采写：南都N视频记者 彭雨欣 网友发布的图片。 网友发布的图片显示，该干菌菇套装的包装袋中，出现一枚烟头，该网友配文称，"锅圈食汇食品里有 烟头，好无语"，该事件随后引发关注。南都记者注意到，锅圈食汇官方账号在该网友评论区留言 称，"您好，不好意思，我看到您在锅圈购物产生了不好的体验。首先给您说声抱歉！ 辛苦提供您的联 系方式，我请客服小伙伴为您做售后，感谢！" 10月23日，锅圈食汇相关负责人告诉南都记者，"目前已经和消费者达成和解，但因为消费者是打开包 装后发现的情况，事件的具体情况目前还在调查中。" 官网信息显示，锅圈食汇是锅圈食品（上海）股份有限公司旗下品牌。锅圈食汇的产品组合覆盖火锅产 品、烧烤产品、饮品、一人食、即烹餐包、生鲜、西餐及零食八大类别。截至2024年6月30日，锅圈食 汇共有9660家加盟门店。 近日，有网友在社交平台发文称，"在锅圈食汇一款'七珍菌菇荟'干菌菇套装中发现一枚烟头。"10月23 日，锅圈食汇相关负责人向南都N视频记者表示，"目前已经和消费者达成和解，但因为消费者是打开 包装后发现的情况，事件的具体情况目前还在调查中。" ...

每经AI快讯，记者10月22日从公司获悉，昨日，锅圈香港运营中心在香港中环亮相，标志着锅圈全球 化进程进入系统性推进阶段。该中心将作为锅圈对接全球市场的重要战略枢纽，统筹推进全球战略规 划、海外合作伙伴对接等。未来，锅圈将以调味料、锅圈小炒等产品为先导，通过食材本地化与产能合 作等模式，持续推进全球化业务布局。（证券时报） ...

人民财讯10月22日电，记者10月22日从公司获悉，昨日，锅圈香港运营中心在香港中环亮相，标志着锅 圈全球化进程进入系统性推进阶段。该中心将作为锅圈对接全球市场的重要战略枢纽，统筹推进全球战 略规划、海外合作伙伴对接等。未来，锅圈将以调味料、锅圈小炒等产品为先导，通过食材本地化与产 能合作等模式，持续推进全球化业务布局。 ...

每经AI快讯，锅圈(02517.HK)午后涨超5%，截至发稿，涨4.93%，报3.83港元，成交额1.06亿港元。 （文章来源：每日经济新闻） ...

值得注意的是，9月25日，锅圈发布公告称，董事会决议拟动用不超过1亿港元自有资金于公开市场回购 H股股份。公司指出当前股价未能充分反映其内在价值与业务前景，此次回购彰显管理层对公司长期发 展的信心，有望通过股份注销或库存股形式提升股东回报。 锅圈(02517)午后涨超5%，截至发稿，涨4.93%，报3.83港元，成交额1.06亿港元。 消息面上，10月21日，锅圈香港运营中心在香港中环正式亮相，标志着锅圈全球化进程进入系统性推进 阶段。该中心将作为锅圈对接全球市场的重要战略枢纽，依托香港国际金融中心与贸易枢纽的区位优 势，统筹推进全球战略规划、海外合作伙伴对接，深化全球业务布局。 ...

继9月30日海南国际食品产业园启动建设后，香港运营中心的成立，进一步展现了锅圈在推进全球化战 略上的系统性布局。 未来，锅圈将依托国内成熟的"科技+供应链"全链路中国味道解决方案，以调味料、锅圈小炒等核心产 品为先导，通过食材本地化与产能合作等模式，持续推进全球化业务布局。 2025年10月21日，锅圈香港运营中心在香港中环正式亮相，标志着锅圈全球化进程进入系统性推进阶 段。该中心将作为锅圈对接全球市场的重要战略枢纽，依托香港国际金融中心与贸易枢纽的区位优势， 统筹推进全球战略规划、海外合作伙伴对接，深化全球业务布局。 锅圈的全球化不仅是产品与商业模式的输出，更是中国餐饮供应链系统能力的海外延伸，旨在将标准化 的中国味道与博大精深的饮食文化推向更广阔的全球市场。 ...

未来，锅圈将依托国内成熟的"科技+供应链"全链路中国味道解决方案，以调味料、锅圈小炒等核心产 品为先导，通过食材本地化与产能合作等模式，持续推进全球化业务布局。（闫妍） 责任编辑：凌辰 据介绍，该中心将作为锅圈对接全球市场的重要战略枢纽，依托香港国际金融中心与贸易枢纽的区位优 势，统筹推进全球战略规划、海外合作伙伴对接，深化全球业务布局。继9月30日海南国际食品产业园 启动建设后，香港运营中心的成立，进一步展现了锅圈在推进全球化战略上的系统性布局。 10月22日，近日，锅圈香港运营中心在香港中环正式亮相，标志着锅圈全球化进程进入系统性推进阶 段。 ...

Group 1 - The report highlights the strategic acquisition of Venator UK's titanium dioxide business assets by Longbai Group, aiming to enhance its European operations and global footprint [6][7][8] - Longbai Group plans to establish subsidiaries in Malaysia and the UK, investing $5 million and $50 million respectively, to further its globalization strategy [4][9] - The titanium dioxide market is experiencing price increases, with the current market price for sulfate titanium dioxide ranging from 12,700 to 13,800 RMB per ton, indicating a positive market trend for Longbai Group [10] Group 2 - Haiguang Information reported a significant revenue growth of 54.65% year-on-year for the first three quarters of 2025, with a notable acceleration in Q3 revenue growth reaching 69.60% [12][13] - The company is expanding its market presence through partnerships with key industry players, which is driving its revenue and profit growth [13][15] - Haiguang's CPU and DCU segments are expected to see substantial growth, particularly with increasing demand from government and internet sectors [16] Group 3 - The report indicates that the advertising business of Baidu is under short-term pressure, while AI SaaS is positively impacting cloud services [31][32] - Baidu's core revenue is projected to decline by 8% in Q3 2025, with online marketing revenue expected to drop by 22% [31][34] - The company is focusing on AI-driven search transformation to enhance user engagement and satisfaction, which may provide long-term growth potential [32] Group 4 - The report discusses the mechanical industry, specifically the Japanese motorcycle market, which saw a total production of 639,000 units in 2024, a decrease of 6.4% year-on-year [21] - The domestic sales of motorcycles in Japan totaled 368,000 units in 2024, reflecting a decline of 9.2% year-on-year [22] - The report emphasizes the export dynamics and overseas production capacity of Japanese motorcycle manufacturers, with a total export volume of 484,000 units in 2024 [24] Group 5 - Zhongke Shuguang reported a revenue of 8.804 billion RMB for the first three quarters of 2025, with a year-on-year growth of 9.49% [26][27] - The company's non-recurring net profit increased by 66.79% year-on-year, indicating a significant improvement in its core business profitability [27][28] - The launch of the Shuguang AI supercluster system is expected to enhance the company's competitive position in the AI computing infrastructure market [28] Group 6 - The report indicates that the coal price is expected to show a long-term upward trend due to rising production costs and increased taxation [43][46] - The coal industry has experienced a consistent upward price trend over the past 30 years, driven by factors such as labor costs and environmental investments [44][46] - The report suggests that the coal price will continue to face upward pressure in the long term, despite potential fluctuations [46] Group 7 - The report highlights the growth of the cloud computing and network security sectors, with a focus on AI-driven opportunities for companies like Deepin Technology [47] - Deepin Technology has seen a significant increase in its cloud computing revenue, which now constitutes 46.36% of its total revenue, reflecting its strategic shift towards cloud services [47]

2025 年 10 月 17 日 公司研究 评级：买入(维持) | 研究所： | | | | --- | --- | --- | | 证券分析师： | | 林昕宇 S0350522110005 | | | | linxy01@ghzq.com.cn | | 证券分析师： | | 赵兰亭 S0350524080004 | | | | zhaolt@ghzq.com.cn | | 联系人 | ： | 孙馨竹 S0350124060027 | | | | sunxz@ghzq.com.cn | [Table_Title] 发布回购彰显信心，社区央厨战略持续验证 ——锅圈（02517）点评报告 国海证券研究所 请务必阅读正文后免责条款部分 | 相对恒生指数表现 | | | 2025/10/16 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 锅圈 | 9.0% | 5.8% | 18.0% | | 恒生指数 | -2.1% | 5.6% | 27.6% | | 市场数据 | | | 2025/10/16 | | 当前价格（港元） | | | 3.65 | | ...

Group 1: Market Overview - The Hang Seng Index fell by 0.43%, down 111 points, closing at 25,799 points, while the Hang Seng Tech Index dropped by 1.36% [1] - The Hong Kong stock market saw a trading volume of HKD 156.2 billion in the morning session [1] Group 2: Biotechnology and Pharmaceuticals - HEC Pharm (02617) experienced a short-term surge, rising by 42% with a trading volume exceeding HKD 1.1 billion [1] - Rongchang Bio (09995) rose over 5% following the publication of its Phase III clinical trial results for Taitasip in treating systemic lupus erythematosus in NEJM [2] - Baixin An-B (02185) increased by over 10%, with institutions indicating that its commercialization is set to accelerate [5] Group 3: Telecommunications and Technology - ZTE Corporation (00763) saw a peak increase of 7%, with its stock price up over 80% year-to-date, as the company strengthens its research and development in intelligent computing products [3] Group 4: Aviation Sector - Major airlines in Hong Kong reported strong operational data for September, indicating a potential sustained recovery in the industry, with China Eastern Airlines (00670) up 4.9% and China Southern Airlines (01055) up 2% [3] Group 5: Consumer Sector - New consumption concept stocks in Hong Kong collectively rose, with Lao Pu Gold (06181) up 6%, Wei Long (09985) up 3%, Pop Mart (09992) up over 5%, and Guoquan (02517) up over 3% [3] Group 6: Education Sector - Education stocks in Hong Kong surged, with Think Tank Education (01769) leading with an increase of over 18%, and New Oriental-S (09901) rising over 6% [4] Group 7: Energy Sector - COSCO Shipping Energy (01138) rose over 4% due to strong demand in the crude oil tanker market in September, with VLCC freight rates expected to strengthen [6] Group 8: Market Volatility - Bit Strategy (06113) fell over 9% after being named by the Hong Kong Securities and Futures Commission for having highly concentrated shareholding [7] - Xiaomi Group-W (01810) declined by 3%, with institutions noting that its stock price volatility is influenced by multiple news events and market rumors [8]