Group 1: Overall Market Outlook - The current market situation is similar to 2013 and 2019, with a high probability of evolving into a comprehensive bull market, although tactical breakthroughs may take time [6][12] - The market is characterized by low valuation levels, weak corporate earnings, positive policy tone, and active thematic opportunities, indicating potential for a bull market [12][14] - A possible market pullback in July is expected, but the extent is manageable, with a return to bull market conditions likely in Q3 or Q4 if earnings or policies turn optimistic [12][14] Group 2: Industry Allocation Insights - The report suggests a value-oriented approach in the current quarter, with plans to increase exposure to more elastic sectors in Q3 [12][14] - Key sectors for investment include: - New Consumption: Benefiting from domestic demand stability and potential supportive policies [14] - Media: Attractive valuation with a focus on AI application changes [14] - Military Industry: Likely to see continuous thematic events due to unique demand cycles [14] - Banking and Non-Banking: Low sensitivity to overseas economic fluctuations and high sensitivity to domestic policies [14] - Non-ferrous Metals: Strong capacity structure with resilience to economic fluctuations [14] - Real Estate: Positioned for new policy initiatives with low valuation levels [14] Group 3: Top Stock Picks - The top stock picks for July 2025 include: - 分众传媒 (002027.SZ) in Media and Internet - 顺丰控股 (002352.SZ) in Transportation - 药师帮 (9885.HK) in Pharmaceuticals - 万辰集团 (300972.SZ) in Food and Beverage - 青岛银行 (002948.SZ) in Banking - 新集能源 (601918.SH) in Utilities - 豆神教育 (300010.SZ) in Education - 兖矿能源 (600188.SH) in Energy - 江淮汽车 (600418.SH) in Automotive - 卓易信息 (688258.SH) in Computing [3][15] Group 4: Company-Specific Insights - 分众传媒 (002027.SZ) is focusing on offline advertising with a significant share of daily consumer goods advertisers [16] - 顺丰控股 (002352.SZ) has shown remarkable growth in logistics volume, outperforming industry growth rates, driven by customer penetration and operational optimizations [19][21] - 药师帮 (9885.HK) is expected to achieve a compound annual growth rate of approximately 164% in net profit from 2024 to 2027, benefiting from its deep market penetration and strong cash flow [25][27] - 万辰集团 (300972.SZ) maintains a competitive edge in the snack retail sector, with a focus on operational quality and profitability improvements [28][29] - 青岛银行 (002948.SZ) is expanding its business in a robust economic environment, with significant growth in deposits and loans, supported by a strong financial foundation [31][33]

Group 1 - The retail sector is experiencing a significant upward trend, with Yuyin Co., Ltd. (002177) hitting the daily limit increase [1] - Wancheng Group (300972) has seen an increase of over 7% [1] - Other companies such as Huazhi Wine Industry (300755), Small Commodity City (600415), and Dalian Friendship (000679) are also witnessing gains [1]

Core Viewpoint - The "9+5" industry is the main support for the high-quality economic development of Zhangzhou, with a focus on new industrialization and the cultivation of strategic emerging industries [1][28]. Economic Overview - Zhangzhou's GDP is projected to exceed 600 billion yuan, reaching 606.37 billion yuan in 2024, with a year-on-year growth of 6.1% [3]. - The primary industry added value is 61.50 billion yuan (3.7% growth), the secondary industry is 272.82 billion yuan (7.2% growth), and the tertiary industry is 272.05 billion yuan (5.4% growth) [3]. - Per capita GDP is 119,612 yuan, reflecting a 6.0% increase [3]. Industrial Structure - Zhangzhou is focusing on the "9+5" industry clusters, which include nine trillion-yuan industries such as food processing and petrochemicals, and five industries exceeding 500 billion yuan, including electronic information and digital services [11][13]. - The industrial added value of the nine major industries is expected to grow by 7.5% in 2024, with a growth of 8.8% in the first quarter of 2025 [28][17]. Investment and Infrastructure - In 2024, Zhangzhou added 1,987 fixed asset investment projects with a total investment of 224.54 billion yuan, marking an 8.5% year-on-year growth [7]. - Investment in the primary industry grew by 53.7%, while the secondary industry saw a 21.7% increase, with industrial investment specifically rising by 21.8% [7]. Foreign Trade - Zhangzhou's total import and export volume reached 127.68 billion yuan in 2024, a 4.9% increase from the previous year, with exports at 88.46 billion yuan (3.2% growth) and imports at 39.22 billion yuan (8.9% growth) [9]. - The actual use of foreign capital increased by 100.4% in 2024 [9]. Key Enterprises - As of the end of 2024, Zhangzhou has six A-share listed companies, including Pianzaihuang, Longxi Co., Zhangzhou Development, Aonong Bio, Wancheng Group, and Tailong Co. [23]. - The city has 949 enterprises with an output value exceeding 100 million yuan, with a 12.9% increase in added value [25]. Policy Support - Zhangzhou has implemented the "Thousand Billion Industry Cultivation Action Plan" to support the development of the "9+5" industry clusters, aiming for a scale industrial output value to exceed one trillion yuan by 2025 [13][28]. - The government is focusing on enhancing service levels and optimizing the business environment to support project construction and enterprise development [28].

Group 1: Pig Farming Industry - The pig prices are expected to rebound unexpectedly in the second half of 2025 due to easing supply pressure and seasonal consumption peaks, with recommendations to focus on leading companies like Muyuan and Wens [1][2] - The average price of live pigs from the beginning of 2025 to June 16 is approximately 14.81 yuan/kg, showing a year-on-year decrease of about 4% [12][14] - Major pig farming companies have seen a reduction in breeding costs, with Muyuan's cost dropping to around 12.2 yuan/kg, indicating improved profitability potential [12][14] Group 2: Aquaculture and Feed Industry - The aquaculture feed industry is expected to benefit from rising fish prices, with a notable increase in grass carp prices by approximately 10% since March 2024 [37][39] - Haida Group is highlighted for its strong competitive advantages and potential for growth in both domestic and overseas feed markets, with a projected compound annual growth rate (CAGR) of about 20% for overseas feed sales from 2025 to 2030 [38][39] - The domestic feed industry is anticipated to recover due to improved profitability in the pig farming sector and a rebound in aquaculture [37][38] Group 3: Pet Industry - The pet industry is experiencing significant growth driven by a younger demographic of pet owners, with 90s and 00s generation pet owners accounting for over 66.8% of the market by 2024 [45][47] - The average annual spending on pets in China is currently at 2419 yuan, indicating room for growth compared to international standards [46][47] - The market share of domestic pet brands is increasing, with the top five domestic brands reaching a combined market share of 13.9% in 2024, while foreign brands are declining [54][55] Group 4: Snack Retail Industry - The snack retail industry is transitioning towards a dual oligopoly structure, with leading brands like Mingming and Wancheng expected to capture significant market shares of 34% and 30% respectively by May 2025 [4][39] - The industry has substantial room for expansion, with an estimated ceiling of 67,000 stores, indicating a potential for 1.4 times current capacity [4][39] - The profitability of leading snack retail companies is projected to improve due to economies of scale and enhanced bargaining power with suppliers [4][39]

证券代码：300972 证券简称：万辰集团 公告编号：2025-047 福建万辰生物科技集团股份有限公司 关于公司 2024 年限制性股票激励计划首次授予部分 第一个归属期（第一批次）归属条件成就的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或者重大遗漏。 重要内容提示： 票 根据福建万辰生物科技集团股份有限公司（以下简称"公司"或"万辰集团"） 于 2025 年 6 月 23 日召开的第四届董事会第二十七次会议和第四届监事会第二 十八次会议，分别审议通过了《关于公司 2024 年限制性股票激励计划首次授予 部分第一个归属期（第一批次）归属条件成就的议案》，董事会认为根据《上市 公司股权激励管理办法》（以下简称"《管理办法》"）、《公司 2024 年限制 性股票激励计划》（以下简称"《激励计划》"或"本激励计划"）的有关规定， 本激励计划首次授予部分的第一个归属期（第一批次）归属条件已经成就，同意 为符合条件的 7 名激励对象办理 309.20 万股第二类限制性股票归属相关事宜。 现将有关事项说明如下： 一、本激励计划简述及已履行的相关审批程序 （一）限制性股票激 ...

证券代码：300972 证券简称：万辰集团 公告编号：2025-041 福建万辰生物科技集团股份有限公司 第四届董事会第二十七次会议决议公告 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。 一、董事会会议召开情况 福建万辰生物科技集团股份有限公司（以下简称"公司"）第四届董事会第 二十七次会议于 2025 年 6 月 23 日在公司会议室以现场结合通讯方式召开，本次 董事会会议通知于 2025 年 6 月 20 日以书面、电子邮件的形式向公司全体董事发 出。会议应参与表决董事 9 名，实际参与表决董事 9 名。本次会议由公司董事长 王健坤主持，公司监事和高级管理人员列席会议。本次会议的召开符合《中华人 民共和国公司法》等相关法律、法规以及《福建万辰生物科技集团股份有限公司 章程》（以下简称"《公司章程》"）的规定。 二、董事会会议审议情况 根据《公司 2023 年限制性股票激励计划（草案修订稿）》（以下简称"《公 司 2023 年激励计划》"或"2023 年激励计划"）、《公司 2024 年限制性股票激 励计划》（以下简称"《公司 2024 年激励计划》"或者 ...

福建万辰生物科技集团股份有限公司 监事会关于公司 2023 年限制性股票激励计划第二个归属期（第一批 次）及 2024 年限制性股票激励计划首次授予部分第一个归属期（第 监事会同意公司本次符合归属条件的激励对象名单，并同意公司为符合 2023 年激励计划第二个归属期（第一批次）归属条件的 10 名激励对象办理第二 类限制性股票归属事宜，为符合 2024 年激励计划首次授予部分第一个归属期（第 一批次）归属条件的 7 名激励对象办理第二类限制性股票归属事宜。上述事项符 合相关法律、法规及规范性文件所规定的条件，不存在损害公司及股东利益的情 形。 特此公告。 福建万辰生物科技集团股份有限公司 监事会 2025 年 6 月 23 日 公司监事会根据《中华人民共和国公司法》（以下简称"《公司法》"）、 《中华人民共和国证券法》（以下简称"《证券法》"）、《上市公司股权激励 管理办法》（以下简称"《管理办法》"）、《深圳证券交易所创业板股票上市 规则》（以下简称"《上市规则》"）、《深圳证券交易所创业板上市公司自律 监管指南第 1 号——业务办理》等法律、法规、规范性文件以及《公司 2023 年 限制性股票激励计划（草 ...

上海信公轶禾企业管理咨询有限公司 关于 福建万辰生物科技集团股份有限公司 2023 年限制性股票激励计划 第二个归属期（第一批次）归属相关事项 之 独立财务顾问报告 独立财务顾问： 二〇二五年六月 上海信公轶禾企业管理咨询有限公司 独立财务顾问报告 目 录 | 第一章 | 声 明 3 | | --- | --- | | 第二章 | 释 义 5 | | 第三章 | 基本假设 7 | | 第四章 | 本激励计划履行的审批程序 8 | | | 第五章 本激励计划第二个归属期（第一批次）归属条件成就情况 10 | | | 一、本激励计划第二个归属期（第一批次）归属条件成就的说明 10 | | | 二、关于本次归属与已披露的股权激励计划差异情况说明 12 | | 第六章 | 本激励计划第二个归属期（第一批次）可归属的具体情况 14 | | 第七章 | 独立财务顾问的核查意见 15 | 二、本独立财务顾问本着勤勉、审慎、对上市公司全体股东尽责的态度，依 据客观公正的原则，对本激励计划事项进行了尽职调查义务，有充分理由确信所 发表的专业意见与上市公司披露的文件内容不存在实质性差异。并对本独立财务 顾问报告的真实性、准确性和 ...

上海信公轶禾企业管理咨询有限公司 关于 二〇二五年六月 上海信公轶禾企业管理咨询有限公司 独立财务顾问报告 目 录 | 第一章 | 声 明 3 | | --- | --- | | 第二章 | 释 义 5 | | 第三章 | 基本假设 7 | | 第四章 | 本激励计划履行的审批程序 8 | | 第五章 | 本激励计划首次授予部分第一个归属期（第一批次）条件成就的情况 | | | 10 | | | 一、本激励计划首次授予部分第一个归属期（第一批次）条件成就的情况 10 | | | 二、关于本次归属与已披露的股权激励计划差异情况说明 12 | | 第六章 | 本激励计划首次授予部分第一个归属期（第一批次）归属情况 14 | | 第七章 | 独立财务顾问的核查意见 15 | 福建万辰生物科技集团股份有限公司 2024 年限制性股票激励计划 首次授予部分第一个归属期（第一批次） 归属相关事项 之 独立财务顾问报告 独立财务顾问： 2 上海信公轶禾企业管理咨询有限公司 独立财务顾问报告 第一章 声 明 上海信公轶禾企业管理咨询有限公司接受委托，担任福建万辰生物科技集团 股份有限公司（以下简称"万辰集团""上市公司"或" ...

国浩律师（北京）事务所 关于 福建万辰生物科技集团股份有限公司 2024 年限制性股票激励计划授予价格调整、首 次授予部分第一个归属期（第一批次）归属条 件成就及作废部分限制性股票相关事项 之 法律意见书 北京市朝阳区东三环北路 38 号泰康金融大厦 9 层 邮编：100026 9 th Floor, Taikang Financial Tower, No. 38 North Road East Third Ring, Chaoyang District, Beijing, 100026, China 电话/Tel: 010-65890699 传真/Fax: 010-65176800 网址/Website: http://www.grandall.com.cn 二〇二五年六月 | 释 义 2 | | --- | | 一、本次调整、本次归属和本次作废的批准与授权 4 | | 二、本次调整的具体情况 6 | | 三、本次归属的具体情况 6 | | 四、本次作废的具体情况 9 | | 五、结论意见 9 | 国浩律师（北京）事务所 法律意见书 释 义 在本《法律意见书》中，除非文义另有所指，下列词语具有下述含义： | ...