"今年以来，银行股凭借高股息、低估值特征吸引诸多资金的关注。受资金推动等因素影响，银行股股 价水涨船高，A股总市值首次突破100万亿元 截至8月18日收盘，有6只个股流通市值超过1万亿元，银行 股占据三席银行股市值在主要指数中的权重也随之提升。"前海开源基金首席经济学家杨德龙告诉记 者，目前来看，上市银行整体盈利能力较好，资产质量较为稳健，相对稳定的基本面支撑资金流入。 截至目前，A股已有7家上市银行公布2025年半年度报告或2025年半年度业绩快报，均实现营收、归母 净利润同比双增长，其中，浦发银行、杭州银行、青岛银行、齐鲁银行、常熟银行、江阴银行的归母净 利润均实现两位数的同比增幅。 中信证券银行业首席分析师肖斐斐认为，由于今年一季度的贷款重定价效应充分且债市在二季度相对稳 定，预计今年上半年上市银行的盈利同比增速或将企稳恢复。 受访专家认为，以银行等为代表的权重股在此轮市场行情中扮演着重要角色。"低利率环境下，受基本 面修复、政策驱动等多重因素影响，银行股今年以来涨幅可观。银行股市值权重的提升不仅成为A股总 市值创历史新高的重要推动力，更通过吸引中长期资金进一步优化A股投资者结构。"巨丰投顾高级投 资顾 ...

Core Insights - A-share companies are accelerating the disclosure of their 2025 semi-annual reports, with 531 companies having reported by August 18, 2025, and 353 of them achieving a year-on-year increase in net profit attributable to shareholders, accounting for approximately 66.48% [1][2] Group 1: Company Performance - Among the 531 companies that disclosed their semi-annual reports, 301 companies reported a net profit growth of over 10%, 197 companies over 30%, and 87 companies over 100%. Notably, companies like Zhimin Da and Rongzhi Rixin saw net profit growth exceeding 1000% [2] - Zhimin Da reported a revenue of 295 million yuan, an increase of 84.83% year-on-year, and a net profit of 38.298 million yuan, up 2147.93% year-on-year. The company experienced a significant increase in orders, particularly in airborne and other product categories, with total orders reaching 608 million yuan, a 73.71% increase from the previous year [2][3] - Major companies with net profits exceeding 1 billion yuan include China Mobile, Kweichow Moutai, and CATL. Kweichow Moutai reported a revenue of 893.89 billion yuan, a 9.1% increase, and a net profit of 454.03 billion yuan, an 8.89% increase [3] Group 2: Dividend Distribution - A total of 101 companies announced cash dividend plans alongside their semi-annual reports. Of these, 77 companies plan to distribute over 1 yuan per 10 shares, 52 companies over 2 yuan, and 20 companies over 5 yuan [5] - Companies with proposed total dividends exceeding 1 billion yuan include China Mobile, China Telecom, and Hikvision. China Mobile reported a revenue of 543.8 billion yuan and a net profit of 84.2 billion yuan, with a proposed dividend of 2.5025 yuan per share, amounting to approximately 540.83 billion yuan [5][6]

2025.08.18 本文字数：1267，阅读时长大约2分钟 作者 |第一财经 亓宁 8月18日，A股延续上行趋势，一片涨声中创出纪录——A股市值总和（A股最新价×A股总股本，下同） 首次突破100万亿元大关。 截至当天收盘，上证指数报收3728.03点，涨0.85%，创10年新高；深成指报收11835.57点，涨1.73%； 创业板指报收2606.2点，涨2.84%，超4000只个股飘红。A股全天成交额超2.8万亿元，为历史第三高。 在A股市值突破百万亿元背后，哪些个股在"悄悄"洗牌刷新纪录？截至18日收盘，A股市值TOP10分别 是农业银行（2.21万亿元）、工商银行（2.03万亿元）、贵州茅台（1.79万亿元）、中国石油（1.39万亿 元）、中国银行（1.3万亿元）、宁德时代（1.25万亿元）、招商银行（8975.65亿元）、中国人寿 （8937.46亿元）、工业富联（8829.52亿元）、长江电力（6763.02亿元）。 上述排名前十的个股市值合计为13.32万亿元，较年初合计增加了1.22万亿元。不过，其中有3只个股因 为股价下跌，市值较年初缩水，分别是贵州茅台、中国石油、长江电力。 相较于今年年初 ...

2025.08. 18 本文字数：1267，阅读时长大约2分钟 作者 | 第一财经 亓宁 8月18日，A股延续上行趋势，一片涨声中创出纪录——A股市值总和（A股最新价×A股总股本，下同） 首次突破100万亿元大关。 截至当天收盘，上证指数报收3728.03点，涨0.85%，创10年新高；深成指报收11835.57点，涨 1.73%；创业板指报收2606.2点，涨2.84%，超4000只个股飘红。A股全天成交额超2.8万亿元，为历 史第三高。 在A股市值突破百万亿元背后，哪些个股在"悄悄"洗牌刷新纪录？截至18日收盘，A股市值TOP10分别 是农业银行（2.21万亿元）、工商银行（2.03万亿元）、贵州茅台（1.79万亿元）、中国石油（1.39 万亿元）、中国银行（1.3万亿元）、宁德时代（1.25万亿元）、招商银行（8975.65亿元）、中国人 寿（8937.46亿元）、工业富联（8829.52亿元）、长江电力（6763.02亿元）。 （资料来源：第一财经整理） 上述排名前十的个股市值合计为13.32万亿元，较年初合计增加了1.22万亿元。不过，其中有3只个股 因为股价下跌，市值较年初缩水，分别是贵州茅台、中 ...

作者 | 哥吉拉 数据支持 | 勾股大数 据（www.gogudata.com） 上周，恒生指数盘中一度攀升至 25680 点，创下年内阶段新高，尽管随后连续两日回调，累计跌幅达 1.8% ，但市场热度依旧不减。 苦熬十年，沪指终于熬出头了！ 十年了，你知道我们这十年是怎么过来的吗？！ 今天A股市场一举创下多个历史性的记录： 上证指数突破3731.69点，刷新近十年来新高！ 北证50指数大涨6.79%，收盘1576点，创历史新高！ 以A股股价乘以A股股本计算，A股市值突破100万亿元，创出历史新高！ 沪深两市全天成交2.76万亿元，创今年以来天量，成为历史第三大成交！ 非常显然，随着越来越多资金加速入场，A股的慢牛正在加速飞奔，有了快牛的架势！ 事实证明，只要时间足够长，股市一定会涨回来。 那么，下一个十年可以押注什么? 01 终于熬出头了！ 具体来，今日A股三大股指集体高开高走，截至收市沪指涨0.85%，深证成指涨1.73%，创业板指涨2.84%，两市全天成交2.76万亿元，较上 周五放量超过5000亿元，有4034 只 个股上涨，123只个股涨停。 从资金动向来看，今天前几大流入的板块是软件、通讯设备、电 ...

[Table_Main] 行业研究|日常消费|食品、饮料与烟草 证券研究报告 行情回顾 1）近 2 周（8.4-8.15），A 股食品饮料行业（SW）上涨 1.11%，跑输 上证指数 2.73pct，跑输深证成指 4.74pct，跑输沪深 300 指数 2.53pct。 2）细分行业方面，近 2 周 A 股食品饮料各细分行业（SW）中，烘焙 食品（+3.45%）、零食（+3.41%）、调味发酵品（+2.98%）涨幅居前， 乳品（-1.26%）、软饮料（-0.23%）、预加工食品（-0.01%）跌幅居前。 3）个股方面，在 A 股食品饮料行业（SW）所有个股中，近 2 周，桂 发祥（+32.00%）、ST 西发（+20.00%）、安琪酵母（+11.10%）涨幅 居前，阳光乳业（-13.48%）、*ST 椰岛（-11.17%）、贝因美（-9.22%） 跌幅居前。 食饮行业重点数据跟踪 1）白酒：根据同花顺 Ifind 数据，8 月 15 日飞天茅台原箱/散装批价 分别为 1,900 元/1,890 元，较两周前（8 月 1 日）-30 元/-10 元；八代 普五批价 860 元，较两周前-40 元；国窖 1573 ...

Investment Rating - The report maintains a rating of "Outperform" for the food and beverage industry [5] Core Insights - The liquor sector is currently in a bottom consolidation phase due to policy and demand recovery pressures, but there are opportunities for bottom-fishing as performance concerns have eased [1][3] - The beverage sector is experiencing good sales momentum, driven by health and functional demand, indicating a potential continuation of industry prosperity [1][3] - The report recommends focusing on ETFs such as the CSI Consumer ETF and the Hang Seng Consumer ETF, which are seen as scarce new consumption targets in the A-share market [1][3] Industry ETF Market Review - During the week of August 11-15, 2025, major food and beverage ETFs saw an overall increase, with the liquor ETF (512690.SH) and consumer ETF (159928.SZ) rising by +1.40% and +0.98% respectively [2][10] - The liquor ETF had a trading volume of 5.736 billion, marking it as the highest in the observed ETFs [2][11] - The total inflow for food and beverage-related ETFs was 1.101 billion, with the liquor ETF experiencing a net inflow of 658 million [11] Industry Sector Performance Review - The Shanghai Composite Index rose by 1.70% while the food and beverage sector only increased by 0.48%, underperforming both the Shanghai Composite and the CSI 300 Index [19] - The liquor sub-sector showed a slight increase of +0.93%, while soft drinks experienced the largest decline at -3.12% [21] - Year-to-date, the food and beverage sector has decreased by 6.11%, significantly underperforming the broader market indices [19][23] Industry News - Market demand remains weak, with prices continuing to decline, reaching new lows for the year [3][26] - Moutai's half-year revenue for 2025 was reported at 91.094 billion, a year-on-year increase of 9.16%, aligning with expectations [3][26] - New packaging specifications for Moutai have been introduced to meet market demand, including adjustments to box sizes and materials [3][60]

证券研究报告 食品饮料 报告日期：2025 年 08 月 18 日 ——食品饮料行业周报 华龙证券研究所 投资评级：推荐（维持） 最近一年走势 执业证书编号：S0230520050001 邮箱：wangf@hlzq.com 《六月社零增速环比趋缓，消费需求有 待修复—食品饮料行业周报》2025.07.21 《拥抱新变化，开启新征程—食品饮料 行业 2025 年中期策略报告》2025.07.06 《白酒处于调整期，零食景气度较高— 食品饮料行业 2024 年报和 2025 一季报 综述》2025.05.16 摘要： 请认真阅读文后免责条款 为贯彻落实党中央和国务院关于大力提振消费、全方位扩大国内 需求的决策部署，根据中央办公厅、国务院办公厅印发的《提振 消费专项行动方案》，财政部、中国人民银行和金融监管总局制定 了《个人消费贷款财政贴息政策实施方案》，降低居民消费信贷成 本，助力释放居民消费潜力扩内需相关政策持续推出，食品饮料 板块有望受益。上周申万一级食品饮料板块上涨 0.48%，子板块 调味品（+2.19%）、烘焙食品（+1.46%）、保健品（+1.31%）、白 酒（+0.93%）涨幅居前，软饮料（-3.1 ...

Investment Rating - The industry investment rating is "Outperform" [2] Core Viewpoints - The white liquor sector is entering a low base period for operations, and the dividend yield advantage is becoming evident. The performance of mass-market products is showing differentiation, with a focus on the potential of new business models [4][14] - The food and beverage sector has shown signs of recovery, with expectations for improved revenue and profit performance in the second half of 2025 due to a low base effect [4][16] Summary by Sections White Liquor Sector - The implementation of the "Regulations on Strict Economy and Opposition to Waste by Party and Government Agencies" has impacted normal consumption scenarios, but recent media corrections may help restore some consumption [4][14] - The overall sales volume in the white liquor industry has declined year-on-year, with high-end brands experiencing manageable declines while mid-range brands have seen more significant drops [4][14] - The stock price declines for major brands like Kweichow Moutai and Wuliangye have been substantial, with maximum declines of -47.48% and -65.98% respectively since 2021 [5][15] - The expected dividend yields for major brands in 2025 are competitive with other sectors, indicating a potential for investment [6][17] Mass-Market Products - Companies like Angel Yeast and Weilong have shown robust performance, with Angel Yeast reporting a revenue increase of 10.1% year-on-year in the first half of 2025 [18][29] - Weilong's new product lines have performed well, and the company is focusing on expanding its product categories and improving operational efficiency [18][20] - The mass-market segment is entering a reporting period, with companies like Anqi Yeast and Weilong showing positive growth trends [18][21] Industry Performance - The food and beverage sector index has shown a slight increase of +0.48% in the recent week, but it has underperformed compared to the CSI 300 index [8][21] - Year-to-date, the food and beverage sector has faced challenges, with a cumulative decline of -6.11%, indicating a lag in recovery compared to other sectors [21][22] - The highest performing sub-sectors this week included seasoning and fermentation products, with a notable increase of +2.19% [21][25]

Core Viewpoint - Securities firms have provided "buy" ratings for nearly 40 A-share listed companies on August 18, focusing on industries such as liquor, food and beverage, photovoltaic equipment, chemical fiber, batteries, power grid equipment, and beauty care [1] Group 1: Company Ratings - Kweichow Moutai received significant attention from securities firms, with 17 reports in the past month, ranking first on the buy list for August 18 [4] - Angel Yeast was the second most favored company, receiving 7 reports from various securities firms in the past month [4] - Chongqing Beer also garnered attention, with 7 reports in the past month, including two on August 18 [5] Group 2: Financial Projections - Kweichow Moutai's EPS forecasts for 2025-2027 are 74.87, 81.10, and 87.63 yuan, with corresponding dynamic PEs of 19, 18, and 16 times [4] - Angel Yeast's net profit forecasts for 2025-2027 were adjusted to 16.39, 20.96, and 25.42 billion yuan, with EPS of 1.89, 2.41, and 2.93 yuan [5] - Chongqing Beer's EPS estimates for 2025-2027 are 2.42, 2.56, and 2.74 yuan, with a target price of 61 yuan based on a 25x PE for 2025 [5] Group 3: Industry Focus - The industries highlighted by securities firms include liquor, food and beverage, photovoltaic equipment, chemical industry, and beauty care [1][4] - The reports indicate a focus on companies with strong brand power and potential for long-term growth, particularly in the liquor and food sectors [4][5]