齐鲁晚报·齐鲁壹点 晋森 通讯员 路笃书 13年来，济宁市慈善超市网络加盟店由起初的"爱客多"超市旗下的两家试点门店，已扩展到了现在的 499家门店，其中"爱特卖"生活超市门店63个、"广联医药"药店436个。价格减收优惠服务的范围也由起 初的市城区古槐、济阳、阜桥、越河、南苑、观音阁、金城、仙营、洸河、许庄等10个街道，扩展到了 现在的13个街道，增加了任城区的李营、安居2个街道和高新区的接庄街道。在加盟店内，低保对象通 过微信扫一扫即可完成身份认证、价格减收优惠结算等。价格减收优惠差价资金已由起初的从福利彩票 公益金中支付负担，发展成为由政府扶持一部分、慈善总会配套一部分、加盟企业捐赠一部分的资金承 担和保障机制（加盟药店捐赠全部差价资金，加盟生活超市捐赠差价资金的25%），形成了"政社企联 动合作"的运作模式，推动了社会救助的日常化、网络化、信息化和救助主体的多元化，得到了民政部 的支持和推广。安徽、河北、湖北、河南、内蒙古以及青岛、滨州、泰安等省、市先后来我市进行专题 考察。 13年来，济宁市民政局、济宁市慈善总会始终高度重视慈善超市网络的规范管理运作，建立了慈善超市 救助信息平台，研发了慈善超市信息 ...

"接下来，我们将持续优化，让'导航'更加精准、更加温暖、更加智能。"张敬武称，此次发布是一个新 起点，接下来还将启动第二批约10个行业的指引编制，延伸至地方特色产业与新兴业态，如民宿经营、 网络直播等，"法治是最好的营商环境。我们既希望这套指引成为企业随身的'工具书'，更希望市场监 管部门成为大家发展路上可信赖的'好伙伴'。" 记者了解到，企业获取指南途径上，可搜索"扬州市场监管"微信公众号，进入"行政指导"小程序，点 入"合规指引"版块，按行业查阅或下载手册。 据介绍，市场监管部门事前"指引式导航"，推动企业从"被动应对"转向"主动预防"；事中"护航式导 航"，推动执法从"机械执行"转向"柔性服务"；事后"提升式导航"，推动案件从"处理终点"转向"合规起 点"。该局三级调研员陈叶强告诉记者，为帮助企业特别是中小微企业解决"找不准重点、抓不住关 键"的合规困惑，市场监管部门编制了"看得懂、用得上、能防风险"的专属导航图。首批发布的12本合 规指引手册，涵盖食品生产、食品经营、餐饮、药店、医疗器械、化妆品、特种设备、供电、汽车零部 件、路灯照明、自然人网店、酒店日化用品。每本手册均以典型案例、流程图和实操建议为 ...

疫苗ETF（159643）跟踪的是疫苗生科指数（980015），该指数从市场中选取涉及疫苗研发、生产、销 售以及生物科技相关业务的上市公司证券作为指数样本，以反映疫苗及生物科技行业上市公司证券的整 体表现。该指数聚焦生物科学领域前沿，重点覆盖具有创新技术能力和产业化优势的疫苗企业，能够有 效体现行业技术发展趋势和市场动态。 1月5日，疫苗ETF（159643）涨超1.7%，创新兑现与全球布局成行业焦点 东海证券指出，医药生物行业正经历结构性变革。医疗器械行业在经历反腐、集采等压力后，随着院内 招投标活跃和政策优化，2026年有望进入新增长周期，海外市场成为重要增量。创新药领域已进入"大 时代"，2026年将主导行业，医保商保结合打开支付空间，CXO及上游产业链保持良好增长。医疗服务 消费受益于政策优化和需求升级，专科医院及连锁药店优势显现。医疗器械板块呈现"政策出清—创新 突围—出海扩张"趋势，AI、脑机接口等技术推动高端设备出口增长。药店行业结束高速扩张，转向质 量优化，龙头通过多元化经营巩固地位。整体来看，行业在政策出清和技术创新驱动下步入新阶段，但 需关注集采、研发失败等风险。 风险提示：提及个股仅用于 ...

此次专项检查聚焦突出问题，执法部门科学部署，成立4个专项检查组，对全市125家医保定点药店进行 全覆盖检查。检查过程中，执法人员围绕两大核心违规情形开展细致核查：一方面对照药品价签与实际 医保刷卡收费记录，逐一对医保结算价、现金支付价进行比对，严查是否存在"同一药品、两种价格"的 违规收费；另一方面深入核查药店进销存台账，重点排查是否存在将日用品、保健品等非医保商品，通 过串换编码、虚增数量等方式纳入医保结算的违规行为，坚决杜绝医保基金"跑冒滴漏"等问题。 针对 检查中发现的部分药店价签公示不规范、公示价格与药品不匹配等问题，执法人员当场要求经营企业限 时整改，并建立"回头看"机制确保问题整改到位。截至目前，扎兰屯市范围内医保定点药店暂未发 现"阴阳价格"及药店日用品串换药品等违法行为。 下一步，市市场监督管理局将持续巩固专项检查成果，建立常态化联合巡查机制，通过"突击查+常态 管"双管齐下，坚决打赢医保基金管理问题专项整治"突击战"切实守护好群众用药用械安全。（通讯员 赵静 吴明宇） 中国质量新闻网讯 为筑牢民生保障防线，内蒙古扎兰屯市市场监督管理局主动作为，联合市医疗保障 局迅速启动专项整治行动，以"自纠 ...

Summary of the Pharmacy Industry Conference Call Industry Overview - The pharmacy industry is undergoing significant changes due to tightened medical insurance policies and regular inspections, leading to the exit of non-compliant pharmacies and benefiting leading chain enterprises [1][2] - The overall pharmaceutical market is experiencing a decline, with retail sales showing a slight increase in online channels while offline sales are decreasing [1][4] Key Points and Arguments Regulatory Changes - From 2025, pharmacies must complete sales closure scanning, and by January 2026, all medical institutions must collect and upload drug traceability codes, enhancing industry compliance [1][4] - The National Medical Insurance Bureau has increased inspections, with approximately 42%-43% of pharmacies relying on medical insurance, leading to many pharmacies voluntarily exiting the insurance system [2] Financial Performance - The retail pharmacy gross margin has decreased from 33.4% to 28.6% due to centralized procurement policies, putting pressure on net profits for listed companies [1][4] - The overall pharmaceutical market sales declined by 1.1% year-on-year in the first three quarters, with hospital sales down 2.5% and retail sales up 3.2% [4] Market Dynamics - O2O (Online to Offline) channels are expected to grow by 36% in 2025, with sales projected to reach between 44 billion to 45 billion yuan, accounting for over 10% of total sales for leading chain enterprises [1][4] - The number of large chain brands has decreased, with over 15,000 stores closed in the first three quarters of 2025 [6] Additional Important Insights Strategic Adjustments - Leading chain pharmacies are slowing down expansion and focusing on profitability, optimizing store structures, and increasing franchise opportunities [3][6] - The industry is witnessing a shift towards diversified business models, including cross-industry collaborations and the establishment of DTP (Direct-to-Patient) pharmacies [3][19] Future Trends - The pharmacy industry is expected to continue its consolidation and cleaning process over the next two years, with a projected reduction of several thousand underperforming pharmacies annually [29] - By the end of 2026, the number of pharmacies is anticipated to stabilize around 500,000, marking a new phase of stable development and potential for large-scale mergers and acquisitions [29] Digital Transformation - Emphasis on digital capabilities and the integration of online and offline operations is crucial for enhancing operational efficiency and customer experience [8][25] - The industry is exploring innovative services such as telemedicine and smart delivery to improve customer engagement and service quality [8][19] Policy Support - Recent policies aim to simplify approval processes and encourage mergers, which could enhance competitiveness and drive industry consolidation [22][24] This summary encapsulates the key insights and developments within the pharmacy industry as discussed in the conference call, highlighting the regulatory environment, financial performance, market dynamics, strategic adjustments, future trends, digital transformation, and policy support.

Group 1 - The core consensus among institutions is that the "spring market" has begun early, with a rebound in the market since mid-December, driven by significant global events affecting liquidity and fundamental expectations [1][2] - Institutions believe that the current market conditions, including overall valuation and sector direction, are favorable for investment, particularly in growth sectors such as technology, lithium batteries, smart driving, commercial aerospace, and domestic consumption [1][2] - Historical patterns suggest that the spring market typically starts when indices are at relatively low levels, which is currently the case, indicating a potential for upward movement [2][3] Group 2 - Specific sectors of interest include AI-driven industries, the high prosperity of the non-ferrous metals sector, cash flow value of dividend assets, and the valuation recovery of consumption and non-bank financials [3] - In the consumer sector, opportunities are expected to arise from the consolidation of the tourism industry, while in the chemical sector, companies maintaining profitability and actively expanding their businesses are of interest [3] - The healthcare sector is also highlighted, with a focus on consumer service-oriented assets such as pharmacies and home medical services [3] Group 3 - In technology stocks, significant attention is directed towards breakthroughs in application areas, particularly in AI infrastructure and smart hardware, with potential investment opportunities in humanoid robots and smart driving [3][4] - The robotics sector is anticipated to transition from ornamental value to functional value, while smart driving is expected to see high-level intelligent driving becoming a standard feature in vehicles priced above 200,000 yuan, a trend currently underestimated by the market [4]

Investment Rating - The report suggests a positive investment outlook for the medical device sector, particularly in brain-computer interface devices, which are expected to see accelerated commercialization due to supportive policies [1][3]. Core Insights - Recent policies have significantly increased support for innovation in medical devices, with the National Medical Products Administration actively promoting faster market entry for brain-computer interface devices, indicating a diverse application landscape and substantial future potential [1][3]. - The pharmaceutical sector is witnessing positive developments, such as GSK's approval of mepolizumab for a new indication in COPD patients, marking it as the first monthly administered biologic in China, which is expected to reduce the annual incidence of severe exacerbations significantly [1][32]. - The report highlights the approval of Wegovy® tablets in the U.S. for weight management, emphasizing its potential impact on the market as the first oral GLP-1 receptor agonist for this purpose [37][40]. Summary by Sections Pharmaceutical Sector - Mepolizumab has been approved for COPD treatment in China, with a monthly dosing schedule, targeting a significant patient population [1][32]. - The A/H share innovation drug sector maintains high activity levels, with new drug approvals and cross-border transactions remaining robust [16][28]. Biologics - Wegovy® tablets have been approved in the U.S. for weight management, showing similar weight loss efficacy to its injectable counterpart, with a significant portion of participants achieving substantial weight loss [37][40]. CXO and Pharmaceutical Supply Chain - The CXO sector continues to show upward momentum, supported by a stable order backlog, with November financing levels slightly above the annual average [44][46]. Medical Devices - The centralized procurement process for high-value medical consumables is progressing steadily, with high selection rates in multiple rounds of bidding, indicating a favorable environment for leading domestic companies [2][52]. Retail Pharmacy - The industry is undergoing a consolidation phase, with leading companies expected to benefit from increased market share through mergers and acquisitions [2][3]. Medical Services and Consumer Healthcare - Aier Eye Hospital's acquisition of 39 institutions for 960 million yuan strengthens its market position, with the acquired entities showing signs of financial recovery [2][3].

Investment Rating - The report suggests a positive outlook for the pharmacy and traditional Chinese medicine sectors, anticipating a recovery in 2026 after a weak performance in 2025 [2][5]. Core Insights - The pharmacy sector is expected to benefit from market consolidation, with leading companies likely to increase their market share through mergers and acquisitions during the industry clearing phase [3][11]. - The traditional Chinese medicine sector is projected to stabilize and potentially recover, driven by an increase in flu incidence and the upcoming update of the essential drug list [57][60]. Summary by Sections Pharmacy Sector - **Market Review**: The pharmacy sector faced significant challenges in 2025, with a decline in same-store sales and an overall reduction in the number of operating stores since Q4 2024 [5][20]. - **Policy Environment**: Regulatory measures are promoting a more compliant and healthier industry ecosystem, which is expected to benefit leading companies [14][15]. - **Market Size**: In the first ten months of 2025, the sales scale of physical pharmacies was 501.3 billion yuan, a year-on-year decrease of 1.6%, primarily due to a decline in non-pharmaceutical sales [16][21]. - **Competitive Landscape**: The number of pharmacies in China reached approximately 684,000 by the end of 2024, with a notable increase in store closures, particularly among smaller chains [20][24]. - **Marginal Performance**: There has been a slight recovery in retail sales data, with leading companies showing improved performance through cost reduction and efficiency measures [32][34]. - **Outlook for 2026**: Focus on market consolidation and the development of non-pharmaceutical products is recommended, as leading companies are expected to enhance their market share [44][52]. Traditional Chinese Medicine Sector - **Market Review**: The traditional Chinese medicine sector experienced overall weak performance in 2025, with some companies seeing temporary valuation increases due to innovative pipelines [57][58]. - **In-Hospital Opportunities**: The upcoming update of the essential drug list is expected to benefit companies with products that have the potential to be included [60]. - **Out-of-Hospital Opportunities**: An increase in flu incidence in Q4 2025 is anticipated to aid in inventory digestion, with some companies expected to see improved performance [60]. - **High Dividend Stocks**: Companies such as Lingrui Pharmaceutical, Jichuan Pharmaceutical, and Dong'e Ejiao are highlighted as stable high-dividend investment opportunities [60].

老百姓大药房连锁股份有限公司娄底康一馨景屏街店为A股知名药店连锁企业老百姓（603883.SH）旗 下门店。上述处罚决定书显示，该店法定代表人（主要负责人）为谢子龙。谢子龙亦是上市公司老百姓 （603883.SH）创始人、董事长。 近期，娄底市医疗保障局对外发布行政处罚决定书（娄医保罚决字〔2025〕第18号），因老百姓大药房 连锁股份有限公司娄底康一馨景屏街店因存在冒名购药的违法违规问题，并造成医保基金损失。娄底市 医疗保障局做出给予该药店行政处罚的决定。 行政处罚决定书显示，根据《湖南省医疗保障局关于组织开展2025年度省级医疗保障基金飞行检查（第 一批次）的通知》要求，湖南省医保基金飞行检查组于2025年7月19日至2025年7月20日对老百姓大药房 连锁股份有限公司娄底康一馨景屏街店2023年1月1日至2025年6月30日期间发生的所有直接或间接涉及 医保基金支出的医疗费用及服务行为进行现场检查，发现该药店涉嫌存在冒名购药问题。2025年10月29 日，经局领导批准，对当事人予以立案调查。 行政处罚决定书显示，根据《湖南省医疗保障局关于组织开展2025年度省级医疗保障基金飞行检查（第 一批次）的通知》 ...

每经AI快讯，12月24日，药店板块短线走低，漱玉平民跌超6%，第一医药、大参林、一心堂、健之佳 等跟跌。 每日经济新闻 ...