Investment Rating - The report maintains an "Overweight" rating for the food and beverage industry [6]. Core Insights - The report highlights significant developments in the food and beverage sector, including the registration of 180,000 new tobacco stores in 2023, bringing the total to 9.05 million nationwide [6]. - Key projects such as Moutai's "14th Five-Year Plan" for sauce-flavored liquor are progressing, with a total investment of 4.2 billion yuan and expected production by September 30 [6]. - The report emphasizes the expansion of Moutai's packaging market in Southwest China and the participation of Wuliangye in international trade events to enhance brand recognition [6]. - The snack food segment is experiencing rapid growth, with the "Mingming Busy" group surpassing 10,000 stores nationwide, indicating significant market potential [6]. - The beer industry is upgrading production capacity, with major breweries like Carlsberg and China Resources Snow Beer investing heavily in new facilities to meet seasonal demand [6]. Summary by Sections Alcoholic Beverages - Moutai's new project is set to produce sauce-flavored liquor with a total investment of 4.2 billion yuan, with 56% of the target output already achieved [6]. - Wuliangye is actively participating in international trade events to enhance its global presence and competitiveness [6]. - The report notes that high-end liquor sales are expected to remain strong, with recommendations to focus on companies like Luzhou Laojiao and Jiuzi Wine [11]. Beer - Major breweries are upgrading their production capacities, with Carlsberg's new plant expected to produce 500,000 kiloliters annually and China Resources Snow Beer expanding its capacity to 700,000 kiloliters [8]. - The report anticipates increased beer consumption during the summer months due to rising temperatures [8]. Soft Drinks - The launch of Yuanqi Forest's new purified water product is expected to accelerate growth in the bottled water market, which is projected to reach over 300 billion yuan by 2025 [9]. - The purified water segment is expected to grow at a compound annual growth rate of 7.7% over the next five years [9]. Frozen Foods - The report highlights the growing popularity of lotus root products, with companies like Anjijia and Zhengda increasing their offerings [9]. - The lotus root market is expected to expand significantly due to its versatility and the increasing trend of pre-prepared meals [9]. Seasoning Products - Chubang is set to launch new products that cater to the demand for healthier and organic options, reflecting a shift towards health-conscious consumer preferences [10]. - The report emphasizes the integration of health trends into the seasoning industry, with a focus on reducing salt and enhancing flavor [10]. Frozen Baking - The trend towards healthier baking products is noted, with a growing demand for low-sugar and low-fat options in the baking sector [10]. - The report suggests that the baking industry will continue to evolve towards healthier alternatives to meet consumer demands [10]. Investment Recommendations - The report suggests focusing on companies with strong demand and structural opportunities in the liquor sector, such as Luzhou Laojiao and Jiuzi Wine [11]. - In the beer segment, companies like Qingdao Beer and Chongqing Beer are recommended for their product optimization and channel expansion strategies [11]. - For the snack food sector, companies like Yanjinpuzi and Qiaqia Food are highlighted for their growth potential and market strategies [12].

证 券 研 究 报 告 ◼ 行 业 周 报 特高压第三次服务招标启动, 板块成长属性凸显 ——电力设备与新能源行业周报(2024.06.10-06.14) | [ 行业 Table_Industry] : | | |------------------------------|-----------------| | 日期 : | 2024年06月20日 | | 分析师 : | | | Tel: | | | E-mail: | dingya@shzq.com | | SAC 编号 : | | 最近一年行业指数与沪深 300 比较 -39% -34% -29% -24% -18% -13% -8% -3% 2% 06-23 09-23 11-23 01-24 04-24 06-24 电力设备 沪深300 相关报告: | 《政策护航新能源消纳,电力设备景气持 | | |---------------------------------------|-------------------| | 续》 | | | ——2024 年 | 06 月 13 日 | | 《深化电力体制改革,板块景气度向好》 | | | —— ...

证 券 卫星互联网&商业航天协同共振，国产厂商新成长阶段来临 研 究 [Table 增_R 持at （ing 维] 持） [◼Ta bl主e_要Su观mm点a ry] 报 告 聚焦卫星互联网，行业向三化持续迈进。自07年国家发布《关于促进 [行Ta业bl:e _Indu通 st信ry] 卫星应用产业发展的若干意见》以来，政策风向助力卫星互联网向着 日期: s 20h2z4q年da0t6e月m2a0r日k 商业化、系统集成化、产业互联化三大方向发展。 24年国内外火箭&卫星双端呈现边际新变化： [T分ab析le师_A: utho刘r]京 昭 1）国外层面：Starlink 布局预期进行，星舰试飞获全球关注。火箭发 E-mail: liujingzhao@shzq.com 射方面，截止2024年6月5日，Space X共计完成59次发射任务， SAC编号: S0870523040005 其中星舰1次，猎鹰九号58次。卫星制造方面，截止24年6月2日， 卫星累计发射量攀升至6470颗，本年发射卫星数量达到878颗，卫星 [最Ta近bl一e_年Qu行o业teP指ic数] 与沪深300比较 发射端成绩持续瞩目。 2）国 ...

人形机器人前景广阔，AI 新品发布或带动 3C 设 证 券 备需求 研 究 ——机械行业周报（2024.6.10-2024.6.14） 报 告 [Table 增_R 持at （ing 维] 持） [◼T abl行e_情Su回mma顾ry ] 过去一周（2024.6.10-2024.6.14），中信机械行业上涨0.64%，表现处 [行Ta业bl:e _Indu机st械ry] 于中上游，在所有一级行业中涨跌幅排名第9。具体来看，工程机械下 日期: s 20h2z4q年da0t6e月m1a9r日k 跌2.06%，通用设备上涨1.22%，专用设备上涨2.21%，仪器仪表上涨 2.05%，金属制品上涨1.86%，运输设备下跌2.07%。 [T分ab析le师_A: utho刘r]阳 东 ◼ 主要观点 Tel: 021-53686144 E-mail: liuyangdong@shzq.com 特斯拉股东大会召开，Optimus 机器人将于 25 年开始限量生产。6 SAC编号: S0870523070002 月 14日特斯拉股东大会上宣布 Optimus人形机器人计划从 2025年开 分析师: 王亚琪 始限量生产。目前超 ...

5 月我国汽车产销同比微增，欧盟对华新能源 证 券 汽车加征临时关税 研 究 ——汽车与零部件行业周报（2024.6.10-2024.6.14） 报 [Table_Rating] [Table_Summary] 告 增持（维持） ◼ 行情回顾 [行Ta业bl:e _Indu汽st车ry] 汽车板块涨跌幅+1.33%，子板块中乘用车表现最佳。过去一周 （2024.6.10-2024.6.14），沪深 300 涨跌幅为-0.91%，申万汽车涨跌幅 日期: s 20h2z4q年da0t6e月m1a9r日k 为+1.33%，在 31 个申万一级行业中排名第 5。子版块中，乘用车 [T分ab析le师_A: utho仇r]百 良 +4.26%、汽车零部件+0.32%、摩托车及其他-0.47%、商用车-0.88%、 汽车服务-3.33%。 E-mail: qiubailiang@shzq.com SAC编号: S0870523100003 行业涨幅前五位公司为光庭信息、瑞鹄模具、*ST 威帝、中期退、中路 分析师: 李煦阳 B 股，涨跌幅分别为+21.69%/+16.23%/+13.33%/+11.43%/+9.79%； ...

证 AI 软硬件结合趋势加速，数据互联需求日益增进 券 研 ——通信行业周报（2024.6.10-2024.6.16） 究 [Table 增_R 持at （ing 维] 持） ◼[T ab周le行_S情um mary] 报 行情回顾：过去一周（2024.6.10-6.16），上证指数、深证成指涨跌幅分 告 [行Ta业bl:e _Indu通 st信ry] 别为-0.61%、-0.04%，中信通信指数涨跌幅为5.80%，在中信30个一级行 日期: s 20h2z4q年da0t6e月m1a9r日k 业排第1位。过去一周通信板块个股表现：股价涨幅前五名为:久盛电气 37.53%、*ST鹏博22.00%、新易盛19.07%、中信国安17.37%、精伦电子 [T分ab析le师_A: utho刘r]京 昭 17.19%。股价跌幅前五名为：ST富通-17.02%、新亚电子-12.13%、*ST 通脉-4.21%、中国电信-4.02%、ST高鸿-3.83%。 E-mail: liujingzhao@shzq.com 过去一周通信板块呈现普涨行情：细分板块通信设备、增值服务II近一 SAC编号: S0870523040005 周 ...

数据来源：wind，上海证券基金评价研究中心 基金指数周报 三、年金指数 0 5000 10000 15000 20000 25000 30000 35000 0 500 1000 1500 2000 2500 3000 3500 4000 年金指数 年金净值 年金规模 养老生命周期基金系列指数上周全部上涨，生命周期 (20-35)指数较上周上涨 0.12%、生命周期(15-20)指数较上 周上涨 0.12%、生命周期(10-15)指数较上周上涨 0.13%、 生命周期(5-10)指数较上周上涨 0.14%、生命周期(0-5)指 数较上周上涨 0.16%。从相对表现来看，生命周期(0-5)指 数上周表现与债券市场走势趋同，生命周期(20-35)指数较 上证综指高 0.74%，较深证成指高 0.16%。 养老生命周期基金系列指数编制的意义在于综合反映 | --- | --- | --- | --- | |-------------|-------------------|---------------------------------|----------| | | | 年化收益率（%） 年化波动率（%） | ...

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鸿蒙有望引领终端+AI 新变革 证 券 研 ——计算机行业周报（2024.6.10—2024.6.14） 究 [Table 增_R 持at （ing 维] 持） a[◼bTlae b_lS 市eu_mS场um 回mamr 顾ya] r y] 报 告 过去一周（6.10-6.14）上证综指下跌 0.61%，创业板指上涨 0.58%， [行Ta业bl:e _Indu计 st算ry]机 沪深 300 指数下跌 0.91%，计算机（申万）指数上涨 3.66%，跑嬴上 日期: s 20h2z4q年da0t6e月m1a8r日k 证综指 4.27pcts，跑嬴创业板指 3.08pcts，跑嬴沪深 300 指数 4.57pcts，位列全行业第3名。 [T分ab析le师_A: utho吴r]婷 婷 Tel: 021-53686158 ◼ 周观点 E-mail: wutingting@shzq.com SAC编号: S0870523080001 华为 HDC 2024 召开在即，纯血鸿蒙商用渐行渐近。华为 HDC 2024 将于 6 月 21 日-23 日举行，预计将分享 HarmonyOS、盘古大模型、 [最Ta近bl一e_年 ...

欧盟对华钛白粉加征临时关税，国际油 证 券 价全面上涨 研 究 ——基础化工行业周报（20240610-20240616） 报 告 [Table 增_R 持at （ing 维] 持） [◼Ta bl市e_场Su行mm情a走ry]势 过去一周，基础化工指数涨跌幅为-0.75%，沪深300指数涨跌幅为- [行Ta业bl:e _Indu基st础ry]化 工 0.91%；基础化工板块跑赢沪深300指数0.16个百分点。基础化工子行 日期: s 20h2z4q年da0t6e月m1a8r日k 业涨幅靠前的有：涂料油墨（5.83%）、膜材料（4.77%）、非金属材 料（4.59%）；跌幅靠前的有：钛白粉（-7.56%）、磷肥及磷化工（- [T分ab析le师_A: utho于r]庭 泽 4.77%）、纯碱（-3.32%）。 SAC编号: S0870523040001 ◼ 化工品价格走势 [最Ta近bl一e_年Qu行o业teP指ic数] 与沪深300比较 周涨幅排名前五的产品分别为：丁二烯（8.80%）、硫酸（6.97%）、 液氯（6.79%）、国际石脑油（5.19%）、SBS（4.48%）。周跌幅前 基础化工 沪深300 五 ...