证券研究报告 | 2025年09月29日 策略快评 2025 年 10 月各行业金股推荐汇总 策略研究·策略快评 | 证券分析师： | 王开 | 021-60933132 | wangkai8@guosen.com.cn | 执证编码：S0980521030001 | | --- | --- | --- | --- | --- | | 证券分析师： | 陈凯畅 | 021-60375429 | chenkaichang@guosen.com.cn | 执证编码：S0980523090002 | 10 月金股推荐汇总 表1：2025 年 10 月各行业金股推荐标的汇总 | 行业名称 | 分析师 | 股票代码 | 股票名称 | 投资逻辑 | | --- | --- | --- | --- | --- | | | | | | 连接与处理能力兼具，全面受益端侧物联网 AI 化趋势。公司自身除了稀缺的 2-5G 全制式蜂窝通 信能力外，兼备端侧连接与计算能力。连接方面，WiFi/蓝牙/GNSS/Lora 等主流通信协议均有成 | | 电子 | 胡剑 | 688220.SH | 翱捷科技 | 熟产品；处理方面，相关 CP ...

Summary of BaBi Foods Conference Call Company Overview - BaBi Foods relies on a franchise model, with a limited speed of store expansion, adding several hundred new stores each year, surpassing 5,000 stores by the end of last year, but the impact of new stores on overall growth is limited due to the large base [2][5] Core Insights and Arguments - The company adopts a dual strategy of organic growth and external mergers and acquisitions (M&A), acquiring regional small chain baozi shops to expand scale, which is particularly effective in a poor consumer environment where small brands are more willing to be acquired [2][6] - From 2022 to 2024, BaBi's same-store performance is expected to decline annually, but improvements are anticipated starting in the second half of 2024, with Q1 2025 narrowing to single digits and achieving low single-digit growth in Q2, driven by category resilience, reduced competition, and store adjustments [2][10] - Store adjustments, including layout changes, increasing SKUs, and extending operating hours, have improved the performance of over 200 adjusted stores, with a median same-store sales increase reaching double digits [12] - Future same-store growth expectations are mixed; if the consumer environment stabilizes and store adjustments continue, sales may improve; however, if the environment worsens, high expectations for 2026 should be avoided, leading to a cautiously optimistic overall outlook [2][15] Additional Important Content - The franchise model relies on franchisees with some experience in Chinese pastry, often operating stores as couples or families, which slows down the opening of new stores as each new store requires recruiting a new franchisee [4] - The company has significant potential in the group meal business, currently accounting for about 20% of total business, with expectations to maintain a 50-50 split with store operations in the long term, especially in the East China region where it leads the market [16] - BaBi's acquisition strategy has accelerated, with notable acquisitions in 2022 and 2024, indicating a strong push for external growth despite slower organic growth [7][9] - The company’s short-term outlook is positive due to accelerated acquisitions and a favorable competitive landscape, with expectations for same-store sales to perform well in the coming quarters [17] - Long-term, BaBi Foods is viewed as a stable growth company with significant potential to increase market share through continued expansion, given that it currently operates only a fraction of the total baozi shops in the industry [18]

Core Insights - The food processing sector experienced a slight decline of 0.16% on September 24, with Weizhi Xiang leading the drop [1][2] - The Shanghai Composite Index closed at 3853.64, up 0.83%, while the Shenzhen Component Index closed at 13356.14, up 1.8% [1] Stock Performance - Notable gainers in the food processing sector included: - Baba Foods (605338) with a closing price of 23.57, up 4.90% [1] - Guangming Meat (600073) at 7.05, up 2.47% [1] - ST Chuntian (600381) at 5.19, up 2.37% [1] - Conversely, Weizhi Xiang (605089) closed at 28.11, down 1.54% [2] - The sector saw a total trading volume of 5.67 billion yuan in net outflow from major funds, while retail investors contributed a net inflow of 2.49 billion yuan [2][3] Fund Flow Analysis - Major funds showed a net outflow of 5.67 billion yuan, while speculative funds had a net inflow of 3.18 billion yuan [2] - Retail investors contributed a net inflow of 2.49 billion yuan [2] - Specific stock fund flows included: - Guangming Meat (600073) with a net inflow of 17.05 million yuan from major funds [3] - Jindawi (002626) with a net inflow of 11.20 million yuan from major funds [3] - Xianle Health (300791) had a net inflow of 2.03 million yuan from retail investors [3]

Group 1 - The company plans to repurchase its A-shares with a total investment amount between RMB 3 million and RMB 4.5 million within six months from the announcement date [2] - The repurchase will be conducted through the Shanghai Stock Exchange system without a set price or proportion range, depending on stock price fluctuations and overall market trends [2] - The repurchase plan is in compliance with relevant laws and regulations, including the Securities Law of the People's Republic of China and the Management Measures for the Acquisition of Listed Companies [4] Group 2 - The company’s board members, including Vice President Li Jun and CFO Su Shuang, express strong confidence in the company's future development and intrinsic value [2] - There are potential risks associated with the repurchase plan due to changes in capital market conditions or other unpredictable factors [3] - The company commits to timely information disclosure if any risks arise during the implementation of the repurchase plan [3]

Group 1 - Shanghai Disneyland Resort announced the expansion of its iconic attraction "Soaring Over the Horizon," increasing its daily capacity by approximately 50% [1] - The expansion reflects confidence in visitor growth and is expected to enhance the visitor experience and the park's appeal, benefiting Disney's operations and the local tourism and consumption sectors [1] - The attraction will remain open to visitors during the expansion period, indicating a commitment to maintaining guest access [1] Group 2 - Baba Food announced that two executives plan to increase their holdings by between 3 million to 4.5 million yuan, demonstrating confidence in the company's development [2] - The executives' commitment to not sell their shares during the buyback period is expected to boost market sentiment and stabilize the stock price [2] - The funding for the buyback will come from personal or self-raised funds, indicating a strong belief in the company's future performance [2] Group 3 - Guomai Culture announced that its main investment film "The Starry Sky of the Three Kingdoms Part One" is set to be released on October 1, 2025, but highlighted the uncertainty of investment returns in the film industry [3] - The company pointed out risks such as intense market competition and changes in regulatory policies, which could impact the film's performance [3] - Investors are advised to be cautious regarding expected returns and to monitor the film's actual performance and the company's future strategies [3]

Group 1 - Shanghai Disneyland Resort announced the expansion of its iconic attraction "Soaring Over the Horizon," increasing its daily capacity by approximately 50% [1] - The expansion reflects confidence in visitor growth and aims to enhance the visitor experience and the park's appeal, benefiting Disney's operations and the local tourism and consumption sectors [1] - The attraction will remain open to visitors during the expansion period, indicating a commitment to maintaining guest access [1] Group 2 - Baba Food announced that two executives plan to increase their holdings by between 3 million to 4.5 million yuan, demonstrating confidence in the company's development [2] - The executives' commitment to not sell their shares during the buyback period sends a positive signal to the market, potentially stabilizing the stock price [2] - The funding for the buyback will come from personal or self-raised funds, indicating a strong belief in the company's future performance [2] Group 3 - Guomai Culture announced that its main investment film "The Stars of the Three Kingdoms Part One" is set to be released on October 1, 2025, but highlighted the uncertainty of investment returns in the film industry [3] - The company cautioned about the intense market competition and potential regulatory changes that could impact profitability [3] - Investors are advised to be cautious regarding expected returns and to monitor the film's actual performance and the company's future strategies [3]

● 中饮巴比食品股份有限公司（以下简称"公司"）董事、副总裁李俊先生和财务总监、董事会秘书苏爽 先生基于对公司未来发展前景的坚定信心以及对公司内在价值的高度认可，计划自本公告披露之日起6 个月内，以其自有资金或自筹资金通过上海证券交易所系统以集中竞价交易的方式再次增持公司A股股 份，合计增持金额不低于人民币300万元，不超过450万元（以下简称"本次增持计划"）。 证券代码：605338 证券简称：巴比食品 公告编号：2025-028 中饮巴比食品股份有限公司关于部分董事及高级管理人员再次增持股份计划的公告 ● 本次增持计划不设定价格区间和比例区间，将根据公司股票价格波动情况及资本市场整体趋势，择机 逐步实施增持计划。 ● 本次增持计划可能存在因资本市场情况发生变化或目前尚无法预判的其他风险因素导致增持计划的实 施无法达到预期的风险。如增持计划实施过程中出现相关风险情形，公司将及时履行信息披露义务。敬 请广大投资者注意投资风险。 一、增持主体的基本情况 登录新浪财经APP 搜索【信披】查看更多考评等级 本公司董事会、全体董事及相关股东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 ...

Core Viewpoint - Babbi Foods announced that its Vice President Li Jun and CFO Su Shuang plan to increase their holdings in the company's A-shares, reflecting their strong confidence in the company's future development and recognition of its intrinsic value [1] Company Actions - The executives intend to use their own or raised funds to purchase additional shares through the Shanghai Stock Exchange within six months from the announcement date [1] - The total amount of the planned share buyback is set to be no less than RMB 3 million and no more than RMB 4.5 million [1]

Summary of Key Points Core Viewpoint - On September 23, several A-share listed companies disclosed their shareholding changes, with notable increases in holdings by some companies and reductions by others [1]. Group 1: Companies Increasing Holdings - Baba Foods: Some directors and senior management plan to further increase their shareholdings [2]. - Huakai Yibai: Luo Chun plans to increase his shareholdings by no less than 20 million yuan within six months [2]. Group 2: Companies Decreasing Holdings - Yingfang Software: Good Hope Cape and its concerted actors plan to reduce their holdings by no more than 3% [2]. - Meili Technology: Shareholder Changjiang Capital plans to reduce holdings by no more than 2,110,746 shares [2]. - Zhongtian Rocket: Shareholders plan to reduce their holdings by no more than 3% [2]. - Fangyuan Co., Ltd.: Shareholder Zhongke Ziyun plans to reduce holdings by no more than 1% [2]. - Funeng Technology: Deputy General Manager Wang Zhigang plans to reduce holdings by no more than 100,000 shares [2]. - Chaoxun Communication: The company's management has completed their reduction plan [2]. - Zhongke Jiangnan: Shareholders holding more than 5% plan to reduce holdings by no more than 1.73% [2]. - Bozhong Precision: The controlling shareholder's concerted actors have cumulatively reduced 5,495,900 shares recently [2]. - Fulongma: Former supervisor Shen Jiaqing reduced holdings by 199,600 shares [2]. - Dongtianwei: Specific shareholder Xinyu Ruitian reduced holdings by 458,900 shares from September 19 to September 22 [2]. - ST Lutong: Senior management member Zhuang Xiaozheng plans to reduce holdings by no more than 671,700 shares [2]. - Lakala: Legend Holdings has cumulatively reduced its holdings by 8,078,100 shares recently [2]. - *ST Xingnong: Shareholder Li Weihong plans to reduce holdings by no more than 3% [2]. - Tianji Co., Ltd.: Some directors and senior management plan to reduce their holdings [2]. - Yashiguangdian: Shareholders plan to reduce holdings by a total of 2.46% [2]. - Zhejiang Zhengte: Supervisor Hou Xiaohua plans to reduce holdings by no more than 275,300 shares [2]. - Binglun Environment: Some directors and senior management plan to reduce their holdings [2]. - Zhejiang Lino: The actual controller and concerted actors plan to reduce holdings by no more than 3.25% [2]. - Zhejiang Shibao: The controlling shareholder Shibao Holdings has recently reduced 1.50% of its A-share holdings [2]. - Kuaijingtong: Due to a securities repurchase contract dispute, shareholders will passively reduce holdings by no more than 1% [2]. - Nanxing Co., Ltd.: Shareholders plan to reduce holdings by no more than 3.03% [2].

Core Viewpoint - The company, Baba Foods (605338), announced that its Vice President, Mr. Li Jun, and Chief Financial Officer, Mr. Su Shuang, plan to increase their holdings in the company's A-shares, reflecting their strong confidence in the company's future development and recognition of its intrinsic value [1] Summary by Relevant Categories Management Actions - Mr. Li Jun and Mr. Su Shuang intend to increase their shareholdings through the Shanghai Stock Exchange system within six months from the announcement date [1] - The total amount of the planned share purchase is set to be no less than RMB 3 million and no more than RMB 4.5 million [1]