"银发经济方兴未艾，养老金融大有可为。"国家金融监督管理总局局长李云泽在2025陆家嘴论坛开幕式 上介绍，预计2035年60岁以上人口将突破4个亿，银发经济规模有望达到30万亿元。 在健全机制与队伍的同时，该分公司聚焦机构准入、失能评估、稽核检查、档案管理、服务管理、待遇 结算和群众满意度等重点工作和关键环节，做好日常管理管控，确保长护险承办工作安全、规范、高效 运行，为失能人员提供更高质量长期护理服务。截至目前，中国人寿寿险公司已参与承办80个长期护理 保险项目、130多个城市定制型商业医疗保险项目和200多个大病保险项目。 阳光财产保险股份有限公司（简称"阳光财险"）同样针对当前国内老龄化现状，助力构建多层次医疗保 障体系，广泛参与各地长护险项目，且不断扩大服务覆盖区域。截至去年7月末，阳光财险共计承保7省 15个地市长护险和慢病保险项目，为超1075万人提供健康风险保障2万亿元。 积极应对人口老龄化，事关国家发展全局、亿万百姓福祉和社会和谐稳定。养老金融作为我国应对人口 老龄化的重要举措，正成为一片新"蓝海"市场。 近年来，保险机构通过创新产品、完善服务等方式聚焦老年客户群体，持续在养老金融多元化服务发 ...

分析师：卢正羽 证券执业证书号：S0640521060001 行业报告：先进制造行业周报 中航证券研究所发布 证券研究报告 请务必阅读正文后的免责条款部分 股市有风险 入市需谨慎 2025年7月14日 机器人催化不断，看好新一轮行情启动 行业评级：增持 分析师：邹润芳 证券执业证书号：S0640521040001 分析师：闫智 证券执业证书号：S0640524070001 中航先进制造——投资观点 n 重点推荐：信捷电气、北特科技、汉威科技、兆威机电、恒立液压、纽威股份、软通动力 n 重点跟踪行业——人形机器人： n 核心个股组合：信捷电气、北特科技、兆威机电、恒立液压、纽威股份、三花智控、双林股份、鸣志电器、五洲新春、莱斯信息、纳睿雷达、软通 动力、航锦科技、华伍股份、华阳集团、万马科技、绿的谐波、埃斯顿 n 本周专题研究： 近日人形机器人产业动态汇总：1）智元入主上纬新材，上纬新材控股股东将变更为智元机器人及其管理团队共同持股的主体；2） 智元机器人和宇树科技于 6 月 25 日成功中标中移（杭州）信息技术有限公司 2025 年至 2027 年人形双足机器人代工服务采购项目，该项目总标包 金额高达 1.2 ...

在A+H企业赴港上市浪潮中，背背佳母公司可孚医疗（301087）也选择"走出去"。 可孚医疗最新公告显示，为加快推进公司全球化战略布局，提升公司海外业务拓展能力，进一步提升公司品牌形象及知名度，公司拟在境 外发行股份（H股）并在香港联交所上市，公司董事会授权公司管理层启动本次H股上市的前期筹备工作。可孚医疗表示，公司计划与相 关中介机构就本次H股上市的具体推进工作进行商讨，关于本次H股上市的细节尚未确定。 7月11日，可孚医疗披露投资者关系活动记录表，透露了去港股上市的背景原因。可孚医疗表示，首先，在政策层面，当前国家积极支持 企业"走出去"，港股上市符合政策导向，有利于公司国际化发展。其次，从市场环境来看，港股市场国际化程度高，能为企业提供优质的 融资平台。最后，从公司战略角度出发，搭建H股平台是推进国际化战略的重要举措，有助于提升公司海外业务拓展能力、优化跨境并购 的资本运作效率，并有效增强全球品牌影响力，为国际化战略实施提供有力支撑。 南开大学金融发展研究院院长田利辉在接受北京商报记者采访时表示，随着港股市场流动性改善、AH股溢价收窄，通过港股融资对企业 更具吸引力。此外，企业通过港股平台可对接全球资本 ...

可孚医疗（301087）7月11日在电话会议上表示，二季度整体经营状况保持正常运转，市场需求相对稳 定。从单品来看，助听业务、居家检测试剂(如胃幽门螺杆菌检测、生育检测等)、敷料敷贴类、成人护 理类等产品增长较快。其中，可孚自研呼吸机表现尤为突出，目前在抖音平台销量位居第一。(人民财 讯) ...

投资者关系活动记录表 编号：2025-005 | 投资者关系活动类 | ☑特定对象调研 □分析师会议 | | --- | --- | | 别 | □媒体采访 ☐业绩说明会 | | | □新闻发布会 □路演活动 | | | ☐现场参观 | | | ☑其他 电话会议 | | 参与单位名称及人 | 招商基金、华夏基金、天弘基金、中银基金、西部利得基金、浦银安盛基金、 | | 员姓名 | 嘉实基金、Dymon Asia、Mighty Divine、宝盈基金、博时基金、汇添富基金、 | | | 泰康资产、大成基金、大家资产、德邦基金、新华资产、中航基金、中加基金、 | | | 中欧基金、东方自营、东吴证券、峰岚资产、茂源财富、尚诚资产、赋远投资、 | | | 高毅资产、盘京投资、工银瑞信基金、华能贵诚信托、国金证券、国盛证券、 | | | 远信基金、长安基金、和谐汇一、华安证券、淳厚基金、华融基金、华西自营、 | | | 华夏久盈、汇华理财、混沌投资、健顺投资、金信基金、金鹰基金、凯石基金、 | | | 南方基金、名禹资产、明河投资、宁银理财、青骊投资、青榕资产、华创证券、 | | | 仁桥资产、华福证券、冰河资产、上 ...

Core Points - The article highlights the community's initiative to provide vocational training for women, particularly focusing on domestic services, elderly care, and maternal care [1] - The program has successfully trained 84 women, enabling them to secure jobs in elderly care facilities or start their own maternal care services within the community [1] - The community has also supported local businesses, such as a silent barbershop, by providing rent-free space and promoting affordable services [1] Summary by Categories Community Initiatives - The introduction of the "Jiangcheng Qiaoniang" community service station by the Women's Federation has facilitated free vocational training for women in the community [1] - The community has leveraged resources from party and community stations to incubate various entrepreneurial projects [1] Employment and Training - A total of 84 women have received vocational skill certificates, with many finding long-term positions in elderly care or maternal services [1] - The training program has empowered full-time mothers to find suitable employment opportunities close to home [1] Local Business Support - The community has addressed the challenges faced by local businesses, such as the silent barbershop, by providing rent-free support and connecting them with customers [1] - The initiative has led to the establishment of popular local services, enhancing community engagement and satisfaction [1]

跨境养老迈入系统化阶段 随着粤港澳大湾区互联互通建设的不断深化，"北上"养老成为一种新趋势。6月，香港特区政府推出30 项银发经济措施，聚焦跨境养老制度衔接，标志着政策从碎片化探索转向系统性破局。 随着港澳跨境养老政策加快落实，越来越多港澳长者选择"北上"养老。 金融机构也在瞄准跨境养老的机遇。中国人民银行广东省分行立足《粤港澳大湾区发展规划纲要》，推 动辖区金融机构探索"跨境金融+养老金融"新模式，支持大湾区内地城市建设宜居宜业宜游的优质生活 圈，搭建跨境北上养老"金融桥"，打造湾区养老金融服务新业态。 作为国内率先布局跨境养老服务的银行，中国银行已促成多个跨境养老项目落地，成为银发经济高质量 发展的重要推动者。 上海社会科学院城市与人口发展研究所助理研究员高鹏飞接受《中国经营报》记者采访时指出，面对跨 境养老需求，金融机构应完善养老金融产品体系。结合港澳居民养老习惯与资产配置需求，开发"保险 +养老社区入住权""储蓄+长期护理"等组合产品。针对部分长者跨境置业养老的需求，优化跨境购房按 揭服务，简化境外收入证明核验流程，通过汇率避险工具降低还款波动风险，构建覆盖居住、护理、理 财的全链条金融支持体系。 高 ...

Core Insights - The latest retail sales report from the National Retail Federation (NRF) indicates a slowdown in retail sales growth in June due to consumer concerns, marking the first monthly decline since February [1] - The seasonally adjusted total retail sales excluding automobiles and gasoline decreased by 0.33% month-over-month in June, while year-over-year sales still grew by 3.19% [1] - Core retail sales (excluding auto dealers, gas stations, and restaurants) also saw a month-over-month decline of 0.32% in June, with a year-over-year increase of 3.36% [1] Monthly Performance - The overall retail sales for the first half of the year increased by 4.66% year-over-year, while core retail sales rose by 4.93% [2] - The June decline is the first since February, when both total and core retail sales fell by 0.22% compared to January [2] Consumer Behavior - Matthew Shay, CEO of NRF, noted that long-term uncertainties surrounding the economy, tariffs, and trade policies are causing consumers to adopt a "wait-and-see" approach regarding household budgets [1] - Despite the economic slowdown, consumers still have the capacity to spend on necessities, but their psychological outlook is being affected [1] Category Performance - In June, seven categories experienced year-over-year growth, with digital products, sporting goods stores, and health and personal care stores leading the way [2] - Only one category showed month-over-month growth, while the rest declined [2] - Specific category performance includes: - Digital products: Seasonally adjusted month-over-month growth of 0.26% and a year-over-year surge of 24.11% [2] - Health and personal care stores: Seasonally adjusted month-over-month decline of 0.31% and year-over-year growth of 3.47% [3] - General merchandise stores: Seasonally adjusted month-over-month decline of 0.15% and year-over-year growth of 3.18% [4] - Food and beverage stores: Seasonally adjusted month-over-month decline of 0.13% and year-over-year growth of 2.59% [5] - Electronics and appliance stores: Seasonally adjusted month-over-month decline of 1.03% and year-over-year growth of 2.43% [6] - Furniture and home furnishings stores: Seasonally adjusted month-over-month decline of 1.04% and year-over-year decline of 1.14% [7] - Building materials and garden supplies stores: Seasonally adjusted month-over-month decline of 0.76% and year-over-year decline of 5.33% [8]

Group 1 - Zhongheng Group's subsidiary, Tianqi Family Health Industry Co., Ltd., launched a new product, the Triple Gum Factor Toothpaste, at the 2025 Hechi City Oral Medicine Conference, focusing on professional oral care [1] - The toothpaste is based on "evidence-based research + herbal wisdom," utilizing Zhongheng Group's patented ginseng extraction technology, with a ginsenoside content three times higher than regular Tianqi toothpaste [1] - The product targets post-operative care and gum issues, validated through human efficacy tests, and aims to provide a good care experience for periodontal surgery and implant patients [1] Group 2 - Tianqi Family Health is leveraging Zhongheng Group's technical resources to build a "technology-driven + brand matrix" dual development model [2] - The brand strategy includes a four-dimensional brand matrix: the core brand "Tianqi," the family health brand "Tianqi Doll," the regional brand "Jianguo," and the professional brands "Easy Housekeeper" and "Pure Cotton Era" [2] - From 2022 to 2024, Zhongheng Group's daily chemical sector achieved a compound annual growth rate of nearly 26.5%, with the "Tianqi" brand valued at 17.629 billion yuan, ranking 422nd in the 2025 "China's 500 Most Valuable Brands" list [2]

Core Viewpoint - The company reported a 21.78% year-on-year revenue growth for 2024, attributed to increased procurement demand from major clients, new product development, sales channel expansion, and the acquisition of a new subsidiary, Shanenkang [1] Group 1: Financial Performance - The company recorded a goodwill impairment provision of 39.62 million yuan due to the underperformance of Shanenkang, which failed to meet its profit commitments post-acquisition [2] - The acquisition of Shanenkang was completed on April 7, 2024, resulting in a goodwill of 91.01 million yuan, with a significant asset appreciation rate of 656.94% [2][3] - Shanenkang's actual net profit for 2024 was -0.9026 million yuan, leading to a failure in achieving the promised cumulative net profit of 60 million yuan over three years [2][4] Group 2: Goodwill Impairment Testing - The company conducted a goodwill impairment test, determining that the recoverable amount of Shanenkang's asset group was 198 million yuan, indicating a reduction of approximately 69.33 million yuan from the book value [4] - The management based the impairment test on historical gross margin data and market forecasts, adjusting the focus towards high-margin products in the AKK bacteria market [3][4] Group 3: Long-term Investment in Weimeizi - The company reported a long-term equity investment in Weimeizi with a balance of 711 million yuan, resulting in an investment loss of 8.71 million yuan for the reporting period [5] - Weimeizi faced significant challenges due to a decline in offline sales and ongoing shareholder disputes, leading to a substantial increase in impairment provisions from 50.32 million yuan to 138 million yuan [5][6] - The company noted that Weimeizi's marketing expenses increased significantly in 2024 as part of its transformation strategy, but this did not translate into higher revenue [6][7]