中国质量新闻网讯 近期，湖北省浠水县市场监管局精准施策、重拳出击，通过召开专题推进会、开展专项整治、健全长效机制等系列举措，全面规范处方 药流通秩序，切实筑牢群众安全用药底线。截至目前，已检查零售药店53家，责令整改25家，整治工作取得实效。 高位部署明方向，压实责任筑根基 围绕"严字当头抓整治"要求，推行"五查一促"靶向监管模式，确保检查精准有效：一查陈列分区，核查处方药是否实行专区闭架管理、标识是否清晰规范， 杜绝开架销售乱象；二查人员履职，以"四不两直""交叉互检"方式突击核查执业药师在岗情况，严查挂证脱岗、处方审核流于形式等问题；三查处方合规， 核对处方开具与销售时间，严厉打击"先药后方""虚假处方"等违规行为；四查购销追溯，核查药品购销记录与处方的一致性，确保处方按规定留存、销售信 息可追溯；五查系统建设，检查计算机管理系统是否真实、完整记录处方药销售信息。同时，坚持监管与服务并重，针对单体药店处方来源不足的痛点，积 极引导符合条件的药店与合法互联网医院合作，规范开展远程问诊、电子处方承接服务，从合法渠道破解群众"购药难"问题。 警示在先防未然，长效治理固成效 在专项整治启动前，向全县药品零售企业发 ...

本报讯（全媒体记者查洪南 通讯员杨菁菁 王本灵）"大爷，您要买的消炎药是处方药，必须凭医生 处方才能购买。"近日，四川省成都市金牛区检察院检察官对一起违规销售处方药行政公益诉讼案开 展"回头看"时，听到某药店工作人员正耐心地向前来购药的群众解释。这番场景的背后，是一场由检察 机关推动、多方联动的零售药店违规销售处方药专项整治。 2025年2月，金牛区检察院收到"益心为公"志愿者提供的线索，反映辖区某药店存在违规销售处方药行 为。经立案调查，检察官发现该药店长期存在"先售药、后补方"的情形，表面上手续齐全，实则架空了 处方审核的临床把关功能，使患者用药脱离专业评估，埋下安全隐患。 "处方药管理是药品监管体系的核心环节，直接关系到公众健康与用药安全。该问题反映出系统性监管 漏洞，必须推动标本兼治。"承办检察官表示。为此，金牛区检察院邀请成都市人大代表、人民监督员 与相关单位开展专题座谈，形成"双轨"推动系统治理的举措：一方面在辖区开展零售药店违规销售处方 药专项整治，切实规范药品经营秩序；另一方面由人大代表就此问题向人大常委会提出建议，推动从制 度层面建立健全长效监管机制。 党的二十届四中全会明确提出"强化食品药 ...

截至发稿，孔祥鹏累计任职时间8年189天，现任基金资产总规模1.43亿元，任职期间最佳基金回 报-1.87%， 任职期间最差基金回报-11.58%。 商昌层累计任职时间2年67天，现任基金资产总规模4462.91万元，任职期间最佳基金回报13.01%， 任 职期间最差基金回报-1.48%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 资料显示，江中药业股份有限公司位于江西省南昌市高新区火炬大道788号，成立日期1996年9月18日， 上市日期1996年9月23日，公司主营业务涉及药品和大健康产品的生产、研发与销售。主营业务收入构 成为：非处方药类72.40%，处方药类16.81%，健康消费品及其他10.67%，其他(补充)0.11%。 从基金十大重仓股角度 数据显示，金元顺安基金旗下1只基金重仓江中药业。金元顺安宝石动力混合（620001）三季度持有股 数7.91万股，与上期相比持股数量不变，占基金净值比例为3.89%，位居第六大重仓股。根据测算，今 日浮亏损失约1. ...

这种分化常被描述为"K形经济"："上支"即高收入、科技和资产拥有者向上，"下支"即中低收入、传统 行业向下或停滞。高收入家庭消费占比接近50%，创历史新高，他们受益于股市上涨和资产增值，推动 奢侈品和服务支出。相反，中低收入群体面临更高的生活成本，特别是关税推高带来的物价压力，更糟 糕的是，工资增长滞后于通胀。许多人减少了可选择支出，并转向折扣店或信贷消费。这就解释了为什 么GDP增长与消费强劲，却伴随着消费者信心的崩塌。 从债券市场看，市场疑虑没有得到缓释，反而趋于强化。GDP报告发布当日，10年期国债收益率基本不 变，维持在4.15%~4.17%狭窄区间。这与强劲增长应推高收益率（预期更高利率）的逻辑不符。债券市 场似乎忽略了GDP较高增长的情势，转而定价于更持久的低增长或风险。美债收益率曲线继续呈现为牛 市陡峭化，短期收益率上升，长端稳定，暗示经济潜在弱势而非繁荣。 美国经济呈现结构性分化。 2025年第三季度，美国实际GDP年化增长率达到4.3%，这是自2023年第三季度以来最快的增速，高于 市场预期的3.3%，也高于第二季度的3.8%。这一数据由美国经济分析局（BEA）于12月23日发布，由 于政府 ...

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].

南都讯 记者刘嫚 发自北京 重庆市石柱县多家零售药店违规销售处方药，租借执业药师资格证件，形成 执业药师"挂名"在岗现象，检察机关向市场监管局制发检察建议，督促纠正违规销售处方药现象。12月 22日，最高人民法院、最高人民检察院召开发布会，联合发布"行政公益诉讼典型案例（第三批）"，上 述案例入选。 典型案例显示，石柱土家族自治县人民检察院（以下简称石柱县检察院）经调查发现石柱县多家零售药 店未严格落实处方药销售管理相关法律规定，在未审核真实有效处方的情况下，直接向消费者销售处方 药；随意补录电子处方，在销售处方药后违规补登虚假电子处方以应付监督检查；租借执业药师资格证 件，形成执业药师"挂名"在岗现象；安排不具备执业药师资质的人员冒名签署处方，规避处方药审核相 关要求。上述违法行为，不仅容易导致消费者错误用药，引发药源性疾病，严重威胁人民群众用药安 全，而且扰乱药品经营监管秩序，削弱了处方药管理制度对公共健康的保障作用，损害社会公共利益。 2021年5月28日，石柱县检察院对石柱县市场监督管理局（以下简称石柱县市监局）立案，并于2021年6 月24日向该局制发检察建议，建议其立即进行整改并建立长效监管机制。 ...

12月18日，江中药业盘中上涨2.05%，截至10:27，报24.91元/股，成交7578.48万元，换手率0.49%，总 市值158.17亿元。 截至9月30日，江中药业股东户数4.19万，较上期增加7.29%；人均流通股14986股，较上期减少6.79%。 2025年1月-9月，江中药业实现营业收入29.33亿元，同比减少1.30%；归母净利润6.83亿元，同比增长 7.74%。 分红方面，江中药业A股上市后累计派现48.43亿元。近三年，累计派现23.04亿元。 资金流向方面，主力资金净流出330.00万元，大单买入891.13万元，占比11.76%，卖出1221.13万元，占 比16.11%。 江中药业今年以来股价涨15.86%，近5个交易日涨2.30%，近20日涨14.27%，近60日涨16.40%。 资料显示，江中药业股份有限公司位于江西省南昌市高新区火炬大道788号，成立日期1996年9月18日， 上市日期1996年9月23日，公司主营业务涉及药品和大健康产品的生产、研发与销售。主营业务收入构 成为：非处方药类72.40%，处方药类16.81%，健康消费品及其他10.67%，其他(补充)0.11 ...

Core Insights - Inflation in the U.S. reached a 40-year high of 9.1% in June 2022, with ongoing cost of living challenges, particularly affecting middle-class households [1] - Healthcare costs are rising faster than overall inflation, with out-of-pocket expenses averaging $1,514 per person in 2023, and expected to increase further [2] - The expiration of enhanced tax credits for health insurance under the Affordable Care Act (ACA) by the end of 2025 will lead to increased premium payments for many lower- and middle-class households [3][4] Healthcare Sector - Healthcare costs have consistently risen by 2% to 3% annually, with projections indicating further increases in the coming years [2] - The average enhanced tax credit for ACA marketplace participants is $5,525 for those earning $65,000, which will not be available post-2025, resulting in higher out-of-pocket expenses [4][5] - Anticipated increases in out-of-pocket costs include hospital visits and prescription medications, with hospital services increasing by an average of 3.2% per year, physician services by 2.6%, and prescription medications by 3.4% [5][7] Food Sector - Food prices rose by 3.1% in the 12 months ending in September 2025, with grocery prices increasing by 2.7% and food away from home by 3.7% [5] - A survey indicated that nearly half of Americans find groceries harder to afford compared to the previous year, highlighting the financial strain on middle-class households [6]

预计阅读时长 8 mins 群过了巅峰的奥运选手围成一圈：只要敢打 药，冠军 50 万、破纪录再拿 100 万——这笔钱， 足够让他们把「干净」两个字暂时存进保险箱。 根据 ESPN 此前的报道，一项名为 Enhanced Games 增强运动会的体育赛事，将于明年 5月在美国拉斯维加斯 举办首届比赛。目前主办方公布的项目包括游泳、田径短跑和举重三大类，运动员会按照 XY 或XX染色体组 别进行比赛，而不是按常规赛事的男女进行分组。虽然规模要远远小于奥运会或世锦赛，但这个赛事一经公布 就引发了大量的关注，因为他们要挑战传统体育的禁药体系，运动员不仅允许，甚至被鼓励使用类固醇和生长 激素等世界反兴奋剂机构禁止的药物，来提升竞技表现。每个项目的冠军可以获得 50 万美元的奖金，如果能 打破世界纪录，还能额外获得 100 万美元。主办方表示，参赛运动员也可以不必服用兴奋剂，以「自然」运动 员的身份参赛。但如果要服用药物，也必须在严密的医疗监督下进行，而且只能使用经过美国药品监管机构批 准的产品。 而这项颇具争议的新赛事，是由澳大利亚律师兼企业家阿伦·德索萨（Aron D'Souza）发起的。他是硅谷知名 投资人彼得 ...

Financial Data and Key Metrics Changes - Identical sales without fuel grew 2.6% year-over-year, with a two-year stack increase of 4.9% [13][20] - Adjusted EPS was $1.05, reflecting a 7% growth compared to last year [24] - FIFO gross margin rate, excluding rent, depreciation, and amortization, increased by 49 basis points year-over-year [22] Business Line Data and Key Metrics Changes - E-commerce sales grew 17%, driven by delivery, with significant improvements in profitability [15][25] - Pharmacy business continued strong growth, contributing positively to overall operating profit despite impacting margin rates [21] Market Data and Key Metrics Changes - Spending from higher-income households remained strong, while middle-income customers faced increased pressure, leading to smaller, more frequent shopping trips [11][12] - Food inflation increased moderately, particularly in beef, impacting overall sales dynamics [21] Company Strategy and Development Direction - The company is evolving its hybrid fulfillment model to improve operational efficiency and profitability, expecting $400 million in e-commerce profitability improvements in 2026 [10][26] - Plans to accelerate capital investment in new stores beyond 2025, focusing on high-potential geographies and improving return on invested capital [16][30] Management's Comments on Operating Environment and Future Outlook - Management noted macroeconomic uncertainty influencing customer behavior, with a focus on delivering value through lower prices and promotions [12][19] - The company expects to narrow its range for identical sales without fuel growth to 2.8%-3% and raise the lower end of adjusted EPS guidance to $4.75-$4.80 [31][32] Other Important Information - The company announced the closure of three automated fulfillment centers by January 2026, which are not meeting operational and financial expectations [8][26] - The CEO search is ongoing, with expectations to appoint a new CEO in the first quarter of 2026 [34][35] Q&A Session Summary Question: Can you talk about the accelerated sourcing program and potential store exits? - Management expressed excitement about new store investments, indicating plans to increase new store builds by 30% in 2026 and explore acquisition opportunities [39][40] Question: What are you looking for in the new CEO? - The board is seeking a candidate with a deep understanding of retail transformation, customer focus, and cultural fit with Kroger [42][43] Question: How do you feel about the current grocery ID trend and competition? - Management acknowledged increased caution among consumers and competitive pressures but emphasized ongoing price investments and promotional strategies [48][52] Question: Can you discuss the impact of pharmacy on the quarter? - Pharmacy performance remained stable, with slight market share improvements, while discretionary categories faced challenges due to inflation [70] Question: What are the expectations for e-commerce profitability next year? - E-commerce is expected to be profitable in 2026, driven by improved operational efficiency and new partnerships [80][81]