花旗发布研报称，维持雅迪控股(01585)"买入"评级，目标价22.5港元。雅迪控股发布业绩预增公告，预 计2025财年净利润不少于29亿元人民币，同比增长超128%，符合市场预期，主要受电动车销量增长及 产品结构优化推动。2025年下半年单辆净利润约167元，低于上半年的188元，因规模效应减弱及新国标 切换影响产能利用率。 花旗认为，行业整合或将加速，雅迪作为龙头企业将成为最大受益者。目前公司市盈率为10.9倍，股息 收益率4.6%，随着新标准实施及高端产品销量提升，盈利增速预计保持强劲，是行业内具备吸引力的 投资标的之一。 ...

金风科技(02208)H股及金风科技(002202.SZ)A股股价在2026年1月初(从2025年12月31日至2026年1月6日) 分别上涨17%及18%，同期恒生国企指数上涨4%，深证成指上涨3%。根据与投资者的交流，此轮上涨 可能归因于市场对其持有的蓝箭航天4.14%股权价值释放的预期，因蓝箭航天目前有IPO计划。自2025 年12月31日以来，金风科技的市值增加约140亿元人民币。根据该行的测算，这意味着蓝箭航天的估值 倍数将达到88倍2024财年市净率(假设金风科技层面不计集团折让)。在上游风电领域，该行建议投资者 转向东方电缆(603606.SH) 。 摩根大通发布研报称，太阳能硅片和电池价格在2025年12月显著上涨，主要原因是关键材料成本上升 (包括多晶硅和银浆)，部分亦受反内卷政策驱动。随着2025年12月初多晶硅行业整合平台的建立，该行 预计政策推动的行业整合将在2026年发生。该行对协鑫科技(03800)和大全新能源(DQ.US)给予"增持"评 级。 MACD金叉信号形成，这些股涨势不错！ 思源电气(002028.SZ)与宁德时代(03750)签署一份为期三年的储能合作谅解备忘录，总规模 ...

Core Viewpoint - The Chilean cherry market is experiencing a significant increase in supply, leading to a decline in prices, with over 500,000 tons expected to enter the Chinese market this winter [1] Supply Increase - Chilean cherry exports are projected to reach 620,000 tons in the 2024/2025 season, a 50% year-on-year increase, with approximately 90% destined for China [2] - The arrival of Chilean cherries in China has been expedited, with the first batch arriving on December 10, 2025, about a week earlier than previous years [2] - The logistics efficiency has improved, with a dedicated "Chile-Tianjin Cherry Express" reducing transportation time by 30 hours and costs by approximately 30% [2][3] Price Decline - The wholesale price of cherries at the Xinfadi market has decreased by 10%-20% compared to the same period last year, with prices for 2J grade cherries dropping from 210 yuan to around 150 yuan [4] - Retail prices have also fallen, with a box of 2J cherries priced at 129 yuan at Yonghui Supermarket and 199 yuan at Metro [4] - Factors contributing to the price decline include increased supply, earlier market entry, and competition from other fruit varieties [4][5] Intensified Competition - The ongoing price decline has put pressure on distributors, with many unable to cover costs due to reduced profit margins [7] - The market is facing a situation where wholesale prices are lower than retail prices, leading to significant challenges for smaller distributors [7] - The competitive landscape is expected to intensify further as Chilean cherry production continues to rise, potentially accelerating industry consolidation [7]

近日，有加盟商向茶咖观察透露，酸奶罐罐已被茉酸奶收购，创始人及初创团队已离场，原定的出海计划搁浅。另一位加盟商证实，早在11月便已有相关 传闻，其门店也在同期停业。同时，茶咖观察也向另一位接近该品牌的人士证实了该消息，但酸奶罐罐内部尚未出现大规模人事调整。 茶咖观察就此事向酸奶罐罐创始人郑志禹求证，未获正面回应。 值得注意的是，茉酸奶自身近期也刚完成一场权力更迭：创始人赵伯华卸任全部职务并清空股份，彻底离场；原联合创始人、加盟商出身的顾豪成为控股 股东及法定代表人。与此同时，乳企君乐宝以21.43万元出资获得了茉酸奶运营主体42.86%的股权。 双方的变动几乎同步发生，行业整合正在加速。 酸奶罐罐怎么了 酸奶罐罐成立于2023年，是茶饮品牌桂桂茶内部孵化的项目。2023年4月29日，其首店在上海美罗城开业，产品定价介于13至22元之间。 品牌创立初期野心勃勃，郑志禹在2023年接受媒体采访时表示，计划在2024年实现千店规模，希望三年内拓展至3000家门店，并力争成为行业第二。但极 海数据显示，截至2024年12月，酸奶罐罐全国门店总量为314家，与目标相距甚远。 今年6月，酸奶罐罐相关负责人曾对外透露，品牌 ...

Core Insights - The article discusses the significant increase in the supply of Chilean cherries in the Chinese market, with over 500,000 tons expected this winter, leading to a decline in prices due to increased competition and changes in consumer behavior [1][2]. Supply Increase - Chilean cherry exports are projected to reach 620,000 tons in the 2024/2025 season, a 50% year-on-year increase, with approximately 90% destined for China [2]. - The arrival of cherries in China has been expedited, with the first batch arriving on December 10, 2025, about a week earlier than previous years [3]. - The logistics efficiency has improved significantly, with a dedicated "Chile-Tianjin Cherry Express" reducing transportation time by 30 hours and costs by approximately 30% [3]. - The number of direct flights for cherries to China is expected to double in 2025, further enhancing supply stability [3]. Price Decline - The wholesale price of cherries at the Xinfadi market has decreased by 10%-20% compared to the same period last year, with prices for 2J grade cherries dropping from 210 yuan to around 150 yuan [5][6]. - Retail prices have also fallen, with a box of 2J cherries priced at 129 yuan at Yonghui Supermarket and 199 yuan at Metro [6]. - Factors contributing to the price decline include increased supply, earlier market entry, and competition from other fruit categories [6][7]. Increased Competition - The ongoing price decline has created significant pressure on distributors, with many unable to cover costs despite high sales volumes [8]. - The market is experiencing a situation where wholesale prices are lower than retail prices, leading to challenges for smaller distributors [8][9]. - The competitive landscape is intensifying, with the potential for further price reductions as Chilean cherry production continues to rise [9][10].

晓鸣股份 20151223 摘要 2025 年上半年鸡苗价格高企，受益于海外禽流感导致的引种中断，小 明股份前三季度业绩亮眼，但下半年鸡蛋行情走弱导致鸡苗价格下滑， 优质鸡苗供给缺口依然存在，预计下游鸡蛋市场企稳后鸡苗价格有望回 升。 小明股份于 2025 年 12 月引进 4.5 万只海兰祖代蛋种鸡，与此前美国引 进品系性能基本相同，但作为更新后的第一批，抗病性可能有所提升， 需实际饲养验证，行业内其他公司也有类似规模的引种计划。 预计 2026 年上半年鸡蛋供给充足，行情改善需待下半年，2025 年三 季度旺季不旺导致老母鸡未淘汰、新母鸡大量开产，冷库蛋冲击市场， 集中补栏增加 2026 年上半年开产量，预计最高单价约 4 元，难超 4.5 元。 2026 年下半年，鸡只数量减少，尤其是开产鸡，供给下降，消费层面 预计提振，可能导致鸡蛋单价上涨，但涨幅或不超过 10 元，2025 年市 场亏损严重，疯狂涨价可能性不大，但下半年缺鸡缺蛋或盈利。 Q&A 今年上半年（2025 年）受海外禽流感影响，引种中断导致行业供给紧张，鸡 苗价格高企。小明股份在前三季度表现优异，但下半年鸡蛋行情走弱，鸡苗价 格有所下滑。 ...

行 业 研 究 / 非 银 金 融 / 证 券 研 究 报 告 非银金融行业周报 中金并购预案落地，行业整合启新程 2025 年 12 月 23 日 强于大市（维持） 【投资要点】 东方财富证券研究所 证券分析师：王舫朝 证书编号：S1160524090005 证券分析师：廖紫苑 证书编号：S1160524120004 联系人：汪筠婷 相对指数表现 -20% -10% 0% 10% 20% 30% 2024/12 2025/6 2025/12 非银金融 沪深300 相关研究 挖掘价值 投资成长 《中金公司吸并东兴、信达预案出炉，一 流投行建设迈入新征程》 2025.12.18 《中央经济工作会议定调积极，深化投融 资综合改革》 2025.12.17 《政策双箭齐发，券商扩表与险资配置迎 契机》 2025.12.08 《差异化下调险企风险因子，引导长期资 金入市》 2025.12.08 《政策松绑助力扩表，看好券商高质量发 展》 2025.12.08 市场观点：美国 11 月核心 CPI 同比+2.6%，虽为 2021 年 3 月以来新 低，但受政府停摆干扰存在扭曲，市场态度较谨慎。日本央行将利率 上调至 30 ...

Investment Rating - The report maintains an "Outperform" rating for the light industry sector [3] Core Insights - The number of transformation companies in the light industry has significantly increased this year, particularly in traditional sectors such as home furnishings and packaging. If industry sentiment improves, market share is expected to accelerate towards leading companies [2][6] - Minhua Holdings announced a plan to acquire a U.S. furniture manufacturer for $32 million, with the current stock price corresponding to a PE ratio of approximately 8x for the fiscal year 2026, indicating a potential valuation recovery opportunity [2][6] Summary by Sections 1. Weekly Market Performance - The light industry sector outperformed the market with an index increase of 1.80% compared to a 0.28% decline in the CSI 300 index from December 15 to December 19, 2025 [16] - Sub-sectors such as packaging (+1.53%), home goods (+1.96%), and entertainment products (+2.51%) also showed positive performance [16] 2. Home Furnishings - In November, the home furnishings sector faced continued pressure, with retail sales of furniture down 3.8% year-on-year and a significant decline in residential construction area by 28% [31][38] - The number of transformation companies in the home furnishings sector has increased, indicating a potential market share consolidation towards leading firms if the industry sentiment improves [2][31] 3. Paper and Packaging - As of December 19, 2025, prices for various paper products showed a decline, with boxboard prices down by 82.4 yuan/ton and corrugated paper prices down by 162.5 yuan/ton [48] - The report indicates a decrease in waste paper prices, attributed to insufficient support from domestic waste and weakened demand [54] 4. Consumer Products - The report highlights the strategic initiatives of Baiya Co., which aims to enhance its market presence through brand empowerment and product innovation, targeting a top position in the offline market by 2026 [10] - Recommendations include focusing on companies with strong growth potential in the personal care and stationery sectors, such as Kangnai Optical and Morning Glory [10] 5. New Tobacco Products - The report notes increased regulatory scrutiny on electronic cigarettes, which may enhance the competitive advantage of compliant companies in the long term [10] - Companies like Smoore International are expected to benefit from the global rollout of their diverse product lines [10] 6. Textile and Apparel - The textile and apparel sector also outperformed the market, with an index increase of 2.18% during the same period [24] - Companies such as Huamao Co. and Xinyi Technology showed strong stock performance, indicating positive market sentiment [29]

Core Viewpoint - Needham downgraded Amicus Therapeutics from Buy to Hold amid significant developments in the biotech sector, particularly following BioMarin Pharmaceutical's acquisition of Amicus valued at $4.8 billion [1][6]. Company Summary - Amicus Therapeutics is a biotechnology company focused on developing therapies for rare diseases [1]. - The company's stock price is currently at $14.21, reflecting a notable increase of 30.43% or $3.31, driven by investor interest related to the acquisition news [3][6]. - Amicus has a market capitalization of approximately $4.38 billion, with a trading volume of about 132.8 million shares [4]. Industry Summary - BioMarin Pharmaceutical's acquisition of Amicus is part of a broader trend of consolidation in the biotech industry, aimed at expanding capabilities and product offerings [2][5]. - The acquisition is expected to enhance BioMarin's portfolio by adding two rare disease drugs from Amicus, strengthening its market position and driving future growth [2][5].

12月17日，国内"浓缩果汁巨头"安德利在三季度业绩说明会上回应了投资者关切的问题。经过多年发展，在浓缩果汁行业集中度持续提升的背景下，中国浓 缩果汁行业形成了国投中鲁和安德利两大企业主导的"双强争霸"局面。不过在市场表现和战略上，"两强"展现出截然不同的思路，已然走到分岔路口。 国投中鲁作为国投集团民生健康板块的重要上市公司，采取"做强主业+布局未来产业"的双轮驱动战略，更注重跨行业的并购。今年7月，国投中鲁"蛇吞 象"式重组，跨界电子工程，拟收购电子院100%股权。国投中鲁称，电子院为我国电子工程领域的领军企业以及先进电子制造产业化综合服务商，为国投集 团电子信息产业服务板块优质资产。财报显示，2023年度、2024年度电子院的营业总收入分别为53.09亿元、68.48亿元，净利润分别为1.56亿元、2.67亿元。 中国城市专家智库委员会常务副秘书长、浙大城市学院副教授林先平认为，"安德利聚焦主业，以收并购整合行业产能，同时布局NFC、HPP新技术开拓高 端增量市场，契合行业整合逻辑，能巩固核心竞争力，但需应对技术研发与市场培育的成本压力；国投中鲁依托国资背景选择跨界并购，以'蛇吞象'式重组 切入电子工程 ...