Core Viewpoint - Haitian Flavor Industry (03288.HK) announced that its board meeting will be held on December 18, 2025, to consider the proposal for a special dividend and to review and approve the shareholder return plan for the next three years (2025-2027) [1] Group 1 - The board meeting is scheduled for December 18, 2025 [1] - The agenda includes considering a proposal for a special dividend [1] - The meeting will also review and approve the shareholder return plan for 2025-2027 [1]

Core Insights - The report from Huatai Securities indicates that the essential consumer sector has entered a favorable left-side layout window, with expectations for a mild recovery in consumption in the second half of 2026 due to stabilizing real estate prices, increased policy stimulus, and the recovery of household balance sheets [1][2]. Industry Overview - The essential consumer sector is currently at historical low valuation levels and public fund allocation ratios, providing a high safety margin and potential upside for investors [1][2]. - Some sub-industries are showing signs of bottoming out, with leading companies shifting focus from price wars to product innovation and adapting to channel changes [1][2][6]. - Structural changes such as the rebalancing of raw milk cycles, recovery in restaurant demand, and stricter regulations on zero additives are optimizing the competitive landscape of the industry [1][2]. Investment Recommendations - The report recommends four categories of stocks: 1. Cyclical high-upside stocks, including Gujing Gongjiu, Luzhou Laojiao, China Resources Beer, Qingdao Beer, Haitian Flavoring, Anjuke Food, and Qianhe Flavoring [2][7]. 2. Companies at fundamental turning points, such as Mengniu Dairy and Master Kong [2][7]. 3. High-dividend blue-chip leaders like Yili and Shuanghui Development [2][7]. 4. Small but promising growth stocks, including Ximai Food, Baoli Food, and Yanjinpuzi [2][7]. Market Trends - The report emphasizes a three-stage market strategy from expectation recovery to performance realization for 2026 [2]. - The essential consumer sector is expected to see a gradual improvement in retail sales growth, projected to reach 4.8% in 2026 [25]. - The consumer confidence index has shown some recovery but remains in a low range, indicating cautious consumer sentiment [26]. Sub-Industry Insights - Specific sub-industries are highlighted: 1. Frozen food is showing signs of bottoming out, with expectations for a reduction in price wars in 2026 [6][10]. 2. The dairy sector is anticipated to see a rebalancing of the raw milk cycle, enhancing domestic substitution logic [6][10]. 3. The beer industry is expected to maintain profit resilience due to rational competition and a diminishing demand dividend [6][10]. 4. Traditional condiment leaders are actively adjusting strategies to capture market share [6][10]. Conclusion - The essential consumer sector is positioned for a potential recovery, with various sub-industries adapting to market changes and focusing on innovation and strategic adjustments to enhance competitiveness [1][2][6].

谈及企业出海的大趋势，陆琛健表示，过去三年，具备国际业务的新发行人数量逐步上涨，今年有超过 一半的发行人是有国际业务的计划，或者说国际业务的收入。他们在港股市场上面募集的资金，很多都 是用在海外的扩张。 专题：南方财经论坛2025年会 由南方财经全媒体集团主办、21世纪数字传媒主要承办的"南方财经论坛2025年会"于12月5-6日在广州 南方财经大厦举办，主题为"共识的力量——创新涌动，中国资产重估"。香港交易所环球上市服务部副 总裁陆琛健出席并演讲。 他举例表示，比如新股王宁德时代，在今年5月份上市，大多数的募集资金是用在其欧洲的一个电池工 厂项目。还有一些龙头企业，例如海天味业，也把部分A+H的IPO融资额用在了全球销售渠道，还有其 在东南亚供应链的搭建。 "所以，出海是个大主题，香港港交所为内地企业提供了一个首选的资金平台。" 陆琛健特别提到，宁德时代、海天味业，还有恒瑞等，其实都有一个共同点—— A+H上市。截止到 2025年第三季度，在过去一年里面有14家已经完成A+H上市。"截止到9月30日，A1的申请表里面有超 过77家已经递表，目前还更多。所以，A+H对港股今年无论是交易量，还有新股募资额的贡 ...

今日（12.4），大消费板块继续回调，消费ETF（159928）跌近1%，连续第四天下跌，成交额超4.5亿元。资金面上，消费ETF（159928）近20日累计"吸 金"超4.2亿元！截至12月3日，消费ETF（159928）最新规模超211亿元，同类断层领先！ 聚焦大消费板块，估值性价比仍极具吸引力。截至12月3日，消费ETF（159928）标的指数市盈率TTM为19.74，处于近10年3.99%分位点，比近10年历史上 超96%的时间便宜，估值性价比更高！ 年底将近，市场风格将如何演绎？信达证券指出，每年Q4存在基于投资者配置思路变化的季节性规律，容易成为风格变化的高发期，特别是12月市场风格 更容易偏向低估值。（来源：信达证券20251109《年底容易成为风格变化的高发期》） 【机构评消费12月策略：市场风格继续有利】 消息面上，近日，某电商平台放出"1399元/瓶"的53度500ml飞天茅台拼团价，低于1499元的官方指导零售价，引发市场震动。线上平台率先降价后，线下门 店情况如何？在深圳一家茅台经销商门店，商家打出了飞天茅台只需1000多元的广告标语吸引顾客，工作人员表示，目前飞天茅台的零售价格在18 ...

Group 1: Market Performance - The consumer sector experienced a decline, with the Consumer ETF (159928) dropping by 0.49%, marking its third consecutive day of decline, and a trading volume exceeding 250 million yuan [1] - The Consumer ETF (159928) saw a net subscription of 26 million units during the day, with a net inflow of 107 million yuan yesterday, accumulating over 390 million yuan in the past 20 days [1] - As of December 2, the latest scale of the Consumer ETF (159928) exceeded 21.3 billion yuan, leading its peers significantly [1] Group 2: Policy and Support Measures - Hunan province introduced 11 measures to boost consumption, emphasizing increased financial support for key consumption areas such as trade circulation and life services [3] - Hainan province issued a child-rearing subsidy plan, providing annual subsidies of 3,600 yuan per child for eligible families starting from January 1, 2025 [3] Group 3: Valuation and Investment Outlook - The Consumer ETF (159928) has a TTM price-to-earnings ratio of 19.89, which is at the 4.41% percentile over the past decade, indicating a high valuation attractiveness [5] - Seasonal trends suggest that Q4 often sees shifts in investment styles, with December being a period where low valuation stocks may gain favor [5] Group 4: Future Consumption Trends - According to Jiangyin International, consumer spending is expected to see a slight recovery in 2025, with moderate growth continuing into 2026, driven by structural changes in consumer demand [7] - The consumer confidence index is gradually improving but remains below the threshold, indicating cautious consumer sentiment [7] Group 5: Food and Beverage Sector Insights - Huachuang Securities anticipates that traditional leading companies in the food and beverage sector will improve their market share, while new industry trends are emerging [8] - The food and beverage industry is expected to stabilize after a period of supply-demand imbalance, with a focus on traditional products like beer and dairy [9] - The industry is witnessing a shift towards new demands and business models, with opportunities in functional foods and health products [9]

Group 1 - Hong Kong's capital market is experiencing a surge, with high-quality domestic companies like CATL and Hengrui Medicine listing in Hong Kong, enhancing its global financial center status [1] - The Hong Kong IPO market has regained its position as the largest globally, with a total fundraising amount of HKD 182.3 billion in the first three quarters of this year [2] - The "A+H" listing mechanism has been optimized, significantly contributing to the strength of Hong Kong's IPO market, with nearly half of the new stock financing coming from "A+H" listings this year [2][4] Group 2 - The number of new IPOs in Hong Kong is expected to exceed 80 by 2025, reflecting a recovery in market confidence and international capital's renewed interest in Chinese quality assets [3] - Major A-share companies are increasingly opting for dual listings in Hong Kong, with 16 A-share companies successfully listed this year, indicating strong momentum in the collaboration between mainland and Hong Kong markets [4] - Leading companies like CATL and Hengrui Medicine have raised significant funds through their Hong Kong listings, aiming to enhance their global competitiveness [4] Group 3 - The investor structure in Hong Kong's capital market is evolving, with cornerstone investors playing a crucial role in IPOs, participating in 86.36% of the completed IPOs in the first three quarters [5][6] - The participation of international capital in Hong Kong's market is increasing, with long-term funds from Europe, the Middle East, and emerging markets focusing on tech IPOs [6] - The China Securities Regulatory Commission is working to enhance collaboration between mainland and Hong Kong capital markets, aiming to improve the efficiency of overseas listing processes and expand the scope of cross-border capital flows [6][7]

Core Viewpoint - Hong Kong's capital market is experiencing a resurgence, with a significant influx of high-quality domestic companies listing in Hong Kong, enhancing its status as a global financial hub and attracting international capital [1][2]. Group 1: IPO Performance - Seris Group's IPO on November 5 raised $2.114 billion, marking the largest IPO for a Chinese automotive company and the largest in the global automotive sector this year [2]. - Hong Kong's IPO fundraising reached HKD 182.3 billion in the first three quarters of this year, reclaiming the top position among global exchanges after four years [2]. - The "A+H" listing mechanism has been optimized, contributing significantly to the strength of Hong Kong's IPO market, with nearly half of the new stock financing coming from "A+H" listings this year [2][4]. Group 2: Market Trends - The number of new IPOs in Hong Kong is expected to exceed 80 by 2025, driven by strong performance in the first three quarters and improved market liquidity [3]. - The participation of cornerstone investors in IPOs has been significant, with 86.36% of companies having cornerstone investors in the first three quarters, totaling HKD 74.191 billion [5][6]. Group 3: Strategic Moves by Companies - Leading A-share companies are increasingly opting for dual listings in Hong Kong, with 16 companies successfully listed this year, indicating strong momentum in the collaboration between mainland and Hong Kong markets [4]. - Companies like CATL and Heng Rui Pharmaceutical have raised substantial funds through their Hong Kong listings, aiming to enhance their global competitiveness and financing platforms [4]. Group 4: International Capital Involvement - The composition of cornerstone investors is becoming more diverse and international, with significant participation from long-term capital from Europe, the Middle East, and emerging markets [6]. - The China Securities Regulatory Commission is focused on enhancing collaboration between mainland and Hong Kong markets, aiming to improve the efficiency of overseas listing processes and expand the scope of cross-border capital flows [6][7].

Investment Rating - The investment rating for the essential consumer goods sector is "Outperform" for multiple companies including Kweichow Moutai, Wuliangye, and Yili [1] Core Insights - In November 2025, four out of eight monitored essential consumer sectors showed positive growth, while four experienced negative growth, with the growth sectors being condiments, frozen foods, soft drinks, and catering services [29] - The overall growth rates across all sectors have slowed compared to the previous month, attributed to macroeconomic conditions, structural industry challenges, and seasonal factors [29] Subsector Summaries Mid-to-High-End and Above Baijiu - Revenue for the mid-to-high-end and premium baijiu sector in November was RMB 24 billion, down 13.0% year-on-year, with cumulative revenue from January to November at RMB 349.2 billion, a decline of 6.2% [30] - The market is experiencing simultaneous declines in both volume and price, with a conservative consumer spending trend [30] Mass-Market and Below Baijiu - Revenue for the mass-market and lower-tier baijiu industry reached RMB 18.9 billion in November, marking a 3.3% year-on-year decline, with cumulative revenue from January to November totaling RMB 180.9 billion, down 8.5% [30] - The production of baijiu in October was 276,000 kiloliters, down 18.3% year-on-year, indicating a challenging market environment [30] Beer - The domestic beer industry generated revenue of RMB 9.9 billion in November, a 2.0% year-on-year decline, with cumulative revenue from January to November at RMB 162.6 billion, representing a 0.2% year-on-year increase [31] - Seasonal demand has decreased due to a nationwide temperature drop, leading to subdued overall demand [31] Condiments - The condiments sector reported revenue of RMB 418 billion in November, a year-on-year increase of 0.8%, with cumulative revenue from January to November at RMB 4,129 billion, up 1.3% [18] Frozen Foods - The frozen foods sector achieved revenue of RMB 81.6 billion in November, a year-on-year increase of 4.0%, with cumulative revenue from January to November at RMB 964 billion, up 2.2% [22] Soft Drinks - Revenue for the soft drinks sector was RMB 388 billion in November, a year-on-year increase of 2.1%, with cumulative revenue from January to November at RMB 6,583 billion, up 4.1% [24] Catering - The catering industry reported revenue of RMB 130.4 billion in November, a year-on-year increase of 0.3%, with cumulative revenue from January to November at RMB 1,607 billion, down 0.7% [26]

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年11月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 佛山市海天調味食品股份有限公司 呈交日期: 2025年12月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 03288 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 291,224,400 | RMB | | 1 RMB | | 291,224,400 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 291,224,400 | RMB | | 1 RMB | | 291,224,400 | | 2. 股份分類 | 普通股 | 股份類 ...

Market Overview - The seasoning and fermentation sector increased by 0.38% on December 1, with Anji Food leading the gains [1] - The Shanghai Composite Index closed at 3914.01, up 0.65%, while the Shenzhen Component Index closed at 13146.72, up 1.25% [1] Individual Stock Performance - Anji Food (603696) closed at 13.30, up 2.62%, with a trading volume of 212,300 shares and a turnover of 283 million yuan [1] - Zhu Laoliu (920726) closed at 21.39, up 1.81%, with a trading volume of 54,800 shares and a turnover of 116 million yuan [1] - Other notable performers include Shengjing Food (300908) at 28.87 (+0.98%), Qianhe Flavor (603027) at 9.66 (+0.94%), and Tianwei Food (603317) at 13.00 (+0.78%) [1] Capital Flow Analysis - The seasoning and fermentation sector experienced a net outflow of 46.12 million yuan from institutional investors, while retail investors saw a net outflow of 42.92 million yuan [2] - Conversely, speculative funds recorded a net inflow of 89.03 million yuan [2] Detailed Capital Flow for Key Stocks - Lianhua Holdings (600186) had a net inflow of 7.47 million yuan from institutional investors, while retail investors saw a net outflow of 0.56 million yuan [3] - Haidilao (603288) experienced a net inflow of 6.08 million yuan from institutional investors, but a net outflow of 19.71 million yuan from retail investors [3] - Tianwei Food (603317) had a net inflow of 5.99 million yuan from institutional investors, with a significant net outflow of 12.42 million yuan from retail investors [3]