近日，王府井在互动平台向投资者表示，公司紧跟新消费需求，加快推进业态迭代，"一店一策"推动百 货业态焕新计划，持续关注首发经济、银发经济、冰雪经济、"人工智能+消费"以及数字消费、绿色消 费、健康消费等热点经济，结合文商旅体融合发展新趋势，打造多元化消费体验场景，强化成本优化与 效率提升，推动公司长期可持续发展。2025年1至9月，王府井实现营收77.09亿元，同比下降9.30%；实 现归母净利润1.24亿元，同比下降71.02%。 ...

Core Viewpoint - The company is actively responding to national policy directives aimed at enhancing the adaptability of consumer goods, particularly in the context of the aging population and the silver economy [1] Company Developments - The company has noted the implementation plan issued by six departments, including the Ministry of Industry and Information Technology, which emphasizes the need for the development and design of products catering to the elderly [1] - The company is leveraging its synthetic biology technology platform to develop products in the cosmetics and health supplement sectors, with successful industrial applications of products such as rosmarinic acid, 5-hydroxytryptophan, and ergothioneine [1] Financial Performance - For the period from January to September 2025, the company reported a revenue of 3.436 billion yuan, representing a year-on-year decline of 22.90% [1] - The company's net profit attributable to shareholders was 611 million yuan, reflecting a year-on-year decrease of 43.17% [1]

Core Insights - The Ministry of Industry and Information Technology and five other departments have jointly issued an implementation plan aimed at enhancing the adaptability of supply and demand for consumer goods, with a focus on three trillion-level consumption sectors, including elderly products, smart connected vehicles, and consumer electronics by 2027 [2][11] - The elderly products market in China is experiencing rapid growth, with the market size projected to increase from 2.4 trillion yuan in 2014 to 5.4 trillion yuan by 2024, indicating a significant growth potential [3][12] - The core of the new policy is to promote national health construction through consumption, focusing on meeting the health consumption needs of the elderly population, which is expected to create a win-win situation for families and society [3][12] Market Potential - The elderly products market is not yet mature, with high product homogeneity and limited market coverage, suggesting substantial room for growth and diversification in product types and functionalities [2][11] - The silver economy, which encompasses the consumption needs of the elderly, is projected to reach a scale of approximately 7 trillion yuan currently, with expectations to grow to 30 trillion yuan by 2035 [5][14] - The demand from the new elderly demographic has shifted from merely "having care" to "enjoying life," emphasizing the importance of belonging, safety, and value [5][14] Consumer Needs - The elderly population has diverse needs that extend beyond physical products to include emotional and spiritual support, indicating a growing market for services that cater to these aspects [4][5] - There is a significant market opportunity in providing services that address the emotional and cultural needs of the elderly, as many experience feelings of loneliness [4][5] - The integration of culture and health in service offerings can create new demand and enhance the overall well-being of the elderly [6][14] Challenges and Solutions - Urban low-income groups and rural elderly populations often lack disposable income for consumption, which poses a challenge to market growth [7][14] - Recommendations include improving pension systems, enhancing long-term care standards, and developing a multi-layered support system to boost elderly consumer confidence [7][8] - Companies are encouraged to innovate and adapt their offerings to meet the evolving needs of the elderly, focusing on practical and essential products that address real-life challenges [8][9] Strategic Recommendations - Establishing a three-tiered consumption scenario that includes inclusive, quality, and personalized consumption can help address the mismatch between supply and demand in the elderly products market [9][10] - Companies should focus on developing new consumption scenarios that leverage technology, such as AI and robotics, to meet the changing needs of elderly consumers [9][10] - Enhancing payment capabilities for the elderly through innovative funding models and government subsidies can facilitate greater market participation [9][10]

图：易方达基金常务副总裁娄利舟致辞 此外，根据与会代表围绕银发经济发展、金融赋能产业等议题展开的深入研讨，会议形成并发布了"广 州观点"，强调金融机构应努力做到：服务大局，勇担责任，推动养老产业与养老金融融合创新发展； 把握机遇，成就未来，为做强养老产业贡献力量；金融向善，赋能实体，引导金融资源支持壮大养老产 业；优化供给，适配需求，全面提升养老金融专业服务能力。 作为会议主办方之一，易方达投教基地在同期同地召开的"第十一届中国国际老龄产业博览会"展区设置 了"养老金融投教专区"，通过互动展板、宣传手册、短视频等形式，向参展市民普及个人养老金制度、 介绍个人养老金基金及投资方法等，让养老金融知识更易理解、更接地气。未来，易方达投教基地将继 续坚持投教纳入公司战略和文化建设，进一步推进养老金融投教工作，探索创新养老投教实践形式，为 共建全生命周期养老金融生态发挥更大作用、做出更大贡献。 11月27日至28日，在个人养老制度启航三周年之际，2025养老产业与金融创新发展策略会在广州举办。 大会以"金融向善·产业赋能——构建全周期养老金融生态共同体"为主题，来自政府、社会组织、金融 机构、企业、智库的约300名嘉宾 ...

Core Insights - The United Nations Development Programme (UNDP) has released three significant reports on China's silver economy, emphasizing its role in building an inclusive and sustainable aging society [1][2] - By the end of 2024, the population aged 65 and above in China is projected to reach 220 million, accounting for 15.6% of the total population, with expectations to rise to 30% by 2050 [1] - The Chinese government plans to elevate the development of the silver economy to a national strategic level, with the release of a dedicated document in 2024 [1] Group 1: Reports Overview - The report titled "Improving the Elderly Care Service System through the Silver Economy" highlights the importance of a robust elderly care service system in addressing aging challenges and the critical role of the silver economy in enhancing high-quality elderly care services [1] - The report on "Financial Empowerment of China's Silver Economy" identifies key investment opportunities in the elderly care industry, including smart devices and home modifications for the elderly [2] - The "Multidimensional Vulnerability Measurement of China's Elderly Population" report assesses the overall well-being of the elderly, identifying the most vulnerable groups, particularly rural residents and elderly women, and calls for targeted policies to enhance their resilience [2] Group 2: Expert Opinions - UNDP representatives emphasized that appropriate policy guidance and effective financing mechanisms can transform the challenges of population aging into opportunities for inclusive growth [4] - Industry leaders noted that the elderly care finance sector presents new opportunities for financial industry development while addressing aging population challenges [4] - The UN Population Fund representative highlighted China's unique advantages in turning the trend of increased longevity into new development momentum through investments in families and resilient elderly care systems [4]

Core Viewpoint - The implementation plan aims to enhance the adaptability of supply and demand in the consumer goods sector to address pain points in consumption [1][2] Group 1: Goals and Targets - The plan sets a target to cultivate three trillion-level consumption sectors and ten hundred-billion-level consumption hotspots by 2027 [2] - The three trillion-level sectors include elderly products, smart connected vehicles, and consumer electronics [2] - The ten hundred-billion-level hotspots focus on specific categories such as baby products, smart wearable devices, cosmetics, fitness equipment, outdoor products, pet food, civilian drones, trendy toys, jewelry, and national trend clothing [2] Group 2: Targeted Consumer Groups - For the young demographic, the plan emphasizes "individual expression" and "fashion leadership," supporting the development of culturally rich and fashionable products like national trend clothing and designer collaborations [2][3] - In addressing the needs of infants and students, the plan promotes the integration of traditional toys and stationery with smart technology, aiming for products that facilitate personalized interaction and learning [3] - For the elderly, the focus is on practical convenience and quality of life, with plans to enhance the development of products like elderly care robots, suitable clothing, and easy-to-swallow foods [3] Group 3: Market Dynamics - The plan anticipates the creation of a new consumption market worth trillions in key sectors by 2027, driven by both "stock optimization" and "incremental creation" [3] - Stock optimization refers to the growing popularity of culturally significant domestic products, while incremental creation involves developing new products and services for emerging demographics and scenarios [3] Group 4: Economic Impact - The multi-faceted approach is expected to significantly enhance the resilience and vitality of the domestic consumer market, providing solid support for the construction of a new development pattern [4] - The goal is to achieve a dynamic balance of supply and demand at a higher level within approximately five years, allowing consumers to enjoy higher quality products and services [4]

你有多久没有走进一家药店？近日，上海证券报记者走进位于南京东路的第一医药旗舰门店，扑面而来 的不再是浓浓的"药味"，而是科技感满满的"AI味"。 步入第一医药药房，目之所及不再仅是整齐排列的药品货架，而是融合了医疗服务新场景的AI智能体 检区、康复辅具体验中心等，传统大药房俨然"变身"为一个融合健康监测、智慧服务与专业咨询的"一 站式健康生活站"。 从传统到现代，从药房到健康生活站，这不仅是AI技术赋能的创新一步，更是第一医药这家拥有70多 年历史的老牌药企转型的一步。 前瞻的战略部署离不开上海商贸零售"航母"——百联集团的精准领航。作为百联旗下唯一的大健康产业 平台，第一医药，不仅是闻名沪上的"第一医药商店"这一地标载体，更被百联集团寄予厚望：打造成为 长三角领先的医药与健康服务商。 老药房谋新局 "如今卖药难。"第一医药总经理姚军向记者直言，整个医药流通行业正经历着前所未有的冲击，医药零 售行业正经历结构性变革。 记者采访了解到，第一医药正积极响应百联集团对大健康板块的战略部署，聚焦银发经济市场，着力从 产品端与服务端构建企业核心竞争力。 从线下场景的服务升级，到模式重构的创新打法，这家老字号大药房主动拥 ...

九州大药房相关负责人指出，要加强政策支持与行业监督，推动银发经济产业链上下游企业深度协同， 搭建一体化服务平台，为产业赛道发展奠定坚实基础。 "让银发服务嵌入生活场景，能更好激活'家门口经济'"。杭州望潮社会服务中心负责人陈海龙建议，聚 焦银发新生，重点关注老年群体再就业与社会参与，开展针对性职业技能培训，创造再就业机会，激发 社区场景活力。 针对信息碎片化问题，范懿心提出构建区域性服务对接平台，推动信息资源从碎片化向整合化转变，实 现老年群体需求与服务供给的精准匹配，加快银发产业集群化发展。 关于"分散服务"瓶颈的突破，拱墅区侨创联盟代表认为要强化牵头抓落实机制，梳理并明确服务清单， 通过打造"银发服务驿站"等枢纽节点，构建可持续发展生态。 商报讯(记者潘婷婷通讯员邵翀江斌)当千年运河商脉遇见万亿银发经济，会迸发怎样的火花？近日，在 拱墅区大关街道北新商务社区"茶暖北新畅享银龄未来"红茶议事会上提出了这个新议题，共谋区域银发 经济高质量发展新路径。 "北新"二字，源自明清北新关，曾是南北货通、商脉汇聚之地。如今，这片土地正将历史积淀的开放基 因注入银发服务新领域。 现场，北新商务社区亮出今年成绩单：指导钱江 ...

泰国发展研究院不久前发布的一项研究预测，随着老龄人口的快速增长，到2033年，泰国老年消费支出 将达到3.5万亿泰铢（1美元约合32泰铢），并将有660万即占60岁及以上人口37%的老年人活跃在就业 市场，老年人就业收入有望从2024年的6400亿泰铢增至2033年的8800亿泰铢，形成新的经济增长点。泰 国国家经济和社会发展委员会表示，应适时出台支持专业养老产品研发、安全住房改造、延迟退休及财 税激励等措施，做好长期规划、整合发展。 泰国发展研究院建议，应出台政策鼓励从事"第二份职业"，为个人在退休前后的职业转型提供新的技能 和理念。这包括推动立法以促进适当的退休后就业，延长公共和私营部门的退休年龄等。研究还提到了 围绕银发经济的四大潜力行业：老年住房与无障碍改造、营养与易食食品、健康护理与关怀、休闲娱乐 与社交服务。这些领域不仅满足老年人需求，也创造老年人就业新机会，如社区护理、线上内容创作 等。泰国发展研究院研究员索瓦叻表示，随着老年人相关产品和服务市场需求的持续增长，政府需要制 定灵活的政策措施来鼓励满足这些新的需求和业务。 目前，泰国养老相关产业规模不断扩大，2022年已达1000亿泰铢。泰国公共卫 ...

Core Viewpoint - Shanghai is emerging as a global hub for biopharmaceutical innovation, with local companies leveraging innovation, transformation, and internationalization to enhance their competitiveness on the world stage [4][6]. Group 1: Innovation - Junshi Bioscience has focused on unmet clinical needs, successfully launching its PD-1 monoclonal antibody, which has reshaped the landscape for domestic innovative drugs in international markets [4][5]. - Fosun Pharma has achieved significant milestones in innovation, including the development of China's first self-developed CAR-T cell therapy product and the first PD-1 monoclonal antibody approved for first-line treatment of small cell lung cancer [8][9]. - The company has established a comprehensive innovation system, with over 12 innovative drugs launched during the 14th Five-Year Plan period, focusing on oncology, immune inflammation, and chronic diseases [11][12]. Group 2: Transformation - First Pharmaceutical has adapted to the challenges posed by e-commerce in the pharmaceutical retail sector by integrating smart healthcare services, revitalizing its traditional pharmacy model [5][30]. - Fosun Pharma's transformation journey aligns with the rapid evolution of China's innovative drug industry, emphasizing a combination of generics and original innovations [5][11]. - Seer Bio has expanded its research into broader biotoxin treatments after mastering snake venom therapies, indicating a strategic shift towards a wider range of biological toxin therapies [5][26]. Group 3: Internationalization - Fosun Pharma has successfully penetrated international markets, with its anti-tumor innovative drug, Slulizumab, approved in approximately 40 countries, showcasing the company's global strategy [12][13]. - Junshi Bioscience has transitioned from a "single-point breakthrough" to "platform innovation," with its core product, Toripalimab, now available in major markets including the US and EU [16][17]. - The company is building a global commercialization network through partnerships and local teams, aiming to enhance its international presence [22][23]. Group 4: Market Challenges and Opportunities - First Pharmaceutical faces significant challenges in the pharmaceutical distribution industry, including regulatory changes, evolving sales models, and increased consumer expectations for professional services [32][33]. - Despite these challenges, First Pharmaceutical has reported substantial revenue growth, with sales increasing from 1.398 billion yuan in 2021 to 1.915 billion yuan in 2024 [32]. - The company is strategically focusing on the silver economy, aiming to develop integrated services for the elderly, aligning with national policies on aging [34][35].