Quantitative Models and Construction Methods Jump Imbalance Indicator - **Model Name**: Jump Imbalance Indicator - **Model Construction Idea**: Measures the difference in the strength of upward and downward jumps in stock prices[2] - **Model Construction Process**: - Formula: $$D_{i,t}^{N J}=\frac{\mathrm{No.of~Pjumps}_{i}^{d}\mathrm{\-~No.of~Njumps}_{i}^{d}}{\mathrm{No.of~Tjumps}_{i}^{d}}$$[14] - Parameters: - No.of Pjumps: Number of days with positive jumps in the past 20 trading days - No.of Njumps: Number of days with negative jumps in the past 20 trading days - No.of Tjumps: Number of days with jumps in the past 20 trading days[15] - **Model Evaluation**: Effective for timing the market but not outstanding[20] - **Model Testing Results**: - Annualized return: 6.23% - Sharpe ratio: 0.57 - Profit-loss ratio: 1.46 - Annualized excess return: 4.48% - Sharpe ratio (excess): 0.34[22] Implied Jump Imbalance Indicator - **Model Name**: Implied Jump Imbalance Indicator - **Model Construction Idea**: Reflects the jump information of stocks not affected by market jumps, potentially containing expectations of future performance or insider trading probability[23] - **Model Construction Process**: - Formula: $$D_{i,t}^{IJ}=\frac{\text{No.of Pumps}_{i}|\text{No Market Jump-No.of Numps}_{i}|\text{No Market Jump}}{\text{No.of Tumps}_{i}|\text{No Market Jump}}$$[23] - Parameters: - No.of Pjumps | No Market Jump: Number of days with positive jumps when the market index did not jump - No.of Njumps | No Market Jump: Number of days with negative jumps when the market index did not jump - No.of Tjumps | No Market Jump: Number of days with jumps when the market index did not jump[23] - **Model Evaluation**: Shows better performance compared to the Jump Imbalance Indicator[31] - **Model Testing Results**: - Annualized return: 9.93% - Sharpe ratio: 0.82 - Calmar ratio: 0.75 - Profit-loss ratio: 2.05 - Annualized excess return: 8.46% - Sharpe ratio (excess): 0.77 - Calmar ratio (excess): 1.12[34] Jump Imbalance Dispersion Indicator - **Model Name**: Jump Imbalance Dispersion Indicator - **Model Construction Idea**: Represents the dispersion of jump imbalance among stocks, indicating market sentiment divergence[39] - **Model Construction Process**: - Formula: $$\Delta J_{R_{Std}}$$[39] - Parameters: - Standard deviation of implied jump imbalance indicator among stocks[39] - **Model Evaluation**: Effective for timing the market[39] - **Model Testing Results**: - Annualized return: 9.41% - Sharpe ratio: 0.74 - Calmar ratio: 0.70 - Profit-loss ratio: 1.50 - Annualized excess return: 7.91% - Sharpe ratio (excess): 0.69 - Calmar ratio (excess): 0.72[42] Composite Indicator - **Model Name**: Composite Indicator - **Model Construction Idea**: Combines implied jump imbalance indicator and jump imbalance dispersion indicator for better market timing[40] - **Model Construction Process**: - Formula: $$\Delta J_{R} > 0 \text{ and } \Delta J_{R_{Std}} < 0$$[40] - Parameters: - Implied jump imbalance indicator - Jump imbalance dispersion indicator[40] - **Model Evaluation**: Shows significant improvement in market timing effectiveness[40] - **Model Testing Results**: - Annualized return: 16.5% - Sharpe ratio: 1.28 - Calmar ratio: 2.41 - Annualized excess return: 15.49% - Sharpe ratio (excess): 0.82 - Calmar ratio (excess): 0.88[45] Quantitative Factors and Construction Methods Jump Imbalance Factor - **Factor Name**: Jump Imbalance Factor - **Factor Construction Idea**: Measures the difference in the strength of upward and downward jumps in stock prices[2] - **Factor Construction Process**: - Formula: $$D_{i,t}^{N J}=\frac{\mathrm{No.of~Pjumps}_{i}^{d}\mathrm{\-~No.of~Njumps}_{i}^{d}}{\mathrm{No.of~Tjumps}_{i}^{d}}$$[14] - Parameters: - No.of Pjumps: Number of days with positive jumps in the past 20 trading days - No.of Njumps: Number of days with negative jumps in the past 20 trading days - No.of Tjumps: Number of days with jumps in the past 20 trading days[15] - **Factor Evaluation**: Effective for timing the market but not outstanding[20] - **Factor Testing Results**: - Annualized return: 6.23% - Sharpe ratio: 0.57 - Profit-loss ratio: 1.46 - Annualized excess return: 4.48% - Sharpe ratio (excess): 0.34[22] Implied Jump Imbalance Factor - **Factor Name**: Implied Jump Imbalance Factor - **Factor Construction Idea**: Reflects the jump information of stocks not affected by market jumps, potentially containing expectations of future performance or insider trading probability[23] - **Factor Construction Process**: - Formula: $$D_{i,t}^{IJ}=\frac{\text{No.of Pumps}_{i}|\text{No Market Jump-No.of Numps}_{i}|\text{No Market Jump}}{\text{No.of Tumps}_{i}|\text{No Market Jump}}$$[23] - Parameters: - No.of Pjumps | No Market Jump: Number of days with positive jumps when the market index did not jump - No.of Njumps | No Market Jump: Number of days with negative jumps when the market index did not jump - No.of Tjumps | No Market Jump: Number of days with jumps when the market index did not jump[23] - **Factor Evaluation**: Shows better performance compared to the Jump Imbalance Factor[31] - **Factor Testing Results**: - Annualized return: 9.93% - Sharpe ratio: 0.82 - Calmar ratio: 0.75 - Profit-loss ratio: 2.05 - Annualized excess return: 8.46% - Sharpe ratio (excess): 0.77 - Calmar ratio (excess): 1.12[34] Jump Imbalance Dispersion Factor - **Factor Name**: Jump Imbalance Dispersion Factor - **Factor Construction Idea**: Represents the dispersion of jump imbalance among stocks, indicating market sentiment divergence[39] - **Factor Construction Process**: - Formula: $$\Delta J_{R_{Std}}$$[39] - Parameters: - Standard deviation of implied jump imbalance indicator among stocks[39] - **Factor Evaluation**: Effective for timing the market[39] - **Factor Testing Results**: - Annualized return: 9.41% - Sharpe ratio: 0.74 - Calmar ratio: 0.70 - Profit-loss ratio: 1.50 - Annualized excess return: 7.91% - Sharpe ratio (excess): 0.69 - Calmar ratio (excess): 0.72[42] Composite Factor - **Factor Name**: Composite Factor - **Factor Construction Idea**: Combines implied jump imbalance factor and jump imbalance dispersion factor for better market timing[40] - **Factor Construction Process**: - Formula: $$\Delta J_{R} > 0 \text{ and } \Delta J_{R_{Std}} < 0$$[40] - Parameters: - Implied jump imbalance factor - Jump imbalance dispersion factor[40] - **Factor Evaluation**: Shows significant improvement in market timing effectiveness[40] - **Factor Testing Results**: - Annualized return: 16.5% - Sharpe ratio: 1.28 - Calmar ratio: 2.41 - Annualized excess return: 15.49% - Sharpe ratio (excess): 0.82 - Calmar ratio (excess): 0.88[45] Factor Backtesting Results Jump Imbalance Factor - **Annualized return**: 6.23% - **Sharpe ratio**: 0.57 - **Profit-loss ratio**:

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [1][3]. Core Insights - The company is experiencing explosive growth in revenue, driven by new consumer demand for floor cleaning machines and washing machines, with a current valuation of 20 times earnings, indicating significant undervaluation [1]. - The company has achieved leading market share in both sweeping and washing machines, with online market share for sweeping machines rising to 26% in April 2025, surpassing competitors [6]. - The report forecasts a robust growth trajectory for the company's revenue and net profit over the next few years, with expected net profits of 20 billion, 25 billion, and 30 billion for 2025, 2026, and 2027 respectively [6]. Financial Data and Valuation - Total revenue is projected to grow from 8,654 million in 2023 to 24,050 million in 2027, reflecting a compound annual growth rate (CAGR) of approximately 31% [2][13]. - Operating profit is expected to fluctuate, with a peak in 2023 at 2,317 million, followed by a decline in 2024, and then a recovery to 3,406 million by 2027 [2][13]. - The company's net profit is projected to show a slight decline in 2024, with a recovery in subsequent years, reaching 3,018 million by 2027 [2][13]. - The price-to-earnings (PE) ratio is expected to decrease from 20.5 in 2023 to 13.9 in 2027, indicating improving valuation metrics over time [2][13]. Market Position and Competitive Landscape - The company has successfully expanded its market presence in overseas markets, achieving leading sales positions in regions such as Northern Europe and Turkey [6]. - The introduction of new products and pricing strategies has allowed the company to capture significant market share, particularly in the domestic market, where it has seen substantial growth in both online and offline sales [6]. - The competitive landscape is becoming less intense, allowing the company to solidify its market leadership [6].

Investment Rating - The report initiates coverage with a "Strong Buy" rating for Tencent Music [1][7]. Core Insights - Tencent Music, backed by Tencent, has a solid content copyright advantage and is leveraging innovative technologies like AIGC to enhance member benefits, which is expected to further increase the paid user rate and ARPU [1][7]. - The company is projected to achieve revenue growth from 310 billion to 376 billion CNY from 2025 to 2027, with adjusted net profits expected to rise from 89 billion to 110 billion CNY during the same period [7][8]. Company Overview - Tencent Music Entertainment Group was established in 2016 through the merger of Tencent and China Music Corporation (CMC), which had long-term agency agreements with nearly 100 record companies, holding a vast library of over 20 million licensed songs [7][13]. - The company has built a strong content barrier by integrating QQ Music and CMC, covering most core copyright resources and maintaining deep collaborations with major labels [7][13]. Core Business - The core business is divided into online music services and social entertainment services, with online music becoming the main growth driver, accounting for over 54% of total revenue in 2024 [7][24]. - Online music service revenue is expected to reach 217.4 billion CNY in 2024, with a year-on-year growth of 25.5%, driven by an increase in paid users and average revenue per user (ARPU) [24][30]. Industry Analysis - Tencent Music is positioned as a leader in the online music market, holding approximately 70% market share, and is compared to global leaders like Spotify and Apple Music, with significant room for growth in paid user rates [7][49]. - The report highlights the increasing maturity of domestic users' willingness to pay, which, combined with diversified member benefits, is expected to drive further growth in paid user rates and ARPU [7][62]. Financial Projections - The report forecasts total revenue for Tencent Music to reach 30,957 million CNY in 2025, with a year-on-year growth of 9%, and adjusted net profit to reach 8,897 million CNY, reflecting a 16% increase [8][24]. - The PE ratio is projected to decrease from 22.8 in 2025 to 18.4 by 2027, indicating a favorable valuation trend [8][24].

Core Insights - The report indicates that the market is likely to experience a period of index fluctuations in June, with large-cap and quality indices expected to outperform [1] - The implementation of new quantitative regulations is anticipated to reduce the activity of quantitative funds, leading to a less favorable environment for small-cap stocks [1][3] - The liquidity environment is currently more favorable for large-cap and quality stocks due to regulatory and funding conditions [1] Liquidity Analysis - Recent regulatory actions have led to a clear divergence in market styles, with large-cap value and small-cap stocks both showing strength [3][8] - The trading volume of the CSI 2000 index has increased significantly, reaching over 35% of total A-share trading volume, while the CSI 300 has dropped to around 15% [8][9] - The net inflow of funds in the secondary market has shifted from outflow to inflow, with ETF net inflows recorded at 57.1 billion [3][27] Market Sentiment - Investor activity has decreased, leading to an increase in equity risk premiums [36] - The VIX index has declined, indicating improved risk appetite in the market [38] - The sectors attracting significant net inflows include automotive, electric equipment, and food and beverage, while sectors like pharmaceuticals and agriculture have seen net outflows [45][46] Regulatory Developments - The implementation of the "Procedural Trading Management Implementation Rules" is expected to reduce the trading activity of small-cap stocks [11][13] - Continuous efforts to regulate online financial information and illegal stock recommendations may further suppress the trading of small-cap stocks [14] Funding Supply and Demand - The supply of funds has decreased, with new equity mutual funds issued at 92.3 million units, down from previous levels [27] - The demand for funds has also decreased, with IPO financing dropping to 28.8 million and significant net selling by major shareholders [31]

Supply and Demand Analysis - In May, the manufacturing PMI showed stability, with the production index above 50%, while new orders, raw material inventory, and employment remained below the critical threshold[3] - The non-manufacturing PMI was at 50.3%, a slight decrease of 0.1 percentage points month-on-month, indicating marginal contraction in services[3] - Real estate investment continues to drag down overall investment, with the construction PMI dropping by 0.9 percentage points to 51%[3] Consumption and Investment Trends - Supported by policy, consumer demand showed improvement, with automobile sales increasing by 26% year-on-year in the last week of May[3] - Real estate sales in 30 cities exceeded 2 million square meters, marking a new high for Q2, with a significant reduction in year-on-year decline[3] - The manufacturing PMI for consumer goods returned to the expansion zone, indicating a recovery in consumer goods production[3] Trade and Export Performance - The external trade situation remained resilient, with the SCFI index rising by 30.7% to 2072.71, and the NCFI index increasing by 51.5% to 1676.25[3] - Port cargo throughput exceeded 270 million tons, showing a month-on-month recovery, indicating strong export activity[3] Economic Outlook and Risks - The economic outlook remains uncertain due to geopolitical risks and potential underperformance of domestic policies[3] - There is a likelihood of reduced contribution from exports to economic growth in the second half of the year, necessitating a reliance on domestic demand to fill the gap[3]

Investment Rating - The report maintains a "Strong Buy" rating for the company [4][8]. Core Insights - The company is a leading player in the automotive passive safety industry, with a market share exceeding 35%, and is actively expanding into overseas markets, particularly through its production base in Vietnam [4][15]. - The company is strategically investing in the semiconductor and computing power manufacturing sectors, having acquired a 42.16% stake in Fuchuang Youyue and planning to increase its ownership to 100% [3][4]. - The company is focusing on high-quality development and new industrial opportunities, leveraging both internal growth and external investments [1][4]. Summary by Sections 1. Strengthening Passive Safety Business and Embracing Overseas Markets - The company is positioned in high-end, domestic, and new energy directions for its automotive passive safety products, with a projected revenue of approximately RMB 2.58 billion in 2024, reflecting a year-on-year growth of 32.23% [2][4]. - The company has established a production base in Vietnam, which officially commenced operations in April 2025, with a planned capacity of approximately RMB 2 billion, targeting Southeast Asia, Japan, South Korea, and India [2][4][61]. - The revenue from new energy vehicle manufacturers is expected to account for nearly 30% of total revenue in 2024, driven by the increasing penetration of new energy vehicles [2][40]. 2. Entering the Computing Power Manufacturing Sector - The company has strategically invested in Fuchuang Youyue, committing a total of RMB 383.36 million to acquire a significant stake, with plans to fully integrate the company into its operations [3][4]. - The focus on semiconductor and computing power manufacturing aligns with national strategic initiatives and the evolving industrial landscape [1][3]. - The company aims to enhance its business layout in the semiconductor sector and integrate the supply chain of Fuchuang Youyue [3][4]. 3. Profit Forecast and Investment Recommendations - The company is projected to achieve a net profit of RMB 497 million in 2025, with a year-on-year growth of 79% [9][4]. - The report anticipates continued revenue growth, with total revenue expected to reach RMB 2.935 billion in 2025, reflecting a 33% increase [9][4]. - The company is expected to maintain a strong financial position, with a return on equity (ROE) of 9.8% and a debt-to-asset ratio of 37.6% [4][9].

Investment Rating - The report gives a "Strong Buy" investment rating for the company [4]. Core Views - The company is positioned as a leading provider of integrated smart services in the telecommunications sector, leveraging the AI model wave to ignite new growth engines [1][8]. - The company has a strong focus on shareholder returns, with a dividend payout ratio increasing from 36% to 42% over the past five years, and a significant cash reserve of 38.11 billion yuan as of the end of 2024 [8][24]. - The strategic focus on emerging industries, particularly in digital infrastructure, green low-carbon initiatives, smart cities, and emergency safety, has resulted in substantial growth, with new contracts in these areas exceeding 78 billion yuan in 2024, marking a 30% year-on-year increase [8][28]. - The company's profitability is on the rise, with a projected revenue of over 150 billion yuan in 2024 and a continuous improvement in gross margin from 11.03% in 2021 to 11.73% in 2024 [8][28]. Company Overview - The company is a major player in the telecommunications infrastructure sector, providing comprehensive services including planning, construction, and operational support [12]. - It operates under a diversified ownership structure, with significant stakes held by major telecommunications operators, ensuring stable governance and strategic alignment [22][24]. Business and Market - The company operates three main business segments: Telecommunications Infrastructure Services (TIS), Business Process Outsourcing (BPO), and Applications, Content, and Other Services (ACO) [28]. - In 2024, TIS is expected to contribute 75.17 billion yuan, accounting for 50.1% of total revenue, while BPO and ACO are projected to contribute 43.46 billion yuan and 31.37 billion yuan, respectively [28][31]. - The company serves various markets, including domestic telecommunications operators, enterprise customers, and international markets across Asia-Pacific, the Middle East, Africa, and Latin America [29]. Financial Analysis - The financial forecast indicates a steady increase in total revenue from 149.14 billion yuan in 2023 to 166.01 billion yuan by 2027, with a compound annual growth rate (CAGR) of approximately 4% [3]. - The net profit is projected to grow from 3.58 billion yuan in 2023 to 4.10 billion yuan in 2027, reflecting a consistent upward trend in profitability [3][8]. Emerging Strategic Industries - The company is actively expanding into strategic emerging industries, with a focus on digital infrastructure, which is expected to be a primary growth driver, particularly benefiting from the AI model wave [8][18]. - The company has secured 21 major projects in the digital infrastructure sector, which represents 51% of its new large-scale contracts [8].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report The report analyzes the primary and secondary market conditions of local government bonds in the week, including net financing, issuance terms, issuance spreads, secondary spreads, and trading volume. It also provides information on the planned issuance of local government bonds in the second quarter of 2025 and the investment directions of newly - added special bonds [1][4]. 3. Summary by Relevant Catalogs 3.1 Primary Market Issuance Situation - **Net Financing**: This week, local government bonds issued a total of 228.2 billion yuan, with a net financing of 137.4 billion yuan. The issuance of new general bonds was 23.6 billion yuan, new special bonds 158 billion yuan, refinancing general bonds 41.6 billion yuan, and refinancing special bonds 5.1 billion yuan. Next week, the planned issuance is 109.6 billion yuan, with a net financing of 50.5 billion yuan, a decrease of 86.9 billion yuan compared to this week [1][3]. - **Issuance Terms**: The 7 - year local government bonds had the highest issuance proportion this week (32%), and the proportion of bonds with a term of 10 years and above was 60%, showing a decline compared to last week. The issuance proportion of 10 - year bonds decreased significantly, with a month - on - month decrease of about 19 percentage points [1]. - **Debt - Resolution - Related Local Government Bonds**: This week, special refinancing bonds issued a total of 5 billion yuan. In 2025, 33 regions have disclosed plans to issue special bonds for replacing implicit debts, with a total of 1.6568 trillion yuan. Among them, Jiangsu, Sichuan, Shandong, and Hubei plan to issue 251.1 billion yuan, 98.4 billion yuan, 90.1 billion yuan, and 80.8 billion yuan respectively [2]. - **Issuance Spreads**: The weighted average issuance spread of local government bonds this week was 7.8bp, narrowing compared to last week. The 30 - year local government bonds had the highest weighted average issuance spread, reaching 22.3bp. Except for the 20 - year and 30 - year bonds, the weighted average issuance spreads of other terms narrowed [1]. - **Investment Directions of Raised Funds**: As of the end of this week, the main investment directions of newly - added special bonds in 2025 were cold - chain logistics, municipal and industrial park infrastructure construction (32%), transportation infrastructure (21%), affordable housing projects (12%), and social undertakings (12%). The proportion of land reserve investment increased by 7.8% compared to 2024 [2]. - **Issuance Plan**: As of the end of this week, 36 regions have disclosed the local government bond issuance plan for the second quarter of 2025. Considering the actual issuance scale in April and May, the total planned issuance in the second quarter is expected to reach 2.35 trillion yuan, with 873.5 billion yuan planned for June. The planned issuance of new bonds and refinancing bonds in the second quarter is 1273.2 billion yuan and 1073.1 billion yuan respectively [3]. 3.2 Secondary Market Situation - **Secondary Spreads**: This week, the 15 - year and 30 - year local government bonds had advantages in secondary spreads, with spreads of 20.7bp and 19.6bp respectively. The secondary spread of 10 - year bonds widened significantly. From the perspective of historical quantiles in the past three years, the 30 - year local government bond's secondary spread quantile was relatively high, reaching 87%. Regionally, local government bonds with a term of over 20 years in all types of regions had relatively high secondary spreads, and 10 - 15 - year bonds in medium - level regions also had relatively higher secondary spreads [4][5]. - **Trading Volume**: This week, both the trading volume and turnover rate of local government bonds decreased. The trading volume of local government bonds reached 380.9 billion yuan, with a turnover rate of 0.75%. Jiangsu, Shandong, and Xinjiang Production and Construction Corps had relatively high turnover rates, and the trading volumes of Jiangsu, Shandong, and Sichuan were large, reaching 45.3 billion yuan, 40.9 billion yuan, and 30.4 billion yuan respectively [5].

Investment Rating - The report gives a "Strong Buy" investment rating for the company [4]. Core Viewpoints - The company is positioned as a leading provider of integrated smart services in the telecommunications sector, focusing on digital infrastructure and emerging strategic industries driven by AI [8]. - The company has shown a commitment to shareholder returns, with a dividend payout ratio increasing from 36% to 42% over the past five years [8]. - The strategic focus on emerging industries has resulted in significant growth, with new contracts in strategic sectors exceeding 78 billion yuan in 2024, marking a 30% year-on-year increase [8]. - The company's profitability is on the rise, with a projected revenue of over 150 billion yuan in 2024 and a continuous improvement in gross margin [8]. Financial Data and Valuation - Total revenue is projected to grow from 149.139 billion yuan in 2023 to 166.007 billion yuan by 2027, with a compound annual growth rate (CAGR) of approximately 4% [3]. - Operating profit is expected to increase from 2.849 billion yuan in 2023 to 3.553 billion yuan in 2027, reflecting a growth rate of 16% in 2023 [3]. - Net profit attributable to shareholders is forecasted to rise from 3.584 billion yuan in 2023 to 4.105 billion yuan in 2027, with a steady growth rate of around 5% [3]. - The company’s price-to-earnings (PE) ratio is projected to decrease from 7.9 in 2023 to 6.9 by 2027, indicating potential undervaluation [3]. Company Overview - The company is a major player in the telecommunications infrastructure sector, providing a comprehensive range of services including planning, construction, and operational support [12]. - It operates under a diversified ownership structure, with significant stakes held by major telecommunications operators [22]. - The company has evolved from being a service provider for telecom operators to a comprehensive smart service provider, focusing on digital transformation and innovation [21]. Business and Market Segmentation - The company’s business is divided into three main segments: Telecommunications Infrastructure Services (TIS), Business Process Outsourcing (BPO), and Applications, Content, and Other Services (ACO) [28]. - TIS is the largest segment, expected to generate approximately 75.172 billion yuan in revenue in 2024, accounting for 50.1% of total revenue [28]. - BPO and ACO segments are also significant, contributing 29.0% and 20.9% to total revenue, respectively [28]. Strategic Emerging Industries - The company is actively expanding into strategic emerging industries such as digital infrastructure, green low-carbon solutions, smart cities, and emergency safety [8]. - In 2024, new contracts in these strategic sectors are expected to account for 37% of total new contracts, highlighting their importance as a growth engine [8]. Profitability and R&D Investment - The company’s gross margin has improved from 11.03% in 2021 to 11.73% in 2024, indicating enhanced profitability [8]. - R&D investment is projected to exceed 5.5 billion yuan in 2024, reflecting the company’s commitment to innovation and technology advancement [8].

食品饮料行业周报（6.2） 消费品/食品饮料 本周股东大会密集召开，从各家调研反馈看，白酒企业淡季销售仍承压，政策 风险影响短期情绪，建议关注电商活动下各大主流品牌价格趋势。食品企业积 极调整战略，布局增量渠道/增量市场，稳住原有基本盘同时开拓新机会。5 月 新消费表现较优，估值整体有所提升。6 月关注现金流、ROE 水平较好的传统 消费龙头补涨机会。 ❑ 核心公司跟踪：白酒股东大会反馈审慎，食品新产品/新渠道带来增量 山西汾酒：产品矩阵完善四轮驱动，汾享礼遇终端数量持续突破。汾酒充 分发挥清香品类优势，加强文化赋能。产品四轮驱动，老白汾重新梳理价 值定位"时间的朋友"，未来 2-3 年过百亿；青花 20 增长主引擎；高档 青 26&青 30 形成组合进攻。推进全国化 2.0，汾享礼遇活跃终端 88.9 万 家。 古井贡酒：客观承认产业压力，动作坚持精细运作。2025 年提出作风建 设管理年，对内强化管理、降本增效，对外抓市场拓展和客户服务，精耕 细作。持续聚焦古 20、古 16、古 8 等核心产品。全国化先实现板块化， 在几大核心省区做深做透。省内大本营也要做到坚不可摧，没有天花板。 迎驾贡酒：主动调整释放 ...