Investment Rating - The report suggests a positive outlook for the liquor sector, particularly for high-end brands like Guizhou Moutai and Wuliangye, indicating a left-side configuration opportunity in the white liquor segment [3][12][14]. Core Insights - The report highlights that the core products in the liquor industry, such as Feitian Moutai and Wuliangye, have seen a rebound in wholesale prices, attributed to effective channel management by manufacturers [2][12]. - It is anticipated that the sales volume in the white liquor sector will decline by approximately 20% year-on-year, but the rate of decline is expected to narrow compared to previous months, indicating a potential stabilization in the market [11][12]. - The report emphasizes the increasing diversification of purchasing channels for liquor, with a notable shift towards online and new media platforms, which is reshaping consumer behavior [2][12][14]. Summary by Sections White Liquor - The report notes a recovery in the wholesale prices of key products, driven by improved channel management and a positive reception during the upcoming Mid-Autumn and National Day holidays [2][12]. - It suggests that the white liquor sector is entering a phase where inventory levels can be significantly reduced, leading to a temporary release of price pressure [12][14]. - Recommendations include focusing on high-end brands with strong market positions and exploring potential catalysts in the broader liquor market [3][12][14]. Beer - The beer sector is experiencing steady recovery in on-premise consumption, with companies diversifying into non-draft channels and soft drinks [14]. - The report encourages continued attention to the beer sector due to its solid performance and dividend levels [3][14]. Yellow Wine - The yellow wine industry is seeing price increases among leading brands, which may lead to a more stable competitive landscape [14]. - The report highlights the importance of marketing and product innovation in the yellow wine sector as it approaches peak season [14]. Snacks - The snack industry is maintaining high growth, with new retail channels expanding rapidly and product diversity increasing [4][15]. - The report suggests that the upcoming holiday season will boost demand for snack products, particularly nut gift boxes [4][15]. Soft Drinks - The soft drink sector is nearing the end of its peak season, with segments like energy drinks and sugar-free teas showing strong growth [4][16]. - The report indicates that traditional categories are facing challenges, but health-oriented products are performing well [4][16]. Condiments - The condiment sector is stabilizing, with expectations of demand recovery in the restaurant chain segment [5][17]. - The report recommends focusing on companies with strong competitive advantages and improving profit margins [5][17].

9月23日，锡南科技跌0.72%，成交额4644.34万元。两融数据显示，当日锡南科技获融资买入额561.39 万元，融资偿还261.78万元，融资净买入299.61万元。截至9月23日，锡南科技融资融券余额合计 5243.21万元。 责任编辑：小浪快报 资料显示，无锡锡南科技股份有限公司位于江苏省无锡市滨湖区胡埭工业园冬青路20号，成立日期2005 年2月3日，上市日期2023年6月27日，公司主营业务涉及汽车轻量化领域铝合金零部件的研发、生产和 销售。主营业务收入构成为：汽车零部件89.08%，其他收入10.92%。 截至9月19日，锡南科技股东户数8864.00，较上期减少2.95%；人均流通股3787股，较上期增加3.03%。 2025年1月-6月，锡南科技实现营业收入5.40亿元，同比减少0.43%；归母净利润5316.04万元，同比增长 0.64%。 分红方面，锡南科技A股上市后累计派现5500.00万元。 融资方面，锡南科技当日融资买入561.39万元。当前融资余额5243.21万元，占流通市值的5.70%，融资 余额超过近一年70%分位水平，处于较高位。 融券方面，锡南科技9月23日融券偿还0 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - In August, the growth rate of social retail sales declined, with the liquor sector stabilizing and a focus on niche segments in consumer goods. The food and beverage index fell by 2.5%, ranking 23rd among primary sub-industries, underperforming the CSI 300 by approximately 2.1 percentage points. The sub-industries of processed foods (+0.3%), soft drinks (+0.1%), and health products (0.0%) performed relatively well [4][13][15] - The total retail sales of consumer goods in August 2025 increased by 3.4% year-on-year, with a month-on-month decline of 0.3 percentage points from July. The weakening growth rate is attributed to the diminishing marginal effects of the "old-for-new" policy and a general weakness in consumer demand across various categories [4][13] - The liquor industry is currently in a destocking phase, with high inventory levels in some products. However, there are signs of improvement in terminal demand, and the sector is expected to see a recovery in consumption during the upcoming Mid-Autumn Festival and National Day holidays [5][14] Summary by Sections Market Performance - The food and beverage index experienced a decline of 2.5%, ranking 23rd out of 28 sectors, and underperformed the CSI 300 by about 2.1 percentage points. Leading individual stocks included Qianwei Yangchun, Rizhiyuan, and Weizhi Xiang, while Jiahe Foods, Jinzi Ham, and Junyao Health saw significant declines [15][17] Upstream Data - Some upstream raw material prices have decreased. For instance, the price of whole milk powder was $3,790 per ton, down 0.5% month-on-month but up 9.9% year-on-year. Conversely, the price of fresh milk was 3.0 yuan per kilogram, unchanged month-on-month but down 3.5% year-on-year [18][20] Liquor Industry Data - The cumulative production of liquor from January to August 2025 was 2.352 million kiloliters, a decrease of 9% year-on-year. In August alone, production fell by 18.2% year-on-year [41][43] Recommended Portfolio - The report recommends a portfolio including Guizhou Moutai, Shanxi Fenjiu, Ximai Foods, Wancheng Group, and Bairun Shares, highlighting their growth potential and market positioning [6][14]

证券代码：301170 证券简称：锡南科技 公告编码：2025-029 无锡锡南科技股份有限公司 关于完成公司章程工商备案登记的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 无锡锡南科技股份有限公司（以下简称"公司"）于 2025 年 8 月 20 日召开 第二届董事会第十次会议审议通过了《关于修订<公司章程>并办理工商变更登记 的议案》，2025 年 9 月 12 日公司召开 2025 年第二次临时股东大会审议通过《关 于修订<公司章程>并办理工商变更登记的议案》。具体内容详见公司 2025 年 8 月 22 日在巨潮资讯网（www.cninfo.com.cn）上披露的《关于修订<公司章程> 并办理工商变更登记的公告》（公告编号：2025-023）。 截至本公告披露日，公司已完成上述工商备案登记手续。根据无锡市数据局 规范性要求，公司调整了《公司章程》部分条款的措辞，调整内容与公司 2025 年第二次临时股东大会审议通过的《公司章程》不存在实质性差异。 公司同日在巨潮资讯网（www.cninfo.com.cn）上披露了经无锡市数据局核 准的《公司章程 ...

无锡锡南科技股份有限公司 章 程 2025 年 9 月 | | | | | | 无锡锡南科技股份有限公司章程 第一章 总则 第一条 为维护无锡锡南科技股份有限公司（以下简称"公司"或"本公司"）、 股东、职工和债权人的合法权益，规范公司的组织和行为，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》"）和其他有关法律、法规的规定，制定《无锡锡南科技股份有限公司章 程》（以下简称"本章程"）。 第二条 公司系依照《公司法》《证券法》和其他有关法律、法规的规定成 立的股份有限公司。 第三条 公司以发起设立方式设立。公司在无锡市数据局注册登记，取得统 一社会信用代码为 91320211769137321E 的《营业执照》。 第四条 公司经中国证券监督管理委员会（以下简称"中国证监会"）《关于 同意无锡锡南科技股份有限公司首次公开发行股票注册的批复》（证监许可〔2023〕 729 号）同意注册，首次向社会公众发行人民币普通股，于 2023 年 6 月 27 日在 深圳证券交易所创业板上市。 第五条 公司注册名称：无锡锡南科技股份有限公司 公司英文名称：Wuxi X ...

Group 1 - The company primarily focuses on aluminum alloy products and currently does not have other materials in development [2] - There is no mention of magnesium alloy or magnesium-aluminum alloy products or technology reserves [2]

Group 1 - The company, Xinan Technology (301170.SZ), primarily focuses on aluminum alloy products and does not currently offer other materials [1]

Investment Rating - The investment rating for the food and beverage industry is "Positive" (maintained) [1] Core Viewpoints - The white liquor market is gradually stabilizing, with health and nutrition creating a second growth curve for Ximai. The food and beverage index increased by 1.1% from September 8 to September 12, ranking 17th among 28 sub-industries, underperforming the CSI 300 by approximately 0.3 percentage points. The sub-industries of meat products (+3.0%), white liquor (+1.7%), and pre-processed foods (+0.4%) performed relatively well. The white liquor sector is currently under demand pressure, with slight price declines for Feitian Moutai, indicating terminal demand stress. However, there are signs of improvement in terminal sales for Moutai since the end of August, suggesting that the bottom for the white liquor market is approaching. It is expected that the economic activity will increase with the implementation of large-scale infrastructure projects, leading to a stable upward trend in the white liquor market [4][11][12]. Summary by Sections Weekly Viewpoints - The white liquor market is stabilizing, and health products are becoming a potential growth area for Ximai. The food and beverage index's performance is lagging behind the market, with specific sub-industries showing better results [4][11]. Market Performance - The food and beverage index rose by 1.1%, ranking 17th out of 28 sectors, and underperformed the CSI 300 by about 0.3 percentage points. Meat products, white liquor, and pre-processed foods led the sub-industry performance [11][13]. Upstream Data - Some upstream raw material prices are declining, with full-fat milk powder auction prices down by 5.6% month-on-month but up by 12.2% year-on-year. Domestic fresh milk prices are also showing a downward trend [18][21]. Liquor Industry News - The liquor industry is seeing new product launches to adapt to market changes, with companies like Wuliangye and Zhenjiu introducing new products targeting younger consumers. The market is expected to recover as risks are released and new products are introduced [4][39]. Recommended Portfolio - The recommended stocks include Guizhou Moutai, Shanxi Fenjiu, Ximai Food, Wancheng Group, and Bairun Shares, with each company showing potential for growth despite current market pressures [5][43].

上海市锦天城律师事务所 关于无锡锡南科技股份有限公司 2025 年第二次临时股东大会的 法律意见书 地址：上海市浦东新区银城中路 501 号上海中心大厦 9/11/12 层 电话：021-20511000 传真：021-20511999 邮编：200120 上海市锦天城律师事务所 法律意见书 上海市锦天城律师事务所 关于无锡锡南科技股份有限公司 2025 年第二次临时股东大会的 法律意见书 致：无锡锡南科技股份有限公司 根据《中华人民共和国公司法（2023 修订）》（以下简称"《公司法》"） 《中华人民共和国证券法（2019 年修订）》（以下简称"《证券法》"）和中 国证券监督管理委员会《上市公司股东会规则》等法律、法规和其他有关规范性 文件的要求，上海市锦天城律师事务所（以下简称"本所"）接受无锡锡南科技 股份有限公司（以下简称"锡南科技"或"公司"）的委托，指派律师参加公司 2025 年第二次临时股东大会（以下简称"本次股东大会"或"本次会议"）。 为出具本《法律意见书》，本所声明如下： 1、本所律师仅对本次股东大会的召集程序、召开程序、出席会议人员资格、 召集人资格、表决程序、表决结果及会议决议发表法律 ...

证券代码：301170 证券简称：锡南科技 公告编号：2025-027 无锡锡南科技股份有限公司 无锡锡南科技股份有限公司（以下简称"公司"）召开 2025 年第二次临时股东大 会的通知已于 2025 年 8 月 22 日在巨潮资讯网(http://www.cninfo.com.cn)刊登公告。 特别提示： 1、 本次股东大会无否决议案的情况； 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、会议召开和出席情况 1、会议通知情况 2025 年第二次临时股东大会决议公告 2、会议召开情况 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。 本次会议采用现场投票和网络投票相结合的方式召开。其中通过深圳证券交易所 交易系统进行网络投票的时间为 2025 年 9 月 12 日上午 9:15 至 9:25，9:30 至 11:30， 下午 13:00 至 15:00；通过深圳证券交易所互联网系统投票的具体时间为 2025 年 9 月 12 日上午 9:15 至下午 15:00 期间的任意时间。 出席现场会议和参加网络投票的股东及股东代表共 47 人，代表公司有表 ...