Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The report emphasizes the importance of focusing on bottom opportunities in the liquor sector while pursuing growth in consumer goods. The liquor industry is currently experiencing a downturn, particularly in high-end consumption scenarios, leading to a decline in demand. The report suggests that leading liquor companies with strong brands and distribution channels are likely to adapt and transform successfully [3][11][12] Summary by Sections Weekly Insights - From June 23 to June 27, the food and beverage index declined by 0.9%, ranking 28th among primary sub-industries, underperforming the CSI 300 by approximately 2.8 percentage points. The health products (+3.6%), baked goods (+2.7%), and seasoning and fermentation products (+1.2%) sectors performed relatively well [11][13] Market Performance - The liquor sector remains at a low point, with the impact of the "ban on alcohol" still felt. The lack of high-end consumption scenarios has further depressed industry demand. The report anticipates increased pressure on liquor companies' performance in the second quarter due to sluggish terminal sales and high channel inventory levels [3][11][12] Upstream Data - Some upstream raw material prices have decreased, which may alleviate cost pressures for companies in the beverage sector. For instance, the price of imported barley fell by 4.3% year-on-year in May 2025, and the quantity imported dropped by 47.8% [31][33] Recommended Companies - The report recommends gradually increasing positions in liquor stocks at low valuations, particularly focusing on leading companies such as Guizhou Moutai and Shanxi Fenjiu. It also highlights opportunities in consumer goods companies like Ximai Food, Youyou Food, Wancheng Group, and Bairun Shares, which are expected to benefit from new consumption trends [4][12][46]

——策略周观点 升级为全面牛市可能的条件 证券研究报告 策略研究 [策略周报 Table_ReportType] | ] [Table_A 樊继拓 uthor策略首席 分析师 | | | --- | --- | | 执业编号：S1500521060001 | | | 箱： fanjituo@cindasc.com | 邮 | [Table_ReportDate] 2025 年 6 月 29 日 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 1 李畅 策略分析师 执业编号：S1500523070001 邮 箱： lichang@cindasc.com [升级为全面牛市 Table_Title] 可能的条件 [Table_ReportDate] 2025 年 6 月 29 日 核心结论：战略上，去年 10 月以来震荡市的特征有：估值位置偏低、 上市公司盈利偏弱、政策基调积极、各类主题机会活跃，与 2013-2014 年中和 2019 年的震荡市类似，后续有望迎来全面牛市。但战术层面， 对比之前震荡市升级为全面牛市临界点（2014 年 7 月和 2020 年 7 月） 的催化因素， ...

证 券 研 究 报 告 保险行业周报（20250623-20250627） 风偏上行催化板块行情，看好负债端经营质 推荐（维持） 量改善趋势 本周行情复盘：保险指数上涨 3.89%，跑赢大盘 1.93pct。保险个股表现分化， 阳光+9.57%，太平+8.63%，友邦+5.53%，太保+4.47%，平安+4.06%，财险 +3.61%，新华+3.46%，人保+2.82%，国寿+2.39%。10年期国债收益率1.65%， 较上周末+1bp。 本周动态： （1）中证网：6月 24日，港交所披露易最新数据显示，蚂蚁集团当日减持约 3375.48万股众安保险股。此次减持后，蚂蚁集团对众安保险的持股数量占已 发行的有投票权股份百分比降至 7.63%。 （2）众安在线：增资约 39亿港元，配售价 18.25港元/股，配售股份相当于现 有已发行 H股的 15.14%。本次增资主要用于补充资金需求、支撑金融科技创 新投资以及一般企业用途。 （3）金融监管总局：2025 年 1-5 月原保费收入 3.06 万亿，其中财产险 6129 亿元，人身险 24473 亿元。 保险近期行情点评： 近期保险板块行情表现突出，我们认为主要催 ...

债 券 周 评 相关研究 - 证券分析师 黄伟平 A0230524110002 huangwp@swsresearch.com 王明路 A0230525060003 wangml@swsresearch.com 徐亚 A0230524060002 xuya@swsresearch.com 张杰 A0230524050002 zhangjie@swsresearch.com 联系人 徐亚 (8621)23297818× xuya@swsresearch.com 2025 年 06 月 28 日 转债 YTM 创今年以来新低 ——转债周度跟踪 20250627 ⚫ 1. 周观点及展望 ⚫ 权益市场小盘成长风格领涨，叠加转债评级下调定价窗口期即将结束，近一周转债表现 抢眼，其中万得信息技术、低评级、高价、小盘转债风格领涨。估值方面，百元溢价率 继续攀升，市场整体情绪高涨。值得关注的是，在银行股票指数调整的影响下，万得金 融转债指数单日大幅调整，但是相对权益而言调整幅度有限。策略方面，建议继续维持 哑铃配置，一方面，大盘蓝筹转债供需关系更加失衡，随着浦发转债等类似的底仓转债 到期退出，转债市场对于底仓品种的配置需求将 ...

余欢擅长成长股投资，具有成长属性的新消费领域是他的重点关注方向之一。余欢表示后续将继续积极 关注成长股方向，一是行业竞争格局改善、企业进入利润释放期、估值偏低有望重估的港股科技互联网 板块；二是处于高速发展阶段的新消费领域，包括潮玩、美容护理、宠物食品等；三是受益AI技术驱 动的子行业，包括机器人、智能驾驶、AI端侧应用等。 免责声明：本通讯所载信息来源于本公司认为可靠的渠道和研究员个人判断，但本公司不对其准确性或 完整性提供直接或隐含的声明或保证。此通讯并非对相关证券或市场的完整表述或概括，任何所表达的 意见可能会更改且不另外通知。此通讯不应被接受者作为对其独立判断的替代或投资决策依据。本公司 或本公司的相关机构、雇员或代理人不对任何人使用此全部或部分内容的行为或由此而引致的任何损失 承担任何责任。未经长城基金管理有限公司事先书面许可，任何人不得将此报告或其任何部分以任何形 式进行派发、复制、转载或发布，且不得对本通讯进行任何有悖原意的删节或修改。基金管理人提醒， 每个公民都有举报洗钱犯罪的义务和权利。每个公民都应严格遵守反洗钱的相关法律、法规。投资须谨 慎。 MACD金叉信号形成，这些股涨势不错！ 责任编 ...

本报（chinatimes.net.cn）记者王兆寰 北京报道 6月份以来，外资机构密集发声，力挺中国资产。高盛、摩根士丹利等多家外资机构不仅上调了对2025 年中国经济增长的预期，还表示看好中国股票市场后续表现。 A股在众望所归下完成了又一突破：6月25日，上证指数收于3455.97点，盘中最高触及3459.01点，创年 内新高，总市值突破100万亿元大关，市场信心大幅回暖。26日，沪指再创新高3462点。 南开大学金融发展研究院院长田利辉在接受《华夏时报》记者采访时表示，外资集体看多中国资产，核 心在于中国经济展现的韧性与结构性机遇。 田利辉指出，高盛、摩根士丹利等机构上调GDP增速预测，主要基于内需复苏、政策托底及科技突破带 来的增长预期。当前A股和港股估值处于历史低位，叠加人民币走强，全球资金正加速布局中国市场的 长期价值。 外资持续看多 近期，高盛、瑞银、摩根士丹利等国际机构密集发声，释放了强烈看多中国资产的信号。 高盛维持对A股和港股的超配建议，预计沪深300目标点位为4600点，MSCI China目标点位为84点，隐 含约10%的上行空间。 同时，在行业配置方面，高盛近期调高了银行和地产板块的 ...

证券研究报告 悦己需求焕新颜，传统消费激活力 ——食品饮料行业2025年中期策略报告 食品饮料行业 强于大市（维持） 证券分析师 2025年6月27日 请务必阅读正文后免责条款 张晋溢 投资咨询资格编号：S1060521030001 王 萌 投资咨询资格编号：S1060522030001 王星云 投资咨询资格编号：S1060523100001 投资要点 1 新需求：从悦人到悦己。消费结构性景气线索正在清晰，消费者代际间意愿分化与消费品类支出意向分化，导致传统消费复苏乏力，催生"新消费"蓬勃发展。1）在当前的 消费环境下，消费者关注自身财务状况，以低成本实现可持续，在购买商品时更加关注性价比。2）随着当代年轻人社会压力增加以及对情感功能的重视，"情绪消费"潜在 的经济价值将得到不断发掘。3）现代社会工作压力大，生活节奏快,导致居民亚健康问题突出，"追求健康"成为消费者的普遍共识。 新产品：从满足到挖掘。1）健康化：随着消费者对健康的重视程度持续提升，零食企业在健康食材上不断创新，推出如魔芋、海带、鹌鹑蛋、蒟蒻等产品，盐津铺子推出的 "大魔王"素毛肚，一经推出成为行业内的现象级产品。2）性价比：为迎合消费者追求性 ...

以下文章来源于兴证全球基金 ，作者与您相伴的 兴证全球基金 . 投资理财，有温度，有深度，有态度。 一则补货通知，让LABUBU的热潮告一段落。 【0 2 】 "超预期 的爆火，为什 么 ？" 问： 它的火爆程度有没有超过您的预期？您认为爆火最重要的因素是什么？ 朱可夫 ： 肯定是超过我的预期了。当时的判断是一个IP做20-30亿就已经非常牛了。结果事实来看， LABUBU去年就已经做到20-30亿了，今年市场预期可能会更高。 另外从覆盖人群角度来讲，当时它主要集中对象是在中国的13-35岁的女性人群，但现在因为正向的时尚 效应，它一路从东南亚 （泰国、印尼、新加坡、马来西亚） 一路火到了欧美地区，在短短2年的时间里面就成为 了一个全球流行的icon。 我觉得背后的原因，第一点确实击中了这个时代的某种情感要素。根本原因在于独居的人群越来越多，传 统的大家庭正在被拆解为更小的家庭单位，个体的情感需求因此变得越来越重要。 而潮玩这种形式，恰恰 以一种侵入性很低的方式，带来了治愈感、快乐感，甚至还有一些搞怪的元素，正是这些因素让它能够被 广泛接受。 在降温之前，这个有点丑萌搞怪的玩偶从2024火到2025，风潮从国 ...

Group 1: New Consumption Trends - The core driving force of new consumption lies in a deep understanding of "people" and value resonance, with five key investment opportunities identified [2] - The new consumption index in the capital market has performed well, driven by generational shifts and consumption upgrades, indicating a profound structural transformation in the Chinese consumer market [1][2] - Key sectors include trendy toys, pets, tea beverages, discount retail, and AI consumption, with emotional and companionship economies showing significant potential [2] Group 2: AI and Digital Assets - AI is driving a shift from "software as a service" to "results as a service," with advancements in AI Agent technology leading to greater autonomy and personalized experiences [1] - Stablecoins are reshaping societal perceptions and usage of currency due to their stability, speed, accessibility, and practicality [1] Group 3: Energy Transition and Nuclear Fusion - The nuclear fusion industry is approaching a critical point of transitioning from scientific research to engineering practice and commercial application, with significant potential for investment [3] - High-temperature superconducting materials are key to breakthroughs in nuclear fusion, with the industry projected to have a trillion-dollar market potential [3] - The existing nuclear power industry has potential technology transfer value and synergies with the development of fusion technology [3]

Group 1 - The core viewpoint of the article highlights the collaboration between Shandong and Zhejiang pet industry associations, focusing on the full industry chain innovation and brand strategy upgrade in the pet industry [2] - The Zhejiang exchange delegation visited leading companies such as Petstar and Tianyuan Pet Products, emphasizing the importance of product display and corporate culture [2] - Tianyuan Pet Products is a comprehensive enterprise specializing in the design, development, production, and sales of pet products, covering a wide range of categories including pet beds, toys, clothing, and food [2] Group 2 - Tianyuan Pet Products is actively expanding its business by investing in R&D, with a professional team that has developed nine product categories and holds over 200 domestic and international patents [3] - The company focuses on the lifestyle habits of pets and the interaction needs between pets and owners, continuously developing innovative products that meet various usage scenarios [3] - Tianyuan Pet has established four production bases globally, utilizing intelligent production lines and a strict quality control system to enhance its core competitiveness [3] Group 3 - The company is expanding its international market presence by leveraging platforms like the Canton Fair, establishing long-term partnerships with well-known international retailers and e-commerce platforms [3] - Tianyuan Pet has a presence in over 100 countries and regions, enhancing its brand influence through local market integration [3] - The company has developed multiple well-known brands such as Petstar and Xiaoshouxing, offering over 30,000 different SKUs to provide competitive pricing and quality products [4] Group 4 - The rapid development of Tianyuan Pet reflects the strategic transformation of China's pet industry from traditional manufacturing to comprehensive services [4] - The company is poised to benefit from new consumption trends and the growing pet economy, indicating a promising opportunity for accelerated growth in the pet industry [4]