Core Viewpoint - The HSBC Jintrust Consumer Dividend Stock Fund (540009) reported a profit of 2.0889 million yuan for Q2 2025, with a weighted average profit per fund share of 0.0084 yuan, and a net value growth rate of 0.97% during the period [3]. Fund Performance - As of the end of Q2 2025, the fund's scale was 196 million yuan [15]. - The fund's unit net value was 0.798 yuan as of July 18 [3]. - Over the past three months, the fund's adjusted unit net value growth rate was 0.15%, ranking 23 out of 41 comparable funds [3]. - Over the past six months, the adjusted unit net value growth rate was 3.38%, ranking 26 out of 41 comparable funds [3]. - Over the past year, the adjusted unit net value growth rate was 18.72%, ranking 9 out of 41 comparable funds [3]. - Over the past three years, the adjusted unit net value growth rate was -10.47%, ranking 11 out of 37 comparable funds [3]. Risk Metrics - The fund's Sharpe ratio over the past three years was -0.0217, ranking 13 out of 37 comparable funds [8]. - The maximum drawdown over the past three years was 30.23%, ranking 31 out of 37 comparable funds [10]. - The largest single-quarter drawdown occurred in Q1 2022, at 23.74% [10]. Investment Strategy - The fund maintained an average stock position of 88.87% over the past three years, compared to the industry average of 87.68% [13]. - The fund's highest stock position was 93.2% at the end of Q3 2019, while the lowest was 81.25% at the end of Q1 2025 [13]. - The fund's management indicated a focus on resilient stocks and adjustments in positions based on mid-term growth potential and certainty, with increased allocations in the agricultural sector during Q2 [3]. Holdings Concentration - As of the end of Q2 2025, the fund had a high concentration in its top ten holdings, which included Hai Da Group, Gree Electric Appliances, SF Holding, Muyuan Foods, Wens Foodstuff Group, HLA Corp, Spring Airlines, Yonghui Superstores, Ximai Food, and Sun Paper [18].

Investment Rating - The industry investment rating is "Overweight" [1] Core Viewpoints - The report highlights that the food and beverage sector is expected to benefit from potential domestic policy adjustments and a recovery in consumer demand in the second half of the year [3][4] - The report suggests strategic positioning in leading liquor companies due to their low valuation and favorable market conditions [3][6] - The snack food segment shows strong growth potential, driven by product innovation and emerging sales channels [6] Summary by Sections Industry Overview - The food and beverage sector is currently experiencing a slowdown in retail sales growth, with June 2025 retail sales increasing by 4.8% year-on-year, a decrease of 1.6 percentage points from May [4][8] - The report notes that the decline in consumer spending on dining and discretionary items has impacted overall sales performance [4][5] Liquor Sector - The liquor industry is in a bottoming phase, with consumption scenarios limited by recent policy changes and promotional activities affecting pricing [6] - The report recommends focusing on top liquor brands such as Kweichow Moutai, Luzhou Laojiao, and Shanxi Fenjiu for potential investment opportunities [3][6] Snack Food Sector - The snack food segment, particularly products like konjac, is experiencing robust growth due to health trends and diverse flavor offerings [6] - The report emphasizes the importance of identifying quality companies in the snack food sector that align with industry development trends for long-term investment [3][6]

证券代码：002956 证券简称：西麦食品 公告编号：2025-030 桂林西麦食品股份有限公司 关于 2025 年员工持股计划管理委员会选聘的公告 特此公告。 桂林西麦食品股份有限公司 董事会 2025 年 7 月 15 日 本公司及董事会全体成员保证信息披露内容的真实、准确、完整、没有 虚假记载、误导性陈述或重大遗漏。 桂林西麦食品股份有限公司（以下简称"公司"）2025 年员工持股计划第 一次持有人会议于 2025 年 7 月 11 日召开，会议同意设立 2025 年员工持股计划 管理委员会，并选举胡莹女士、张明亮先生、何剑萍女士为 2025 年员工持股计 划管理委员会委员，任期为 2025 年员工持股计划的存续期。 同日召开 2025 年员工持股计划管理委员会会议，选举胡莹女士为 2025 年员 工持股计划管理委员会主任，任期为 2025 年员工持股计划的存续期。 上述管理委员会委员均为公司员工，未在公司控股股东或者实际控制人（无 控股股东的，第一大股东）单位担任职务，均不是持有公司 5%以上股东、实际 控制人、公司董事、监事、高级管理人员且与前述主体不存在关联关系。 ...

029 证券代码：002956 证券简称：西麦食品 公告编号：2025- 关于募投项目结项并将节余募集资金永久补充流动 资金的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整、没有虚 假记载、误导性陈述或重大遗漏。 桂林西麦食品股份有限公司（以下简称"公司"）首次公开发行股票的募投 项目已全部建设完成。根据《深圳证券交易所上市公司自律监管指引第 1 号—— 主板上市公司规范运作》等关于募集资金管理的规定，公司将江苏西麦燕麦食品 创新工厂项目进行结项，并将节余募集资金 2,174,383.78 元（含利息收入扣除 手续费后净额）用于永久补充流动资金。节余募集资金划转完成后，公司对相关 募集资金专户进行销户，相关募集资金监管协议予以终止。 桂林西麦食品股份有限公司 一、募集资金基本情况 经中国证券监督管理委员会《关于核准桂林西麦食品股份有限公司首次公开 发行股票的批复》（证监许可[2019]940 号）核准，由主承销商招商证券股份有限 公司采用网上公开申购发行的方式，公司首次公开发行人民币普通股股票 2,000 万股，每股发行价格为人民币 36.66 元。公司实际已向社会公众公开发行人民币 普通股股 ...

Group 1: Core Views - The report suggests that the food and beverage industry is expected to see a valuation recovery as market sentiment improves, with a focus on low-priced leading companies in the liquor sector and structural opportunities in the food sector [2][7][10]. Group 2: Liquor Sector - The liquor sector is experiencing a phase of demand decline due to seasonal factors and regulatory impacts, leading to pressure on high-end liquor prices, while mass consumption remains stable [7][13]. - Major companies like Moutai are expected to maintain their performance due to strong brand positioning, while others are entering an adjustment phase, with varying adjustment speeds among companies [7][14]. - Q2 performance forecasts for major liquor companies indicate a range of revenue and profit changes, with Moutai expected to see a 9% increase in both revenue and profit [14][15][16]. Group 3: Food Sector - The food sector shows signs of recovery, with segments like beverages, snacks, and pet food experiencing upward trends, while beer and restaurant supply chains face structural challenges [21][24]. - The beverage industry remains vibrant with new product launches and a clear trend towards reduced sugar options, while competition intensifies [24][30]. - Dairy products are seeing mixed performance, with some segments like low-temperature dairy and cheese growing, while others face challenges [24][33]. Group 4: Investment Recommendations - The report recommends focusing on leading liquor companies with a safety margin for investment, as well as food companies that are expected to exceed mid-year performance expectations [10][28]. - Specific companies highlighted for potential investment include Nongfu Spring, Uni-President China, and Tianwei Foods, among others [10][28].

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The food and beverage index increased by 0.8% from July 7 to July 11, ranking 23rd among 28 sectors, performing in line with the CSI 300 index. The sub-sectors of liquor (+1.4%), health products (+1.4%), and beer (+1.2%) showed relatively strong performance [11][12] - The current liquor market is experiencing downward pressure due to unexpected restrictions on alcohol consumption, leading to a decline in demand. However, it is anticipated that the liquor sector will find a bottom in the second half of the year, presenting potential investment opportunities [11][12] - The report suggests focusing on leading liquor companies such as Kweichow Moutai, Luzhou Laojiao, Shanxi Fenjiu, and others for strategic investments. Additionally, it recommends identifying high-quality new consumption companies that align with industry trends for long-term holding [11][12] Summary by Sections Weekly Insights - Strategic focus on leading liquor companies and maintaining high-quality new consumption stocks. The liquor sector is expected to stabilize and present investment opportunities in the second half of the year [11][12] Market Performance - The food and beverage index's performance is consistent with the broader market, with specific sub-sectors like liquor and health products outperforming [12][13] Upstream Data - Some upstream raw material prices are declining, with whole milk powder prices showing a year-on-year increase of 19.9%, while fresh milk prices have decreased by 6.5% year-on-year [15][20] Liquor Industry News - The market price of Kweichow Moutai has been steadily increasing, indicating a recovery in market confidence. Other companies are also taking measures to stabilize their pricing strategies [39] Recommended Portfolio - Recommended stocks include Kweichow Moutai, Shanxi Fenjiu, Ximai Food, and others, focusing on companies with strong growth potential and favorable market conditions [4][45]

| 序号 | 项目名称 | 实施主体 | 计划投入募集资 | 项目是否 | | --- | --- | --- | --- | --- | | | | | 金(万元) | 已结项 | | 1 | 燕麦食品产业化项目 | 河北西麦 | 9,222.75 | 是 | | 2 | 品牌建设及营销渠道升级项目 | 河北西麦/江苏 西麦/西麦营销 | 11,068.00 | 是 | | 3 | 江苏西麦燕麦食品生产基地建设 项目(一期) | 江苏西麦 | 10,173.00 | 是 | | 4 | 运营及信息化中心建设项目 | 南京西麦 | 7,000.00 | 是 | | 5 | 江苏西麦燕麦食品创新工厂项目 | 江苏西麦 | 15,200.00 | 否 | | 6 | 燕麦食品创新生态工厂项目 | 贺州西麦 | 16,300.00 | 是 | | | 合 计 | | 68,963.75 | | 一、募投项目基本情况 二、项目进展及投产对公司的影响 公司募投项目之一"江苏西麦燕麦食品创新工厂项目"已完成主体建设及设 备安装等工作。该项目正式投产后将进一步提升公司产能，为公司销售规模不断 扩大提供产能支持，形成规模经济 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The liquor industry is currently experiencing a bottoming phase, with a focus on the growth opportunities in the konjac segment. The food and beverage index increased by 0.6% from June 30 to July 4, ranking 19th among 28 sub-industries, underperforming the CSI 300 by approximately 0.9 percentage points. The meat products, liquor, and baked goods sub-industries showed relatively strong performance with increases of 1.2%, 1.2%, and 0.9% respectively [3][12][14] - The recent decline in liquor prices is attributed to the impact of e-commerce subsidies and restrictions on consumption due to the "ban on alcohol," which has compressed industry demand. However, liquor manufacturers are controlling market supply, leading to a temporary stabilization of liquor prices. Although there has been a slight accumulation of channel inventory, the overall inventory remains manageable due to a slowdown in shipments from manufacturers. The ongoing effects of the "ban on alcohol" are expected to continue, with increased pressure on liquor industry performance anticipated in the second quarter. The ban may accelerate industry consolidation and bottoming trends [3][12][14] - In the long term, the liquor industry is undergoing a transformation in consumer demand, with companies adapting by launching lower-alcohol products to cater to younger consumers and promoting family gatherings and casual drinking scenarios. Leading liquor companies maintain strong brand and channel competitiveness, which is expected to facilitate their transition during this industry transformation. Current low valuations and high dividend rates of leading liquor companies suggest they possess long-term investment value [3][12][14] Summary by Sections Market Performance - The food and beverage index increased by 0.6%, ranking 19th out of 28 sectors, underperforming the CSI 300 by approximately 0.9 percentage points. The leading sub-industries included meat products (+1.2%), liquor (+1.2%), and baked goods (+0.9%) [12][14] Upstream Data - As of July 1, the GDT auction price for whole milk powder was $3,859 per ton, down 5.5% month-on-month but up 19.9% year-on-year. The domestic fresh milk price was 3.0 yuan per kilogram, unchanged month-on-month but down 7.0% year-on-year. The domestic milk price is expected to continue its downward trend in the short to medium term [19][24] - On July 5, the price of pork was 20.4 yuan per kilogram, down 16.2% year-on-year, while the price of live pigs was 15.2 yuan per kilogram, down 16.5% year-on-year. The number of breeding sows was 40.42 million, up 1.2% year-on-year [27][28] Recommendations - Recommended stocks include Guizhou Moutai, Shanxi Fenjiu, Ximai Food, Wancheng Group, and Bairun Co. Guizhou Moutai is expected to deepen its reform process and emphasize sustainable development despite short-term demand pressures. Shanxi Fenjiu has high mid-term growth certainty, while Ximai Food is expected to improve profitability due to favorable raw material costs. Wancheng Group continues to expand its store count and target young consumers, and Bairun Co. is seeing improvements in its pre-mixed liquor segment [5][48]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The report emphasizes the importance of focusing on bottom opportunities in the liquor sector while pursuing growth in consumer goods. The liquor industry is currently experiencing a downturn, particularly in high-end consumption scenarios, leading to a decline in demand. The report suggests that leading liquor companies with strong brands and distribution channels are likely to adapt and transform successfully [3][11][12] Summary by Sections Weekly Insights - From June 23 to June 27, the food and beverage index declined by 0.9%, ranking 28th among primary sub-industries, underperforming the CSI 300 by approximately 2.8 percentage points. The health products (+3.6%), baked goods (+2.7%), and seasoning and fermentation products (+1.2%) sectors performed relatively well [11][13] Market Performance - The liquor sector remains at a low point, with the impact of the "ban on alcohol" still felt. The lack of high-end consumption scenarios has further depressed industry demand. The report anticipates increased pressure on liquor companies' performance in the second quarter due to sluggish terminal sales and high channel inventory levels [3][11][12] Upstream Data - Some upstream raw material prices have decreased, which may alleviate cost pressures for companies in the beverage sector. For instance, the price of imported barley fell by 4.3% year-on-year in May 2025, and the quantity imported dropped by 47.8% [31][33] Recommended Companies - The report recommends gradually increasing positions in liquor stocks at low valuations, particularly focusing on leading companies such as Guizhou Moutai and Shanxi Fenjiu. It also highlights opportunities in consumer goods companies like Ximai Food, Youyou Food, Wancheng Group, and Bairun Shares, which are expected to benefit from new consumption trends [4][12][46]

Core Viewpoint - Ximai Food announced a share reduction plan by its actual controller and associated parties, which may impact the company's stock performance in the short term [1][2]. Share Reduction Plan - The shareholder Hezhou Tongmai plans to reduce its holdings by 351,065 shares, accounting for 0.16% of the total share capital [1]. - Actual controllers XIELILING and JILI plan to reduce their holdings by 381,000 shares and 500,000 shares, respectively, representing 0.17% and 0.22% of the total share capital [1][2]. - Associated parties Xie Shiyi and Xie Yuling also plan to reduce their holdings by 500,000 shares each, also representing 0.22% of the total share capital [2]. Financial Performance - In 2024, the company achieved operating revenue of 1.896 billion yuan, a year-on-year increase of 20.16% [3][4]. - The net profit attributable to shareholders was 133.19 million yuan, up 15.36% year-on-year [3][4]. - The net profit after deducting non-recurring gains and losses was 110.57 million yuan, reflecting a growth of 16.75% [3][4]. - The net cash flow from operating activities was 169.99 million yuan, an increase of 41.80% [3][4]. Quarterly Performance - In Q1 2025, the company reported operating revenue of 655.71 million yuan, a year-on-year increase of 15.93% [5]. - The net profit attributable to shareholders for Q1 2025 was 54.53 million yuan, up 21.17% year-on-year [5]. - The net cash flow from operating activities for Q1 2025 was 85.48 million yuan, reflecting a growth of 55.06% [5]. Shareholder Structure - The company has no single shareholder holding more than 50% of the shares, with multiple actual controllers including Xie Qingkui and Hu Rihong [2]. - The actual controllers have various familial relationships, indicating a closely-knit ownership structure [2].