中国南方五省区10月用电量实现两位数增长 中新社广州11月24日电(王华 蓝旺)据中国南方电网公司24日消息，10月份，中国南方五省区(广东、广 西、云南、贵州、海南)全社会用电量达到1603亿千瓦时，同比增长10%，是该区域自今年2月以来，单 月用电量首次实现两位数增长，印证区域经济持续稳中有进。 分产业看，10月份，南方五省区第一、二、三产业及城乡居民生活用电量同比分别增长6.6%、6.5%、 12%和21.7%。 "10月份用电量的较快增长，离不开经济增长的正向拉动。"南网能源院供需协同研究部项目经理董楠分 析，数据显示，该区域内超七成行业用电量实现正增长，其中近四成行业增速超过10%。 来源：中国新闻网 编辑：陈俊明 广告等商务合作，请点击这里 本文为转载内容，授权事宜请联系原著作权人 中新经纬版权所有，未经书面授权，任何单位及个人不得转载、摘编或以其它方式使用。 关注中新经纬微信公众号(微信搜索"中新经纬"或"jwview")，看更多精彩财经资讯。 从行业用电情况看，产业升级与消费复苏共同构成增长主线，高技术及装备制造业与数字经济领域表现 亮眼。10月份，高技术及装备制造业用电量同比增长6.7%，其 ...

21世纪经济报道记者高江虹 过去这一周，最新一季财报披露已经接近尾声，Gap交出不错的成绩单，销售连续七个季度正增长。但全球最大的奢侈品电商 LuxExperience的成绩喜忧参半，GMV下滑4.3%，净销售额下降4.2%，经调整EBITDA亏损2810万欧元。但是，集团旗下 Mytheresa、Net-A-Porter、Mr Porter及YOOX等平台均实现全面增长。尤其是完成对原属于历峰旗下的YNAP收购后的Mytheresa 销售额和盈利能力均实现两位数增长。 中国内地和香港市场的消费复苏势头明显，瑞士手表10月出口额同比下降4.4%，但是对中国的出口连续第二个月增长，增幅达 13%；而且上周日刚刚结束的富艺斯钟表名表拍卖三天总成交逾3亿港元，创下了亚洲迄今最高常设钟表拍卖纪录。所谓"春江 水暖鸭先知"，从收藏级名表的交投活跃可见市场温度，因此上周意大利高级珠宝品牌Vhernier亚洲首店便选择落地香港。 然而值得注意的是，中国市场的复苏并不意味着遍地黄金重现，水土不服甚至竞争失败者亦是比比皆是。最近哈罗德百货宣布 明年关闭上海私人会员俱乐部和哈罗德茶室，黛安芬将于下个月关闭中国内地所有线下门店和网 ...

开源证券指出，展望2026年全年，食品饮料行业主线是底部回暖复苏，复苏节奏及力度与宏观经济相关 性较大。产业层面白酒企业已进入深度调整期，行业需求下行的结果已由终端经渠道传导至厂家，体现 为酒企公司报表业绩增速放缓。当前白酒板块已接近左侧布局区间，当前可逐步开展配置，优先选择业 绩出清或底部确认标的。 数据显示，截至2025年10月31日，中证主要消费指数前十大权重股分别为贵州茅台、五粮液、伊利股 份、牧原股份、泸州老窖、温氏股份、山西汾酒、海天味业、东鹏饮料、海大集团，前十大权重股合计 占比68.28%。 截至2025年11月24日 13:02，中证主要消费指数下跌0.16%。成分股方面涨跌互现，牧原股份领涨 2.61%，新诺威上涨1.65%，华熙生物上涨1.51%；梅花生物领跌，海南橡胶、中粮糖业跟跌。 展望后市，湘财证券表示，三季报收官，白酒持续出清，压力释放。目前板块估值分位数处于较低位 置，估值相对具有性价比，建议把握绩优股的alpha机遇。消费变革下，既要关注品类、渠道、消费场 景的创新机会，又要关注传统消费领域中积极求变及低估值的配置机会。 消费ETF嘉实(512600)跟踪中证主要消费指数，该 ...

近期公布的宏观经济数据为市场注入了一剂强心针。10月份CPI同比增速转正，核心CPI同比涨幅更是 连续六个月扩大，清晰地表明国内物价水平正步入企稳回升的通道。专家普遍认为，未来CPI将保持温 和上涨，尤其以食品和核心服务价格的复苏势头最为明确。 这一宏观背景为食品饮料板块的估值修复提供了坚实的逻辑基础。作为与居民消费价格关系最为直接的 行业，食品饮料企业将直接受益于整体价格中枢的上行，这有助于改善企业盈利能力与毛利率水平。回 顾8月以来的物价走势，从CPI同比降幅收窄到转正，经济内生动能的修复正在为消费板块创造有利环 境。 此前，由于市场对消费复苏力度的担忧，食品饮料板块经历了长时间的调整，估值已回落至历史低位。 如今，在宏观"暖风"的吹拂下，板块的防御属性与修复潜力凸显，其价值重估的窗口期正在打开。投资 者应关注这一宏观趋势性变化，把握板块在悲观情绪消退后的投资机遇。 食品饮料ETF(515170)跟踪中证细分食品饮料产业主题指数，聚焦白酒、饮料乳品、调味发酵品等高壁 垒、强韧性板块，前十大成分股囊括"茅五泸汾洋"，帮助投资者一键配置"吃喝板块"核心资产。相较于 其成分股动辄数万、数十万的最低投资门槛，ET ...

Group 1 - The Hong Kong consumer sector experienced a short-term rally, with the CSI Hong Kong Stock Connect Consumer Theme Index rising by 1.79% and the Hong Kong Consumer ETF (513230) increasing by 1.32% [1] - The "2025 China Theme Park Competitiveness Evaluation Report" indicates that in 2024, 90 large and super-large theme parks received 127.86 million visitors and generated revenue of 29.25 billion RMB, reflecting a decline of 1.76% and 3.74% respectively compared to 2023, indicating a slight negative growth trend in the industry [1] - The report attributes this decline to weak visitor recovery and intensified market competition, with international brands and large resort complexes maintaining high attractiveness due to stable brand effects and continuous investment [1][2] Group 2 - The Chinese theme park industry is showing further differentiation, with leading international brands and large resort complexes retaining customer flow, while parks lacking clear positioning and operational capabilities face challenges such as visitor diversion and declining repeat visits [2] - The industry is transitioning from a phase of extensive scale expansion to a focus on high-quality development characterized by IP cultivation, experience upgrades, and precise operations [2] - Under the backdrop of ongoing growth policies, the service consumption and tourism sectors are presenting multiple structural opportunities, with service consumption and online sales continuing to show resilient growth [2]

Investment Rating - The industry investment rating is "stronger than the market," indicating an expected performance exceeding the market by more than 5% within the next six months [28]. Core Views - The report highlights a recent decline in the consumer sector, with the Shanghai and Shenzhen 300 index dropping by 3.77% from November 17 to November 21, 2025. All sub-sectors within the consumer industry experienced declines, with the most significant drop in consumer services at -6.53% [3][5]. - The report suggests focusing on bottom-fishing opportunities following the recent pullback in the consumer sector [3]. Summary by Sections Consumer Goods - Mass Market - The mass market segment shows high demand in functional beverages and snacks, with a notable performance from brands like Dongpeng Beverage and Salted Fish [3]. - The dairy sector is experiencing a steady recovery, with leading companies likely entering a profit recovery phase [3]. - The restaurant supply chain is stabilizing, with industries like condiments and frozen foods beginning to recover from previous lows [3]. Consumer Goods - Alcohol - Most liquor companies reported a deeper decline in net profits for Q3 2025 compared to Q2 2025, indicating ongoing challenges [3]. - The report identifies three key investment lines: high-end white liquor, mid-range white liquor with national expansion, and local market-focused liquor [3]. Social Services - The social services sector is entering a performance vacuum following Q3 reports, with a focus on companies like China Duty Free and Aimeike that may benefit from policy catalysts and mergers [3]. - The report notes the introduction of snow holidays in regions like Xinjiang, which may boost local tourism [17]. Home Appliances - The home appliance market is experiencing a rational adjustment, with significant declines in retail sales during the Double Eleven shopping festival [15]. - Air conditioning production is expected to drop by 22.6% in December, reflecting ongoing downward pressure in the industry [15]. Textile and Jewelry - The report recommends continued attention to investment opportunities in the gold and jewelry accessories sector, particularly brands with potential for market share growth [3]. Cultural Communication - The report emphasizes the importance of understanding consumer sentiment in niche markets, suggesting that companies in the media sector could benefit from this insight [3].

Investment Rating - The industry maintains an "Overweight" rating, suggesting a positive outlook for investment opportunities in the sector [5]. Core Insights - The demand for respiratory medications is expected to rise due to the increase in flu cases, with a reported 955 flu-like illness outbreaks, marking a 53.8% increase from the previous week [4]. - The market performance of the Traditional Chinese Medicine (TCM) sector showed a decline of 6.46% last week, ranking second among secondary pharmaceutical sectors [1]. - The TCM sector's Price-to-Earnings (PE) ratio (ttm) is 27.36X, down by 1.89X week-on-week, while the Price-to-Book (PB) ratio (lf) is 2.31X, down by 0.16X [2]. Market Performance - The TCM sector reported a closing index of 6419.16 points, down 6.46% for the week, while the overall pharmaceutical sector index fell by 6.88% [1][16]. - Among companies, *ST Changyao, Weikang Pharmaceutical, Jiangzhong Pharmaceutical, Yunnan Baiyao, and Dong'e Ejiao showed better performance, while Te Yi Pharmaceutical, Panlong Pharmaceutical, Zhendong Pharmaceutical, Yiling Pharmaceutical, and Enwei Pharmaceutical lagged [1]. Valuation Metrics - The TCM sector's PE ratio is at the 28.94% percentile since 2013, while the PB ratio is at the 5.93% percentile, indicating relatively low valuation compared to historical data [2]. Supply Chain Insights - The market for TCM raw materials is currently weak, with a price index of 224.73 points, reflecting a 0.3% decrease due to oversupply and inventory buildup [3]. Investment Recommendations - Three main investment themes are highlighted: 1. Price governance focusing on competitive advantages and innovation capabilities [5]. 2. Consumption recovery driven by macroeconomic improvement and aging population [5]. 3. State-owned enterprise reform, which is expected to enhance efficiency and performance [5]. Target Companies - Recommended companies include Zhaoli Pharmaceutical and Yiling Pharmaceutical, with a focus on those with strong R&D capabilities and unique products [9].

Investment Rating - The report maintains an "Increase" rating for the industry [6] Core Viewpoints - The report indicates signs of recovery in the retail sector, particularly in high-end consumption and new retail, supported by recent quarterly performance disclosures from consumer companies [1] - The recovery is attributed to both low base effects from the previous year and the resilience of specific market segments, suggesting a strengthening foundation for domestic consumption [1] Summary by Sections Brand Performance - Richemont Group reported a 14% revenue increase in Q3 2025, with a 7% growth in mainland China, driven primarily by jewelry sales [2] - Burberry's same-store sales turned positive for the first time since 2024, with a 3% increase in China, benefiting from a low base effect [2] Property Performance - Swire Properties reported retail sales growth of 41.9% in Shanghai and 7.8% in Beijing for the first three quarters of 2025, indicating improving retail performance [3] - China Resources Land's total contract sales in October 2025 were approximately 15.2 billion yuan, a decrease of 51%, but recurring income showed a 3% increase [3] New Retail Developments - Walmart's Q3 2026 revenue reached $179.5 billion, a 5.8% year-on-year increase, with a 21.8% growth in China and a 32% increase in e-commerce sales [4] - Miniso reported a 28% revenue growth in Q3 2025, with a net profit increase of 12% and a total of 8,138 stores globally [5] Industry Trends - The retail index showed a decline of 7.24% recently, underperforming the Shanghai Composite Index by 3.34 percentage points [14] - The report highlights the importance of new consumption trends and the potential for growth in sectors like duty-free shopping and cross-border e-commerce [10] Company Dynamics - Yum China announced a new strategic plan aiming for significant growth in store numbers and profitability over the next three years [21] - Huitongda Network plans to acquire a 57% stake in Cognition Boundary, enhancing its market position [21] Industry Developments - Good Sale has introduced coffee sales in select stores, maintaining a low-price strategy [23] - JD's discount supermarket is set to open a new location, expanding its market coverage [23] - Hema's new discount community supermarket model is entering the Guangdong market, indicating strategic expansion [24]

证 券 研 究 报 告 华创农业 10 月白羽肉禽月报 毛鸡价格稳后上扬，鸡苗价格高位偏强 ❑ 毛鸡&鸡苗：毛鸡价格稳后上扬，鸡苗价格高位偏强。 父母代产能方面，2025 年 10 月协会样本点在产父母代存栏 2307 万套，同比 +2.5%，环比+0.7%；后备父母代种鸡平均存栏量 1532 万套，同比-6.8%，环比 -2.2%。10 月父母代鸡苗价格为 47.79 元/套，最新报价 25 年第 44 周数据为 45.97 元/套。 综合来看，鸡苗端环比上涨，毛鸡养殖端环比下降。10 月毛鸡养殖亏损 1.78 元/羽，环比盈利大幅下降；孵化场盈利 0.65 元/羽，环比盈利大幅扩张。 行业研究 农林牧渔 2025 年 11 月 23 日 推荐（维持） 华创证券研究所 证券分析师：张皓月 邮箱：zhanghaoyue@hcyjs.com 执业编号：S0360524070009 证券分析师：陈鹏 电话：021-20572579 邮箱：chenpeng1@hcyjs.com 执业编号：S0360521080002 行业基本数据 | | | 占比% | | --- | --- | --- | | 股票家数(只) ...

Investment Rating - The investment rating for Miniso (9896.HK) is not explicitly stated in the provided documents, but the report indicates a positive outlook based on strong performance metrics and growth potential. Core Insights - Miniso reported a revenue of 15.19 billion yuan for the first three quarters of 2025, representing a year-over-year increase of 23.7%. The adjusted net profit for the same period was 2.046 billion yuan, with an adjusted net profit margin of 13.5% [1][2] - The company's same-store sales growth in China reached low double-digit levels in October 2025, indicating a strong recovery and growth trajectory [2] - The TOP TOY segment showed exceptional performance with a revenue increase of 87.9% year-over-year, contributing significantly to overall growth [1][2] Summary by Sections Financial Performance - For Q3 2025, Miniso achieved a revenue of 5.797 billion yuan, a year-over-year increase of 28.2%. Domestic revenue was 2.909 billion yuan (yoy +19.3%), while overseas revenue was 2.312 billion yuan (yoy +27.7%). TOP TOY's Q3 revenue was 575 million yuan (yoy +111.4%) [2] - The adjusted operating profit margin for Q3 was 17.6%, showing a narrowing decline of 2.1 percentage points, indicating improved profitability [3] Store Expansion - As of the end of Q3 2025, Miniso had a total of 8,138 stores globally, with 4,407 in China and 3,424 overseas. The company opened 718 new stores year-over-year, with 75.7% of new openings in overseas markets [3] Profit Forecast - The forecast for net profit attributable to the parent company for 2025-2027 is 2.703 billion yuan, 3.438 billion yuan, and 4.232 billion yuan, respectively, with corresponding P/E ratios of 16.4X, 12.9X, and 10.5X [4][6]