■ 要把抓好党的十八届三中全会以来部署改革任务的落实同完成"十三五"规划主要目标任务、决胜脱贫 攻坚、全面建成小康社会结合起来，把统筹推进常态化疫情防控和经济社会发展工作贯通起来，有针对 性地部署推进关键性改革。要提前谋划"十四五"时期改革工作，更加注重制度和治理体系建设，更多解 决深层次体制机制问题。改革创新最大的活力蕴藏在基层和群众中间，对待新事物新做法，要加强鼓励 和引导，让新生事物健康成长，让发展新动能加速壮大 会议强调，推动媒体融合向纵深发展，要深化体制机制改革，加大全媒体人才培养力度，打造一批具有 强大影响力和竞争力的新型主流媒体，加快构建网上网下一体、内宣外宣联动的主流舆论格局，建立以 内容建设为根本、先进技术为支撑、创新管理为保障的全媒体传播体系，牢牢占据舆论引导、思想引 领、文化传承、服务人民的传播制高点。 新华社北京6月30日电 中共中央总书记、国家主席、中央军委主席、中央全面深化改革委员会主任习近 平6月30日下午主持召开中央全面深化改革委员会第十四次会议并发表重要讲话。他强调，胜利完成"十 三五"规划主要目标任务、决胜脱贫攻坚、全面建成小康社会，乘势而上开启全面建设社会主义现代化 国家 ...

Performance Meeting Overview - The company held its 2024 annual performance meeting on June 5, 2025, via an online interactive format at the Shanghai Stock Exchange [1] - Key executives including the Secretary of the Board, CFO, and an independent director participated in the meeting to address investor inquiries [1] Product Registration and Development - As of now, the company has completed re-registration for 29 drug numbers at its Lin'an Pharmaceutical Center, with 11 drug numbers at Huangshan Tianmu and Huangshan Mint also completed [2] - The company is working on small-scale trials and commissioned processing for some re-registered drug numbers to enhance its product diversity [2] Key Product Updates - The company's flagship product, Pearl Eye Drops, is undergoing preparations for GMP compliance checks, but the timeline for resuming normal production and sales remains uncertain [2] - The company has launched White Flower Snake Grass Water in collaboration with East China Grape Brewing Co., achieving sales revenue of 342.32 million yuan in 2024 [2] Health Product Strategy - The company is focused on a dual strategy of "premium traditional Chinese medicine + health products," aiming to expand its health product offerings [3] - New products such as Iron Skin Fengtou tablets, soft capsules, and extracts have been added to the existing product line [3] Collaborations and Market Expansion - The company has established a subsidiary for research and development in traditional Chinese medicine and health products, collaborating with renowned TCM teams [3] - Partnerships with Qingdao University aim to innovate TCM applications in health foods and functional products [3] E-commerce Initiatives - The company launched its flagship store on Tmall in May 2025, facilitating online sales of its Iron Skin Fengtou product line [4] - The company plans to leverage internet channels to enhance product promotion and expand market share [4] Mergers and Acquisitions - The company has adopted a cautious yet open approach to mergers and acquisitions, having acquired 51% stakes in Qingdao Simulation Medical Technology Co., Ltd. and Qingdao Tianmu Mountain Medical Technology Co., Ltd. in 2024 [5] - These acquisitions are expected to improve asset quality and enhance the company's operational capabilities [5]

Core Insights - The article highlights the significant advancements in the goji berry industry in Ningxia, showcasing the development of over 120 new products through technological innovation, including cosmetics, health foods, and pharmaceuticals [1][2][3] Industry Overview - The 8th Goji Berry Industry Expo will take place on June 21 in Ningxia, featuring over a hundred goji berry products, including goji coffee, masks, and ice cream [2] - Ningxia's goji berry industry has achieved a comprehensive output value exceeding 12.6 billion yuan, with a marketing network covering over 50 countries and regions [2] - Research initiatives have established a high-density genetic linkage map and a compound database for goji berries, enhancing the understanding of their health benefits [2][3] Product Development - Recent discoveries have led to the development of 15 new functional products aimed at improving brain function and treating diabetes and depression [2][3] - Ongoing research focuses on the mechanisms of goji berry compounds in treating liver damage, Parkinson's disease, and diabetes [3] Quality Control and Regulation - Ningxia has implemented a multi-faceted regulatory system for goji berry e-commerce, including constant monitoring of online sales to ensure product quality and consumer safety [4][5] - The establishment of a national quality testing center for goji products has facilitated the certification of products for global trade [5] Cultural and Tourism Integration - Ningxia is promoting the integration of goji berries into cultural and tourism experiences, offering immersive activities that highlight the region's heritage and agricultural practices [6][7] - The region has developed unique tourism routes that allow visitors to engage with goji berry cultivation and traditional practices [6]

证券研究报告 交易型指数基金资金流向周报 数据日期：2025/5/26-2025/5/30 长城证券产业金融研究院 基金研究 分析师：金铃 执业证书编号：S1070521040001 报告日期：2025年6月3日 交易型指数基金资金流向 国内被动股票基金 | 大 类 | 所属概念 | 基金规模 | 周涨跌幅 | 周资金净买 | 今年以来周涨跌幅 | 今年以来周资金流向 | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | (亿元) | (%) | 入额(亿元) | 走势图 | 走势图 | | | | 上证50 | 1594.56 | -0.85 | 4.69 | | | | | | 沪深300 | 9834.49 | -0.81 | 22.15 | | | | | | 中证500 | 1401.20 | 0.52 | 3.83 | | | | | | 中证1000 | 1169.17 | 0.88 | -1.14 | | | | | | 创业板指 | 1264.48 | -1.00 | 12.57 | | | | | | 科创创业50 | 32 ...

Core Viewpoint - The forum held by Taikang Online on its tenth anniversary focused on the integration of commercial insurance and the pharmaceutical industry, aiming to promote high-quality development in commercial health insurance [1][5] Group 1: Industry Trends - The health insurance premium income in the insurance industry is expected to approach 1 trillion yuan in 2024, driven by favorable national policies [2] - Approximately 40% of the population in China is in a "non-standard health state," indicating a strong demand for health insurance among those with pre-existing conditions [2] - The traditional view of commercial insurance as a precautionary measure is shifting towards addressing the needs of individuals already facing health issues [2] Group 2: Product Development - Taikang Online has developed a comprehensive insurance product system covering the entire disease cycle for individuals with pre-existing conditions, including cancer recurrence insurance products [3] Group 3: Collaborative Ecosystem - The forum highlighted the importance of multi-party collaboration in building an integrated ecosystem, with emphasis on diverse payment solutions to enhance patient access to medications [4] - The collaboration between public hospitals and commercial insurance is seen as a key driver for high-quality development, allowing for innovative insurance product designs and data utilization [4] - Taikang Medical and Taikang Online are working closely to explore single-disease insurance products, creating a win-win situation for insurance providers, healthcare facilities, and consumers [4] Group 4: Future Outlook - Taikang Online aims to transition from being merely a "payer" to a "health promoter," focusing on solutions for individuals with pre-existing conditions and creating a comprehensive health service ecosystem [6]

Core Viewpoint - The annual shareholder meeting of Gujing Gongjiu highlighted the company's strong performance in 2024, with a focus on navigating the current challenges in the liquor industry and expanding into the health sector [2][3][6]. Financial Performance - In 2024, Gujing Gongjiu achieved a total revenue of 23.578 billion yuan, representing a year-on-year growth of 16.41%, while the net profit attributable to shareholders was 5.517 billion yuan, up 20.22% year-on-year [2]. Industry Context - The liquor industry is currently undergoing a deep adjustment cycle, prompting discussions among shareholders about how Gujing Gongjiu can successfully navigate this period, similar to its performance from 2012 to 2015 [2]. Strategic Initiatives - Gujing Gongjiu is implementing a "liquor + health" strategy, focusing on expanding its product offerings beyond traditional liquor to include health-oriented beverages [3][6]. - The company is optimizing its product structure and exploring innovations, including the integration of liquor with health and wellness products, as well as low-alcohol options [8][9]. Consumer Trends - There is a noticeable shift in consumer trends, particularly among younger demographics, which is influencing the company's marketing and product development strategies [7][8].

在中医药产业创新升级的进程中，维康药业（300878）凭借扎实的研发能力和优秀的产品，持续获得行业认可。五月中旬，第五届鼎新荟暨2025大健康产 业医药大会在常州开幕，会上，维康药业荣获"2025鸿鼎榜单VIP合作企业"，其明星产品银黄滴丸入选"10万+药房门店明星产品"榜单。 "银黄滴丸"产品由金银花提取物和黄芩提取物科学配伍而成，成分简明且安全性突出，适用于急慢性咽喉炎、扁桃体炎及上呼吸道感染等疾病治疗。作为 维康药业的核心大单品，其凭借纯中药制剂配方、优秀的生产工艺和显著的临床疗效，持续赢得市场青睐。 在本次获奖前，维康药业银黄滴丸已收获多项行业认可。2024年，公司凭借该产品斩获"中国医药 品牌榜"零售终端成人感冒用药榜首；其核心专利"缓释 耐高温滴丸基质及银黄滴丸制备技术"荣膺第二十五届中国专利优秀奖；此外，银黄滴丸项目入选浙江省先进（未来）技术创新成果，三重权威认证进一 步验证了维康药业的技术创新优势。 值得注意的是，根据企业最新年报，公司正围绕银黄滴丸进行二次研究开发。截至2024年底，银黄滴丸针对复发性口腔溃疡（上焦实热证）的Ⅱ期临床试 验已经顺利完成，正在与CDE沟通交流Ⅲ期临床试验。 除银 ...

Core Viewpoint - The company, Pianzaihuang Pharmaceutical Co., Ltd., reported a solid performance in 2024, achieving a consolidated revenue of approximately 10.788 billion yuan, a year-on-year increase of 7.25%, and a net profit attributable to shareholders of about 2.977 billion yuan, up 6.42% from the previous year [4][5][6]. Group 1: Meeting Procedures and Governance - The 2024 Annual General Meeting (AGM) will be held on June 20, 2025, at 09:00, at the Zhangzhou Xiangjiang Hotel [3]. - The meeting will include a verification of the identity of attendees, and shareholders will have the right to speak, inquire, and vote [2][3]. - Voting will be conducted by registered ballot, with each share representing one vote [2][3]. Group 2: Business Performance - The company achieved a consolidated revenue of approximately 10.788 billion yuan in 2024, representing a 7.25% increase year-on-year [4]. - The net profit attributable to shareholders was about 2.977 billion yuan, reflecting a 6.42% increase compared to the previous year [4]. - The company paid approximately 14 billion yuan in cash dividends, accounting for 50.04% of the net profit attributable to shareholders [9]. Group 3: Honors and Recognition - The company was recognized as one of the "Top 100 Enterprises in Comprehensive Competitiveness of Traditional Chinese Medicine Industry" and received multiple awards for its brand value and cultural heritage [5][6]. - The company ranked first in the market capitalization of the traditional Chinese medicine industry, with a market value exceeding 120 billion yuan [6]. - The company received various awards, including the "2023 Golden Bull Most Investment Value Award" and "2024 Top 20 ESG Competitiveness in Chinese Pharmaceutical Listed Companies" [6]. Group 4: Research and Development - The company is focusing on enhancing its independent innovation capabilities, with ongoing clinical research on 14 new drug projects [12][13]. - The company has established partnerships with over 10 academicians for collaborative projects, aiming to accelerate technological breakthroughs [13]. - The company is actively involved in national key research projects, enhancing its research capabilities in traditional Chinese medicine [13][14]. Group 5: Future Plans - The company plans to increase its new drug projects and clinical research initiatives, aiming to launch 2-3 new drug projects in the coming year [21]. - The company will focus on expanding its market presence in traditional medicine channels and new consumer markets [21]. - The company aims to enhance its brand visibility through new media and targeted marketing strategies [21].

司公开发行可转换公司债券 2025 年跟踪评级报告 中鹏信评【2025】跟踪第【78】号 01 信用评级报告声明 除因本次评级事项本评级机构与评级对象构成委托关系外，本评级机构及评级从业人员与评级对象不存 在任何足以影响评级行为独立、客观、公正的关联关系。 本评级机构与评级从业人员已履行尽职调查义务，有充分理由保证所出具的评级报告遵循了真实、客 观、 公正原则，但不对评级对象及其相关方提供或已正式对外公布信息的合法性、真实性、准确性和完整性 作任何保证。 本评级机构依据内部信用评级标准和工作程序对评级结果作出独立判断，不受任何组织或个人的影响。 本评级报告观点仅为本评级机构对评级对象信用状况的个体意见，不作为购买、出售、持有任何证券的 建议。本评级机构不对任何机构或个人因使用本评级报告及评级结果而导致的任何损失负责。 本次评级结果自本评级报告所注明日期起生效，有效期为被评证券的存续期。同时，本评级机构已对受 评对象的跟踪评级事项做出了明确安排，并有权在被评证券存续期间变更信用评级。本评级机构提醒报 告使用者应及时登陆本公司网站关注被评证券信用评级的变化情况。 本评级报告版权归本评级机构所有，未经授权不得修改、 ...

Core Viewpoint - The 17th Ditan Traditional Chinese Medicine Health Culture Festival was successfully held in Beijing, showcasing the integration of traditional culture and health through various TCM products and practices [1]. Company Overview - Tongrentang Technology Development Co., Ltd. showcased a wide range of health products, emphasizing its strength in the health industry and innovative capabilities [3][5]. - The company has developed a product matrix in the health sector, including six major categories: health foods, health drinks, deer products, cosmetics, fragrance products, and disinfection products [3]. Product Highlights - The festival featured dozens of representative products from the "big health" matrix, demonstrating the company's rich heritage in TCM culture and product development [5]. - The traditional production technique of Ejiao cake was demonstrated live, highlighting the craftsmanship and time-intensive process involved [7]. - The company has developed nearly 200 fragrance products based on classic TCM formulas, integrating traditional medicine with modern fragrance techniques [9][11]. - The cosmetics division focuses on the research and application of traditional plants, with products like ginseng vitamin E lotion gaining popularity among consumers [13]. Cultural Impact - The festival allowed the public to deeply experience the charm of TCM culture and health services, promoting the benefits of TCM to a wider audience [15].