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国泰海通:即时零售成为酒类渠道亮点 全国化名酒及区域头部酒企韧性相对较强
智通财经网· 2025-09-25 02:40
一是消费习惯改变,消费者愈发追求便捷,且临时需求激发后希望快速得到满足。二是契合性价比需 求,压缩流通环节的同时节省运营成本,叠加部分平台投入费用补贴,价格优势明显。三是供给侧驱 动,渠道方有意通过新兴渠道获取增量,品牌方为增加触达和收入愿意配合渠道进行推新、宣发等动 作。 即时零售是白酒变革期的一种尝试,预计将持续扩容 对白酒行业而言该行认为即时零售利弊兼具,利在于高效履约可创造一部分增量,且有助于品牌触达年 轻群体;弊在于线上渠道难以提供社交、鉴真服务及情绪价值,对产品价格体系有所影响,可能冲击品 牌形象。回顾历史,白酒周期更替通常伴随渠道变革,当前行业深度调整,较弱的价格和动销、较高的 库存冲击线下传统渠道利润和现金流,而线上渠道仍较为景气,拥抱即时零售不失为一种应变方式。中 外对比来看,海外国家亦有此类尝试,证明了酒水即时零售的可行性,考虑海外商品消费线上化率整体 低于国内、尤其欧美国家配送效率及成本优势一般,该行认为国内酒水即时零售还有较大发展空间。据 美团闪购测算2027年我国酒类即时零售市场规模有望达1000亿元、复合增速有望接近中双位数,白酒、 啤酒等核心品类有望受益。 风险提示:渠道转型及扩 ...
国泰君安期货2025年云南勐海白糖项目正式启动
Qi Huo Ri Bao Wang· 2025-09-25 02:11
近年来,在郑商所的大力支持下,国泰君安期货及其下属国泰君安风险管理有限公司通过"保险+期货"模式在云南省开展项目累计40余个,保险保障金额超 过13.5亿元,服务惠及农户、涉农企业等各类主体约12万户次。公司充分发挥专业优势,切实助力"三农"发展,全方位保障农户收益,推动农业现代化转 型。未来,国泰君安期货将继续扎根云南等多地,进一步强化"保险+期货"模式的服务效能,为更多农户编织更坚实的风险防保护屏障,为农业产业链的现 代化发展注入强劲而持久的金融动能。 勐海县隶属于云南省西双版纳傣族自治州,光热条件优越、雨热同期,是云南省糖料蔗的主要种植地区,糖料蔗作为当地农户重要的收入来源,蔗糖产业一 直都是政府开展乡村振兴工作的主要抓手。 会上,勐海县领导首先对项目参与各方表示衷心感谢,并强调高度重视该项目推进。该项目由国泰君安期货牵头,携手太平洋产险云南分公司、太平洋安信 农险、华泰期货、浙商期货、光大期货及华西期货联合承办。作为"东西部协作"的又一模范案例,成功引入上海市 "援滇资金"200万元,并获郑商所300万 元保费支持,显著减轻了农户的保费负担,同时提升了项目的可及性与普惠性。 近日,在云南省勐海县政府的 ...
券商分析师人数创下新高
Jin Rong Shi Bao· 2025-09-25 02:05
Group 1 - The number of registered securities analysts in China has reached a new high, surpassing 6,100, with 5,972 registered as of September 24, 2023 [1] - The growth in analyst numbers is attributed to the recent recruitment of new researchers by brokerage firms, as analysts must have at least two years of experience in the securities business to register [2] - Major brokerage firms like CICC, Guotai Junan, and CITIC Securities lead in analyst numbers, with 345, 302, and 302 analysts respectively, while several others have over 150 analysts [1] Group 2 - Despite the increase in analyst numbers, the brokerage research environment is changing due to the impact of public fund fee reforms, leading to a significant decline in net income from trading seat rentals [2] - The brokerage industry is shifting towards business transformation, focusing on specialization, digitalization, and internationalization, with an emphasis on attracting high-quality talent [3] - The future of the brokerage industry is expected to exhibit characteristics of significant polarization and premiumization, with research departments playing a crucial role in enhancing the competitiveness of various business lines [3]
国泰海通:内需周期品价格回暖 服务消费景气提升
Zhi Tong Cai Jing· 2025-09-24 23:21
Group 1: Downstream Consumption - Real estate sales show marginal improvement, with transaction area in 30 major cities increasing by 20.3% year-on-year. First-tier, second-tier, and third-tier cities saw increases of 68.8%, 21.7%, and a decrease of 19.9% respectively [2] - Retail sales of passenger cars increased by 1.0% year-on-year during the week of September 8-14, 2025, indicating a slowdown in the price war in the car market [2] - Service consumption shows signs of recovery, with the tourism price index in Hainan rising by 1.3% month-on-month and movie box office revenue increasing by 364.6% month-on-month and 149.0% year-on-year due to the release of new films [2] Group 2: Midstream Manufacturing - Construction demand shows slight improvement, with policies supporting steel growth leading to small price increases in steel and glass, while cement prices have stabilized [3] - Manufacturing sector shows overall improvement in operating rates, particularly in the automotive and chemical industries, with stable hiring intentions among companies [3] Group 3: Upstream Resources - Coal prices have risen by 3.5% month-on-month due to tight supply and pre-holiday stockpiling demands [3] - Industrial metal prices are under pressure due to a hawkish stance from U.S. Federal Reserve officials following a rate cut, combined with weak domestic downstream demand [3] Group 4: Human Flow and Logistics - Long-distance passenger transport demand has slightly improved, with an increase in air transport demand month-on-month [3] - National highway freight truck traffic and railway freight volume increased by 1.9% and 0.2% respectively, indicating a recovery in logistics [3] - Dry bulk shipping prices continue to rise due to increased demand for bulk commodity transport in the Northern Hemisphere's autumn season [3]
国泰海通(02611.HK)获易方达基金增持15.96万股
Ge Long Hui· 2025-09-24 23:12
| 甚稀序號 | 大股東鹽車/股票行政人員名 作出損擔的 買入/費出城形及的 梅板的平均價 | | 持有價益的設划數目 佔已發行的 角點事件的目點 相關法國股份 價價值價益 | | --- | --- | --- | --- | | LAME | 吸行财日 | | (磷参观上线 * 注 清视测量版(日/月/年) 螺基 | | CS20250924E00197 房方达基金管理有限公司 11010L) | | 159,600(L) | HKD 16 1861 245 536, 128(L) 7 00(L) 19/09/2025 ED 1000 | 增持后,易方达基金管理有限公司最新持股数目为245,536,128股,持股比例为7.00%。 | 股份代替 | 02611 | | --- | --- | | 上市法國各稱: | 国景海通道列 | | 日期(日/月/年): | 25/08/2025 - 2 | 格隆汇9月25日丨根据联交所最新权益披露资料显示,2025年9月19日,国泰海通(02611.HK)获易方达基 金管理有限公司在场内以每股均价16.1861港元增持15.96万股,涉资约258.33万港元。 ...
国泰海通:8月重卡同比五连增 天然气重卡迎来复苏
智通财经网· 2025-09-24 12:36
智通财经APP获悉,国泰海通发布研报称,随着经济恢复,以及2025年重卡"以旧换新"政策的推出,国 产重卡销量有望逐渐回升,预计2025年销量为106.7万台,同比增长18%。近年来,国产新能源重卡技 术逐渐成熟,成本快速下降,预计国内新能源渗透率有比较大的提升空间,预计2025年渗透率将达到 15%。重卡行业的成长空间仍然存在,具体体现在国内的景气度修复,以及出口的持续成长。此外随着 天然气重卡的发展,行业门槛提升有望带动头部企业盈利能力提升。 聚焦天然气重卡,8月国产天然气重卡销量1.6万台,同比增长32%,环比增长30%。1-8月国产天然气 重卡累计销量11.6万台,同比下滑9%。天然气半挂牵引车:8月国产天然气半挂牵引车销量1.5万台,同 比增长33%,环比增长32%。1-8月国产天然气半挂牵引车累计销量11.2万台,同比下滑10%。8月重卡 的天然气渗透率为17%,半挂牵引车的天然气渗透率为32%。根据对重卡全生命周期成本的测算,对于 年度平均行驶里程大于15万公里的牵引车而言,大部分时间段使用天然气是较为经济的。在大规模设备 更新政策的推动下,天然气重卡作为使用成本较低的设备,其渗透率有望进一步提 ...
易方达基金增持国泰海通15.96万股 每股作价约16.19港元
Zhi Tong Cai Jing· 2025-09-24 12:16
香港联交所最新数据显示,9月19日,易方达基金管理有限公司增持国泰海通(02611)15.96万股,每股作 价16.1861港元,总金额约为258.33万港元。增持后最新持股数目约为2.46亿股,持股比例为7.00%。 ...
易方达基金增持国泰海通(02611)15.96万股 每股作价约16.19港元
智通财经网· 2025-09-24 11:11
智通财经APP获悉,香港联交所最新数据显示,9月19日,易方达基金管理有限公司增持国泰海通 (02611)15.96万股,每股作价16.1861港元,总金额约为258.33万港元。增持后最新持股数目约为2.46亿 股,持股比例为7.00%。 ...
天益医疗跌1.12% 2022上市募7.7亿国泰海通保荐
Zhong Guo Jing Ji Wang· 2025-09-24 09:04
中国经济网北京9月24日讯 今日,天益医疗(301097.SZ)股价下跌,截至收盘报43.29元,跌幅 1.12%。 天益医疗于2022年4月7日在深交所创业板上市,发行价格为52.37元/股。目前该股股价处于破发 状态。 天益医疗实际募资净额较原拟募资多18456.32万元。公司2022年3月29日披露的招股书显示,天 益医疗原拟募资5.10亿元,拟分别用于年产4,000万套血液净化器材建设项目、年产1,000万套无菌加湿 吸氧装置建设项目、综合研发中心建设项目、补充流动资金。 天益医疗本次发行费用总额(不含增值税)为7720.52万元,其中国泰君安证券获得保荐承销费用 6011.27万元。 (责任编辑:徐自立) 天益医疗上市的保荐机构(主承销商)是国泰君安证券(现更名为国泰海通证券),保荐代表人是 沈一冲、水耀东。天益医疗公开发行新股1473.6842万股,占发行后总股本的比例为25.00%,募集资 金总额为77176.84万元,募集资金净额为69456.32万元。 ...
国泰君安保荐键邦股份IPO项目质量评级B级 实际募集金额缩水近6成 上市首年营收净利润双降
Xin Lang Zheng Quan· 2025-09-24 07:31
Company Overview - Company Name: Shandong Jianbang New Materials Co., Ltd [1] - Stock Code: 603285.SH [1] - IPO Application Date: July 5, 2022 [1] - Listing Date: July 5, 2024 [1] - Industry: Chemical Raw Materials and Chemical Products Manufacturing [1] - Underwriter: Guotai Junan Securities [1] Performance Metrics - Underwriting and Sponsorship Fees: 47.56 million yuan, with a commission rate of 6.38%, lower than the average of 7.71% [2] - First Day Stock Price Increase: 133.24% compared to the issue price [3] - Stock Price Increase in First Three Months: 27.00% compared to the issue price [4] - Issuance Price-Earnings Ratio: 16.43 times, which is 74.82% of the industry average of 21.96 times [5] - Expected Fundraising: 1.851 billion yuan, with actual fundraising of 746 million yuan, a decrease of 59.69% [6] Financial Performance - Revenue for 2024: Decreased by 0.21% year-on-year [7] - Net Profit for 2024: Decreased by 16.83% year-on-year [7] - Non-recurring Net Profit for 2024: Decreased by 18.67% year-on-year [7] - Abandonment Rate: 0.58% [7] Evaluation Summary - Total Score for IPO Project: 81 points, classified as B-level [7] - Negative Factors Affecting Score: Disclosure quality needs improvement, listing cycle of 731 days exceeds the average of 629.45 days, significant reduction in actual fundraising, decline in revenue and net profit in the first accounting year, and abandonment rate of 0.58% [7]