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]

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]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The report emphasizes the importance of identifying bottom opportunities in the liquor sector, with May retail sales data showing steady improvement [3][11] - The food and beverage index experienced a slight decline of 0.1% from June 16 to June 20, ranking 4th among primary sub-industries and outperforming the CSI 300 by approximately 0.3 percentage points [3][13] - The report highlights that the recent ban on alcohol consumption has significantly impacted liquor demand and market sentiment, leading to a continuous decline in stock prices. However, recent media clarifications have provided a slight rebound in the liquor sector [3][11] Summary by Sections 1. Weekly Insights - The liquor sector is focusing on bottom opportunities, with May retail sales data showing a steady upward trend [3][11] - The food and beverage index outperformed the market, with beer and liquor showing relative strength [3][11] 2. Market Performance - The food and beverage index had a decline of 0.1%, ranking 4th among 28 industries, with beer (+1.9%) and liquor (+1.1%) leading the performance [3][13] 3. Upstream Data - Some upstream raw material prices have decreased, which may alleviate cost pressures for beverage companies [16][33] 4. Liquor Industry News - The report notes that the liquor industry is currently in a bottoming phase, with expectations for gradual recovery as valuations become more attractive [4][12] 5. Recommended Companies - Recommended companies include Guizhou Moutai, Shanxi Fenjiu, Ximai Food, Wancheng Group, and Bairun Co. [5][12]

Group 1 - The core index of the China Securities Index for Food and Major Consumer Goods Retail has shown a decline of 2.40% over the past month, 6.58% over the past three months, and 6.48% year-to-date [1] - The index is composed of listed companies in the food and drug retail sector, reflecting the overall performance of these companies, with a base date of December 31, 2004, set at 1000.0 points [1] - The top ten weighted companies in the index include Yonghui Supermarket (6.61%), Digital China (6.21%), Wancheng Group (4.68%), Shanghai Pharmaceuticals (4.41%), Yifeng Pharmacy (4.32%), Jiuzhoutong (3.86%), Kidswant (3.41%), Sinopharm (3.25%), Wangfujing (3.17%), and TianKang (3.09%) [1] Group 2 - The market segments represented in the index include 43.94% in pharmaceutical commerce, 21.32% in supermarkets and convenience stores, 20.29% in specialty retail, and 14.46% in department stores [2] - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December each year [2] - In special circumstances, the index may undergo temporary adjustments, such as when a sample company is delisted or undergoes mergers, acquisitions, or splits [2]

证券代码：301170 证券简称：锡南科技 公告编号：2025-020 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"）2024 年年度权益分派方案已获 2025 年 5 月 12 日召开的 2024 年年度股东大会审议通过，现将权益分派事宜公告如下： 一、股东大会审议通过利润分配方案情况 1、公司 2024 年度的利润分配方案为:以截至 2024 年 12 月 31 日公司总股本 100,000,000 股为基数,公司拟向全体股东按 10 股派发现金股利 3.00 元(含税),共计 派发现金股利 30,000,000.00 元（含税），不进行公积金转增股本,不送红股。在利润 分配方案披露日至实施权益分派股权登记日期间，公司总股本若发生变动的，公司将 按照"每股分配比例不变"的原则，按照最新总股本对分配总额进行调整。 2、自上述方案披露至本次权益分派实施期间，公司股本总额未发生变化。 3、本次实施的权益分派方案与公司 2024 年年度股东大会审议通过的方案及其调 整原则一致。 4、本次实施权益分派距离公司股东大会审议 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The report emphasizes that the value of liquor allocation is stronger, and consumer goods are embracing new consumption trends. The food and beverage index increased by 0.5% from May 12 to May 16, ranking 15th among 28 sub-industries, underperforming the CSI 300 by approximately 0.6 percentage points. Sub-industries such as health products (+8.5%), baked goods (+2.4%), and dairy products (+1.5%) performed relatively well [3][10][12] - The report indicates that liquor companies are experiencing low revenue growth, which is already anticipated by the market. This is due to demand remaining at a low level and companies reducing channel burdens. The report suggests that liquor is currently at a bottom range, with signs of marginal recovery in business demand and a pragmatic approach from liquor companies to reduce supply growth to alleviate channel pressure. Future performance growth is expected to rise gradually [10][11] - New consumption trends are emerging, driven by changes in business models and consumer perceptions. This is reflected in the food and beverage industry through new channels. Traditional offline retail channels are facing challenges, leading to opportunities for upstream brand suppliers. Retailers are adopting differentiated product selections and focusing on quality, which benefits suppliers with strong brand and product capabilities [11][12] Summary by Sections Market Performance - The food and beverage index increased by 0.5%, ranking 15th out of 28, and underperformed the CSI 300 by about 0.6 percentage points. Health products, baked goods, and dairy products showed leading performance [10][12] - Individual stocks such as Xianle Health, Youyou Foods, and Xiwang Foods saw significant gains, while Bai Run Foods, Ganyuan Foods, and ST Jia Jia experienced declines [12][18] Upstream Data - Some upstream raw material prices have decreased. For instance, the price of whole milk powder increased by 30.6% year-on-year, while the price of fresh milk decreased by 10.0% year-on-year [18][21] - The price of pork increased by 1.8% year-on-year, while the price of live pigs decreased by 3.8% year-on-year [24][25] Liquor Industry News - Moutai's sales through major e-commerce channels grew by over 30% in the first four months of the year. The company is also implementing new policies to boost sales during banquets [44] Recommendations - Recommended stocks include Shanxi Fenjiu, Guizhou Moutai, and Ximai Foods. Shanxi Fenjiu is expected to have high growth certainty in the medium term, while Guizhou Moutai is focusing on sustainable development and increasing dividend rates. Ximai Foods is anticipated to improve profitability due to better raw material costs [4][51]

Group 1: Business Expansion and Market Strategy - The company is actively expanding its customer base and market presence, particularly in the fuel cell stack sector for energy storage, with a focus on high-quality new clients [2] - Strategic cooperation has been established with key players such as Sijia Tobo in hydrogen fuel cell storage components, and Siemens in the medium and high voltage control sector, enhancing the company's supplier qualifications [2][3] - Thailand is identified as a crucial hub for overseas capacity layout, targeting the Southeast Asian market to boost international competitiveness [3] Group 2: Competitive Response and Market Share - To address intense competition in the automotive parts industry, the company is accelerating overseas capacity construction and expanding its market scale [3] - The company plans to actively explore new business opportunities in the domestic market to increase market share while continuously promoting cost reduction and efficiency improvement [3] Group 3: Investor Relations and Future Plans - The company has not disclosed any significant undisclosed information during the investor relations activity [3] - Future share repurchase plans will be disclosed in accordance with relevant regulations if they arise [3]

证券代码：301170 证券简称：锡南科技 公告编码：2025-019 无锡锡南科技股份有限公司 关于部分募投项目变更后签订募集资金专户存储三方 监管协议的公告 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4月21日召开 第二届董事会第九次会议和第二届监事会第八次会议，于 2025年5月12日召开 2024年年度股东大会，审议通过了《关于变更部分募投项目并使用超募资金投 资建设的议案》，具体内容详见公司在巨潮资讯网披露的相关公告。 基于部分募投项目已变更，为规范公司募集资金的管理及使用，保护投资 者权益，根据《深圳证券交易所上市公司自律监管指引第 2 号—创业板上市公 司规范运作》《上市公司监管指引第 2 号——上市公司募集资金管理和使用的 监管要求》等相关要求及董事会授权，公司开设了新的募集资金专项账户用于 变更后募投项目专项募集资金的存储和使用，并与保荐人、开户银行签署《募 集资金三方监管协议》。现将有关事项公告如下： | 账户名称 | 开户银行 | 银行账号 | 募集资金用途 | | --- ...

2024 年年度股东大会的 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 2024 年年度股东大会的 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 致：无锡锡南科技股份有限公司 根据《中华人民共和国证券法（2019 年修订）》（以下简称"《证券法》"） 《中华人民共和国公司法（2023 修订）》（以下简称"《公司法》"）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 2024 年年度股东大会（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意见，并不对本次股 ...