智通财经APP获悉，摩根士丹利发布研报称，调整部分内地消费品股目标价。在获该行"与大市同步"评 级内地消费品股中，认为H&H国际控股(01112)有较高的重新评级的可能性。 该行对H&H目标价由11.5港元升至13.4港元，评级"与大市同步"，认为下半年奶粉基数较低，且1-2阶段 奶粉产品需求强劲，预计未来几季表现改善。该行降H&H国际今明两年收入预测分别11%及10%，纯利 预测降29%及25%。 该行对高鑫零售(06808)目标价由2.4港元降至2.3港元，评级"与大市同步"，预期2026财年同店销售增长 稳定或轻微正增长。另外，新控股股东上场后，股东回报计划和新店模式可能成为股价驱动因素。该行 降高鑫今明两年收入预测分别1%及3%，纯利预测则分别降2%及上调5%。 该行对恒安国际(01044)目标价由24港元降至21港元，评级"与大市同步"，预计卫生巾销售受新兴品牌 及线上和直播促销的压力，令上半年公司销售下降15%至20%。考虑到卫生巾是公司主要盈利来源，若 下半年持续疲软，明年盈测可能面临进一步下调风险。该行降恒安国际今明两年收入预测分别2%及 1%，纯利预测降18%及13%。 ...

Investment Rating - The report maintains an "Increase" rating for the food and beverage industry, indicating a positive outlook for the sector [4]. Core Insights - The report highlights that the liquor industry is gradually releasing pressure from distribution channels, indicating a potential for future growth. It suggests focusing on three main lines: leading brands, high-certainty regional liquors, and elastic stocks benefiting from recovery and increased risk appetite [1][2]. - The snack sector shows significant growth potential, with companies like Yanjing Beer and Zhujiang Beer being highlighted for their strong performance. The report emphasizes the importance of channel leadership and growth potential in selecting stocks [3][6]. Summary by Sections Liquor Industry - The report notes that the liquor industry is experiencing a deep adjustment, shifting from scale growth to high-quality development. It emphasizes the importance of brand strength and strategic initiatives to capture new consumer trends [2]. - The expected revenue for Zhenjiu Lidong in H1 2025 is projected to be between 2.4 billion to 2.55 billion yuan, reflecting a year-on-year decline of 38.3% to 41.9% due to economic uncertainties and policy impacts [2]. Beer and Beverage Sector - The beer segment shows promising results, with Huiquan Brewery reporting a revenue of 351 million yuan in H1 2025, a year-on-year increase of 1.03%, and a net profit of 40 million yuan, up 25.52% [3]. - Unified Enterprises China achieved a revenue of 17.087 billion yuan in H1 2025, representing a 10.6% year-on-year growth, with a net profit of 1.287 billion yuan, up 33.2% [3]. Snack Sector - The snack sector is highlighted for its recovery in stock prices, with expectations for continued high growth due to new product launches and channel transformations. The report notes a narrowing decline in raw milk prices, which may positively impact the dairy segment [6].

Group 1 - The "Special Food Festival - New Consumption Industry Development Conference" was held in Beijing, focusing on the new consumption field of the special food industry, discussing high-quality development paths [1] - Key industry representatives attended the conference, including members from the China Nutrition and Health Food Association and experts from various institutions [3] - The conference highlighted the importance of meeting consumer needs in the nutrition and health industry, marking the beginning of a "new golden era" for the sector [5] Group 2 - The conference featured a speech by Liu Wei from the company, emphasizing the importance of the "Three Truths" standard (true quality, true effectiveness, true safety) in building consumer trust and supporting industry standardization [5][11] - The company announced its participation in establishing a group standard for precise nutrition supplementation for children aged 0-18, aiming to create a clear and quantifiable nutritional standard [9] - An initiative titled "Quality Nutrition Leading the Way" was launched to promote a trustworthy and innovative industry environment, with the company actively participating in this effort [11] Group 3 - A roundtable discussion on the new consumption and high-quality development paths in the nutrition health industry was held, featuring experts from various fields [13] - The company expressed its commitment to building rigorous and scientific standards to meet market demands and enhance consumer benefits [15] - The company aims to lead the industry with high standards and collaborative efforts, promoting high-quality development through its PPAE business model [17]

呈交日期: 2025年8月5日 I. 法定/註冊股本變動 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 截至月份: 2025年7月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 健合（H&H）國際控股有限公司 | 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) | 01112 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 10,000,000,000 | HKD | | 0.01 | HKD | | 100,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 10,000,000,000 | HKD | | 0.01 | HKD | | 100,000,000 | 本 ...

此外，合生元还以创新的专业教育模式衔接起消费者健康需求和渠道增长的需求。日前，合生元重磅启 动了"孕婴童营养素养提升行动"，联动超500家妇幼保健机构的近千名专家开展3000场"妈妈班"健康科 普教育活动，计划携手10家全国婴线重点合作伙伴，联合打造近100家孕婴童营养素养推广示范点门 店，以及培养近1000名母婴门店从业者成为"科普大使"，把专业服务和科普教育内容直接落到渠道门 店，帮助母婴渠道门店提升专业度，并进一步实现精准引流与锁客。 日前，国家育儿补贴方案公布！从2025年1月1日起，对符合法律法规规定生育的3周岁以下婴幼儿发放 每年3600块的现金补贴，至其年满3周岁。据新华社报道，该政策预计每年惠及超过2000万幼儿家庭。 不少网友也称：育儿补贴下发后，每个月又省下了一笔"奶粉钱"。 对母婴行业而言，短期利好可能带来业绩爆发，但长期主义的深耕，才是获得稳定的增长以及在激烈的 市场竞争中屹立不倒的核心。据健合集团2025年第一季度运营数据显示，根据独立研究公司尼尔森的研 究统计，截至二零二五年二月二十八日止过往两个月，合生元在中国内地婴幼儿配方奶粉强劲增长 46.9%。另外，在618电商大促节点，合 ...

Investment Rating - The report maintains an "Increase" rating for the food and beverage industry, indicating a positive outlook for the sector [5]. Core Insights - The implementation of the childcare subsidy policy is expected to stimulate growth in the food and beverage sector, particularly benefiting the infant formula and dairy product markets [4]. - The report highlights three main investment themes in the liquor segment: strong leading brands, sustained regional advantages, and recovery-driven elastic stocks [1][2]. - In the beer and beverage segment, Budweiser faces sales pressure but is seeing price recovery, while the sugary tea category is gaining market share during peak seasons [3]. Summary by Sections Liquor Industry - Leading brands such as Moutai, Wuliangye, and Luzhou Laojiao dominate the global rankings, with Moutai valued at $58.4 billion, maintaining its position as the most valuable liquor brand globally [2]. - The liquor sector is transitioning from scale growth to high-quality development, with a focus on brand strength and market positioning [2]. Beer and Beverage Sector - Budweiser's Q2 2025 results show a revenue decline of 3.9% and a profit drop of 31.1%, with a notable 6.2% decrease in sales volume [3]. - The sugary tea segment is experiencing a resurgence, with brands like Kang Shifu and Uni-President maintaining leading positions, and sales of Yuanqi Forest's iced tea growing by 53.9% year-on-year [3]. Food Sector - The national childcare subsidy program, effective from January 1, 2025, is projected to enhance birth rates and subsequently increase demand for dairy products [4]. - New product launches by companies like Qiaqia and Ximai are aimed at expanding market presence and tapping into health-oriented consumer trends [4][7].

Core Insights - The article highlights the significant growth in health consumption driven by government policies promoting consumer spending and increasing consumer confidence [1] - Health consumption has shifted from being optional to a necessity, with consumers willing to pay for "certain health value" [1] Group 1: Market Trends - The overall sales of nutritional health products during the 618 shopping festival reached 14.3 billion yuan, a year-on-year increase of over 55%, significantly outpacing non-essential consumer goods [1] - The health industry is experiencing a potential surge, with the market size of health products in China growing from 99.3 billion yuan in 2013 to over 350 billion yuan in 2023, and expected to exceed 430 billion yuan by 2025, with a compound annual growth rate of over 10% [1] Group 2: Company Performance - Health product company,健合集团, has seen its brands Swisse, 合生元, and 素力高 dominate their respective categories during the 618 sales event [1] - The company's "full family coverage" strategy has effectively converted promotional activities into a reliance on "family health management" [1] Group 3: Product Insights - Specific product categories showed remarkable growth: Swisse's adult nutrition NAD+ products increased by 33%, probiotic products surged by 146%, and children's calcium products rose by 91% [1] - 合生元's ultra-premium milk powder sales increased by 103%, and its market share rose from 14.7% in April to 15.8% in May [1] - 素力高's high-end cat food topped the imported category, with pet nutrition products on Douyin increasing by 304% [1] Group 4: Consumer Behavior - The sustainability of health consumption is closely tied to user loyalty, which is driven by the coverage of all health needs within families [1] - The trend indicates a shift towards specialization, segmentation, and quality in the consumer market, with companies needing to demonstrate sustainability [1]

农业农村部办公厅发布《关于加快奶业纾困提升奶业高质量发展水平的通知》提出，各地要落实白名单 制度，及时向金融机构推送生产经营水平高、信用良好的奶牛养殖场名单，"点对点"做好金融政策对 接。 推动银行机构持续创新"青贮贷"等金融产品，保障养殖场青贮饲料收储资金需求。要将符合条件的项目 纳入农业农村基础设施融资项目库储备，探索采取贴息补助的办法给予支持。 国泰海通证券发布研报称，7月28日国家育儿补贴制度实施方案公布，"国补"正式进入生育领域，食饮 訾猛团队测算年均发放育儿补贴约千亿，有望发挥乘数效应且有加码可能，提振乳品等行业需求。考虑 到适龄人口发展趋势，国泰海通预计未来出生人口数将有所减少，单年度补贴额度也将随之降低，但仍 为一笔可观的财政支出。对乳制品行业而言，全国层面的育儿补贴有望拉动相关乳品消费，尤其是奶粉 等，有助于提振板块景气度，加速供需缺口收敛。 乳品行业涉及相关港股： 澳优（01717）、H&H国际控股(01112)、蒙牛乳业(02319)、现代牧业(01117)、中国飞鹤(06186)、优然 牧业(09858)、原生态牧业(01431)等。 加强银政企户精准有效对接，引导金融机构通过展期、续 ...

农业农村部办公厅发布《关于加快奶业纾困提升奶业高质量发展水平的通知》提出，各地要落实白名单 制度，及时向金融机构推送生产经营水平高、信用良好的奶牛养殖场名单，"点对点"做好金融政策对 接。 推动银行机构持续创新"青贮贷"等金融产品，保障养殖场青贮饲料收储资金需求。要将符合条件的项目 纳入农业农村基础设施融资项目库储备，探索采取贴息补助的办法给予支持。 国泰海通证券发布研报称，7月28日国家育儿补贴制度实施方案公布，"国补"正式进入生育领域，食饮 訾猛团队测算年均发放育儿补贴约千亿，有望发挥乘数效应且有加码可能，提振乳品等行业需求。考虑 到适龄人口发展趋势，国泰海通预计未来出生人口数将有所减少，单年度补贴额度也将随之降低，但仍 为一笔可观的财政支出。对乳制品行业而言，全国层面的育儿补贴有望拉动相关乳品消费，尤其是奶粉 等，有助于提振板块景气度，加速供需缺口收敛。 乳品行业涉及相关港股： 澳优（01717）、H&H国际控股(01112)、蒙牛乳业(02319)、现代牧业(01117)、中国飞鹤(06186)、优然 牧业(09858)、原生态牧业(01431)等。 加强银政企户精准有效对接，引导金融机构通过展期、续 ...

Market Overview - The Hong Kong stock market indices continued to decline in the afternoon, with the Hang Seng Tech Index dropping over 3.1% at one point, ultimately closing down 2.72%, marking five consecutive days of decline [1] - The Hang Seng Index and the State-Owned Enterprises Index saw slight increases of 1.36% and 1.18%, respectively [1] Sector Performance - Major technology stocks experienced widespread declines, with Alibaba and JD.com falling nearly 3%, and Baidu down 2% [2] - The automotive sector faced significant pressure, with July retail sales of narrow passenger vehicles reportedly down over 11% month-on-month, leading to increased selling in automotive stocks [2] - Semiconductor stocks underperformed throughout the day, with leading company SMIC dropping nearly 6% [2] - Biopharmaceutical stocks, which had been rising, saw a correction [2] - Oil prices rebounded to around $70 due to geopolitical tensions, benefiting oil stocks, with China Petroleum rising nearly 4% [2] - The "three-child" concept stocks gained momentum, while coal, electricity, and steel sectors showed relative activity as part of the "anti-involution" theme [2] Notable Stock Movements - Li Auto saw a significant drop of over 12%, while other major players like BYD, Xpeng, and NIO fell over 5% [4][9] - Semiconductor stocks led the declines, with SMIC down over 6% and other semiconductor companies also experiencing losses [5][6] - Apple-related stocks declined, with GoerTek falling over 5% and other related companies like Sunny Optical and BYD Electronics also down [7][8] - Oil stocks rose, with China Petroleum and Sinopec both increasing by over 3% [10][11] - The "three-child" concept stocks performed well, with H&H International Holdings rising over 11% [12][13] Capital Flows - Southbound funds recorded a net inflow of HKD 11.714 billion, with the Shanghai-Hong Kong Stock Connect contributing HKD 6.427 billion and the Shenzhen-Hong Kong Stock Connect contributing HKD 5.287 billion [20] Market Outlook - Analysts suggest that the Hong Kong market may continue to experience a gradual recovery driven by fundamental factors, with a focus on the Hang Seng Tech Index, biopharmaceuticals, and AI concepts [22]