中邮证券研报指出，大参林（维权）Q3业绩高速增长，经营质量持续提升。分行业来看，2025Q1-3零 售业务营收163.40亿元（-0.07%），毛利率为37.70%（+0.44pct）。今年以来，公司实施的营促销策略 优化、品项优化、供应链整合、谈降采购成本等策略效果显著，公司零售板块毛利率同比提升0.44个百 分点，且呈现逐级加速的趋势。截至2025年9月30日，公司拥有门店17,385家（含加盟店7,029家），净 增门店832家，其中：新开自建门店300家，新增加盟店979家。公司根据竞争格局和地区优势制定扩张 计划的同时，动态优化门店网络，关闭直营门店447家。公司顺应行业周期，提质增效，利润释放潜力 大，维持"买入"评级。 ...

智通财经APP获悉，信达证券发布研报称，国药控股(01099)低效业务调整近尾声，2025Q3利润改善。 行业集中度提升及创新业务发展驱动增长，公司分红比例逐年提高，当前估值低于历史均值。首次覆 盖，给予公司"买入"投资评级。 信达证券主要观点如下： 1）2025Q3单季度销售费用率、管理费用率下降，带动净利率提升0.2个百分点，2025Q3单季度归母净 利润增速达17%。2）2025年既是"十四五"的收官年，又是"十五五"的基数年，2025年公司注重提质增 效并且优化业务结构，该行认为2026年公司或可轻装上阵，利润端或有望持续超预期。此外，国药集团 同样注重推进高质量并购，"十五五"规划或持续重视资产的并购重组，推动形成生物医药领域的新质生 产力。3）近4年公司的分红比例呈稳步提升态势，公司分红比例从2021年的28.1%逐步提升至2024年的 30.98%，年均提升0.96个百分点。同时，近5年股息率均值为4.45%。此外，公司PB估值小于1，当前公 司PB估值约0.71倍（低于近5年PB估值均值0.81倍）。 盈利预测：该行预计公司2025-2027年营业收入分别为5771.87亿元、5978.35亿 ...

信达证券（601059）发布研报称，国药控股(01099)低效业务调整近尾声，2025Q3利润改善。行业集中 度提升及创新业务发展驱动增长，公司分红比例逐年提高，当前估值低于历史均值。首次覆盖，给予公 司"买入"投资评级。 信达证券主要观点如下： 2025Q3低效业务调整已接近尾声，利润端已出现明显改善 1)2025Q3单季度销售费用率、管理费用率下降，带动净利率提升0.2个百分点，2025Q3单季度归母净利 润增速达17%。2)2025年既是"十四五"的收官年，又是"十五五"的基数年，2025年公司注重提质增效并 且优化业务结构，该行认为2026年公司或可轻装上阵，利润端或有望持续超预期。此外，国药集团同样 注重推进高质量并购，"十五五"规划或持续重视资产的并购重组，推动形成生物医药领域的新质生产 力。3)近4年公司的分红比例呈稳步提升态势，公司分红比例从2021年的28.1%逐步提升至2024年的 30.98%，年均提升0.96个百分点。同时，近5年股息率均值为4.45%。此外，公司PB估值小于1，当前公 司PB估值约0.71倍(低于近5年PB估值均值0.81倍)。 龙头受益于行业集中度提升，期待公司创新 ...

来源：新浪证券-红岸工作室 12月5日，华人健康涨1.15%，成交额6.56亿元。两融数据显示，当日华人健康获融资买入额9084.95万 元，融资偿还6612.12万元，融资净买入2472.83万元。截至12月5日，华人健康融资融券余额合计1.83亿 元。 截至9月30日，华人健康股东户数2.01万，较上期减少22.86%；人均流通股7422股，较上期增加 29.64%。2025年1月-9月，华人健康实现营业收入38.92亿元，同比增长19.06%；归母净利润1.57亿元， 同比增长45.21%。 分红方面，华人健康A股上市后累计派现8000.20万元。 机构持仓方面，截止2025年9月30日，华人健康十大流通股东中，香港中央结算有限公司位居第五大流 通股东，持股232.03万股，相比上期增加133.57万股。 融资方面，华人健康当日融资买入9084.95万元。当前融资余额1.83亿元，占流通市值的7.32%，融资余 额超过近一年90%分位水平，处于高位。 融券方面，华人健康12月5日融券偿还0.00股，融券卖出0.00股，按当日收盘价计算，卖出金额0.00元； 融券余量0.00股，融券余额0.00元，低于近 ...

Group 1: Macro and Strategy Insights - The report highlights three key drivers for unlocking service sector growth in China: overseas "input demand," domestic "time-scarce" potential demand, and "innovation demand" arising from industrial upgrades [8][9] - The macroeconomic environment is characterized by a classic cycle dilemma in the service sector, where boosting service demand is seen as dependent on increasing resident income, creating a paradox [8][9] - The report discusses the evolution of anti-involution policies, emphasizing the need for industry self-discipline and administrative guidance to address overcapacity issues in various sectors [9] Group 2: Banking Industry Outlook - The banking industry is projected to experience a decline in net interest margins, with the bottom line estimated at around 1.2% to 1.3% [22][23] - A potential decrease in the Loan Prime Rate (LPR) by 10 basis points could lead to a year-on-year decline in net interest margins by approximately 5 to 8 basis points [23][24] - The report suggests that 2026 will likely mark the end of the current cycle of declining net interest margins, with a focus on quality stocks that are expected to see margin improvements [25] Group 3: Wealth Management and Asset Allocation - The report indicates that the scale of bank wealth management products reached a historical high of nearly 34 trillion yuan in November, with expectations to stabilize around 33 trillion yuan by year-end [26][27] - A shift towards multi-asset strategies is seen as essential for wealth management firms to adapt to declining returns from traditional fixed-income products [27][28] - The report emphasizes the importance of matching the risk-return profile of wealth management funds with investor preferences to successfully implement multi-asset strategies [28][30] Group 4: REITs Market Insights - The report notes a decline in the REITs index by 1.0% for the week ending December 5, 2025, with a year-to-date increase of 1.5% [12][13] - The first city renewal REIT was successfully issued in Beijing, signaling new opportunities in the REITs market [14] - The report highlights the need for regulatory support to enhance the potential for REITs to attract more investment [14][30] Group 5: Overseas Market Overview - The U.S. stock market is showing a concentration in technology, with the S&P 500 and Nasdaq experiencing slight increases [34] - The report indicates a mixed performance across sectors, with notable gains in automotive and semiconductor industries, while utilities and consumer staples faced declines [34][35] - The earnings expectations for the S&P 500 components have been slightly revised upward, reflecting a stable outlook for most industries [35]

Core Insights - The article discusses the optimization of administrative services in Jimo District, focusing on enhancing the efficiency and warmth of government services to improve the business environment and support economic development [19][24]. Group 1: Process Reengineering - Jimo District has implemented a "one-stop" service model, allowing businesses to complete multiple administrative tasks in a single visit, significantly reducing processing time [20][21]. - The district has streamlined processes from seven steps to four for certain business licenses, exemplified by the case of a swimming pool business that saved nearly half the time in obtaining necessary permits [20][21]. - As of now, Jimo has completed over 14.58 million administrative tasks, including the transformation of individual businesses into enterprises [21]. Group 2: Service Upgrades - The district has extended administrative services to grassroots levels, creating "e-stations" that provide over 30 high-frequency services directly to businesses [22]. - The establishment of these e-stations has reduced the average time for businesses to complete tasks by 35%, enhancing accessibility and convenience [22]. - Customized services, such as live training and policy interpretation, are also offered at these e-stations, catering specifically to the needs of startups [22]. Group 3: Post-Certification Services - Jimo District has introduced a "post-certification service" that provides detailed guidance on subsequent administrative requirements after obtaining business licenses, addressing common uncertainties faced by entrepreneurs [23]. - This service covers ten areas, including construction projects and business registration, ensuring comprehensive support throughout the business lifecycle [23]. Group 4: Precision Support for Major Projects - The district has established a "gold medal team" to provide tailored support for major projects, ensuring efficient approval processes and timely project initiation [24][25]. - This team consists of 112 professionals dedicated to facilitating the entire lifecycle of significant projects, from land acquisition to operational commencement [25]. - The district has also implemented a monitoring system involving 100 supervisors to ensure that government services align with business needs [25]. Group 5: Future Directions - Jimo District plans to continue enhancing its service offerings, aiming for more efficient, intelligent, and warm administrative services to foster a vibrant economic environment [26]. - The district's ongoing reforms are expected to further solidify its reputation as a supportive ecosystem for businesses, contributing to high-quality economic development [26].

每日经济新闻 免责声明：本文内容与数据仅供参考，不构成投资建议，使用前核实。据此操作，风险自担。 每经AI快讯，有投资者在投资者互动平台提问：尊敬的董秘您好，请问阿里巴巴目前持有公司股份 吗？另外公司的养老产品主要有哪些，有养老机器人或者医疗机器人相关的产品或者中间产品吗？ 漱玉平民（301017.SZ）12月3日在投资者互动平台表示，阿里健康科技（中国）有限公司为持有公司 6.67%股份的股东。在养老产品方面，公司作为医药零售连锁企业，主要通过与知名品牌合作，主要涵 盖慢病管理、中药饮片、保健食品及健康器械等服务及品类。关于养老或医疗机器人，公司目前暂未开 展相关业务。 （记者 曾健辉） ...

证券日报网讯12月3日，华人健康（301408）在互动平台回答投资者提问时表示，公司将继续专注于公 司的基本面，推动业绩持续向好，同时也将积极与资本市场沟通，传递公司的真实价值。 ...

证券日报网讯12月3日，一心堂（002727）在互动平台回答投资者提问时表示，公司门店有经营兴齐眼 药（300573）相关产品。 ...

Core Viewpoint - Morgan Stanley's report indicates that Alibaba Health achieved a strong revenue growth of 17% in the first half of the fiscal year 2026, driven by structural changes in the Chinese pharmaceutical market and the comprehensive effects of real-time retail on Taobao [1] Revenue and Earnings Forecast - Morgan Stanley raised Alibaba Health's revenue and adjusted earnings per share forecasts for fiscal year 2026 by 3% and 9% respectively, reflecting better-than-expected performance in the first half of the year and high synergy effects from Alibaba's real-time retail [1] - For fiscal year 2027, revenue forecasts were also increased by 3%, while adjusted earnings per share are expected to remain roughly unchanged [1] Valuation and Rating - Based on the fiscal year 2026 forecast of a 2.5 times enterprise value/revenue multiple, Morgan Stanley maintains a target price of HKD 6.5 for December 2026 and retains a "Neutral" rating [1]