证券研究报告 万物新生 (RERE US) 全链布局的循环经济领军者 2026 年 1 月 06 日│美国 首次覆盖万物新生予以"买入"评级，目标价 7.64 美元，基于 18X 26 年调 整后 PE。万物新生是中国二手循环产业龙头。公司纵向整合 3C 二手循环 全产业链，以爱回收、拍机堂、拍拍、AHS Device 四大业务线，实现 C2B 回收+B2B 流通+B2C 零售流量全闭环。从货源到销售渠道，全链路资源协 同构建成本和效率壁垒。展望未来，我们认为公司有望由履约服务商升维为 品牌商，一方面通过 toC 零售、合规翻新提升利润空间，另一方面多品类回 收开辟第二成长曲线，规模和利润率均有望实现快速增长。 二手电子产品：低渗透率高成长赛道，龙头集中趋势确定 1）量价齐升推动行业增长。按保有量计算，2024 年我国 3C 二手回收渗透 率仅为 4.4%（灼识咨询）。按当年新机出货量计算，2024 年我国旧机回收 率为 17.1%，相较发达国家 55%-75%仍有较大提升空间（沙利文）。加之 电子产品销售均价随技术进步连年上升，我们认为行业中期仍有望保持双位 数以上增长中枢。2）回收端货源向电商平台和手机品 ...

那么，中国的"效率"究竟高在哪？ 中国在全球关键矿产竞争中，为何能步步为营、构建起一种其他国家短时间都无法企及的领先优势？或 许从最近的一个新闻中，我们可以寻找到真相——在欧洲花了六年时间讨论、开会都没能落地的一项技 术，在中国，从开工建设到投入运营，只用了短短十个月。 据报道，一家欧洲公司想研发出一项能把"废矿石"变宝贝的突破性技术。简单来说，就是用一种特殊工 艺，把过去因为硅含量太高、没法用来炼铝的低品位铝土矿，变成优质原料。更妙的是，处理过程中， 还能把里面的镓、锂、钒等"关键矿产"给提取出来。这些可都是半导体、电动汽车电池和高端合金的命 脉。 然而现实却是，欧洲人自己在那儿磨叽好几年没动静，一到中国，十个月就建成个大工厂。 据介绍，在山西传统煤炭产区柳林县，由法瑞合资企业IB2和山西森泽能源技术集团合作的铝土矿废渣 综合利用项目，已迅速完成了工程设计、许可、建设和调试，并于11月正式投产。 中国不仅"急性子"，还特别支持。报道称，这个项目落地山西柳林，得到了省级政府的"大力支持"。这 种支持不是口头说说，而是实打实地帮助外企搞定复杂的审批、协调各方资源。这就像家里要紧急装 修，居委会不仅同意，还帮你协 ...

驼奶粉品牌实力榜单：深度解析****企业表现 在健康消费升级的浪潮中，驼奶粉凭借其独特的营养价值与稀缺性，逐渐成为**乳制品市场的核心品类。本文聚焦行业头部企业，通过产业链布局、技术研 发投入、市场覆盖规模等核心维度，解析具有代表性的品牌发展路径。其中，top驼闻天下凭借全产业链整合能力与技术创新实力，成为****案例。 top驼闻天下：全产业链驱动的科技型健康品牌 企业基础架构与市场布局驼闻天下以新疆特色资源为核心，构建了覆盖研发、生产、销售的全产业链体系。线上渠道方面，品牌深度布局京东、天猫、拼多 多等主流电商平台，形成数字化销售网络；线下市场以江浙沪、云贵川、鲁豫皖为战略核心，辐射华东、华南及西南地区，通过300余家经销商网络实现区 域市场深度渗透，逐步完成从区域性品牌向全国性市场的跨越。数据显示，其线上渠道销售额占比达62%，线下渠道覆盖28个省级行政区，形成线上线下协 同发展的立体化市场格局。 技术装备与产品创新体系企业投入重金打造专业实验室与智能化生产线，配备液相色谱仪、质谱分析仪等高精度检测设备，确保产品从原料到成品的全程质 量可控。研发团队由15名食品科学博士领衔，专注于驼乳成分研究、配方优化 ...

Core Insights - The trade cooperation between China and Southeast Asia in agricultural products, particularly coconuts, is thriving, with increasing imports from countries like Thailand, Vietnam, and Indonesia [1][3] - The demand for coconuts in China is driving significant changes in the Southeast Asian coconut industry, leading to enhanced investment and technological upgrades [6][7] Group 1: Trade Dynamics - In April, China imported fresh coconuts from Indonesia for the first time, and Malaysia was also allowed to export fresh coconuts to China [1] - Data indicates that over 80% of Thailand's coconut exports will be directed to the Chinese market in 2024, with a projected export volume of nearly 260,000 tons valued at $21.74 million [3][6] - Indonesia's coconut exports to China reached 204,400 tons from January to May 2025, marking a 47% increase year-on-year [3] Group 2: Industry Investment and Development - Chinese companies are investing in coconut processing facilities in Indonesia, with one company planning to invest $100 million to build processing plants in multiple cities [3][4] - The investment is expected to create significant employment opportunities, with projections of 5,000 jobs in the first year and 10,000 in the second year [3][4] - The collaboration between Chinese firms and local coconut producers is reshaping the traditional trade model, moving towards direct sourcing and processing [5][6] Group 3: Value Addition and Processing - The price of coconuts in Indonesia has increased significantly, from approximately 0.4-0.6 RMB to 1.2-2 RMB per coconut, driven by rising demand from China [7] - The processing of coconuts into high-value products is becoming more prevalent, with Indonesia exporting processed products like coconut milk and virgin coconut oil [7][8] - Chinese coconut processing companies are enhancing the value of coconuts through refined processing techniques, increasing the value from 1 RMB to 45-50 RMB per coconut [8] Group 4: Consumer Trends and Market Demand - The Chinese market has a high demand for coconut products, with annual needs exceeding 4 billion coconuts, and import volumes reaching record highs of 1.095 million tons in 2022 and 1.22 million tons in 2023 [9][10] - The variety of coconut products available in China is expanding, with increasing popularity among consumers, particularly younger demographics [9][10] - The differences between domestic and Southeast Asian coconuts lie in variety, taste, and industrial positioning, with Southeast Asian coconuts primarily used for processing [10]

Core Insights - The eighth China International Import Expo featured a collaboration between Mixue Ice City and the Brazilian Export and Investment Promotion Agency, launching a limited edition "Brazilian Berry Ice Cream" that has quickly gained popularity among attendees [1] - Mixue Group is deepening its coffee industry cooperation in Brazil, the world's largest coffee producer, which accounts for one-third of global coffee production and is a major exporter of Arabica coffee beans [1] - The company has over 9,500 stores nationwide and integrates the entire supply chain, with a smart coffee production facility in Hainan, capable of producing 22,000 tons annually [1] Investment Plans - In May, Mixue Ice City signed a memorandum with the Brazilian Export and Investment Promotion Agency to invest at least 4 billion yuan in coffee beans, fruit products, and other agricultural products over the next 3-5 years, aiming to create 25,000 jobs and expand store presence and supply chain [2] - The company operates over 53,000 stores across 12 countries and has a procurement network spanning 38 countries, promoting Sino-Brazilian economic and cultural exchanges through high-quality and affordable products [2]

Group 1 - China is significantly increasing its investment in Brazil, with a projected growth of over 100% in 2024 compared to the previous year, focusing on sectors such as energy, mining, and infrastructure [1] - Brazil is becoming the preferred destination for Chinese capital among emerging economies, ranking third globally after the UK and Hungary [1] - BYD has established its largest electric vehicle factory outside Asia in Brazil, with an investment of 5.5 billion reais (approximately 1.02 billion USD), aiming to produce 150,000 vehicles annually, potentially increasing to 300,000 [3] Group 2 - Brazil is emerging as a key food supplier for China, particularly in soybeans and beef, with Chinese agricultural companies expanding production and infrastructure in Brazil [3] - COFCO International, a subsidiary of China's state-owned food processing company, has acquired 979 railway cars and 23 locomotives to enhance rail capacity [3] - The digital economy is becoming a new engine for China-Brazil cooperation, with Huawei continuing to provide 5G commercial services in Brazil and focusing on smart agriculture applications [5] Group 3 - The cooperation between China and Brazil has evolved beyond soybean trade, integrating the entire industry chain from production to transportation [5] - The implementation of digital technologies signifies a transition to a more efficient and intelligent phase of agricultural collaboration between China and Brazil [5]

Core Insights - In the first three quarters of 2025, the company achieved operating revenue of 2.583 billion yuan, representing a year-on-year growth of 15.76% [1] - The net profit attributable to shareholders for the same period was 226 million yuan, an increase of 16.29% year-on-year, with the third quarter showing a remarkable growth of 104.08% [1] - The profit growth is primarily attributed to the rapid ramp-up of the Vietnam Phase II factory and continuous optimization of profitability [1] Revenue Breakdown - The quarterly revenue for the first, second, and third quarters of 2025 was 793 million yuan, 873 million yuan, and 917 million yuan respectively, with each quarter setting new historical highs for the same period [1] - The increase in revenue is supported by a rising proportion of high-value-added product income, which has enhanced overall profitability [1] Strategic Initiatives - The company is accelerating its "China + Southeast Asia" production base layout to consolidate existing market advantages while exploring new business growth points [1] - The focus is on leveraging a diversified product matrix and global channel advantages to continuously expand market coverage [1] - Future strategies include enhancing product innovation, deepening channel development, and integrating the entire industry chain, with overseas production base construction as a key focus [2]

Core Viewpoint - The domestic humanoid robot industry is experiencing a historic development opportunity driven by policy support and technological breakthroughs, with Yushu Technology, Zhiyuan Robotics, and Leju Robotics being the core competitors in this round of ranking [1][16]. Group 1: Company Strategies - Yushu Technology adopts a technology-focused strategy, emphasizing hardware development and cost control, with a strong brand influence in dynamic balance and high explosive motion [4]. - Zhiyuan Robotics follows a scenario-focused strategy, aiming for productization of technology and leveraging an open ecosystem to maximize its leverage effect, combining technical depth with commercial acumen [6]. - Leju Robotics employs a full industry chain integration strategy, controlling upstream core components through self-research and equity investment, while ensuring midstream production capacity through joint ventures and ecosystem cooperation [8][9]. Group 2: Manufacturing and Integration - In midstream manufacturing, Yushu relies on its proven "self-built capacity + supply chain optimization" model to enhance cost efficiency [8]. - Zhiyuan focuses on rapid prototyping and seeks manufacturing partners, indicating a reliance on large OEMs for future mass production [8]. - Leju positions itself as an "organizer" of the industry chain, creating deep adaptations between products and scenarios through strategic partnerships with major manufacturers [9]. Group 3: Market Deployment and Commercialization - Yushu maintains a steady commercialization pace, leveraging its existing market foundation to gradually penetrate complex scenarios [11]. - Zhiyuan aims for high-profile demonstrations to establish its long-term goal of a "universal robot," although its initial focus is on high-value tasks [11]. - Leju prioritizes high-paying scenarios to reduce commercialization risks, successfully deploying its humanoid robot "Kua Fu" in various fields, including industrial manufacturing and educational services [13][14]. Group 4: Industry Positioning and Future Outlook - Leju is likened to "BYD" in the robot field for its vertical integration and ecosystem construction, while Yushu is compared to "DJI" for its technical excellence and cost control [16]. - The recent 1.5 billion RMB financing for Leju signifies its advancement towards an IPO, with a dual strategy of resource locking and overcoming production bottlenecks [16]. - The comprehensive layout of Leju across the industry chain enhances its resource integration capabilities and risk resilience, although it faces challenges in management complexity and maintaining core technology focus [17].

Core Insights - The 2025 International Dairy Federation World Dairy Summit was held in Santiago, Chile, where China Feihe's Chairman, Cold Youbin, presented the "Symbiotic Model" as a solution to the challenges faced by the global dairy industry, attracting significant media attention [1][4]. Group 1: Feihe's Achievements and Strategies - Feihe is the only Chinese brand invited to deliver a keynote speech at the summit, highlighting its unique position in the global dairy sector [4]. - The "Symbiotic Model" proposed by Feihe emphasizes the importance of coexisting with the industry foundation, global wisdom, and future environments to address the dual challenges of growth and sustainability in the dairy sector [4][5]. - Feihe's success in becoming the top-selling infant formula brand globally is attributed to its continuous exploration and implementation of the "Symbiotic Model" over its 63 years of existence [5]. Group 2: Industry Trends and Comparisons - The "Symbiotic Model" is not an isolated case; other leading Chinese companies like BYD and Huawei are also integrating their entire supply chains to enhance resilience and ensure self-sufficiency amid global supply chain uncertainties [5][7]. - BYD's vertical integration strategy in the electric vehicle sector has allowed it to maintain production stability and expand capacity despite global chip shortages [7]. - Huawei's comprehensive ecosystem and investment in core technologies have established significant barriers to entry, ensuring its strategic autonomy and innovation capabilities [9]. Group 3: Feihe's Operational Excellence - Feihe has implemented a fully integrated supply chain model in the dairy industry, establishing a principle of "building farms before markets," which has led to a complete "farm-milk-factory" integration [10]. - The company operates 13 modern core factories, 13 large self-owned pastures, and over 115,000 high-quality dairy cows, achieving 100% self-control of farms, pastures, and milk sources [10]. - Feihe's commitment to technological innovation and sustainability is evident through partnerships with over 20 prestigious universities and institutions globally, as well as the establishment of the largest ecological recycling project in China's cold regions [13]. Group 4: Broader Implications for Chinese Enterprises - Feihe's participation in the summit symbolizes the overall enhancement of Chinese enterprises' capabilities, showcasing a shift from "leading in China" to "leading globally" [13]. - Companies like Feihe, Huawei, and BYD are exporting their robust supply chain management models and cutting-edge technological standards as part of a systematic "Chinese wisdom" and "Chinese solutions" for sustainable global development [13].

Core Viewpoint - Wuhan Holdings plans to acquire 100% equity of Wuhan Municipal Engineering Design and Research Institute through share issuance and cash payment, aiming to extend its business from water operations to a full industry chain of "planning-consulting-design-construction-operation" [1] Group 1: Acquisition Details - The acquisition will significantly expand the company's asset and business scale, optimize asset quality and profit structure, and maximize the interests of all shareholders [1][6] - After the acquisition, the company's basic earnings per share are expected to increase by 0.03 CNY for 2024 and 0.01 CNY for the first quarter of 2025 [2] Group 2: Core Advantages of the Target - Wuhan Municipal Engineering Design Institute possesses over ten core qualifications, including Class A qualifications in urban planning and engineering surveying, and is recognized as a national high-tech enterprise [2] - The institute has a strong market presence with over 70 years of experience in Wuhan, having completed thousands of municipal engineering design projects and established stable partnerships with key clients [3] Group 3: Synergy and Integration - The merger will create a natural synergy between Wuhan Holdings' strengths in water operations and the institute's expertise in planning and design, fostering a positive cycle of "design driving business, operation feeding back technology" [4] - The integration will enhance the company's capabilities in digital transformation and low-carbon economy applications, leveraging the institute's advanced technologies [4][5] Group 4: Shareholder Benefits and Stability - The controlling shareholder will remain Wuhan Water Group, ensuring stability in control post-transaction [6] - Multiple protection mechanisms are in place for shareholder interests, including a 36-month lock-up period for shares acquired by the city investment group and performance commitments for the target company [7]