly care products, enhancing service quality and improving the quality of life for the elderly [9]

Core Viewpoint - The increasing attention on elderly care in China highlights the need for a dignified aging process as the population ages, necessitating a multi-tiered pension system to address the growing demands for elderly care and medical services [1][4]. Group 1: Roles in Pension System - The government is seen as the "safety net" and "navigator," responsible for ensuring basic pensions for all and gradually reducing the pension gap between urban and rural areas [3][4]. - The market is expected to act as the "provider" and "enabler," offering diverse financial products to meet varying income and risk preferences [5][6]. - Individuals must cultivate a proper understanding of retirement planning and actively participate in their pension investments [5][6]. Group 2: Pension System Structure - China's pension system consists of three pillars: the first pillar is the basic pension insurance initiated by the state, the second pillar includes enterprise and occupational annuities, and the third pillar comprises personal pensions and other commercial pension financial products [5][6]. - The second and third pillars serve as effective supplements to the first pillar, which is primarily government-funded [5]. Group 3: Market Demand and Service Innovation - The aging population and diverse needs are driving new demands for pension services, as evidenced by the success of integrated medical and elderly care facilities in urban areas [6]. - There is a prediction that the pension service market will undergo several iterations in the next 30 years to adapt to changing elderly consumer needs [6]. Group 4: Personal Pension Development - The personal pension system, launched in November 2022, is gradually expanding, with over 150 million accounts opened by June 2025 [7]. - However, the actual contribution levels remain low compared to the annual contribution limit of 12,000 yuan, indicating a need for improvement in participation [8]. Group 5: Tax Incentives and Policy Recommendations - Tax incentives play a crucial role in the development of the pension system, with suggestions to enhance tax support for the second and third pillars to encourage more savings [9][11]. - Recommendations include increasing the annual contribution limit for personal pensions to better meet long-term savings needs [11]. Group 6: Retirement Planning Strategies - Various strategies for retirement planning were discussed, including the "4% rule" for annual spending and the "25 times rule" for asset accumulation to cover retirement shortfalls [12][13]. - The importance of using scientific tools for retirement calculations and considering different living arrangements based on financial conditions was emphasized [12][13].

来源：刘润 又是一个年份，即将结束。 时间，没有变慢。变化，没有减少。那些困惑，似乎也依然还在。 都说银发经济是趋势，人工智能是机会，但看得见，抓不住；这里是新工具，那里是新技术，都听说了，但学不过来；已经很努力了，但竞争依然很激 烈，现状依然没有变好…… 2025，算是又拉倒了。接下来的2026，怎么办？ 前段时间，我们的读书会栏目，邀请到了经济学家何帆老师。是的。就是那位，每年都要写一本《变量》的，何帆老师。十多年前，我就是何帆老师的学 生了。这些年来，他每年都要带着团队，扎进中国的商业一线，和几百位创业者、企业家，甚至卡车司机、外卖小哥深度交流。年复一年，从不间断。 从紧盯"浪花"，到关注"潮汐" 我们的注意力，会被无数的信息包围。我们的精力，会被各种热点撕碎。今天，这个公司发布了新技术。明天，那个行业出了新政策。 我们总是害怕错过，所以我们总是焦虑。 但其实，不需要这样的。 所以，他的思考，非常值得一听。 这次，带着新版的《大局观》，何帆老师聊了整整三个小时。关于趋势，关于机会，关于个人成长。信息量特别大。 所以今天，请允许我和你分享我的7点收获。 也希望这些收获，能帮助你在接下来的2026里，看清一 ...

2025年 中国经济稳中有进 奋力向前 从 "人工智能+" 的融合赋能 到 "人形机器人"的具身突破 5月4日，人们在浙江省杭州市文三数字生活街区的AI黑科技市集上体验DeepSeek的人工智能大模型。 这是9月6日在2025全球工业互联网大会上拍摄的人形机器人。 从联通国内的高铁动脉 到链动全球的中欧班列 4月2日，复兴号列车穿行在拉林铁路林芝段。 11月17日，中欧班列（西安）驶出西安国际港站，驶向阿塞拜疆首都巴库（无人机照片）。 从LABUBU引爆的国潮消费 10月21日，在浙江杭州萧山区，收割机在稻田里收割水稻，远处高铁列车飞驰而过（无人机照片）。 到"哪吒"系列电影带动的文化出海 …… 9月10日，在2025年服贸会上，参会人员在泡泡玛特展台与LABUBU玩偶合影。 2月25日，观众在贵州贵阳越界影城观看电影《哪吒之魔童闹海》。该片打破了中国影史票房纪录。 一批"热词" 出现在经济领域与社会生活之中 镜头之下 一个个"热词"化为生动影像 让我们跟随这些年度热词 感受 2025 年中国经济高质量发展的图景 6月18日，在广西柳州市北部生态新区机器人产业园，工人检查工业版人形机器人。 7月17日，在第三 ...

今天分享的是：保健品行业专题报告：新动向，新成长-东方财富证券 报告共计：32页 中国保健品行业发展现状与趋势总结 中国保健品行业正处于持续扩容阶段，呈现长青市场与新消费市场双轮驱动的格局。2024年中国营养健康食品零售规模达2602 亿元，2019-2024年CAGR达6.3%，但人均消费金额仅26美元，远低于美国、韩国等成熟市场，渗透率提升空间显著。 行业消费群体呈现全人群渗透特征，年轻化与下沉化趋势明显。25-40岁消费群体占比逐步提升，抖音电商数据显示24-40岁兴趣 消费者占比呈上升趋势，同时二线及以下城市消费群体增速突出。消费需求从"治病"转向"防病"，从"补缺"升级为"优化"，日常 化、悦己化趋势显著，美容抗衰、体重管理、睡眠管理等新兴品类增速强劲，软糖、口服饮等零食化剂型备受青睐。此外，银 发经济、青年养生潮及宠物保健需求的兴起，进一步拓宽了行业增长空间。 销售渠道历经多轮变革，从早期的直销、药房主导，逐步转向电商为主导的多元化格局。2023年电商渠道占比达48.02%，其中 直播电商渗透率2024年已达34.3%，抖音平台保健品销售额连续三年保持高速增长，新兴品牌借此快速崛起。跨境电商凭借灵 ...

要闻速递 1、央行：建议发挥增量政策和存量政策集成效应 把握好政策实施的力度、节奏和时机 中国人民银行货币政策委员会2025年第四季度（总第111次）例会于12月18日召开。会议研究了下阶段货币政策主要思路， 建议发挥增量政策和存量政策集成效应，综合运用多种工具，加强货币政策调控，根据国内外经济金融形势和金融市场运 行情况，把握好政策实施的力度、节奏和时机。保持流动性充裕，使社会融资规模、货币供应量增长同经济增长、价格总 水平预期目标相匹配，促进社会综合融资成本低位运行。强化央行政策利率引导，完善市场化利率形成传导机制，发挥市 场利率定价自律机制作用，加强利率政策执行和监督。从宏观审慎的角度观察、评估债市运行情况，关注长期收益率的变 化。畅通货币政策传导机制，提高资金使用效率。增强外汇市场韧性，稳定市场预期，防范汇率超调风险，保持人民币汇 率在合理均衡水平上的基本稳定。评：明年的政策肯定是有的，只是需要等待一个契机，1月是一个重要节点，或许会有大 家期待的货币动作出现。如果落地了，市场整体的流动性会进一步改善，市场机会也会更多。 2、央行：加强对扩大内需、科技创新、中小微企业等重点领域的金融支持 中国人民银行 ...

【头条要闻】 央行：要继续实施适度宽松的货币政策，加大逆周期和跨周期调节力度 据央行网站24日消息，中国人民银行货币政策委员会2025年第四季度（总第111次）例会于12月18日召 开。 再提"维护资本市场稳定"！央行召开重要会议 对于资本市场，会议继续建议"维护资本市场稳定"，提出用好证券、基金、保险公司互换便利和股票回 购增持再贷款，探索常态化的制度安排。 会议未对房地产市场提出建议，但继续提出要引导大型银行发挥金融服务实体经济主力军作用，推动中 小银行聚焦主责主业，增强银行资本实力，共同维护金融市场的稳定发展。 12月份MLF延续净投放 分析称不排除一季度实施降准的可能 12月24日，中国人民银行发布2025年12月份中期借贷便利（MLF）招标公告显示，为保持银行体系流 动性充裕，12月25日，中国人民银行将以固定数量、利率招标、多重价位中标方式开展4000亿元MLF 操作，期限为1年期。 Wind资讯数据显示，12月份有3000亿元MLF到期，因此中国人民银行开展4000亿元MLF操作后，将实 现净投放1000亿元，这也是中国人民银行连续第10个月加量续做MLF。此外，中国人民银行本月还通 过买断式逆 ...

Core Viewpoint - The article emphasizes the importance of addressing population aging in China and the emergence of the "silver economy" as a significant driver of economic growth, with a focus on high-quality development support measures for this sector [1] Group 1: Population Aging - China is gradually entering an aging society, with the elderly population expected to grow from approximately 310 million to 390 million by 2030 [1] - The "15th Five-Year Plan" suggests actively responding to population aging and optimizing basic pension service supply [1] Group 2: Silver Economy - The silver economy is transitioning from being viewed as a "sunset topic" to a "sunrise industry," reshaping the boundaries and connotations of the Chinese economy [1] - The new elderly demographic, particularly those born in the 1960s and 1970s, is driving a new consumption market worth trillions, focusing on health, entertainment, technology, and fashion [1] - This demographic is characterized by vitality, wealth, and a new lifestyle attitude, challenging stereotypes of the elderly as burdensome [1]