从中证全指食品、饮料与烟草指数持仓的市场板块来看，上海证券交易所占比61.17%、深圳证券交易 所占比38.83%。 从中证全指食品、饮料与烟草指数持仓样本的行业来看，白酒占比47.83%、调味品与食用油占比 12.10%、乳制品占比12.04%、其他食品占比7.46%、软饮料占比6.48%、啤酒占比4.76%、休闲食品占比 4.02%、肉制品占比3.31%、葡萄酒及其他占比1.33%、黄酒占比0.66%。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。权重因子随样本定期调整而调整，调整时间与指数样本定期调整实施时间相同。在下一个定期 调整日前，权重因子一般固定不变。遇临时调整时，当中证全指指数调整样本时，中证全指行业指数样 本随之进行相应调整。在样本公司有特殊事件发生，导致其行业归属发生变更时，将对中证全指行业指 数样本进行相应调整。当样本退市时，将其从指数样本中剔除。样本公司发生收购、合并、分拆等情形 的处理，参照计算与维护细则处理。 据了解，为反映中证全指指数样本中不同行业公司证券的整体表现，为投资者提供分析工具，将中证全 指指数样本按中证行业分类 ...

Group 1 - The core viewpoint emphasizes the recovery of domestic demand, suggesting a more optimistic outlook for investment opportunities in the food and beverage sector, with potential for a dual boost in fundamentals and valuations in the second half of the year [1] - The major consumption ETF has shown a year-to-date maximum drawdown of 5.57%, indicating some volatility, but it has also outperformed its benchmark with a one-year annualized excess return of 2.18% [2] - The latest price-to-earnings ratio (PE-TTM) for the major consumption index is 19.84, which is considered low compared to historical levels, indicating potential undervaluation [2] Group 2 - The top ten weighted stocks in the major consumption index account for 67.16% of the index, highlighting the concentration of investment in a few key players [3] - The performance of individual stocks within the index shows mixed results, with notable increases in stocks like Hai Tian Wei Ye (3.06%) and declines in others like Dong Peng Beverage (-0.89%) [5] - The report indicates that the liquor industry is entering a bottoming phase, with expectations for recovery as companies manage inventory more effectively in the latter half of the year [1]

本报记者 党鹏 成都报道 近日，被誉为 "酱油茅" 的海天味业（603288.SH）收到境外发行上市备案通知书，将计划发行不超过 7.1亿股境外上市普通股并在香港交易所上市。 按照相关规定，海天味业完成境外发行上市后15个工作日内，应通过中国证监会备案管理信息系统报告 发行上市情况。 《中国经营报》记者注意到，海天味业于2024年12月11日公告称，公司拟发行H股股票并申请在香港联 交所主板挂牌上市。据悉，此次上市旨在进一步推进全球化战略，提升国际品牌形象和综合竞争力。材 料显示，中金公司、高盛、摩根士丹利为联席保荐人。 中国食品行业研究员朱丹蓬认为，"A+H"对于海天味业未来国际化布局是有好处的，因为国内市场已经 非常"内卷"，所以如何提前布局海外市场，是每个企业打破天花板或者寻求新增长点的一个很重要的手 段、渠道以及契机。"越来越多的国内企业都在布局进入港股，从国家的整个宏观经济以及大战略角度 来说，我觉得非常有利于提升出海的竞争力。" 走出"阵痛期"的海天味业 海天味业拥有成功的国民产品矩阵。公司拥有7个年收入10亿级以上大单品系列，为中国调味品行业大 单品数量最多的企业；拥有25个年收入1亿级以上产品 ...

Investment Rating - The report maintains a "Buy" recommendation for the food and beverage industry, indicating a gradual bottoming out for the liquor sector and a positive outlook for consumer goods [2]. Core Insights - The liquor sector is showing signs of bottoming out with significant structural differentiation among companies, while the consumer goods sector is recovering from a downturn [4][7]. - The report emphasizes the importance of domestic demand recovery, suggesting that new market scenarios and product categories present structural investment opportunities [4]. Summary by Sections 1. Liquor Sector: Signs of Bottoming Out and Structural Differentiation - The liquor industry experienced a slowdown in Q4 2024, but maintained positive growth in Q1 2025 despite high base effects, with significant differentiation among companies [7]. - Major liquor companies like Moutai and Wuliangye are outperforming the market, with Moutai's revenue growth at 10.7% and profit growth at 11.6% in Q1 2025 [12][16]. - The overall revenue for the liquor sector in 2024 was 4,417.7 billion, with a growth rate of 7.7%, while Q1 2025 saw a revenue of 1,533.6 billion, reflecting a growth of 1.8% [12][15]. 2. Consumer Goods Sector: Recovery and Bright Spots - The consumer goods sector, including dairy and beer, is showing signs of recovery, with revenue and profit growth of 2.4% and 8.4% respectively in Q1 2025 [4][16]. - New channels and product categories are driving growth in snacks and beverages, with companies like Dongpeng and Nongfu showing strong performance [4][16]. - The report suggests a positive outlook for the consumer goods sector, with expectations of a dual boost in fundamentals and valuations in the latter half of the year [4][16]. 3. Investment Recommendations - The report recommends focusing on leading companies in the liquor sector, such as Moutai and Wuliangye, as they are expected to benefit from the recovery phase [4][16]. - For consumer goods, it suggests investing in snack and beverage companies that are leveraging new channels and product innovations, highlighting the potential for significant growth [4][16].

证券研究报告 | 2025年04月30日 海天味业（603288.SH） 优于大市 第一季度归母净利润同比增长 15%，龙头优势凸显 海天味业 2025Q1 实现营业总收入 83.15 亿元，同比增长 8.08%；实现归母净 利润 22.02 亿元，同比增长 14.77%；实现扣非归母净利润 21.47 亿元，同比 增长 15.42%。 酱油稳健增长态势延续，线下渠道基本调整到位。2025Q1 酱油/蚝油/调味酱 /其他分别实现营收 44.2/13.6/9.1/12.9 亿元，同比+8%/+6%/+14%/+21%， 除核心酱油品类保持稳健增速外，其他品类（料酒、醋等）维持高增速。2025Q1 线下/线上渠道分别实现营收 75.6/4.2 亿元，同比+9%/+43%，线上渠道在 2024 年线上运营水平提升后实现高增速，体现公司渠道管理与执行能力。渠 道端北部/中部/东部/南部/西部经销商环比-25/-21/+29/+23/-45 家至 1929/1426/967/917/1429 家，经销商团队基本稳定。 成本红利维持，费投良性，扣非归母净利率 25.8%。2025Q1 公司毛利率为 40.0%，同比+2. ...

长江商报奔腾新闻记者 杨蝶 "酱油茅"海天味业（603288）（603288.SH）经营业绩持续回升。 资料显示，海天味业于2014年2月成功登陆上交所上市，公司长期以来深耕于调味品的生产与营销，其 中酱油、蚝油、调味酱、醋、料酒是目前公司最主要的产品。 长江商报奔腾新闻记者发现，海天味业业绩增长，主要得益于其各项产品经营数据全面上升。2025年第 一季度，公司酱油销售收入为44.2亿元，同比增长8.2%；调味酱销售收入为9.13亿元，同比增长 13.95%；蚝油销售收入为13.6亿元，同比增长6.1%；其他产品销售收入为12.89亿元，同比增长 20.83%。 从销售来看，海天味业线下渠道贡献营收75.65亿元，同比增加8.95%；线上渠道贡献营收4.17亿元，同 比增加43.2%。 据海天味业此前在2024年年报中介绍，2024年，公司继续保持在调味品行业的龙头领先地位，产销量均 超过450万吨，名列行业第一。中国品牌力指数C-BPI"2024年第一品牌榜"显示，公司连续多年获评酱 油、酱料、蚝油行业第一品牌。 整体经营业绩方面，2011年至2020年，海天味业连续十年在营业收入和净利润方面均保持两位数的 ...

Core Viewpoint - The newly implemented national food safety standard (GB7718—2025) prohibits the use of terms like "no additives" or "zero additives" on pre-packaged food labels, leading to significant promotional activities for products previously marketed under these terms [1][4][5]. Group 1: Market Response - Many brands, especially in the soy sauce category, are currently offering substantial discounts, with some products being sold at up to 50% off their original prices [2][3]. - For example, a 1-liter bottle of Qianhe zero-additive soy sauce, originally priced at 39.9 yuan, is now being sold for 29.9 yuan, while other brands are also engaging in similar promotional strategies [2]. - The trend of increased discounts is not limited to physical stores; online platforms are also offering promotions, although the discounts are generally smaller compared to offline [3]. Group 2: Industry Dynamics - The competitive landscape for zero-additive soy sauce is intensifying, with market demand not meeting expectations, prompting businesses to resort to discount promotions to stimulate sales [4]. - The number of zero-additive products has surged from over 300 in Q2 2022 to more than 800 by Q4 2024, indicating a saturated market [4]. - Experts suggest that the new standard signals a need for companies to shift their focus from marketing gimmicks to product quality, emphasizing the importance of innovation and consumer education [5][6]. Group 3: Consumer Perception - The perception of zero-additive products is changing among consumers, with many indicating they will no longer prioritize purchasing these items [6]. - A survey revealed that while some consumers are concerned about the availability of natural products post-standard implementation, the majority support the regulation of the zero-additive label [6]. - The new standard is expected to lead to a transformation in the food market, encouraging consumers to focus more on the actual nutritional value and safety of food products rather than relying solely on marketing labels [7].

IPO Issuance Dynamics - Zijin Mining plans to restructure its overseas gold mining assets under its wholly-owned subsidiary, Zijin Gold International, and apply for a spin-off listing on the Hong Kong Stock Exchange, aiming to enhance overall company and shareholder value [2] - Haitian Flavor Industry has received approval from the China Securities Regulatory Commission for its overseas issuance of up to 710.52 million shares, intending to list on the Hong Kong Stock Exchange, although uncertainties remain [3] Financing Dynamics - Cambrian plans to raise no more than 4.98 billion yuan through a private placement of A-shares, targeting projects related to large model chip and software platforms, as well as to supplement working capital [5] Mergers and Acquisitions Dynamics - Tianli Lithium Energy has terminated its acquisition of control over Jiangsu Damo Semiconductor Technology Co., Ltd. due to changes in circumstances, with no significant adverse impact on the company's financial status [7] Regulatory Compliance Dynamics - Ruida Futures received a regulatory letter from the Shenzhen Stock Exchange due to non-compliance in accounting practices, leading to inaccuracies in financial data disclosures [9] - ST Langyuan is facing a lawsuit from six individual investors for alleged false statements, with a total claim amount of approximately 398,000 yuan [10] - Caitong Securities' independent director is under investigation for serious violations, prompting the company to seek a new independent director [11] - The controlling shareholder of Jiawei New Energy received a warning letter from the Shenzhen Securities Regulatory Bureau for failing to fulfill a commitment to increase shareholding [12] Company Announcement Dynamics - Hainan Airport plans to acquire a 50.19% stake in Meilan International Airport for 2.339 billion yuan, aiming to enhance management efficiency across three airports in Hainan Free Trade Port [15] - Meng Xiantang, chairman of Haiguang Information, resigned due to age reasons [16] - Tian Tie Technology's planned change of controlling shareholder has been terminated, maintaining the current control structure [17] - Aolai De's subsidiary signed a sales contract worth 655 million yuan with Chengdu BOE Display Technology Co., Ltd., expected to positively impact future performance [18] - Jinhongshun is planning a major asset restructuring, with stock price fluctuations raising concerns about potential insider trading investigations [19] - Wolong Real Estate intends to change its stock name to "Wolong New Energy" to align with national carbon neutrality policies [20] - Heimu Dan has received approval to publicly issue bonds totaling up to 1.658 billion yuan [21] - Baotai Co.'s general manager resigned due to work changes, continuing to serve as a director [22]

Group 1 - National Integrated Circuit Industry Fund plans to reduce its stake in Jiangbolong by no more than 4,159,815 shares, accounting for 1.00% of the total share capital, between May 27, 2025, and August 26, 2025 [1] - The reduction is due to the fund's operational management needs and will be executed through centralized bidding at market prices [1] - The implementation of this reduction plan will not lead to a change in the company's control or significantly impact its governance structure and ongoing operations [1] Group 2 - Haitai Weiye has received approval from the China Securities Regulatory Commission for its H-share issuance, planning to issue no more than 710.52 million overseas listed ordinary shares [2] - The listing will take place on the main board of the Hong Kong Stock Exchange, but the matter still carries uncertainties [2] Group 3 - Fudan Zhangjiang announced a price reduction of at least 35% for its Doxorubicin Liposome Injection starting May 1, 2025, which is expected to negatively impact sales revenue [3] - The drug generated approximately RMB 210 million in sales for the year 2024, representing 29% of the company's total sales revenue [3] - The price adjustment may lead to a risk of single product loss for the drug in 2025 [3] Group 4 - Xinyuan Technology's director expressed inability to guarantee the authenticity and completeness of the 2024 annual report and related financial documents, citing significant issues identified by the audit firm [4] - The company has received a notice of investigation from the securities regulatory authority, and the audit report issued was unable to express an opinion [4] Group 5 - ST Xinchao announced that its stock will be suspended from trading starting May 6, 2025, due to the inability to disclose the audited 2024 annual report and the 2025 Q1 report within the legal timeframe [5] - If the company fails to disclose the 2024 annual report within two months of the suspension, it will face delisting risk warnings [5] Group 6 - Huakang Clean has pre-won a project worth RMB 167 million [6] - Tongguang Cable has pre-won a procurement project from the State Grid valued at RMB 142 million [6] - Fengmao Co. has increased its investment in a production base in Thailand to RMB 26 million [6] Group 7 - Huaren Pharmaceutical's wholly-owned subsidiary has obtained a medical device registration certificate for wound dressings [7] Group 8 - Major shareholders of Kairun Co. plan to reduce their holdings by no more than 9 million shares [10] - CITIC Securities has completed its reduction plan for China Gold [10] - The reduction plan for Hengfeng Information's director and vice president has been completed [10]

证券研究报告 | 2025年04月30日 海天味业（603288.SH） 优于大市 第一季度归母净利润同比增长 15%，龙头优势凸显 海天味业 2025Q1 实现营业总收入 83.15 亿元，同比增长 8.08%；实现归母净 利润 22.02 亿元，同比增长 14.77%；实现扣非归母净利润 21.47 亿元，同比 增长 15.42%。 酱油稳健增长态势延续，线下渠道基本调整到位。2025Q1 酱油/蚝油/调味酱 /其他分别实现营收 44.2/13.6/9.1/12.9 亿元，同比+8%/+6%/+14%/+21%， 除核心酱油品类保持稳健增速外，其他品类（料酒、醋等）维持高增速。2025Q1 线下/线上渠道分别实现营收 75.6/4.2 亿元，同比+9%/+43%，线上渠道在 2024 年线上运营水平提升后实现高增速，体现公司渠道管理与执行能力。渠 道端北部/中部/东部/南部/西部经销商环比-25/-21/+29/+23/-45 家至 1929/1426/967/917/1429 家，经销商团队基本稳定。 成本红利维持，费投良性，扣非归母净利率 25.8%。2025Q1 公司毛利率为 40.0%，同比+2. ...