今日开盘，创业板医药ETF国泰（159377）涨幅2.17%。 消息面上，《医疗器械网络销售质量管理规范》政策解读于5月9日发布，明确了网络销售经营者、电商 平台的责任及质量安全管理要求。 创业板医药ETF国泰（159377）跟踪的是创医药指数（399275），该指数由中证指数有限公司编制，从 创业板市场中选取涉及生物医药、医疗器械等业务的上市公司证券作为指数样本，聚焦创新药及相关产 业链。 华源证券指出，医药生物行业已呈现多重底部特征，医改影响逐步调整到位，板块估值和持仓均处于历 史低位。创新产业初具规模，恒瑞医药、翰森制药等传统药企完成创新转型，2020年后研发投入快速提 升，创新管线已形成差异化布局。医疗器械领域，内窥镜、微电生理等细分市场空间大且国产率低。出 海能力持续提升，创新药械license out频现，迈瑞医疗、联影医疗等企业在全球市场崭露头角。老龄化 加速推动慢性病需求增长，银发经济成为长坡厚雪赛道。支付端医保收支稳健增长，商业保险发展构建 多层次支付体系。AI技术为医药行业注入新动能，制药、医疗设备及大数据模型领域有望释放增长潜 力。当前行业经历政策阵痛后，结构性高增长细分领域值得期待，建 ...

证券研究报告 可选消费/必选消费 4 月社零同比增 5.1%，看好新消费机遇 华泰研究 2025 年 5 月 19 日│中国内地 动态点评 据统计局数据，4 月社零总额 3.7 万亿元，同增 5.1%，增速环比 3 月下降 0.8pct。面对外部环境压力，4 月内需呈现较高韧性，伴随提振消费等政策 持续发力，家电家居等升级品类、体育娱乐等品质生活品类表现亮眼。伴随 国家促消费增量政策的陆续落地，我们看好消费板块结构性机会，聚焦内需 受益板块及新消费细分赛道的发展机遇。 线上化稳步渗透，即时零售及超市调改等助力线下温和修复 1）分业态看，4 月餐饮收入及商品零售额分别同增 5.2%/5.1%，趋势相近。 2）分渠道看，1-4 月实物商品网上零售额同增 5.8%，线上渗透率同增 0.4pct 至 24.3%，我们测算实物商品网上零售额同增 6.1%，线上化持续渗透。线 下渠道中，1-4 月便利店、超市、百货零售额分别同增 9.1%/5.2%/1.7%， 较 Q1 分别-0.8pct/+0.6pct/+0.5pct，我们预计超市调改及即时零售改造继续 显效，百货商圈客流温和修复。 政策拉动持续显效，品质生活、保值类 ...

实施职务科技成果赋权，培育装备制造、教育医疗、文化旅游等人工智能应用场景，推动职业教育 专业布局对辽宁产业体系全覆盖……近日，从省委改革办了解到，今年，我省聚焦制约高质量发展的堵 点问题、影响社会公平正义的热点问题、民生方面的难点问题等，谋划部署130余项改革任务，重点推 进24项标志性改革。 在发展壮大新质生产力方面，实施"人工智能+"行动，制定人工智能创新发展支持计划，加快建设 人工智能公共算力开放创新平台，培育装备制造、教育医疗、文化旅游等人工智能应用场景。建设辽宁 数据要素综合试验区，探索完善数据流通交易权责确认竞争行为、纠纷调解等数据责任界定和利益保护 机制。建设沈阳国家级数据标注基地，推进大连数据基础设施（先行先试）隐私保护计算试点建设。制 定低空经济产业扶持政策，打造研发制造、低空飞行、综合服务融合发展的产业生态。 关于基层治理，我省将推广"街乡吹哨、部门报到""接诉即办"等模式，完善"12345热线+网格化"工 作机制，加强以县级为重点的综治中心建设，深化矛盾纠纷排查化解机制，实现公共服务领域升级扩 面。 在民生领域，我省将积极建立支持银发经济发展机制，探索布局银发经济产业园区，出台老年用 品 ...

山东布莱特威健身器材有限公司生产车间。路龙帅摄 "我们与河北工业大学人工智能与数据科学学院自动化系教授郭欣团队合作，共同研发的适老化智慧健 身器材，可依据老年人体质精准生成个性化运动处方。"山东美能达健身器材股份有限公司总经理杨欣 山告诉记者，在郭欣教授的指导下，企业订单大幅增长，其中超过七成的产品远销欧美市场。 在宁津县，美能达、宝德龙、力康来等健身器材企业加强医疗康复设备研发，生产康复训练器及多功能 电动病床、油压缸循环训练器等产品，2024年销售量约5300台，产值约800万元，进一步优化扩大养老 服务供给。 "深挖银发经济消费潜力，从做优服务上下功夫，通过做强主体、做强项目、做大规模，推动银发经济 提质扩容。"宁津县发展和改革局局长张涛说。 如今，银发经济带动全县五金精密制造、工业软件开发等多个配套产业发展，更催生出智能康养服务等 新业态。"我们正在构建适老化智能家居生态系统，未来将实现安全监测、健康数据管理、应急呼叫等 功能的家具集成。"邦杰适老化家具副总经理郭华伟说。（经济日报记者 王金虎） 山东邦杰适老化家具有限公司展厅内，一系列适老化产品琳琅满目。该公司通过整合各产业链的资源优 势，提供适老化 ...

Core Viewpoint - The aging population, particularly those aged 65 and above, presents a significant opportunity for consumption growth, necessitating the removal of age discrimination in service provision and the optimization of consumption scenarios to better cater to this demographic [1][2][3]. Group 1: Market Potential - By the end of 2024, the population aged 65 and above in China is expected to exceed 200 million, accounting for 15.6% of the total population [1]. - The average life expectancy for Chinese residents is projected to reach 79 years in 2024, indicating that many seniors are healthy and willing to engage in consumption [1]. Group 2: Service Adaptation - Businesses should adapt their services to meet the needs of older consumers rather than rejecting them based solely on age, which can be seen as age discrimination [1]. - Examples of service adaptations include installing handrails in swimming pools and creating dedicated swimming lanes for seniors [1]. Group 3: Legal and Policy Framework - There is a need for improved legal regulations to eliminate age discrimination against older consumers and to create a fair market environment [2]. - Tax incentives and subsidies could encourage innovation in services targeting the elderly, such as insurance products tailored for fitness and housing [2]. Group 4: Consumer Responsibility - Older individuals are encouraged to take responsibility for their health and assess their physical condition when engaging in consumption activities [2].

长护险带来的护理服务需求，可以刺激消费，带动护理服务、医疗设备、康复器材等相关产业发展，为经济增长注入动力，创造新的经济增长点。 江苏南通市长护险产业园内展示着一台智能护理机器人，它可以为失能者完成排泄物清理、温水冲洗、暖风烘干等全流程护理。南通市正在进行调研，待时 机成熟时，会将这类智能护理机器人像照护床、轮椅等辅助器具一样纳入到长护险的辅具目录中。 带动银发经济的发展，是实施长护险制度产生的社会效益之一。长护险带来的护理服务需求，可以刺激消费，带动护理服务、医疗设备、康复器材等相关产 业发展，为经济增长注入动力，创造新的经济增长点。 长护险试点九年来，覆盖1.8亿人，累计260余万失能参保人享受待遇，基金支出超800亿元；提供就业岗位约30万个，拉动相关产业社会资本投入约600亿 元。 第一财经也从相关人士处了解到，长护险全国落地之后，"上门护理+辅具服务"模式有望在全国推广，相关产业将迎来新的发展机遇。 辅具租赁缓解失能人员的"燃眉之急" 辅具租赁是长护险试点地区特别受参保人欢迎的一项政策。2018年，南通在全国率先推出照护保险辅助器具项目。目前在江苏省内，已有南通、苏州、徐 州、常州、南京拓展了居家辅 ...

Core Viewpoint - China Construction Bank's Fujian branch is enhancing its pension finance services by focusing on service upgrades, product diversification, and customized financial offerings to improve the quality of life for the elderly [1] Group 1: Service Upgrades - The "Happy Filial Piety" zone at the Fuzhou Qinyuan branch is becoming a retirement hub for local seniors, offering services like health assessments and retirement planning [2] - The Fujian branch has established 8 specialized pension finance outlets and upgraded 168 "senior-friendly" service areas to enhance accessibility and convenience for elderly clients [4] Group 2: Financial Products and Support - The Fujian branch is prioritizing the pension industry in its lending strategy, introducing innovative loan products to support various types of elderly care services [6] - Construction Bank is providing comprehensive financial services to health tech companies, facilitating their growth in the "silver economy" through tailored financial solutions [5] Group 3: Community and Charitable Initiatives - A charitable trust project has been launched to support home-based elderly care in Taiyuan Village, benefiting over 500 seniors through the "Anxin Shanyang" product [7] - The Fujian branch is collaborating with local governments and organizations to create a comprehensive pension finance ecosystem, enhancing the quality of life for retirees [9]

Core Insights - The rise of the "silver economy" has created a blue ocean market for health technology companies, with a focus on anti-aging and silver tourism industries as highlighted in the "Consumption Promotion Special Action Plan" [1] - Perfect (China) Co., Ltd. launched its new product, the Perfect Time Preservation Solid Beverage, emphasizing "cell health" as a core target in anti-aging [3][12] - The anti-aging industry is presented as a significant opportunity, catering to the health and longevity desires of both the elderly and younger demographics [5] Company Developments - Perfect Company has a history of 31 years, evolving from aloe vera products to a comprehensive health cycle approach, and aims to leverage technology for health solutions across all age groups [7] - The CEO of Perfect Company detailed the company's journey from popular products to a broader health technology industry, emphasizing the importance of brand strength and product innovation [10] - The company has established a complete evaluation system for health products, focusing on core technologies like seabuckthorn protein peptides and rare ginsenosides, with multiple patents in anti-aging technology [10][19] Product Features - The Perfect Time Preservation Solid Beverage utilizes advanced technology and a unique formula combining eight core ingredients to enhance cellular vitality [13] - The product aims to provide comprehensive solutions rather than just surface-level skincare, addressing cellular health through a four-pronged approach [13] Industry Challenges - The health industry faces challenges such as the prevalence of pseudoscientific concepts, high technical barriers, and consumer awareness issues [19] - The need for scientific integrity and innovation is emphasized as essential for the industry's upgrade and consumer trust [19] Future Outlook - Perfect Company aims to continue its commitment to health and beauty services, aligning with the "Healthy China" strategy and enhancing public health initiatives [16] - The company plans to maintain its innovative spirit and introduce more quality products to benefit the public [33]

本次镇江主题月活动紧密围绕"宜游镇江 自在时光"主题展开，启动仪式上发布了一系列惠民举措 和精彩纷呈的旅游活动，并呈现五大特色。 今年5月19日是第15个"中国旅游日"，主题为"锦绣山河 美好旅程"。为吸引游客更多参与旅游体 验，乐享旅游幸福，5月18日，市文广旅局联合市委宣传部、上海市普陀区文旅局、市财政局、润州区 人民政府，在镇江博物馆启动"5·19中国旅游日"镇江主题月活动。 惠民举措实实在在。主题月活动期间，全市景区共推出21项惠民举措，其中包括5月19日当日，茅 山、宝华山、开心休博园等22家景区免门票，三山和南山景区门票半价优惠，九里景区、香海琴枫景区 分别对劳模、残疾人、在镇大学生等相关群体推出免票或半价优惠政策。 文旅活动丰富多彩。全市各地持续开展51项精彩文旅活动，既有小剧场剧目演出，又有戏台戏曲表 演；既有游园活动，又有非遗表演；既有主题生活市集，又有全民艺术普及活动；既有文博展览，又有 主题研学，极大满足市民、游客的文化和旅游需求。 打造研学金字招牌。进一步提升全市研学旅游基地的产品品质，提升市场化运营和宣传营销水平， 构建以"跟着诗词游镇江"为引领、"政府-市场-青少年"共同参与的全市 ...

Core Viewpoint - The "2025 Opening Consumption Voucher Joy Enjoyment 520 Pet Fan Festival" aims to stimulate consumption among the elderly in Changsha by providing dual subsidies from the government and the company, enhancing the shopping experience for senior consumers [1][7]. Group 1: Event Overview - The event is organized by the Kaifu District government and aims to provide discounts to senior consumers through a combination of government and company subsidies [1]. - The activity will run until May 23, with limited daily distribution of consumption vouchers via the Kuai Le Gou app [5]. Group 2: Voucher Details - Three types of consumption vouchers are available: "300 yuan off 100 yuan," "200 yuan off 60 yuan," and "100 yuan off 30 yuan," applicable to senior products on the Kuai Le Gou platform [6]. - The vouchers cover a wide range of products that cater to the daily needs of seniors, including health, nutrition, clothing, smart home devices, and essential living items [6]. Group 3: Service Enhancement - The Kuai Le Gou platform has optimized its user interface to facilitate easy access for seniors, allowing them to receive home delivery services in three simple steps [6]. - Offline activities will also be organized to provide hands-on experiences and direct benefits to the elderly, ensuring a warm and personalized service [6]. Group 4: Economic Impact - The initiative is part of a broader strategy by the Kaifu District to boost consumption and address the needs of various demographic groups, particularly the elderly [7]. - This program is expected to activate the consumption potential of the elderly, creating a multi-layered consumption ecosystem and promoting a positive consumption cycle [7].