时政要闻 财政部等五部门：支持中小微企业增加投资和扩大再生产，对符合条件的企业给予年化1.5个百分点贴 息支持 近日，财政部等五部门联合发布《关于实施中小微企业贷款贴息政策的通知》（以下简称《通知》）， 旨在激发民间投资活力，支持中小微企业增加投资和扩大再生产。 《通知》明确，重点支持新能源汽车、工业母机、医药工业、医疗装备、基础软件和工业软件、民用大 飞机、服务器、移动通信设备、新型显示、仪器仪表、工业机器人、轨道交通装备、船舶与海洋工程装 备、农机装备等相关重点产业链及上下游产业，科技服务、物流服务、信息和软件服务、节能环保服 务、生产性租赁服务、商务服务等生产性服务业领域，农、林、牧、渔、农副产品加工业领域，以人工 智能等为代表的新兴领域。 《通知》指出，对符合条件的中小微民营企业固定资产贷款和中小微民营企业参与项目使用的新型政策 性金融工具资金，中央财政按照贷款本金给予年化1.5个百分点、期限不超过2年的贴息支持，单户贴息 贷款规模上限5000万元。政策实施期限暂定1年，后续可视情延长。同一笔贷款不得重复享受中央财政 其他贴息政策。 《通知》提出，财政部门与银行对接实行"总对总"模式。国开行、进出口银 ...

1月20日，财政部就"发挥积极财政政策作用，推动经济社会高质量发展"举行新闻发布会，介绍六项财政金融支持政策执行细则，聚焦激发民间投资和促进居民消 费，以财政贴息、融资担保、风险分担等工具，协同央行一揽子货币政策，着力降低企业融资成本和门槛、降低居民消费负担、扩大有效需求。 一、政策内容：三新增、三优化 首先是"三新增"。 一是实施中小微企业贷款贴息政策 【注释1】 。 中央财政对中小微民营企业固定资产贷款以及参与项目使用的新型政策性金融工具资金予以年 化1.5pct贴息，期限最长不超过2年，单户贴息贷款规模上限5,000万。重点有四大类支持领域，一是新能源汽车、工业母机、医药工业等14个重点产业 链 【注释2】 及上下游企业；二是科技服务、物流服务、信息和软件服务等生产性服务业领域；三是农、林、牧、渔、农副产品加工业领域；四是以人工智能等为代表的新兴领 域。 二是实施民间投资专项担保计划 【注释3】 。 专项担保计划由国家融资担保基金设立，额度5,000亿，分两年实施，聚焦支持中小微民营企业因购买设备及原材 料、技术改造等生产经营活动、以及用于餐饮住宿、健康、养老、托育、家政、等消费领域场景拓展和升级改造的 ...

从贴息力度来看，对于个人消费者，消费者在一家银行单笔消费可获得的贴息额由500元提高到3000 元。对于消费服务行业的企业，将单户享受贴息的贷款额度，从100万元大幅提高到1000万元，贴息金 额也从1万元相应提高到10万元。 从期限来看，上述两项政策的实施期限均延长至2026年底。政策到期后，将根据实施效果，视情研究延 长政策期限。 财政部1月20日消息，财政部、央行、金融监管总局等部门近日出台财政金融协同促内需一揽子政策措 施：针对提振消费，优化实施个人消费贷款和服务业经营主体贷款贴息政策；围绕支持民间投资，实施 中小微企业贷款贴息政策，优化实施设备更新贷款财政贴息政策，实施民间投资专项担保计划。 优化实施"双贴息"政策 根据《关于优化实施服务业经营主体贷款贴息政策的通知》和《关于优化实施个人消费贷款财政贴息政 策有关事项的通知》两项政策安排，服务业经营主体贷款政策、个人消费贷款贴息政策的优化主要体现 在贴息力度更大，消费领域更广，实施期限更长，机构覆盖面更宽。 在消费领域方面，个人消费方面，将覆盖人群多、应用场景广泛的信用卡账单分期业务纳入到贴息范 围，并取消了原有政策中对消费领域的限制。对于服务业经营 ...

今年将出台扩大内需战略实施五年方案 1月20日，王昌林在国新办举行的新闻发布会上表示，2025年，我国经济社会发展主要目标顺利完成， 经济运行稳中有进，发展韧性进一步彰显，民生政策更有温度，交出一份高质量答卷。同时，当前我国 经济运行也存在供强需弱的问题。针对当前需求不足的问题，国家发展改革委将坚持把宏观政策的发力 点放在做强国内大循环上，全方位扩大国内需求。王昌林透露，今年将研究制定出台2026—2030年扩大 内需战略实施方案。 经济发展是供给和需求相互作用、共同推动的一个过程。一方面，供给决定需求的满足；另一方面，新 需求也会拉动供给，催生新的供给，从而实现经济的良性循环。王昌林表示，要扩大内需、优化供给， 推动供需在更高水平上实现动态平衡和良性循环，促进形成更多由内需主导、消费拉动、内生增长的经 济发展模式。 同时，王昌林表示，要坚持把宏观政策的发力点放在做强国内大循环上，全方位扩大国内需求。重点是 要适应需求升级的趋势，结合新一轮科技革命和产业变革的需要，研究制定出台2026—2030年扩大内需 战略实施方案，为以新需求引领新供给、以新供给创造新需求提供强有力的创新举措和要素保障，努力 实现供需互促 ...

今天（20日），财政部等四部门发布通知，将实施民间投资专项担保计划。这将给市场带来5000亿元的资金支持。 5000亿元民间投资 专项担保计划分两年实施 根据民间投资专项担保计划，通过国家融资担保基金专设担保计划5000亿元，分两年实施，引导银行新增投放5000亿元中小微企业固定资产贷 款。国家融资担保基金分险比例由20%提高至不超过40%，代偿上限由4%提高至5%，单户授信担保额度由1000万元提高至2000万元，减半收 取再担保费。中央财政给予风险补偿、降费补贴和注资支持。 中央财经大学国家财经战略研究院中国经济研究中心主任 袁东：投资担保计划是5000亿的规模，通过中央到省份到市这么三级政府性融资担 保机制的支持，能够撬动民间总的投资接近9000亿。对于当前的民间投资的稳定，促进民间投资来讲是至关重要的。 中小微企业贷款贴息政策 同时，财政部、国家发展改革委等五部门今天还联合发布通知：从今年起，实施中小微企业贷款贴息。 专项担保计划精准聚焦支持对象 那么，哪些情况可以享受政策支持呢？根据政策，中小微企业在购买设备及原材料、技术改造、中小企业数智化改造（含购买硬件设备和软件 系统）、改扩建厂房、店面装修、 ...

Group 1: Core Policy Overview - The Ministry of Finance announced a package of five fiscal and financial policies aimed at boosting domestic demand through enhancing consumption and expanding private investment [1][12] - The policies include optimizing personal consumption loans and service industry loans, implementing loan interest subsidies for small and micro enterprises, and establishing a special guarantee plan for private investment [1][12] Group 2: Personal Consumption Loan Policy - The "double interest subsidy" policy has been extended until December 31, 2026, maintaining an annual interest subsidy rate of 1 percentage point [3][14] - The policy now includes credit card installment payments, expands the scope of supported consumption areas, and increases the number of eligible financial institutions [5][17] - The subsidy cap for individual consumption has been removed, allowing for greater flexibility in borrowing [5][17] Group 3: Service Industry Loan Policy - The subsidy cap for service industry loans has been raised to a maximum of 10 million yuan for new loans issued in 2026 [6][18] - The policy now includes additional sectors such as digital, green, and retail consumption, expanding the support areas [6][18] - A wider range of banks, including 21 national banks and various local banks, are now authorized to handle these loans [7][18] Group 4: Small and Micro Enterprises Loan Policy - The loan subsidy for small and micro enterprises is capped at 50 million yuan, with a 1.5 percentage point annual subsidy for eligible fixed asset loans [8][19] - The policy focuses on supporting investments in key industries such as new energy vehicles, medical equipment, and artificial intelligence [19] - The implementation period is initially set for one year, with potential extensions based on future evaluations [19] Group 5: Equipment Upgrade Loan Policy - The equipment upgrade loan subsidy policy has also been extended to December 31, 2026, with a 1.5 percentage point subsidy for fixed asset loans [9][20] - New sectors such as artificial intelligence and green technology have been added to the support areas for equipment upgrades [20] Group 6: Private Investment Guarantee Plan - A special guarantee plan for private investment has been established with a total quota of 500 billion yuan, to be implemented over two years [10][22] - The plan aims to enhance government financing guarantees to stimulate private investment in various sectors, including technology upgrades and service expansions [22] - The risk-sharing mechanism involves banks taking on at least 20% of the loan risk, while the government guarantee system covers up to 80% [22][23]

Core Viewpoint - The Ministry of Finance has issued a notice to implement a loan interest subsidy policy for small and micro enterprises, focusing on key industry chains and their upstream and downstream sectors [1] Group 1: Supported Industries - The policy supports fixed asset loans for small and micro private enterprises involved in key industry chains, including new energy vehicles, industrial mother machines, pharmaceutical industry, medical equipment, basic software, industrial software, civil aircraft, servers, mobile communication devices, new displays, instruments, industrial robots, rail transit equipment, marine engineering equipment, agricultural machinery, and more [1] - It also covers production service sectors such as technology services, logistics services, information and software services, energy-saving and environmental protection services, productive leasing services, and business services [1] Group 2: Emerging Fields - The policy emphasizes support for emerging fields represented by artificial intelligence and other innovative sectors [1]

Core Viewpoint - Jilin Province has achieved significant recognition in ecological civilization construction, leading the Northeast region with 15 designated ecological civilization demonstration zones and 8 "Green Water and Green Mountains are Golden Mountains and Silver Mountains" innovation bases [1][2] Group 1: Ecological Achievements - Jilin Province has been awarded 15 ecological civilization demonstration zones and 8 innovation bases, ranking first among the three northeastern provinces [1] - By December 25, 2025, Jilin Province will have 6 areas recognized in the national list of ecological civilization demonstration zones and innovation bases [1] - Tonghua City has become the first city in Jilin Province to receive full recognition as an ecological civilization demonstration zone [1] Group 2: Economic Integration and Development - Jilin Province is promoting deep integration of "ecology + agriculture" and "ecology + cultural tourism," focusing on comprehensive utilization of livestock waste and straw [1] - The province aims to transform ecological advantages into economic, developmental, and competitive advantages [1] Group 3: Specific Regional Developments - Tongyu County's new energy capacity accounts for approximately 28% of the province's total, with improving air quality [2] - Dongchang District of Tonghua City has achieved an annual output value of over 2.1 billion yuan in the pharmaceutical industry [2] - Linjiang City is developing specialty agriculture, including blueberries and cold-water fish, contributing to increased income for farmers and village collectives [2] - Longjing City is projected to receive 4.5637 million tourists in 2025, generating a total income of 4.379 billion yuan [2] Group 4: Regulatory and Environmental Oversight - Jilin Province has established a collaborative regulatory framework for verifying, investigating, compensating, supervising, and holding accountable for ecological issues [2] - The province has conducted remote sensing interpretation of human activities in important ecological spaces and has completed rectification of key issues in national nature reserves [2] - Ongoing assessments of ecological restoration projects are being conducted to monitor ecological status and changes [2]

Market Overview - The CITIC Pharmaceutical Index decreased by 2.02%, underperforming the CSI 300 Index by 1.44 percentage points, ranking 27th among 30 primary industries [8] - The top ten stocks with the highest gains this week include Duorui Pharmaceutical, Maillande, and Xiangyu Medical, while the top ten stocks with the largest declines include *ST Changyao and Shuyupingmin [8][37] Overall View and Investment Themes - The domestic innovative drug industry is transitioning from quantity logic to quality logic, emphasizing differentiated and internationalized pipelines, with a focus on products that can generate profits [11] - In the medical device sector, there is a notable recovery in bidding volumes for imaging equipment, and the home medical device market is benefiting from subsidy policies [11] - The CXO and life sciences services sector is expected to see a rebound in overseas investment and a bottoming out of domestic investment, indicating a potential upturn in the innovation chain [11] - The specialty raw materials pharmaceutical industry is anticipated to experience a new growth cycle, with a focus on the impact of patent expirations on new product volumes [11] Specific Industry Insights Innovative Drugs - The company has significantly increased its pipeline, with the number of innovative products rising from 3 to 18 since 2022, and plans to launch an average of 5 innovative products annually over the next three years [15][16] - The revenue share from innovative products is expected to exceed 50% by 2025, driven by a robust pipeline and strategic partnerships [15][16] Medical Devices - The orthopedic market is projected to grow due to aging demographics and increased surgery penetration, with domestic companies benefiting from the acceleration of local replacements [17] - The IVD market, particularly in chemiluminescence, is expected to grow rapidly, with domestic brands increasing their market share through competitive pricing and improved product offerings [18] Life Sciences Services - The life sciences services sector is recovering, with demand expected to rise in both domestic and overseas markets, driven by increased investment in biopharmaceuticals [24] - The industry is characterized by low penetration rates and a trend towards domestic substitution, with significant opportunities for growth through mergers and acquisitions [24] Traditional Chinese Medicine and Medical Services - The traditional Chinese medicine sector is expected to benefit from policy changes and an aging population, with a focus on unique therapeutic areas and high-dividend stocks [26][31] - The medical services sector is anticipated to improve due to anti-corruption measures and the expansion of commercial insurance, enhancing the competitiveness of private healthcare providers [26] Investment Recommendations - The company recommends focusing on the pharmacy sector due to the acceleration of prescription outflow and the optimization of competitive dynamics, suggesting that the pharmacy sector is poised for recovery [25] - In the medical device sector, attention is drawn to companies that are well-positioned to benefit from domestic substitution and technological advancements [19]

Core Insights - The company has completed a new board election, marking a new development phase with a focus on enhancing sales margins, ensuring asset security, improving financing channels, and optimizing capital returns [1] - The company is transitioning from scale expansion to a profound transformation focused on quality and efficiency, demonstrating clear strategic vision and strong execution [1] Financial Performance - In the first three quarters of 2025, the company achieved operating revenue of 21.513 billion yuan, with significant investment gains of approximately 878 million yuan from the disposal of non-core and inefficient assets [1] - The overall cash flow remains robust, with positive operating cash flow per share, supporting strategic transformation and ongoing operations [1] Business Segments - The company focuses on three core sectors: pharmaceutical distribution, pharmaceutical manufacturing, and pharmaceutical research and development [2] - The pharmaceutical distribution segment has shown significant improvement, with medical device agency business generating revenue of 4.986 billion yuan in the first half of 2025, becoming a key growth driver [2] - The pharmaceutical manufacturing segment, while smaller in revenue, has a high profit potential with a gross margin of 36.14% in the first half of 2025, crucial for optimizing profit structure [2] Innovation and R&D - The company invested 31.68 million yuan in R&D in the first three quarters of 2025, with positive progress in its R&D pipeline, including the completion of Phase I clinical trials for the innovative drug HW130 injection [2] - The management emphasizes a focus on profitability, planning to exit low-margin businesses and concentrate resources on high-value areas to enhance overall profitability and asset return levels [2] Governance and Sustainability - The company has revised 26 internal management systems and improved the operation mechanism of committees led by independent directors, reinforcing internal controls and shareholder return systems [3] - Under the new board's leadership, the company is steadily advancing along the path of focusing on core business and enhancing quality and efficiency, injecting strong momentum for future development [3]