Group 1 - The IPO market in China has seen significant activity in the first half of 2025, with a total of 51 new stocks listed on the A-share market, raising a total of 37.355 billion yuan, a year-on-year increase of 14.96% [2] - The Hong Kong IPO market has also experienced a surge, with 43 companies successfully listed, raising 1,067.13 million HKD (approximately 974.25 million yuan), a staggering increase of 688.56% year-on-year [2][4] - The top five IPO projects in Hong Kong by financing amount include major companies such as CATL and Hengrui Medicine, with CATL raising 410.06 million HKD (approximately 374.39 million yuan), making it the highest globally [4][5] Group 2 - Seven A-share companies have successfully listed in Hong Kong, raising a total of 770.17 million HKD (approximately 703.39 million yuan), accounting for 72.17% of the total IPO financing in Hong Kong for the first half of the year [5] - The A-share market has seen a competitive landscape with 26 brokers assisting in 51 IPOs, with CITIC Securities leading with six projects [10][12] - The number of IPO applications received by the three major exchanges in China has expanded significantly, with a total of 177 applications in the first half of 2025, surpassing the total for the entire year of 2024 [10] Group 3 - The performance of the stock market has been closely linked to the warming of the IPO market, with the Shanghai Composite Index rising by 2.76% in the first half of 2025 [4] - The trend of A-share companies listing in Hong Kong reflects a new characteristic, with leading companies adopting a dual-platform strategy and focusing on hard technology and new consumption sectors [6][7] - The leading brokers in the Hong Kong IPO market include CICC, Huatai Securities, and CITIC Securities, with notable growth in business volume compared to foreign investment banks [8][9]

Core Viewpoint - The company has decided to postpone the completion date of certain fundraising projects due to construction delays and challenges, while ensuring that the investment content and total amount remain unchanged [5][7][8] Fundraising Overview - The company raised a total of RMB 1,851,262,700.00 through its initial public offering, with a net amount of RMB 1,731,926,758.55 after deducting issuance costs, which was verified by PwC [1][2] Fundraising Project Status - As of June 29, 2025, the company has specific fundraising projects with allocated amounts and has made cumulative investments, with a total investment of RMB 173,192.68 million and a remaining balance of RMB 9,166.71 million [3][4] Delay Details - The company plans to adjust the timeline for certain projects to reach their intended operational status without changing the investment purpose or scale [5][6] - The headquarters building project, originally scheduled for completion by June 2025, has been delayed due to the complexity of the construction involving multiple parties and external factors such as adverse weather [5][6] Future Plans and Measures - The company aims to ensure efficient resource utilization and project completion, with ongoing construction of the headquarters building, which has seen the main structure completed [5][6] - Measures will be taken to ensure compliance and effective use of fundraising, including strict supervision of project progress [6] Impact of Delay - The delay is a cautious decision based on actual project conditions and does not materially affect the company's normal operations or shareholder interests [7][8] Review Procedures - The Audit Committee and Board of Directors have reviewed and approved the postponement of the project completion date to June 2026, confirming that it falls within their authority and does not require shareholder approval [7][8]

核查意见 华泰联合证券有限责任公司 关于东鹏饮料（集团）股份有限公司 部分募投项目延期的核查意见 根据《证券发行上市保荐业务管理办法》、《上海证券交易所股票上市规则》、 《上海证券交易所上市公司自律监管指引第 1 号——规范运作》等有关规定，作 为东鹏饮料（集团）股份有限公司（以下简称"东鹏饮料"或"公司"）首次公 开发行股票的持续督导保荐人，华泰联合证券有限责任公司（以下简称"华泰联 合证券"或"保荐人"）对公司部分募投项目延期的事项进行了核查，具体核查 情况及意见如下： 一、募集资金基本情况 经中国证券监督管理委员会《关于核准东鹏饮料（集团）股份有限公司首次 公开发行股票的批复》（证监许可[2021]1572 号）核准，首次公开发行人民币普 通股（A 股）40,010,000 股，募集资金总额人民币 1,851,262,700.00 元，扣除发行 费用后募集资金净额为人民币 1,731,926,758.55 元，上述资金于 2021 年 5 月 21 日到位，并经普华永道中天会计师事务所（特殊普通合伙）审验出具了《验资报 告》（普华永道中天验字（2021）第 0529 号）。 公司按照《上海证券交易所上市 ...

证券代码：605499 证券简称：东鹏饮料 公告编号：2025-041 东鹏饮料（集团）股份有限公司 关于部分募投项目延期的公告 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。 重要提示： 本次拟延期的募投项目名称："总部大楼建设项目"。 东鹏饮料（集团）股份有限公司（以下简称"公司"）于2025年6月30 日召开第三届董事会第十五次会议，会议审议通过了《关于部分募投项目延期的 议案》，同意公司将募投项目"总部大楼建设项目"达到预定可使用状态的日期 进行延期。 公司保荐人华泰联合证券有限责任公司（以下简称"华泰联合证券"或 "保荐人"）对该事项出具了明确的核查意见。 该事项无需提交股东会审议。 一、募集资金基本情况 经中国证券监督管理委员会《关于核准东鹏饮料（集团）股份有限公司首次 公开发行股票的批复》（证监许可[2021]1572号）核准，首次公开发行人民币普 通股（A股）40,010,000股，募集资金总额人民币1,851,262,700.00元，扣除发 行费用后募集资金净额为人民币1,731,926,758.55元，上述 ...

一、董事会会议召开情况 东鹏饮料(集团)股份有限公司（以下简称"公司"）第三届董事会第十五次 会议于 2025 年 6 月 30 日（星期一）在公司二楼 VIP 会议室以现场结合通讯的方 式召开。会议通知已于 2025 年 6 月 25 日通过通讯方式送达各位董事。本次会议 应出席董事 10 人，实际出席董事 10 人。 证券代码：605499 证券简称：东鹏饮料 公告编号：2025-040 东鹏饮料（集团）股份有限公司 第三届董事会第十五次会议决议公告 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。 表决结果:10 票同意，0 票反对，0 票弃权。 本议案已经公司董事会审计委员会全体成员审议通过并同意提交董事会审 议。 特此公告。 东鹏饮料（集团）股份有限公司 董事会 2025 年 7 月 1 日 会议由董事长林木勤先生主持，公司董事会秘书、高管列席。会议召开符合 有关法律、法规、规章和《公司章程》的规定。 二、董事会会议审议情况 （一）审议通过《关于部分募投项目延期的议案》 公司本次对募投项目延期是公司根据行业发展情况及项目实 ...

1.现金管理受托方：招商银行股份有限公司； 2.本次现金管理金额：合计 7,000.00 万元； 3.现金管理产品类型：结构性存款； 4.现金管理期限：105 天； 证券代码：605499 证券简称：东鹏饮料 公告编号：2025-039 东鹏饮料（集团）股份有限公司 关于使用部分闲置募集资金进行现金管理到期赎回 并继续进行现金管理的公告 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。 重要内容提示： 5.履行的审议程序：东鹏饮料（集团）股份有限公司（以下简称"公司"） 于 2025 年 3 月 7 日召开第三届董事会第十三次会议和第三届监事会第十二次会 议及 2025 年 4 月 2 日召开 2024 年年度股东大会，分别审议通过了《关于 2025 年度使用闲置募集资金进行现金管理的议案》，公司股东大会拟授权公司及其子 公司在保证日常经营资金需求和资金安全的前提下，使用不超过人民币 1 亿元的 范围内择机购买原则为安全性高、低风险、流动性好的理财产品、不影响募集资 金投资计划正常进行，使用期限自股东大会审议通过之日起至 202 ...

（原标题：食品饮料行业6月23日资金流向日报） 沪指6月23日上涨0.65%，申万所属行业中，今日上涨的有28个，涨幅居前的行业为计算机、国防军工，涨幅分别为2.25%、1.97%。跌幅居前的行 业为食品饮料、家用电器、钢铁，跌幅分别为0.80%、0.43%、0.11%。食品饮料行业位居今日跌幅榜首位。 食品饮料行业今日下跌0.80%，全天主力资金净流出6.93亿元，该行业所属的个股共123只，今日上涨的有75只；下跌的有44只。以资金流向数据 进行统计，该行业资金净流入的个股有56只，其中，净流入资金超千万元的有7只，净流入资金居首的是泸州老窖，今日净流入资金6440.25万 元，紧随其后的是东鹏饮料、金达威，净流入资金分别为2834.50万元、2093.72万元。食品饮料行业资金净流出个股中，资金净流出超3000万元的 有8只，净流出资金居前的有贵州茅台、伊利股份、洋河股份，净流出资金分别为3.72亿元、6277.42万元、5528.86万元。（数据宝） 食品饮料行业资金流入榜 | 代码 | 简称 | 今日涨跌幅（%） | 今日换手率（%） | 主力资金流量（万元） | | --- | --- | --- ...

Quantitative Models and Construction 1. Model Name: Heston Model - **Model Construction Idea**: The Heston model is used to calculate the implied volatility of near-month at-the-money options, serving as a market fear index. Implied volatility reflects market participants' expectations of future volatility [8]. - **Model Construction Process**: The Heston model is a stochastic volatility model where the variance of the asset price follows a mean-reverting square-root process. The model is defined by the following equations: $ dS_t = \mu S_t dt + \sqrt{v_t} S_t dW_t^1 $ $ dv_t = \kappa (\theta - v_t) dt + \sigma \sqrt{v_t} dW_t^2 $ Here: - \( S_t \): Asset price - \( v_t \): Variance - \( \mu \): Drift rate - \( \kappa \): Mean reversion speed - \( \theta \): Long-term variance - \( \sigma \): Volatility of variance - \( W_t^1, W_t^2 \): Correlated Wiener processes [8] 2. Model Name: Multi-Sector Timing Model (Scissor Difference Strategy) - **Model Construction Idea**: This model uses the difference in the number of bullish and bearish signals among sector constituents to construct a timing strategy. If no bullish or bearish signals are present, the scissor difference is set to zero. The model aims to outperform sector indices [16]. - **Model Construction Process**: - Count the number of bullish and bearish signals for each sector's constituent stocks daily. - Compute the scissor difference as the difference between bullish and bearish signals. - If both counts are zero, the scissor difference is set to zero. - Construct a timing strategy based on the scissor difference ratio [16]. - **Model Evaluation**: The model historically outperformed all sector indices, demonstrating excellent backtesting performance [16]. --- Model Backtesting Results 1. Heston Model - **Implied Volatility Results**: - SSE 50: 11.85% (down 0.88% WoW) - SSE 500: 14.35% (down 1.59% WoW) - CSI 1000: 18.06% (down 0.42% WoW) - CSI 300: 12.64% (down 0.73% WoW) [10] 2. Multi-Sector Timing Model - **Sector Outperformance**: The model outperformed all sector indices, achieving a 100% success rate in backtesting [16]. --- Quantitative Factors and Construction 1. Factor Name: Shape-Based Timing Signals - **Factor Construction Idea**: Shape-based signals are derived from historical K-line patterns, including bullish patterns (e.g., "Golden Needle Bottom," "Rocket Launch," "Manjianghong") and bearish patterns (e.g., "Hanging Line," "Paradise Line," "Dark Cloud Cover"). These patterns indicate potential price reversals [24]. - **Factor Construction Process**: - Identify specific K-line patterns based on predefined criteria. - Evaluate the historical performance of these patterns in predicting price movements. - Use the patterns to generate timing signals for individual stocks [24]. - **Factor Evaluation**: Bullish patterns like "Golden Needle Bottom" and "Rocket Launch" demonstrated strong positive predictive power [24]. --- Factor Backtesting Results 1. Shape-Based Timing Signals - **Signal Statistics**: - Positive signals: 2,699 occurrences, with an average future high-point success rate of 28.25% - Negative signals: 3,525 occurrences, with an average future low-point success rate of 71.88% [13] 2. Sector Timing Signals - **Bullish Sectors**: Home Appliances, Comprehensive, Communication, Textile & Apparel, Consumer Services, Transportation, Petrochemicals [19] 3. Stock-Specific Signals - **Consecutive Bullish Signals**: - 5-day signals: Stocks like Kailong Co. and Shipu Testing [21] - 4-day signals: Stocks like Jiangnan Chemical, Beijing-Shanghai High-Speed Railway, and Nandu Property [22][23] - **Special Bullish Patterns**: - Stocks like Retired Longyu ("Arrow on the String") and Suotong Development ("Manjianghong") [25][26] 4. Broker Gold Stock Signals - **Highlighted Stocks**: BYD, Feilihua, Wancheng Group, Sichuan Road & Bridge, Wolong Electric Drive, Lansheng Co., PetroChina, Dongpeng Beverage [29][33]

Group 1 - The main consumption index (000932) has shown a strong increase of 1.02%, with significant gains in stocks such as Yanjing Beer (000729) up 4.72% and Gujing Gongjiu (000596) up 4.11% [1] - Recent policies are expected to have a temporary impact on liquor consumption, leading to a forecasted slowdown in recovery for Q2, with the liquor sector still in a bottoming phase [1] - Since 2016, the primary consumption scenario for liquor has shifted from government consumption to business consumption, suggesting that the overall impact may be limited [1] Group 2 - The major consumption ETF (159672) has achieved a maximum monthly return of 24.35% since its inception, with an average monthly return of 4.87% [1][2] - As of June 19, 2025, the major consumption ETF has experienced a maximum drawdown of 6.66% this year, with a management fee of 0.50% and a custody fee of 0.10%, making it one of the lowest in its category [2] - The latest price-to-earnings ratio (PE-TTM) for the major consumption index is 18.72, indicating it is at a historical low, below 99.6% of the time over the past year [2] Group 3 - The top ten weighted stocks in the major consumption index account for 67.15%, with key players including Yili Group (600887) and Kweichow Moutai (600519) [2] - The weightings of the top stocks are as follows: Kweichow Moutai at 10.39%, Yili Group at 9.86%, and Wuliangye (000858) at 9.12% [4] - The data indicates a diverse representation of sectors within the major consumption index, reflecting the overall performance of the consumer market [2][4]

Core Viewpoint - The A-share market experienced a collective decline, with the Consumption ETF (159928) dropping by 0.88% and achieving a trading volume exceeding 200 million yuan, leading its category with a total scale of over 12.2 billion yuan [1][3]. Group 1: Market Performance - The Consumption ETF (159928) saw most of its top ten constituent stocks decline, including Haidilao falling over 3% and Dongpeng Beverage dropping over 1% [3]. - The top ten constituent stocks of the Consumption ETF account for over 67% of its weight, with four leading liquor stocks making up 31% and a major pig farming company accounting for 14% [4]. Group 2: Industry Insights - Zheshang Securities suggests that recent policies may have a temporary impact on liquor consumption, predicting a slowdown in the expected recovery for Q2, with the liquor sector still in a bottoming phase [4]. - Western Securities notes that the food and beverage sector has seen significant declines, primarily due to falling liquor prices and negative sentiment spreading to other alcoholic beverages and the restaurant supply chain [4]. - CITIC Securities emphasizes the importance of boosting consumption as a key driver for economic growth, highlighting four sectors to watch: liquor, snacks and beverages, dairy products, and the restaurant chain and beer sectors [4].