Core Viewpoint - Different consumer sectors exhibit both differences and commonalities in recovery rhythms, with ROA being a leading indicator for operational recovery in consumer enterprises [1][2] Group 1: Recovery Rhythm Analysis - The recovery rhythm of various consumer sectors is influenced by industry supply and demand, as well as supply chain structures, with a focus on stock market competition as a mainstream phenomenon [2] - The stages of enterprise and channel adjustments are outlined, starting from oversupply to a new balance in supply and demand, with ROA serving as a key indicator throughout these stages [2] - Current recovery sequences indicate that soft drinks and snacks are leading, followed by food supply chains, condiments, dairy products, beer, and finally, liquor [2][3] Group 2: Investment Strategy - Emphasis on sectors where ROA stabilizes, indicating potential valuation recovery opportunities, with a preference for sectors that still show price or volume growth [3] - Price logic suggests that rising CPI may drive valuation recovery in traditional industries with high penetration rates, such as liquor, beer, and dairy products, which are likely to attract incremental capital [3][4] - Recommended companies in the liquor sector include Kweichow Moutai, Luzhou Laojiao, and Shanxi Fenjiu, while in dairy, focus on Yili and Mengniu [3] Group 3: Volume Logic - In the context of cost-effective consumption, companies with high supply chain efficiency are expected to gain volume, with specific recommendations for companies in the food supply chain and soft drinks [4] - Industries with low penetration rates may withstand economic cycles, with recommendations for low-alcohol beverages and functional foods that can enhance brand premium through specialization [4] - Companies benefiting from overseas market expansion include Angel Yeast and Bailong Chuangyuan [4]

Group 1: Core Insights - The report emphasizes the recovery stage of consumer spending, highlighting that different sectors exhibit both commonalities and differences in their recovery rhythms, driven by supply-demand dynamics and industry structure [4][5] - ROA (Return on Assets) is identified as a leading indicator for the operational recovery of consumer companies, with a focus on analyzing various sub-sectors [4][13] Group 2: Sector Performance - The current recovery sequence indicates that soft drinks and snacks are leading, followed by the catering supply chain, condiments, dairy products, beer, and finally, liquor [5][25] - The report draws parallels with Japan's 1990s consumption differentiation, noting that sectors addressing consumer pain points and with low penetration rates are likely to succeed [5][6] Group 3: Investment Strategy - The report suggests focusing on sectors where ROA is stabilizing, indicating potential valuation recovery opportunities, particularly in traditional sectors like liquor, beer, and dairy [6][8] - It recommends identifying sub-sectors with either price or volume growth, with a preference for price-driven strategies [6][8] Group 4: Detailed Sector Analysis - The frozen food sector is showing signs of marginal improvement, with leading companies enhancing operational efficiency through product innovation and channel reforms [27][28] - The snack sector is experiencing high demand, driven by new channel developments, although competition is intensifying [33][35] - The beer industry is under pressure, with a focus on high-end products, but overall growth is slowing due to external economic factors [39][41] - The dairy sector is nearing the end of its adjustment phase, with expectations of improved performance as raw milk prices rise [41][42] - The liquor sector is currently in a phase of inventory reduction, with performance risks gradually clearing as channels stabilize [43][48]

证券代码：300858 证券简称：科拓生物 公告编号：2025-049 北京科拓恒通生物技术股份有限公司 关于 5%以上股东减持股份触及 1%整数倍的公告 持股 5%以上股东宁波顺懿创业投资合伙企业（有限合伙）保证向本公司提 供的信息内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 北京科拓恒通生物技术股份有限公司（以下简称"公司"）于2025年9月5日披 露了《关于持股5%以上股东、特定股东以及董事兼高级管理人员减持股份预披 露公告》。宁波顺懿创业投资合伙企业（有限合伙）（以下简称"宁波顺懿"）计 划在本次减持公告披露之日起15个交易日后的3个月内以集中竞价、大宗交易的 方式拟减持公司股份数量不超过7,904,800股，即不超过公司股份总数的3.0000%。 公司于2025年11月24日收到持股5%以上股东宁波顺懿出具的《关于减持股 份触及1%整数倍的告知函》，其通过集中竞价方式减持公司股份211,500股。具 体内容详见公司于2025年11月25日披露的《关于5%以上股东减持股份触及1%整 数倍的公告》。 公司于2025年12月 ...

| 权益类证券大宗交易(协议交易) | | | | | | | 团 下载 | | --- | --- | --- | --- | --- | --- | --- | --- | | 交易日期 | 证券代码 | 证券简称 | 成交价格 | 成交量 | 成交金额 买方营业部 | | 卖方营业部 | | | | | (元) | (万股/万份) | (万元) | | | | 2025-12-22 | 300858 | 科拓生物 | 14.30 | 60.00 | 858.00 华泰证券股份有限 | | 中信建投证券股份 | | | | | | | | 公司昆山黑龙江北 | 有限公司北京酒仙 | | | | | | | | BO VE NA JER . IL . v fr | LT BD VW MA JER . 11. An | 12月22日，科拓生物大宗交易成交60万股，成交额858万元，占当日总成交额的12.61%，成交价14.3 元，较市场收盘价16.81元折价14.93%。 ...

证券日报网讯12月18日，科拓生物（300858）公告称，持股5%以上股东宁波顺懿创业投资合伙企业(有 限合伙)于2025年11月25日至12月17日期间，通过集中竞价、大宗交易方式累计减持公司股份2，634， 900股，占公司总股本的1.0000%，其持股比例由9.0000%降至8.0000%，权益变动触及1%整数倍。 ...

格隆汇12月18日丨科拓生物(300858.SZ)公布，宁波顺懿于2025年11月25日至2025年12月17日期间，通 过集中竞价、大宗交易方式累计减持公司股份2,634,900股，占公司总股本的1.0000%，其持有公司的股 份由23,714,466股变更为21,079,566股，占公司总股本比例由9.0000%降低至8.0000%，权益变动比例触 及1%的整数倍。本次权益变动不会导致公司控股股东及实际控制人发生变化，不会对公司治理结构和 持续经营产生影响。 ...

证券代码：300858 证券简称：科拓生物 公告编号：2025-048 北京科拓恒通生物技术股份有限公司 关于 5%以上股东减持股份触及 1%整数倍的公告 北京科拓恒通生物技术股份有限公司 董事会 2025 年 12 月 18 日 公司于2025年11月24日收到持股5%以上股东宁波顺懿出具的《关于减持股 份触及1%整数倍的告知函》，其通过集中竞价方式减持公司股份211,500股。具 体内容详见公司于2025年11月25日披露的《关于5%以上股东减持股份触及1%整 数倍的公告》。 公司于近日收到持股5%以上股东宁波顺懿出具的《关于减持股份触及1%整 数倍的告知函》，现将相关情况公告如下： | 1.基本情况 | | | --- | --- | | 信息披露义务人 | 宁波顺懿创业投资合伙企业（有限合伙） | | 住所 | 浙江省宁波象保合作区航天大道 号 幢 室 99 13 1001B | | 权益变动时间 | 2025 年 12 月 17 日 | | 权益变动过程 | 宁波顺懿于2025年11月25日至2025年12月17日期间，通过集中竞价、大宗交 | | | 易方式累计减持公司股份2,634,900股，占 ...

12月17日，科拓生物大宗交易成交142万股，成交额1973.8万元，占当日总成交额的22.32%，成交价 13.9元，较市场收盘价16.36元折价15.04%。 ...

Core Points - The Shanghai Composite Index closed at 3884.93 points, below the five-day moving average, with a slight decline of 0.11% [1] - The total trading volume of A-shares reached 1,198.5 billion yuan, with 698 A-shares breaking through the five-day moving average [1] Summary by Category Stock Performance - The stocks with the largest deviation from the five-day moving average include Hongxi Technology (15.93%), Huanle Home (12.29%), and Guanzhong Ecology (9.20%) [1] - Notable stocks that just crossed the five-day moving average include Diya Co., Times Wan Heng, and Ketaobiotech, with smaller deviation rates [1] Individual Stock Data - Hongxi Technology: Today's increase of 23.82%, turnover rate of 4.88%, five-day moving average of 30.94 yuan, latest price at 35.87 yuan, deviation rate of 15.93% [1] - Huanle Home: Today's increase of 19.98%, turnover rate of 5.09%, five-day moving average of 24.70 yuan, latest price at 27.74 yuan, deviation rate of 12.29% [1] - Guanzhong Ecology: Today's increase of 15.00%, turnover rate of 16.62%, five-day moving average of 19.80 yuan, latest price at 21.62 yuan, deviation rate of 9.20% [1] - Other notable stocks include Gudewei (11.07%), Qishi Dairy (10.97%), and Fushun Special Steel (10.00%) with respective deviation rates [1]

（文章来源：证券日报） 证券日报网讯 12月12日晚间，科拓生物发布公告称，公司董事兼副总经理乔向前于2025年11月12日至 12月11日通过集中竞价减持2，634，100股，占总股本的0.9997%。本次减持计划已实施完毕。 ...