食品饮料 2025 年 08 月 24 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -12% 0% 12% 24% 36% 2024-08 2024-12 2025-04 食品饮料 沪深300 相关研究报告 《进入业绩披露期，关注绩优股表现 —行业周报》-2025.8.17 《白酒预期回归，新消费重获青睐— 行业周报》-2025.8.10 《白酒承压头部企业占优，生育政策 与 行 业 新 机 遇 共 振 — 行 业 周 报 》 -2025.8.3 白酒中报加速出清，大众品优先成长性 ——行业周报 张宇光（分析师） 张思敏（分析师） zhangyuguang@kysec.cn 证书编号：S0790520030003 zhangsimin@kysec.cn 证书编号：S0790525080001 核心观点：白酒底部渐显，食品积极布局 8 月 18 日-8 月 22 日，食品饮料指数涨幅为 3.3%，一级子行业排名第 10，跑输 沪深 300 约 0.9pct，子行业中其他酒类（+8.2%）、软饮料（+5.1%）、白酒（+3.6%） 表现相对领先。个股方面，酒鬼酒、百润股份、舍得酒业涨幅领先；桂发祥、煌 ...

Investment Rating - The report maintains a "Positive" outlook on the textile and apparel industry, highlighting the resilience of the sportswear segment and potential growth opportunities in various sub-sectors [2][3]. Core Insights - The textile and apparel sector underperformed the market, with the SW textile and apparel index rising 2.5%, lagging behind the SW All A index by 1.4 percentage points [3][4]. - Recent industry data indicates a 2.9% year-on-year increase in retail sales for clothing, shoes, and textiles, totaling 837.1 billion yuan from January to July 2025 [3][30]. - Exports of textiles and apparel reached 170.74 billion USD in the same period, showing a modest 0.6% increase, while clothing exports declined by 0.3% [3][30]. - Cotton prices have shown a slight decline, with the national cotton price B index at 15,243 yuan/ton, down 0.2% [3][35]. Summary by Sections Textile Sector - Nobon Co. is highlighted for its strong growth potential due to its focus on personal care and new tobacco products, benefiting from low penetration rates and a young consumer base [3][9]. - The report emphasizes the importance of self-owned brands and the potential for breakthroughs in the new tobacco sector, particularly for Nobon [3][9]. - The textile manufacturing sector is expected to recover as the trade environment becomes more favorable for quality manufacturers [10]. Apparel Sector - The sportswear segment demonstrated the best resilience, with companies like Li Ning, Anta, and 361 Degrees showing revenue growth of 3%, 7%, and 11% respectively, despite facing headwinds [11][24]. - Li Ning's mid-year report showed a revenue increase to 14.82 billion yuan, although net profit fell by 11% [11][24]. - The report recommends several companies for investment, including Anta Sports, Li Ning, and 361 Degrees, as they are expected to benefit from improving domestic demand [3][11]. Market Dynamics - The report notes that domestic consumption recovery is a key focus for 2025, with various regions implementing measures to stimulate consumer spending [14]. - The performance of international brands is also discussed, with companies like Deckers and Asics reporting significant growth in their respective markets [16][21]. Key Recommendations - The report suggests investing in high-quality domestic brands and companies with strong growth potential in the textile and apparel sector, particularly in the sportswear and personal care segments [3][10][11].

Group 1 - The "hard technology" sector has become a focal point in the A-share market, with institutions actively engaging in research and discussions related to this theme [1][2] - As of August 23, 2023, there has been a surge in institutional research on listed companies in the hard technology fields, including integrated circuits, electronic components, application software, and biotechnology [2][3] - Notably, 21 companies in the integrated circuit industry were investigated by institutions in August, with significant participation from 135 institutions in the earnings briefing of Naxin Micro on August 19 [2][3] Group 2 - The investment landscape is shifting, with public funds increasingly focusing on hard technology, innovation drugs, and new consumption as primary investment directions [3][4] - The research and investment teams in the hard technology sector have become the "stars" of public fund companies, reflecting a change in the focus of discussions from product attributes to technical routes and application scenarios [4][5] - There is a growing trend among private equity and foreign institutions to enhance their technology research teams, which are now seen as key contributors to global investment strategies [5][6]

Core Viewpoint - Pop Mart has been included in the Hang Seng Index and the Hang Seng China Enterprises Index, which is expected to bring stable capital inflow and provide investors with new tools for participating in new consumption investments [1][2][7]. Group 1: Index Inclusion - The Hang Seng Index Company announced the results of the second quarter review for 2025, with Pop Mart being added to major Hong Kong stock indices, effective September 8, 2025 [2][5]. - The number of constituents in the Hang Seng Index will increase from 85 to 88, with Pop Mart, China Telecom, and JD Logistics being added [5][6]. Group 2: Financial Performance - Pop Mart's stock price has surged by 258.86% in 2025, driven by a new consumption trend and the popularity of its LABUBU IP [11]. - For the first half of 2025, Pop Mart reported revenue of 13.88 billion yuan, a year-on-year increase of 204.4%, and adjusted net profit of 4.71 billion yuan, up 362.8% [11]. - The revenue from the LABUBU IP reached 4.81 billion yuan, marking a year-on-year growth of 668% [11]. - Plush products generated revenue of 6.139 billion yuan, a staggering increase of 1276.2%, making it the largest product category for the company [13]. Group 3: Market Sentiment and Stock Activity - Following the impressive mid-year results, there has been an increase in short-selling activities for Pop Mart, with short positions rising significantly [14][15]. - On August 18, 2025, short-selling volume reached 1.1612 million shares, and on August 20, it spiked to approximately 3.6832 million shares [16][17]. - Despite the increase in short-selling, Pop Mart's stock closed up 12.54% on August 20, 2025, at 316.00 HKD per share, and reached 320.40 HKD per share by August 22, 2025 [18].

Core Viewpoint - Pop Mart has been included in the Hang Seng Index and the Hang Seng China Enterprises Index, which is expected to bring stable capital inflow and provide investors with new tools for participating in new consumption investments [2][4][8]. Group 1: Company Performance - Pop Mart's stock price has surged significantly in 2025, with a year-to-date increase of 258.86% [13]. - The company reported impressive mid-year results for 2025, with revenue of 13.88 billion yuan, a year-on-year increase of 204.4%, and adjusted net profit of 4.71 billion yuan, up 362.8% [13]. - The LABUBU IP generated revenue of 4.81 billion yuan in the first half of the year, a staggering growth of 668% [14]. Group 2: Market Reactions - Following the announcement of strong mid-year results, there has been an increase in short-selling activities, with short positions rising to 1.1612 million shares on August 18 [16][17]. - On August 20, the day after the earnings release, short-selling surged to approximately 3.68 million shares [18]. - Despite the increase in short-selling, Pop Mart's stock closed up 12.54% on the day of the earnings announcement, reaching 316.00 HKD per share [19]. Group 3: Index Inclusion Impact - The inclusion of Pop Mart in the Hang Seng Index will increase the number of constituent stocks from 85 to 88, enhancing the index's relevance [8]. - The addition of Pop Mart to major indices is expected to attract stable capital inflow, making it more appealing to investors [8][9].

8月22日盘后晚间，舍得酒业（600702.SH）发布2025年半年度报告。数据显示，今年上半年，舍得酒 业实现营业收入27.01亿元，归属于上市公司股东的净利润4.43亿元。其中，第二季度表现抢眼，实现营 业收入11.25亿元，同比基本持平，归母净利润9717万元，同比大幅增长139.5%。 在行业继续深度调整的压力下，舍得酒业锚定老酒战略，主动调整，去年以来连续多个季度大力去库存 收效显著，继今年一季度归母净利润超去年全年之后，二季度归母净利润同比翻倍，上半年基本盘稳 固，经营强势恢复性增长，为下半年发展奠定了积极基调。 Q2归母净利润同比翻倍，库存去化下业绩强劲修复 今年上半年，白酒行业整体承压，经营挑战加剧。舍得酒业凭借2024年提前布局去库存、稳价格措施， 在2025年释放出强劲经营韧性和增长后劲。 财报显示，舍得酒业一季度归母净利润3.46亿元，超过去年全年净利润。今年第二季度，舍得酒业实现 归母净利润9717万元，同比大幅增长139.5%；营收11.25亿元，同比基本持平，环比第一季度降幅明显 收窄；营业利润同比增长67.76%；净利润率同比提升近五个百分点，展现出业绩回升的向好趋势。 至今年二 ...

Core Viewpoint - The discussion of "consumption downgrade" has been replaced by the consensus of "consumption stratification," indicating a shift in consumer behavior towards valuing experience, identity, and future potential rather than merely seeking low prices [3][4]. Group 1: Consumer Behavior Trends - Consumers are increasingly emphasizing "value for money" rather than just low prices, showing a willingness to pay for "emotional value" in areas like tea drinks and supermarkets [3][4]. - Experience consumption is a major category for younger consumers, with activities such as travel, concerts, and outdoor events being prioritized [3][4]. - The new consumption trends are characterized by a focus on emotional and practical values, leading to the emergence of new economic sectors like toy economy, pet economy, and cultural creative economy [4]. Group 2: New Consumption Landscape - The retail sales of consumer goods reached 24.55 trillion yuan in the first half of the year, with a year-on-year growth of 5.0%, indicating steady growth in the overall market [4]. - New consumption is defined by diverse demands from target customer groups, driven by new technologies, concepts, and models, leading to continuous product and service innovation [4]. - The essence of new consumption lies in the innovation of product categories, scenarios, and the emotional connection consumers have with brands [4]. Group 3: Event Overview - The Shenzhen Craft Beer Festival and the Third Shenzhen Teao Festival aim to explore new consumption scenarios and promote night economy development [5][7]. - The event will feature various activities, including beer competitions, live music, and creative showcases, designed to create a vibrant social atmosphere [7][12]. - Over 70 brands will participate, fostering cross-industry collaboration and creative exchanges to inspire new lifestyle concepts [12][14]. Group 4: Brand and Market Insights - The event organizers recognize the importance of brand beliefs that can transcend cycles, memorable product expressions, and commercial language that reflects urban culture [14]. - The "CITYFORCE Annual Brand" initiative will be launched to identify brands that excel in commercial, user, and social value, showcasing innovation and experience [14].

佳禾食品工业股份有限公司2025 年半年度报告 公司代码：605300 公司简称：佳禾食品 佳禾食品工业股份有限公司 佳禾食品工业股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会及董事、高级管理人员保证半年度报告内容的真实性、准确性、完整性，不 存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人柳新荣、主管会计工作负责人沈学良及会计机构负责人（会计主管人员）沈学 良声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 否 六、 前瞻性陈述的风险声明 √适用 □不适用 本公司2025年半年度报告涉及的公司未来计划、发展战略等前瞻性陈述不构成公司对投资者 的实质承诺，敬请投资者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 十、 重大风险提示 报告期内，不存在对公司生产经营产 ...

Group 1: New Consumption Opportunities - The emergence of new consumption opportunities is evident in everyday scenarios, such as affordable beverages and jewelry, which reflect deeper commercial insights [1] - The success of brands like Mixue Ice City and Laopuhuang highlights the importance of understanding consumer needs and market dynamics [1][4] Group 2: Mixue Ice City's Business Model - Mixue Ice City has achieved remarkable growth through a low-price strategy and effective supply chain management, allowing it to dominate the market with over 30,000 stores [4][5] - The brand's ability to reduce costs by 30% through direct sourcing and efficient logistics has positioned it as a leader in the sub-10 yuan price segment [5][6] - The company's expansion into Southeast Asia demonstrates its adaptability, although challenges in markets like Australia reveal the limitations of its pricing strategy [7] Group 3: Laopuhuang's Unique Positioning - Laopuhuang has redefined the value of gold jewelry by integrating culture and craftsmanship, appealing to a younger, high-net-worth demographic [8][9] - The brand's premium pricing strategy is justified by the unique customer experience and cultural significance of its products, leading to higher customer loyalty [10][11] - Laopuhuang's cautious expansion strategy has preserved its brand prestige, contrasting with competitors' rapid growth [11] Group 4: Competitive Landscape in the Beverage Industry - The tea beverage market is segmented by price, with Mixue Ice City dominating the under-10 yuan segment, while brands in the 10-20 yuan range compete on supply chain efficiency [12][13] - The pressure on premium brands to lower prices indicates a shift in consumer preferences and market dynamics [12] Group 5: Investment Insights - Investors should focus on understanding the underlying supply chain dynamics and consumer behavior rather than relying solely on brand reputation [15][16] - Recognizing cultural and experiential value in products can lead to better investment decisions, as seen with Laopuhuang and Mixue Ice City [15][16] - Observing subtle market signals and consumer trends can provide valuable insights into future investment opportunities [16][18]

下半年港股牛途继续， AI 浪潮持续演绎下，港股科技板块向上空间更大。国泰海通海外策略团队联合海 外科技团队，分析下半年港股科技板块的看好逻辑，并深度研究全球科技根目录公司，核心覆盖港美股半 导体及互联网板块，追寻产业边际与价值共振投资机会。 一、研究报告 （点击标题查看报告） ①今年港股明显跑赢 A 股，背后反映宏观偏弱背景下港股稀缺性资产更具吸引力，类似 2012-14 年移 动互联浪潮下港股比 A 股率先崛起。②互联网、新消费、创新药、红利等板块的稀缺资产在港股更集 中，与当前 AI 应用、新消费等产业趋势相关度更高，即港股资产的稀缺性所在。③随着外部扰动减缓， 国内政策发力驱动基本面修复、南下提供边际资金增量，下半年港股望进一步向上，结构上恒生科技更 优。 年初以来港股明显跑赢 A 股，结构上医药、科技、消费等行业更显著，借鉴历史看本轮港股占优源于部 分港股资产更具稀缺性。 今年初以来，港股相较 A 股走势表现更为亮眼，年初以来恒生指数累计上涨 19% ，跑赢沪深 300 指数 21 个百分点，结构上医药、科技、材料、日常消费等行业跑赢的幅度更大， 具体来看行情可以划分为一季度科技重估行情下恒生科技明 ...