食品饮料周报 茅五加大研发，推动产业创新 证券研究报告 食品饮料行业 强于大市（维持） 平安证券研究所 食品饮料团队 邮箱：WANGMENG917@pingan.com.cn 分析师：王星云 S1060523100001（证券投资咨询） 邮箱：WANGXINGYUN937@pingan.com.cn 2025年7月28日 请务必阅读正文后免责条款 分析师：张晋溢 S1060521030001（证券投资咨询） 邮箱：ZHANGJINYI112@pingan.com.cn 分析师：王萌 S1060522030001（证券投资咨询） 跌幅TOP5：珠江啤酒（-3.86%）、*ST岩石（-4.28%）、良品铺子（-4.31%）、西麦食品（-5.63%）、皇氏集团（-9.67%）。 食品饮料周报-观点 白酒行业 食品行业 资料来源：Wind，平安证券研究所 本周白酒指数（中信）累计涨跌幅+0.95%。涨跌幅前三的个股为：天佑德酒（+6.80%）、迎驾贡酒（+3.58%）、顺鑫农业 （+2.56%）；涨跌幅后三的个股为酒鬼酒（-1.48%）、皇台酒业（-2.25%）、*ST岩石（-4.28%）。 观点：茅五加大研发，推动 ...

Core Viewpoint - Central enterprises must prioritize the development of new quality productivity, enhancing total factor productivity, and transition from "sweat-type growth" driven by substantial input to "wisdom-type growth" driven by technological innovation [1][2] Group 1: Current Situation and Challenges - Central enterprises are the backbone of the national economy and have maintained stable performance amid complex challenges in 2023, with key economic indicators showing steady progress [1] - Despite the positive performance, external environments remain complex, and internal structural contradictions have not fundamentally eased, leading to pressure on the profitability of some enterprises [1][2] Group 2: Focus on Technological Innovation - Emphasis on technological innovation is crucial, as it leads the transformation of productivity; central enterprises should focus on overcoming "bottleneck" technologies and enhancing original technology supply capabilities [2][3] - Central enterprises are positioned as key players in China's innovation chain and should leverage their advantages in talent, funding, and scenarios to promote comprehensive innovation from basic research to industrialization [2] Group 3: Industrial Innovation - The core element of developing new quality productivity is applying technological innovations to specific industries, enhancing traditional industries, and fostering emerging industries [3] - Central enterprises are actively promoting initiatives in industrial renewal and future industries, focusing on high-end, intelligent, and green development while also supporting emerging industries through targeted policies [3] Group 4: Deepening State-Owned Enterprise Reform - Comprehensive reform is essential for high-quality development, with central enterprises needing to enhance the modern enterprise system and optimize the allocation of production factors [4] - The promotion of an environment conducive to innovation and the cultivation of new industries and business models is critical, alongside fostering a spirit of entrepreneurship and scientific inquiry [4]

Core Viewpoint - The Chinese government is accelerating the development of artificial intelligence (AI) application standards, ethical guidelines, and emergency response systems to ensure AI is safe, reliable, and controllable [1][2] Group 1: AI Industry Development - The State-owned Assets Supervision and Administration Commission (SASAC) is focusing on high-quality development of the AI industry, emphasizing the importance of adapting to rapid advancements in AI technology [1] - Central enterprises have established a presence in 16 key industries and over 800 application scenarios, forming four data industry communities and continuously upgrading foundational models [1] - The SASAC is promoting the integration of AI into traditional industries to facilitate their transformation and to stimulate explosive growth in emerging industries [1][2] Group 2: Strategic Focus Areas - There is a call to enhance the depth of AI applications by targeting high-value scenarios that have significant strategic importance, economic benefits, and social relevance [2] - The focus is on overcoming critical core technologies by investing in foundational research and addressing key areas such as heterogeneous computing scheduling and advanced chip development [2] - The aim is to build a robust domestic computing foundation and develop high-quality datasets to foster AI innovation [2] Group 3: Collaborative Ecosystem - The SASAC emphasizes the need for an open ecosystem for industrial development, leveraging the advantages of central enterprises in terms of scale and comprehensive industry layout [2] - There is a push for collaborative development among industry, academia, and research institutions to explore new models and mechanisms for shared growth [2] Group 4: Safety Governance - A comprehensive safety governance system is being established, balancing development with governance and innovation with safety across various dimensions [2] - The goal is to create a security governance capability that covers the entire lifecycle of large models, reinforcing the safety framework for AI [2]

Group 1 - Hengfa Hygiene Products Co., Ltd. has launched the "Beijing University of Science and Technology - Anke New Smart Brand Innovation Research Center" to leverage academic resources for innovation [1] - The company has achieved a 30% annual sales growth rate through digital marketing and a three-tier transformation involving "machine replacement - digital empowerment - smart innovation" [1] - In 2023, the company plans to develop biodegradable sanitary materials in collaboration with Shandong universities and will introduce an AI quality inspection system in 2024, aiming for a product quality rate of 99.6% [1] Group 2 - The government has organized over 20 industry-university-research cooperation activities, facilitating direct exchanges between enterprises and top institutions [2] - More than 30 formal cooperation projects have been established, with 8 joint research projects receiving municipal and higher-level technology plan support, totaling 3 million yuan in funding [2] - The establishment of key laboratories, such as the "Key Laboratory of High-Performance Copper-Based New Materials" and the "Key Laboratory of Major Livestock and Poultry Breeding," has positioned them within the provincial "1313" laboratory system, enhancing competitive advantage in technology [2] Group 3 - The local government aims to strengthen the connection between enterprises and academic institutions, promoting dual innovation in technology and industry to drive high-quality industrial development [3]

Group 1: Economic Performance - Anhui Province's GDP reached 25,723 billion yuan in the first half of 2025, with a year-on-year growth of 5.6% [1] - The added value of the secondary industry was 9,938 billion yuan, growing by 6.4% [1] - The total import and export value of goods was 4,585.4 billion yuan, marking a year-on-year increase of 15.2%, achieving a historical high for the same period [1] Group 2: Technological Innovation and Industry Development - The "High-Quality Development Think Tank Conference" held in Hefei showcased representative enterprises and research institutions in fields such as communication, new materials, artificial intelligence, quantum information, and deep space exploration [3] - The establishment of the International Deep Space Exploration Society in Hefei marks China's first international technology organization in the deep space exploration field [4] - The Deep Space Exploration Laboratory has increased research investment and accelerated the birth of technological achievements, focusing on strategic and forward-looking research [6] Group 3: Quantum Technology and Artificial Intelligence - Anhui is developing a quantum technology industry cluster, with numerous quantum technology enterprises gathering in Hefei's "Quantum Street" [8] - The province's artificial intelligence industry has seen significant growth, with the number of AI enterprises reaching 894 and related enterprises totaling 12,000 [10] - The computing power for AI in Anhui has surged from approximately 800P at the beginning of 2023 to 30,000P currently [10] Group 4: New Materials and Sustainable Development - Anhui's new materials industry has established a "cluster + base + gathering area" pattern, with four national strategic emerging industry clusters approved [12] - Anhui Fengyuan Group focuses on non-grain bio-based materials, developing a green industrial chain from agricultural waste to high-end bio-materials [14] - The construction of digital infrastructure is crucial for forming new productive forces, with Anhui Mobile leading the development of a comprehensive computing power scheduling platform [14]

Investment Dynamics - Guizhou Moutai plans to establish a research institute company with its controlling shareholder, Moutai Group, with a registered capital of 1 billion yuan. Guizhou Moutai will contribute 490 million yuan (49% stake) in cash and physical assets, while Moutai Group will contribute 510 million yuan (51% stake) [1][3] - The establishment of the research institute aims to integrate research resources from both internal and external sources, focusing on the development of core business and the transformation of brewing technology achievements, promoting the integration of technological innovation and industrial innovation, enhancing core competitiveness, and facilitating high-quality development [1][3] Brand Dynamics - Amazon plans to acquire the San Francisco-based startup Bee AI, which has launched a wearable AI device priced at $49.99. The specific terms of the deal have not been disclosed [6] - The acquisition signifies Amazon's further expansion into the generative AI field, extending its reach into wearable consumer hardware products [6] - Longchamp has signed a fragrance business licensing agreement with Interparfums SA, effective until December 31, 2036. Interparfums will be responsible for the creative, development, production, and distribution of Longchamp fragrances, with the first fragrance expected to launch in 2027 [8] - This partnership may diversify Longchamp's business, leveraging its strong influence in the leather goods sector [8] Corporate Acquisitions - Li & Fung Group from Hong Kong has acquired the UK sock giant Orrsum, which supplies over 50 million pairs of socks annually to 5,000 retail stores worldwide [9][10] - This acquisition marks Li & Fung's first merger in over a decade and its first capital move since privatization in 2020, indicating a strategic shift towards a platform growth model [9][10] Market Expansion - Singapore-based DTC furniture brand Castlery is set to enter the UK market in September, having previously achieved success in Singapore, Australia, Canada, and the US [11][15] - The UK launch will feature Castlery's popular furniture series and offer next-week delivery services, enhancing consumer convenience [11][15] Personnel Changes - Shangri-La Group announced that Guo Huiguang, daughter of founder Guo Huanian, will become the CEO starting August 1. She has been an executive director since June 2016 and chairman since January 2017 [22][24] - Under her leadership, the group is expected to ensure a unified development strategy across all levels [22][24] - Pronovias has appointed Cristina Alba Ochoa as CEO, effective July 21. She brings extensive leadership experience to the role [22][27] - Subway has appointed Jonathan Fitzpatrick as CEO, effective July 28, who has over 20 years of experience in franchising and fast food [22][30] - His previous experience at Burger King, where he led significant operational improvements, is expected to benefit Subway's operations [22][30]

Economic Overview - Jiangsu is China's second-largest economic province, with a projected GDP of 13.7 trillion yuan in 2024, leading the nation in growth increment [1] - In the first half of this year, Jiangsu's GDP reached 6.7 trillion yuan, a year-on-year increase of 5.7%, surpassing the national average by 0.4 percentage points [1] - The industrial added value above designated size grew by 7.4%, with the manufacturing sector increasing by 7.9% [1] Technological and Industrial Innovation - Technological and industrial innovation are fundamental paths for developing new productive forces, with significant achievements in 6G, deterministic networks, and endogenous security from the Zijinshan Laboratory [1] - Jiangsu's regional innovation capability ranks second nationally, with a focus on transforming scientific achievements into practical productivity [1] - The provincial government is promoting the integration of technological and industrial innovation through various initiatives, including the establishment of advanced manufacturing clusters [1] Robotics Industry - Jiangsu has over 1,000 robotics-related enterprises, generating approximately 90 billion yuan in revenue in the first half of the year, reflecting an 11% year-on-year growth [3] - A robotics manufacturing company in Suzhou reported a production value exceeding 1 billion yuan in 2024, with a compound annual growth rate of over 100% in the past three years [2] - The company experienced a nearly 30% increase in order value, with 20% of its products exported overseas [2] Shipbuilding Industry - Jiangsu's shipbuilding industry is revitalized through digital transformation, with a company in Nantong planning to export 14 vessels worth approximately 1.129 billion USD, a 17% increase year-on-year [5] - The province's shipbuilding completion volume, new orders, and backlog accounted for 45.9%, 25.5%, and 41.7% of the national total, respectively [6] - Jiangsu's total shipbuilding exports reached 104.22 billion yuan in 2024, marking a 59% year-on-year increase, leading the nation [6] Advanced Manufacturing - Jiangsu has 14 national-level advanced manufacturing clusters, the highest in the country, accounting for nearly 20% of the national total [6] - The province is focused on transforming traditional manufacturing through intelligent upgrades and digitalization, with significant improvements in efficiency and cost savings reported by various companies [6] - Jiangsu has cultivated 1,808 advanced intelligent factories and 3,838 intelligent manufacturing workshops, ranking first nationally in the number of national-level intelligent factories and digital enterprises [6]

日前，杭州六小龙之一的宇树科技开启上市辅导，再次把外界目光拉回股权融资市场。据wind数据，以 上市日计算（下同），2025年上半年A股新上市公司51家，合计募集373.55亿元，分别同比增加7家、 48.6亿元；上半年，IPO受理审核家数达177家，同比激增4.5倍。 Wind数据显示，2025年上半年，IPO保荐家数前10券商（含单列投行子公司，下同），项目撤否率已经 从去年同期超30%全部降至30%以下。其中，国金证券、民生证券撤否率以25%并列第一；中信证券、 国泰海通、华泰联合证券、招商证券项目撤否率降至10%以下。 与此同时，多份罚单透露出监管部门"零容忍"主基调。据同花顺iFinD数据，以处罚日期统计（下 同），截至7月22日，年内已有27家券商投行业务被罚。其中，中金公司、民生证券、国元证券年内两 次被罚；东吴证券、东海证券收千万罚单，分别被罚没1336.4万元、6000万元。据wind数据，作为"金 领"的保荐代表人数量近3年首次下滑，上半年减少308人。 IPO融资低位回升 若剔除四家国有行定增金额，上半年A股增发金额1777.3亿元，同比增加81.7%，增幅依旧较为明显， 但较2021年 ...

具体来看，生产力是人类利用自然、改造自然的能力，包括劳动者、劳动对象和劳动资料三个要素。这 三个要素及其组合都具有地域属性，存在着空间分异规律。第一，人类所要改造和利用的自然世界，其 资源和环境的空间分布不均衡并呈现出一定规律性。第二，人类改造和利用自然的能力，也存在显著的 区域差异。第三，随着人类社会发展进步，不同地区的人们改造和利用自然能力的差异也呈现出扩大态 势。新质生产力以劳动者、劳动资料、劳动对象及其优化组合的跃升为基本内涵。在发展新质生产力过 程中，三要素及其优化组合的跃升，既遵循传统生产力要素及其组合所呈现出的空间分异规律，又会引 发其地域属性的变化并呈现出新特征新趋势。 生产力是人类社会发展的根本动力，也是一切社会变迁和政治变革的终极原因。新质生产力是符合新发 展理念的先进生产力质态。习近平总书记高度重视发展新质生产力，围绕什么是新质生产力、如何发展 新质生产力作出一系列重要论述，反复强调因地制宜发展新质生产力。《习近平经济文选》第一卷中的 多篇著作，都对此作出深刻阐释。比如，《深入学习领会党的二十届三中全会精神》在论述"深刻领会 和把握进一步全面深化改革的重大举措"时提出"健全因地制宜发展新 ...

Group 1 - The first Global Technology Innovation Competition was launched in Hangzhou on July 22, focusing on attracting top global innovation teams and quality technology projects to Zhejiang, promoting the integration of technological and industrial innovation [1][2] - The competition will last approximately four months and is centered around four thematic tracks: humanoid robots, biomanufacturing, AI + eye health, and aerospace, with different districts in Hangzhou and other cities hosting each track [1][2] - The aerospace track will address key technological challenges in the rapid development of commercial aerospace, selecting innovative technology projects with significant market application potential [1][2] Group 2 - Zhujiajian City, as the host for the aerospace track, will provide support in terms of funding, talent, and project implementation, including a talent science and technology fund of up to 20 million yuan for qualifying projects [2] - Financial support policies for quality projects include the establishment of a future industry fund alliance, dedicated credit limits, and cross-border financing policy support [2] - The expert advisory committee for the competition consists of 188 authoritative experts, including 18 academicians, ensuring the competition's professionalism, foresight, and fairness [2]