证券代码：603288 证券简称：海天味业 公告编号：2025-045 （二）审议通过《关于选举公司董事会战略与可持续发展委员会委员的议 案》 鉴于文志州先生于 2025 年 9 月 25 日辞去公司董事职务，其担任公司董事会 战略与可持续发展委员会委员的职务相应自动终止。同日，经公司职工代表大会 选举，文志州先生当选为公司职工代表董事。 佛山市海天调味食品股份有限公司 第六届董事会第九次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、董事会会议召开情况 佛山市海天调味食品股份有限公司（以下称"公司"或"海天味业"）第六 届董事会第九次会议通知于 2025 年 9 月 25 日以专人送达或电子邮件方式发出， 会议于 2025 年 9 月 25 日在佛山市禅城区文沙路 21 号之一公司会议室以现场结 合通讯的方式召开，全体董事一致同意豁免本次董事会会议提前发出会议通知的 要求。本次会议应出席董事 9 人，实际出席 9 人，董事会秘书列席会议。本次会 议由公司董事长程雪女士召集和主持。本次会议的召集、召开和会议程 ...

Core Insights - The seasoning and fermentation sector experienced a decline of 0.51% on September 25, with Zhu Laoliu leading the drop [1] - The Shanghai Composite Index closed at 3853.3, down 0.01%, while the Shenzhen Component Index closed at 13445.9, up 0.67% [1] Market Performance - Key stocks in the seasoning and fermentation sector showed mixed performance, with notable declines in several companies: - Zhu Laoliu: closed at 18.91, down 5.83% [2] - ST Jiajia: closed at 6.23, down 2.04% [2] - Baoli Food: closed at 14.22, down 1.80% [2] - Qianhe Flavor: closed at 11.22, down 1.15% [2] - Fuling Pickles: closed at 12.72, down 1.09% [2] - The total net outflow of main funds in the seasoning and fermentation sector was 162 million yuan, while retail investors saw a net inflow of 117 million yuan [2][3] Fund Flow Analysis - The fund flow analysis indicates that: - Baoli Food had a main fund net inflow of 1.70 million yuan, with a retail net outflow of 3.15 million yuan [3] - Anji Food experienced a main fund net outflow of 1.78 million yuan, but a retail net inflow of 4.76 million yuan [3] - ST Jiajia saw a significant main fund net outflow of 10.45 million yuan, with a retail net inflow of 7.23 million yuan [3]

Core Viewpoint - The Tianhong Food and Beverage ETF (159736) is experiencing active trading and has seen significant net inflows, indicating strong investor interest in the food and beverage sector amid positive market signals and upcoming consumption events [1][2][3]. Group 1: ETF Performance - As of September 25, the Tianhong Food and Beverage ETF (159736) showed a slight decline of 0.55% with a trading volume exceeding 24 million yuan and a premium/discount rate of 0.18% [1]. - The ETF has recorded a net subscription of 18 million units, reflecting strong demand from investors [2]. - The ETF has seen a continuous net inflow of funds for seven consecutive trading days, accumulating over 150 million yuan [3]. Group 2: Composition and Holdings - The Tianhong Food and Beverage ETF closely tracks the CSI Food and Beverage Index, which includes stocks from the beverage, packaged food, and meat industries [3]. - Major holdings in the ETF include leading companies such as Kweichow Moutai, Yili Group, Wuliangye, Shanxi Fenjiu, Luzhou Laojiao, and Haitian Flavoring & Food [3]. Group 3: Market and Consumption Trends - Recent reports indicate a positive outlook for the liquor market, with Moutai's management noting a significant recovery in terminal sales as the traditional double festival approaches [4]. - Various promotional activities are being launched to stimulate consumption, including a 10 million yuan tourism consumption voucher initiative in Haikou [3].

Core Viewpoint - The seasoning and fermentation products sector experienced a decline of 1.19% on September 24, with XD Haitian leading the drop [1] Group 1: Market Performance - The Shanghai Composite Index closed at 3853.64, up 0.83%, while the Shenzhen Component Index closed at 13356.14, up 1.8% [1] - The main funds in the seasoning and fermentation products sector saw a net outflow of 94.34 million yuan, while retail investors had a net inflow of 122 million yuan [2] Group 2: Individual Stock Performance - The top-performing stocks in the sector included: - Richen Co., Ltd. (603755) with a closing price of 31.57, up 2.87% and a trading volume of 26,100 lots [1] - Baoli Food (603170) closed at 14.48, up 2.40% with a trading volume of 39,000 lots [1] - Jialong Co., Ltd. (002495) closed at 2.61, up 1.16% with a trading volume of 182,200 lots [1] - XD Haitian (603288) closed at 38.80, down 0.61% with a trading volume of 136,900 lots [2] - Other notable stocks included: - Anji Food (603696) closed at 11.92, up 0.25% with a trading volume of 66,300 lots [2] - Zhongjing Food (300908) closed at 29.68, up 0.44% with a trading volume of 13,600 lots [2]

Core Viewpoint - The A-share market appears bullish on the surface, but underlying currents indicate significant divergence among investment styles and logic, leading to a "purging" of weaker stocks [1] Group 1: Market Dynamics - There is an unprecedented level of divergence between sectors, with high-valued tech stocks remaining strong while blue-chip and white-horse stocks decline sharply [1] - Approximately 70% of individual stocks are either stagnant or declining, highlighting a symbolic distinction between "old stocks" and "new stocks" [1] Group 2: Performance of Key Stocks - "Old stocks" such as liquor, real estate, coal, electricity, banks, and insurance are underperforming, while "new stocks" in AI, computing power, semiconductors, and robotics are thriving [3] - For instance, stocks like Midea Group and Kweichow Moutai have seen minimal gains or losses, while companies like Shenghong Technology and Dongxin Co. have experienced significant increases of 696.45% and 407.03%, respectively [3] Group 3: Industry Challenges - The liquor industry is facing a downturn, with a 0.9% decline in revenue to 239.7 billion yuan in the first half of the year, and a 5% drop in the second quarter due to a "ban on alcohol" [6][7] - Only 6 out of 23 listed liquor companies reported positive revenue and net profit growth, indicating a severe contraction in the sector [6] Group 4: Investment Trends - Investors are increasingly shifting focus from traditional sectors to technology, with notable figures like Lin Yuan publicly acknowledging investments in AI and semiconductor companies [8][9] - The current bull market is characterized by a lack of fundamentals, with capital flows driven more by narrative and "mind monopoly" rather than earnings per share (EPS) [9] Group 5: Future Outlook - The AI and semiconductor sectors are seen as having the potential for strong customer loyalty and ecological monopolies, similar to established brands in the liquor industry [12] - However, there are concerns about the sustainability of current valuations, as many companies in these sectors may not survive the inevitable market corrections [16]

Core Viewpoint - The article discusses the significant divergence in stock market performance between traditional "old stocks" (represented by sectors like liquor, real estate, and coal) and "new stocks" (focused on technology sectors such as AI and semiconductors) in 2023, highlighting a shift in investor sentiment and market dynamics [2][9]. Group 1: Market Performance Overview - As of September 23, 2023, the Shanghai Composite Index has risen by 14.02%, with technology sectors like SW Communication and SW Electronics showing remarkable gains of 103% and 93% respectively, while traditional sectors like SW Coal and SW Food & Beverage have declined by 1.82% and 0.78% [2][3]. - The article notes that many traditional blue-chip stocks have underperformed, with 16 out of 21 stocks in the SW liquor sector experiencing price declines this year, including a 3.16% drop in Kweichow Moutai [5][6]. Group 2: Individual Stock Performance - Notable "new stocks" include Cambricon Technologies (688256.SH), which has seen a price increase of 105.22%, and other companies in the AI sector like NewEase (300502.SZ) and Zhongji Xuchuang (300308.SZ), with annual gains of 329% and 253% respectively [4][6]. - In contrast, several "old stocks" such as Haitian Flavoring (603288.SH) and Gree Electric (000651.SZ) have reported declines of 12.68% and 6.96% respectively, despite some of these companies showing double-digit profit growth in the first half of the year [5][6]. Group 3: Investment Philosophy and Market Sentiment - The article highlights a growing divide between "old stock" investors, who favor value investing based on stable cash flows and dividends, and "new stock" investors, who are more focused on growth potential in technology sectors [9][10]. - The current market sentiment is characterized by a trend-driven investment approach, with younger investors and quantitative funds favoring short-term trends, leading to extreme sector divergence [10].

Group 1: Target Price Increases - The companies with the highest target price increases as of September 22 include Gaweida (300465) with a target price increase of 98.76%, SAIC Motor (600104) with 37.72%, and Haitian Flavoring (603288) with 27.18% [2][3] Group 2: Rating Changes - On September 22, the rating for TBEA (600089) was upgraded from "Hold" to "Strong Buy" by China Merchants Securities [5][6] - Conversely, the rating for JMC (000550) was downgraded from "Buy" to "Hold" by Industrial Securities [7][8] Group 3: Initial Coverage - On September 22, nine companies received initial coverage, including JMC (000550) rated "Hold" by Industrial Securities, Ximai Food (002956) rated "Hold" by Shanxi Securities, and Gaweida (300465) rated "Buy" by Dongwu Securities [8]

Core Viewpoint - The market is experiencing a significant divergence between traditional "old stocks" (represented by sectors like liquor, real estate, and coal) and "new stocks" (focused on technology sectors such as AI and semiconductors), with the latter showing substantial gains while the former declines [1][3][8]. Group 1: Market Performance - As of September 23, the Shanghai Composite Index has risen by 14.02% year-to-date, with technology sectors like SW Communication and SW Electronics seeing gains of 103% and 93% respectively, while traditional sectors like SW Coal and SW Food & Beverage have declined by 1.82% and 0.78% [1][2]. - The performance of individual stocks reflects this trend, with tech stocks like Cambrian (688256.SH) doubling in price, while major liquor stocks like Kweichow Moutai (600519.SH) have seen a decline of 3.16% [3][5]. Group 2: Sector Analysis - The "new stocks" or "small stocks" have shown remarkable growth, with companies like Xinji Technology (300502.SZ) and Zhongji Xuchuang (300308.SZ) experiencing year-to-date increases of 329% and 253% respectively, driven by the AI computing wave [3][5]. - In contrast, the "old stocks" have struggled, with 16 out of 21 major liquor stocks experiencing declines, and several blue-chip stocks like Haitian Flavoring (603288.SH) and Gree Electric (000651.SZ) also showing negative performance [4][5]. Group 3: Investment Perspectives - The divide between "old stocks" and "new stocks" has sparked debates within the investment community, with traditional investors advocating for value investing based on cash flow and safety margins, while tech investors focus on growth potential and disruptive technologies [6][7]. - Current market dynamics suggest that the tech sector is seen as a trend-driven investment, supported by policies favoring AI and computing power, while traditional value investment strategies are becoming less effective, leading to extreme sector divergence [8].

图为会议现场 活动现场，中国检验检测学会正式授予海天"检验检测科普基地"称号。作为调味品行业的领军企业，海天凭借其在科普内容与形式上的持续创新，成为推动 食品安全知识普及的重要力量。 转自：海天味业 【新华企业资讯9月23日】9月23日，广东佛山市"全国科普月"主场活动暨检验检测科普万里行（佛山站）启动仪式在海天高明阳光工厂顺利举行。当天，中 国科学院院士张玉奎、中国检验检测学会常务副会长生飞、佛山市政府副秘书长贺智涛，以及近百名专家学者共同出席，围绕食品安全与营养健康科普工作 展开深入交流。 创新科普模式获国家级机构认可，荣授"检验检测科普基地" 今年9月，我国迎来首个"全国科普月"。在科普月主场活动中，张玉奎围绕食品安全领域作了专题科普报告，为创新科普工作提供了新视角与新思路。 生飞在活动中指出："当前食品安全领域仍存在不少认知误区，亟需加强科普力度，帮助公众建立科学、理性的食品观念。"在随后举行的授牌仪式上，生飞 进一步强调："我们要积极开发本地区科普资源，打造特色科普品牌，开展互动性强、参与度高的检验检测科普活动，充分展示该领域科技服务的进展与成 效，为实现全民科学素养提升再创佳绩。" 海天代表表示， ...

Core Insights - On September 22, brokerages set target prices for listed companies, with notable increases for Gao Weida, SAIC Motor, and Haitian Flavoring, showing target price increases of 98.76%, 37.72%, and 27.18% respectively, across the software development, passenger vehicle, and seasoning industries [1][3] Group 1: Target Price Increases - Gao Weida received a target price of 51.50 yuan, reflecting a target price increase of 98.76% [3] - SAIC Motor's target price was set at 26.25 yuan, indicating a 37.72% increase [3] - Haitian Flavoring's target price reached 50.25 yuan, with a 27.18% increase [3] Group 2: Rating Adjustments - One company, Tebian Electric Apparatus, had its rating upgraded from "Hold" to "Strong Buy" by China Merchants Securities [4] - One company, Jiangling Motors, had its rating downgraded from "Buy" to "Hold" by Industrial Securities [5] Group 3: First Coverage - On September 22, brokerages initiated coverage on nine companies, including Jiangling Motors with a rating of "Hold" from Industrial Securities, and Ximai Food with a "Hold" rating from Shanxi Securities [6] - Gao Weida received a "Buy" rating from Dongwu Securities [6] - Other companies receiving coverage include Hengxin Life with a "Hold" rating and Xianglou New Materials with a "Hold" rating [6]