—2025 年 7 月 1 日-7 月 31 日 11724 证券研究报告-金股组合 策略研究 分析师：张刚 登记编码：S0730511010001 分析师：徐至 登记编码：S0730525040001 行业研究 分析师：牟国洪 登记编码：S0730513030002 分析师：顾敏豪 登记编码：S0730512100001 分析师：刘冉 登记编码：S0730516010001 分析师：唐月 登记编码：S0730512030001 分析师：张洋 登记编码：S0730516040002 分析师：唐俊男 登记编码：S0730519050003 分析师：乔琪 登记编码：S0730520090001 分析师：刘智 登记编码：S0730520110001 分析师：陈拓 登记编码：S0730522100003 分析师：张蔓梓 登记编码：S0730522110001 分析师：邹臣 登记编码：S0730523100001 分析师：李璐毅 登记编码：S0730524120001 分析师：龙羽洁 登记编码：S0730523120001 分析师：石临源 登记编码：S0730525020001 地址： 郑州郑东新区商务外环路10号18 ...

内容概要：近年来，随着生活水平的提高和健康知识的普及，消费者越来越关注自身健康，对保健品的 需求不断增加。葡萄籽保健品以其独特的保健功能和天然属性受到消费者的青睐。同时，随着科技的不 断进步，葡萄籽提取物的提取效率和纯度不断提高，为葡萄籽保健品市场的发展提供了有力支撑。此 外，随着互联网和电子商务的快速发展，葡萄籽保健品的营销渠道不断拓展，进一步拓宽行业销售空 间。据统计，2019年中国葡萄籽保健品行业市场规模为50亿元，到了2024年行业市场规模增长至90亿 元，年复合增长率为12%。 相关上市企业：汤臣倍健（300146）、哈药股份（600664）、九芝堂（000989）、康恩贝（600572）、 同仁堂（600085）、仙乐健康（300791）、莱茵生物（002166）、晨光生物（300138）、新赛股份 （600540）、华熙生物（688363）等。 相关企业：健安喜（上海）贸易有限公司、威海紫光金奥力生物技术有限公司、修正药业集团股份有限 公司、南京佰思佳生物科技有限公司、红桃开集团股份有限公司、仁和（集团）发展有限公司等。 关键词：葡萄籽保健品、葡萄产量、抗氧化、市场规模 一、萄籽保健品行业相关概 ...

仙乐健康科技股份有限公司相关 债券 2025 年跟踪评级报告 中鹏信评【2025】跟踪第【157】号 01 信用评级报告声明 除因本次评级事项本评级机构与评级对象构成委托关系外，本评级机构及评级从业人员与评级对象不存 在任何足以影响评级行为独立、客观、公正的关联关系。 本评级机构与评级从业人员已履行尽职调查义务，有充分理由保证所出具的评级报告遵循了真实、客 观、 公正原则，但不对评级对象及其相关方提供或已正式对外公布信息的合法性、真实性、准确性和完整性 作任何保证。 本评级机构依据内部信用评级标准和工作程序对评级结果作出独立判断，不受任何组织或个人的影响。 本评级报告观点仅为本评级机构对评级对象信用状况的个体意见，不作为购买、出售、持有任何证券的 建议。本评级机构不对任何机构或个人因使用本评级报告及评级结果而导致的任何损失负责。 本次评级结果自本评级报告所注明日期起生效，有效期为被评证券的存续期。同时，本评级机构已对受 评对象的跟踪评级事项做出了明确安排，并有权在被评证券存续期间变更信用评级。本评级机构提醒报 告使用者应及时登陆本公司网站关注被评证券信用评级的变化情况。 本评级报告版权归本评级机构所有，未经授 ...

信用评级报告声明 除因本次评级事项本评级机构与评级对象构成委托关系外，本评级机构及评级从业人员与评级对象不存 在任何足以影响评级行为独立、客观、公正的关联关系。 本评级机构与评级从业人员已履行尽职调查义务，有充分理由保证所出具的评级报告遵循了真实、客观、 公正原则，但不对评级对象及其相关方提供或已正式对外公布信息的合法性、真实性、准确性和完整性 作任何保证。 本评级机构依据内部信用评级标准和工作程序对评级结果作出独立判断，不受任何组织或个人的影响。 仙乐健康科技股份有限公司相关 债券 2025 年跟踪评级报告 中鹏信评【2025】跟踪第【157】号 01 本评级报告观点仅为本评级机构对评级对象信用状况的个体意见，不作为购买、出售、持有任何证券的 建议。本评级机构不对任何机构或个人因使用本评级报告及评级结果而导致的任何损失负责。 本次评级结果自本评级报告所注明日期起生效，有效期为被评证券的存续期。同时，本评级机构已对受 评对象的跟踪评级事项做出了明确安排，并有权在被评证券存续期间变更信用评级。本评级机构提醒报 告使用者应及时登陆本公司网站关注被评证券信用评级的变化情况。 本评级报告版权归本评级机构所有，未经授权 ...

证券研究报告 | 行业点评 gszqdatemark 2025 06 24 年 月 日 食品饮料 保健品 618 点评：健康消费风起，细分赛道亮眼 保健品 618 概览：营养保健维持高速增长，即时零售等新兴渠道表现亮 眼。根据星图数据，2025 年 618 期间（5 月 13 日-6 月 18 日）全网营养 保健销售总额 143 亿元，较 2024 年 618 期间（天猫 5 月 20 日 20:00-6 月 18 日 23:59；京东 5 月 31 日 20:00-6 月 18 日 23:59；其他平台以各 平台公布 618 起始时间截止至 6 月 18 日 23:59）全网营养保健销售总额 92 亿元增长约 55%。即时零售等渠道亦成功入局，美团于 5 月下旬加入 618 活动，美团自营大药房数据显示滋补保健品订单量同比增长超 2 倍， 表现亮眼。我们认为在健康消费浪潮下，营养保健品类增速仍将保持高速 增长，电商、新零售等渠道或给予更多品牌入局机遇。 分品类：传统品类稳步扩容，抗老、护肝等高成长。根据京东买药数据， 2025 年"京东买药 618 免单"活动会场成交额靠前的品类包括婴童营养 品（维矿/DH ...

Core Insights - The demand for high-quality protein, particularly whey protein, is increasing due to rising living standards and health awareness among consumers [1][12] - The Chinese whey protein market is projected to grow from 588 million yuan in 2015 to 1.94 billion yuan by 2024, with a compound annual growth rate (CAGR) of 14.2% [1][12] - The market is expected to continue expanding as the application areas for whey protein broaden [1][12] Industry Overview - Whey protein is derived from milk and is recognized for its high nutritional value, easy digestibility, and presence of various bioactive components [3] - It contains all eight essential amino acids and is particularly beneficial for infants, the elderly, athletes, and post-operative patients [3] - The whey protein industry is experiencing diversification, with products such as concentrated whey protein, isolated whey protein, and whey protein peptides emerging in the market [4] Market Dynamics - The supply chain for whey protein includes raw material suppliers (milk), production manufacturers, and various application sectors such as sports nutrition, infant formula, food and beverage, and medical nutrition [6] - China's milk production has increased from 34.4 million tons in 2020 to 41.97 million tons in 2023, although a decline is expected in 2024 due to weak demand [8][10] Consumer Trends - The consumer base for whey protein is predominantly male (61%), indicating a significant opportunity for growth in the female segment (39%) [14] - The number of offline paid fitness members in China is projected to recover by 25.5% in 2024, reaching 87.525 million, which will likely drive demand for whey protein [10] Competitive Landscape - The whey protein market is competitive, with both international and domestic brands vying for market share [16] - Key players in the industry include companies like Tongrentang, Kangnibei, Xianle Health, and others, primarily located in Guangdong, Zhejiang, Shandong, and Chongqing [16][17] Future Trends - The whey protein market is expected to see product diversification and segmentation, with new forms such as protein beverages and snacks being developed [21] - Technological innovations in extraction and processing are anticipated to enhance product quality and reduce costs [22] - The demand for whey protein is expected to grow due to increasing health consciousness, the fitness trend, and an aging population [24]

Core Insights - The report highlights significant financial reforms announced by the People's Bank of China, including the establishment of a digital RMB international operation center and a personal credit agency, aimed at enhancing the financial market's openness and efficiency [5][8] - The report indicates a moderate recovery in the Chinese economy, with consumption and investment being the main drivers, and anticipates a potential interest rate cut by the Federal Reserve in September [9][10] - The communication and electronics sectors are leading the A-share market, with a focus on investment opportunities in consumer electronics, communication devices, and semiconductors [10][11] Domestic Market Performance - The Shanghai Composite Index closed at 3,388.81 with a slight increase of 0.04%, while the Shenzhen Component Index rose by 0.24% to 10,175.59 [4] - The average P/E ratios for the Shanghai Composite and ChiNext indices are 13.90 and 36.94, respectively, indicating a suitable environment for medium to long-term investments [9][10] International Market Performance - Major international indices, including the Dow Jones and S&P 500, experienced declines of 0.67% and 0.45%, respectively, reflecting a cautious global market sentiment [5] Industry Analysis - The report emphasizes the strong performance of the electric power and public utilities sector, with a projected revenue and net profit growth in 2024, despite a decline in Q1 2025 [14][15] - The water power sector is highlighted as a stable investment opportunity due to its high dividend yield and competitive pricing, with recommendations to focus on major water power operators [16] - The chemical industry is experiencing a slowdown in price declines, with a focus on potassium fertilizer, phosphate chemicals, and pesticides as key areas for investment [29][30] Semiconductor Industry Insights - The semiconductor sector is facing challenges due to U.S. export controls, but there is a notable increase in global semiconductor sales, with a projected 11.2% growth in 2025 [31][32] - The report suggests that domestic semiconductor companies may benefit from increased localization efforts in response to international trade tensions [34] Electric Vehicle and Battery Sector - The lithium battery sector is showing signs of recovery, with a significant increase in sales of new energy vehicles in China, projected to reach 1.6 million units in 2025 [27][28] - The report maintains a "stronger than market" investment rating for the lithium battery sector, emphasizing the importance of monitoring raw material prices and market dynamics [36][28] Telecommunications Sector - The telecommunications industry is experiencing a rebound in revenue growth, with a 1.0% increase in telecom business income in early 2025 [37] - The report highlights the growth of 5G mobile phone shipments, which accounted for 85.5% of total mobile phone shipments in early 2025, indicating a strong market demand for advanced communication technologies [39]

Investment Rating - The report maintains an "Accumulate" rating for the food and beverage industry, indicating a positive outlook for selected stocks within the sector [5]. Core Insights - The white liquor segment is experiencing short-term price pressure, but the industry is gradually bottoming out, with leading brands like Kweichow Moutai and Wuliangye expected to show long-term value [2]. - The beverage sector is seeing intensified competition as companies like Uni-President re-enter the soda market, while new product launches continue to drive growth [3]. - The overall fast-moving consumer goods (FMCG) market in China is projected to grow by 0.8% in sales and 4.4% in volume in 2024, with a notable trend towards "affordable alternatives" [4]. Summary by Sections White Liquor - Short-term price pressures are evident, with the industry expected to stabilize as inventory levels decrease and consumer demand shifts back to business and mass-market needs [2]. - Leading brands are anticipated to maintain their market share, providing a solid foundation for long-term investment opportunities [2]. Beer and Beverage - The beer sector is entering a peak season with increased competition, and companies are advised to focus on those with strong product momentum and stable operations [3]. - The beverage segment is characterized by a resurgence in product innovation, with Uni-President launching new flavors targeting the restaurant channel [3]. Food Sector - The food industry is witnessing significant innovation, with companies like Anjuke Foods successfully navigating the Hong Kong Stock Exchange listing process and launching new products to enhance revenue [4][8]. - The report highlights the importance of exploring new market channels and product opportunities, particularly in lower-tier cities where consumer spending is on the rise [4].

证券代码：300791 证券简称：仙乐健康 公告编码：2025-058 债券代码：123113 债券简称：仙乐转债 仙乐健康科技股份有限公司 2025 年第二次临时股东大会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 特别提示： 1、本次股东大会未出现增加、否决或变更议案的情形； 2、本次股东大会不涉及变更以往股东大会已通过的决议。 一、 会议召开情况 1、现场会议召开时间：2025 年 6 月 12 日（星期四）14:30 2、现场会议召开地点：汕头市龙湖区泰山路 83 号公司行政楼会议室 3、网络投票时间：2025 年 6 月 12 日 其中，通过深圳证券交易所交易系统进行网络投票的具体时间为：2025 年 6 月 12 日 9:15-9:25，9:30-11:30 和 13:00-15:00； 通过深圳证券交易所互联网投票系统投票的具体时间为：2025 年 6 月 12 日 9:15-15:00 期间的任意时间。 6、会议的召集、召开与表决程序符合《中华人民共和国公司法》、《深 圳证券交易所创业板股票上市规则》、《深圳证券交易所上市公司自律监 ...

广东信达律师事务所 股东大会法律意见书 中国深圳福田区益田路 6001 号太平金融大厦 11 楼、12 楼 邮政编码：518038 11、12/F, TaiPingFiance Tower,Yitian Road 6001,Futian District, ShenZhen, P. R. China 电话(Tel.)：(0755) 88265288 传真(Fax.)：(0755)88265537 网址(Website)：https://www.sundiallawfirm.com 广东信达律师事务所 关于仙乐健康科技股份有限公司 2025年第二次临时股东大会的 法律意见书 本所律师依据《股东会规则》第六条的规定，按照中国律师行业公认的业务 标准、道德规范和勤勉尽责的精神，现出具法律意见如下： 一、关于本次股东大会的召集与召开程序 信达会字（2025）第191号 致：仙乐健康科技股份有限公司（下称"贵公司"） 广东信达律师事务所接受贵公司的委托，指派周蒴婷律师及刘品律师（下称 "本所律师"）参加了贵公司2025年第二次临时股东大会（下称"本次股东大会"）， 并进行了必要的验证工作。现根据《中华人民共和国公司法》 ...