格隆汇11月4日丨*ST名家(300506.SZ)公布，近日，公司、管理人及产业投资人新余领九与重庆国际信 托股份有限公司、深圳市招平寰泽投资合伙企业（有限合伙）、中原信托有限公司、广州粤资贰号投资 咨询合伙企业（有限合伙）、深圳国华家里投资合伙企业（有限合伙）、深圳高旗环亚私募证券基金管 理有限公司、深圳前海普渡资本管理有限公司、广州阅华时光投资合伙企业（有限合伙）、广州晟维投 资合伙企业（有限合伙）、广州嘉拓投资合伙企业（有限合伙）、深圳市恒泰融安投资管理有限公司等 11家财务投资人分别签署了《重整投资协议》及《重整投资协议之补充协议》。 ...

Equity – Asia Research 供需出清迎拐点 Turning Point in Supply and Demand Equilibrium 訾猛Meng Zi m.zi@htisec.com 颜慧菁Huijing Yan hj.yan@htisec.com 程碧升Bisheng Cheng bs.cheng@htisec.com 张宇轩Yuxuan Zhang yx.zhang@htisec.com 4 Nov 2025 本研究报告由海通国际分销，海通国际是由海通国际研究有限公司，海通证券印度私人有限公司，海通国际株式会社和海通国际证券集团其他各成员单位的证券 研究团队所组成的全球品牌，海通国际证券集团各成员分别在其许可的司法管辖区内从事证券活动。关于海通国际的分析师证明，重要披露声明和免责声明，请 参阅附录。(Please see appendix for English translation of the disclaimer) 投资要点 国泰海通证券2026年度策略会 01 投资建议：成长为先，供需出清迎拐点 请参阅附注免责声明 2 02 03 04 05 国泰海通证券2026年度策略 ...

Core Insights - The 138th China Import and Export Fair (Canton Fair) is showcasing high-quality Chinese food and specialty agricultural products, attracting international buyers and generating significant interest in potential collaborations [1][2] Group 1: Market Demand and Trends - There is a notable increase in overseas demand for Chinese food products, with a focus on health, diversity, and customization, leading to the development of low-salt and organic products [3][4] - The demand for snacks is shifting towards low-sugar, environmentally friendly options, and products that promote children's intellectual development [3] Group 2: Product Offerings and Innovations - The Qujiang District is the largest producer of edible mushrooms in Guangdong Province, emphasizing the importance of quality and deep processing to enhance product value [2] - Companies are leveraging international certifications and smart manufacturing systems to ensure quality and streamline production processes [3] Group 3: Export Performance and Future Outlook - The Qujiang District has received over $15 million in orders from countries like Poland and New Zealand during the fair [1] - Despite stable export figures in the first three quarters, companies anticipate a slight increase in exports by year-end due to growing demand in emerging markets [3]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 狀態: 新提交 | | --- | | 截至月份: 2025年10月31日 | 致：香港交易及結算所有限公司 公司名稱: 中國食品有限公司 呈交日期: 2025年11月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00506 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 4,000,000,000 | HKD | | 0.1 | HKD | | 400,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 4,000,000,000 | HKD | | 0.1 | HKD | | 400,000, ...

当各大外卖平台仍在用"0元购""满18减18"的恶性补贴争夺市场时，京东选择了一条截然不同的破局之 路——推出品质餐饮合营制作平台七鲜小厨，"标配"24小时后厨直播，用"现炒现做+透明厨房"从源头 上筑牢食品安全防线，为消费者解决"用20元吃饱吃好"的核心需求。 日前，京东七鲜小厨的创新模式获《中国食品安全》杂志报道。作为市场监管总局（国务院食安办）主 管、中国质量标准出版传媒有限公司（中国标准出版社）主办的月刊，本期发表的文章中指出，七鲜小 厨有望重塑外卖行业的发展逻辑，引导行业从过去15年围绕流量与速度的发展，转向围绕品质供应链的 深耕，与商家共同构建健康、可持续的外卖生态。 数据显示，自京东11.11启动以来，七鲜小厨在京东外卖平台的流量与销量表现极为突出。更重要的 是，其火爆人气有效带动了周边3公里范围其他品质餐厅的订单量，实现整体增长超过12%。 七鲜小厨凭借"新鲜现炒"和"食材透明"的鲜明标签，成功吸引了大量寻求高品质外卖的消费者进入京东 外卖平台。当这些用户被七鲜小厨吸引而来，平台便会智能推荐同一配送区域内的其他品质餐厅，从而 形成显著的流量外溢效应。 这意味着，七鲜小厨不仅自身表现优异，更作为 ...

Core Insights - China Foods has achieved a historic breakthrough in data assetization, successfully completing the accounting entry for its "Vending Machine Sales Performance Analysis Report Data" product, with an entry amount of 1.023 million yuan [1] - The project marks the first complete closed-loop case of "data resources - data products - data assets - data revenue" for China Foods, demonstrating efficient cross-departmental collaboration and rapid digital execution [1][2] - The company emphasizes the importance of not just recording data on the balance sheet but also establishing a sustainable mechanism for data value transformation [1][2] Data Assetization Strategy - Under the guidance of COFCO Group's digital transformation requirements, China Foods has proactively laid out a strategic framework for data assetization, focusing on both monetization and circulation of data [2] - The "Vending Machine Sales Performance Analysis Report Data" product integrates data from 110,000 vending machines, providing reliable support for operational management, product optimization, and sales forecasting [2] Compliance and Efficiency - To ensure compliance and efficiency, multiple departments within China Foods collaborated to establish management guidelines and frameworks for data asset management and protection [3] - The data product not only integrates into internal operations but also possesses external trading attributes, enhancing both internal efficiency and external market insights [3] Market Potential and Future Plans - The "Vending Machine Sales Performance Analysis Report Data" product has already achieved a transaction scale in the millions, with expectations for significant revenue growth during the 14th Five-Year Plan period [4] - China Foods has initiated plans for a second batch of high-value data assets, focusing on supply chain collaboration data and regional consumer profiling, aiming to transform data from a cost center to a profit center [4] Industry Impact - The practices of China Foods exemplify the national initiative of "data elements" in the consumer goods sector, highlighting that true data assetization lies in its ability to drive decision-making, optimize operations, and create incremental revenue [4]

Core Insights - The implementation of China's Food Safety Law has shown positive results, with the overall food safety situation improving steadily, although challenges remain in regulatory responsibilities and the standard system [1][2] Group 1: Implementation and Effectiveness - The National People's Congress (NPC) Standing Committee conducted inspections from May to September, covering various food enterprises and institutions to assess the law's implementation [1] - The report indicates that since the revision of the Food Safety Law, the State Council and local departments have effectively enforced the law, maintaining a high pass rate in food safety evaluations over the past five years [1] Group 2: Standards and Regulations - China has issued a total of 1,693 national food safety standards, covering over 340 food categories and involving 23,000 safety indicators, providing strong technical support for comprehensive regulatory efforts [2] - The report highlights that the development of food safety standards has lagged behind the emergence of new food materials and production processes, indicating limitations in existing standards [2] Group 3: Recommendations for Improvement - The report suggests eight areas for enhancing food safety regulation, including strengthening the regulatory framework, improving the food safety standard system, and enhancing monitoring and enforcement capabilities [2]

China Consumer Sector Staples food monthly: what does September's data tell us? Company tracker: Q325E preview and channel check updates 1) Q325E preview—Haitian: We expect +7%/+13% YoY revenue/recurring NP growth in Q325, progressing with its annual double-digit profit growth target. We think Haitian's solid product category expansion and channel management can help it maintain steady growth and outperform peers amid a challenging industry environment. Jonjee: We expect -11%/-22% YoY revenue/recurring NP g ...

Core Viewpoint - *ST Mingjia (300506.SZ) has received approval from the Guangdong Provincial High Court to continue operations and manage its assets and business affairs under the supervision of a manager [1] Group 1 - The Guangdong Provincial High Court issued a decision on October 20, 2025, allowing the company to continue its operations [1] - The court's decision is documented as (2025) Yue Po No. 1 [1] - The company will manage its assets and business affairs independently while under the supervision of a designated manager [1]

Group 1 - The company announced the resignation of Mr. Cao Gaofeng as a non-executive director and member of the Environmental, Social and Governance (ESG) Committee, effective from October 21, 2025 [1] - Mr. Song Liang has been appointed as a member of the Environmental, Social and Governance (ESG) Committee, effective from October 21, 2025 [1]