人民财讯8月27日电，招商策略称，近期Hibor利率快速上行后逐步稳定、鲍威尔表态显著转鸽，内外流 动性的变化均指向一个结论：港股流动性趋紧的叙事已经得到了边际改善。流动性叙事的改善已经足够 支撑港股阶段性的补涨，缩小与近期快速上涨的A股之间的差距。从业绩来看，港股目前业绩预喜率为 2022年以来新高。但在前几次牛市中港股指数高度略逊于A股，所以在本轮配置时，建议聚焦与A股存 在差异化的方向，节奏上建议先创新药(流动性宽松+BD数据持续向好)，再互联网(业绩压力被充分定 价)，最后新消费(等待宏观与盈利拐点出现)。 ...

Industry Trends - The per capita consumption of probiotics in China is significantly lower than in developed countries, with only $0.4 per person compared to $10.6 in Italy, $6.8 in the USA, and $6.3 in Japan, indicating substantial growth potential [1] - The focus on health and the rise of new consumption patterns are driving an increase in probiotic penetration, with a projected 7.4% year-on-year increase in per capita service consumption expenditure in 2024, reaching 13,016 yuan [1] - Domestic research on probiotics has increased over 60 times, with a tenfold increase in global patent technology share, leading to a structural shift from reliance on imports to local supply [1] Market Size and Growth - The market size for probiotic raw materials is expected to exceed 10 billion yuan, with a projected scale of 8.3 billion yuan in 2024, growing to 10.6 billion yuan by 2027 [2] - The demand for probiotics in infant formula is crucial due to the sensitivity of infants' digestive systems, with premium pricing for probiotic-added products [2] - The weight loss market presents a new opportunity for probiotics, as leading weight loss drug companies are experiencing high revenue growth [2] Company Developments - The company Keta has broken the market monopoly of foreign giants with its core strains, investing 36.3 million yuan in R&D in 2024, which is 12% of its revenue, marking a historical high [3] - New strains developed by Keta, such as ProSci-246, have shown significant health benefits, including weight loss and improved metabolic indicators [3] - Keta's new production capacity is expected to reach 950 tons, with a new facility in Inner Mongolia projected to be operational by 2025 [4] Strategic Initiatives - Keta's strategic partnership with Wuka Laboratory, which focuses on metabolic management and health, is expected to enhance its market position, with Wuka achieving over 600 million yuan in sales in the first half of 2025 [4] - The collaboration with Wuka is anticipated to provide Keta with a core channel for consumer-facing products, enhancing future growth prospects [4]

丨证券研究报告丨 市场策略丨点评报告 [Table_Title] 0826 港股日评：港股三大指数全线收跌，港股 通有色金属领涨 报告要点 [Table_Summary] 2025 年 8 月 26 日，港股市场大市成交额达到 3178.7 亿港元，南向资金净买入 165.7 亿港元。 今日港股市场表现疲弱，市场情绪回落，资金获利了结，恒生指数跌幅超 1%，Wind 香港可选 消费零售及 Wind 香港半导体板块普遍回调。消息面上，特朗普计划解除美联储理事丽莎·库 克的职务，引发市场对美联储政策独立性的担忧，推动黄金现货价格上涨，并带动 Wind 香港 有色金属板块上行。与此同时，港股潮玩公司股价上涨带动 Wind 香港耐用消费品板块走强。 分析师及联系人 [Table_Author] 戴清 SAC：S0490524010002 SFC：BTR264 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Title 0826 港股日评：港股三大指数全线收跌，港股 2] 通有色金属领涨 [Table_Summary2] 事件描述 港股市场方面，恒生指数回调 ...

也存在显著变化。传统公司依靠广告宣传产品，而新兴公司通过人际交往、人 传人的方式影响产品变化，并结合线上线下动态合作进行宣传。这些差异表明 两者在商业竞争模式、价值创造底层逻辑及营销方式上存在巨大区别。 情绪消费市场规模突破 2 万亿背后的核心动力是什么？ 情趣消费市场处于蓬勃发展阶段，预计 2025 年将突破 2 万亿水平。这一市场 扩张主要得益于几方面的人群增长，其中最重要的是 Z 世代年轻人，他们引领 了整个新型消费方向。虽然 50 岁左右的人群通常具有最强的购买力，但 Z 世 代年轻人在 20 至 30 岁之间初登社会，并接受了新的消费理念，使得他们成为 主要关注方向。他们注重个性化和即时快乐，通过盲盒、潮玩手办等进行情感 需求的满足，是这一市场最根本的驱动力。 此外，年轻人追求解压生活品质也 是催化因素。例如男性偏好游戏和运动解压，这部分疗愈经济中的男性成为细 分领域的重要消费者。同时，不仅仅是年轻人在推动这一市场，例如宠物经济 中家庭中的年轻小朋友养宠物会带动家长增加相关投入。因此，由 Z 世代年轻 人主导并带动周边人群共同参与，是当前重要特征。 随着 Z 世代逐渐成长并有 新的年轻一代接替，他们 ...

业绩超预期与低度酒新品共振，舍得酒业切入新消费领域获市 场关注，近期涨幅显著。 作者： 张丽 封图：图片资料室 8月22日盘后，舍得酒业（600702.SH）发布2025年半年度报告。报告显示，公司上半年实现营 业收入27.01亿元，归属于上市公司股东的净利润4.43亿元。 值得关注的是，在白酒行业传统消费淡季的二季度，舍得酒业展现出强劲的经营韧性：单季实现营 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% 。 公司也因 此成为贵州茅台 之外 ，又一家在二季度实现归母净利润正增长的白酒上市公司。 纵观上半年， 公司 一季度归母净利润已超 2 024年全年水平，二季度同比增幅更超一倍，利润端 复苏动能强劲。这既印证了公司 主动调整 下盈利弹性的释放，也标志着其内在增长动力已完成阶 段性修复，正步入稳健 修复 通道。舍得酒业超预期的业绩复苏迅速获得市场认可， 8月25日公司 股价盘中强势封板涨停，年内累计涨幅转正。 多项核心数据指标强势反弹 多家机构给予"买入"评级 当前，白酒行业 正经历深刻的结构性变革 。中国酒业协会发布的《 2025中国白酒市场中期研究 报告》指出， ...

摘要 1、今天，A股出现波动，深成指收红，个股涨多跌少，两市成交额超2万亿，发生了什么？后市会怎么走？ （图片来源：东方财富APP，统计截至2025/8/26，不作投资推荐） 两市成交额出现缩量，为2.68万亿元，盘面上，受 新一代中国操作系统银河麒麟V11正式发布的利好刺激， 游戏、互联网、软件开发等板块涨幅居 前。医疗、券商板块出现调整。 2、调整会是"倒车接人"吗？A股还有哪些方向值得关注？基金投资如何应对波动？ 3、 牛市来了还没上车？上天天基金APP搜索【777】注册即可 领500元券包，优选基金10元起投！限量发放！先到先得！ 真话白话说财经，理财不说违心话 --这是第1412 篇白话财经- - 今天，A股出现波动，沪指最高涨至3888.60点，随后回落，最终仅有深成指收红。 分析人士指出，昨天3万亿的成交额 一方面告诉 市场A股中长期走势涛声依旧，但另一方面短期分化及波动或将加大，市场结构转换的节奏也会加 大，盘中"过山车"行情将常态化，要系好"安全带"。 沪指最高涨至3888点，后市方向何在 在经历了昨天的3万亿成交额后，A股今天出现波动，不过盘中依然继续创下了新高，最高涨到了3888.60点 ...

8月22日盘后，舍得酒业（600702）（600702.SH）发布2025年半年度报告。报告显示，公司上半年实 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。 值得关注的是，在白酒行业传统消费淡季的二季度，舍得酒业展现出强劲的经营韧性：单季实现营业收 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%。公司也因此成为贵州茅台 （600519）之外，又一家在二季度实现归母净利润正增长的白酒上市公司。 纵观上半年，公司一季度归母净利润已超2024年全年水平，二季度同比增幅更超一倍，利润端复苏动能 强劲。这既印证了公司主动调整下盈利弹性的释放，也标志着其内在增长动力已完成阶段性修复，正步 入稳健修复通道。舍得酒业超预期的业绩复苏迅速获得市场认可，8月25日公司股价盘中强势封板涨 停，年内累计涨幅转正。 多项核心数据指标强势反弹 多家机构给予"买入"评级 当前，白酒行业正经历深刻的结构性变革。中国酒业协会发布的《2025中国白酒市场中期研究报告》指 出，酒类产业已进入了新一轮政策调整、消费结构转型与分化、存量竞争深度调整的"三期叠加"局面。 面对这一复杂挑战，舍得酒业 ...

Market Performance - A-shares experienced a strong rally, with the Shanghai Composite Index reaching 3868.38 points, while the Shenzhen Component Index closed up 0.26% with a trading volume of 2.7 trillion yuan, marking the 10th consecutive day above 2 trillion yuan [1][3] - The Shanghai Composite Index has shown rapid growth, moving from 3381.58 points on June 23 to 3800 points in just 4 trading days [3][6] - The A-share market has become the top-performing global stock market in the second half of the year, reversing a stagnant trend from the first half [6] ETF Market Growth - The total market size of Chinese ETFs reached 5.07 trillion yuan as of August 25, 2025, an increase of 1.33 trillion yuan since the beginning of the year [13][14] - The number of ETFs in the market has grown to 1,263, with a significant increase in both the number of products and total assets [14][18] - The surge in ETF investments is attributed to a shift in investor sentiment and a growing preference for index funds as a means to capture market opportunities [12][15] Fund Flows and Investment Trends - There has been a notable shift in fund flows, with net inflows into ETFs increasing significantly, particularly in July and August, indicating a strong interest from investors [15][23] - The "national team" has utilized ETFs to stabilize the market, leading to a rebound in net subscriptions [15][23] - Investment trends are focusing on traditional industries with core competitive advantages and high-growth emerging sectors, such as AI, innovative pharmaceuticals, and smart driving technologies [9][29] Sector Performance - The A-share market has shown a clear divergence in sector performance, with traditional sectors like agriculture and chemicals leading the gains, while high-profile sectors like rare earths and innovative pharmaceuticals have seen corrections [25][27] - The top-performing ETFs include those focused on agriculture, innovative pharmaceuticals, and technology, reflecting the current market dynamics and investor preferences [25][27]

Core Viewpoint - The performance in the consumer sector is showing significant divergence, with traditional leaders under pressure while new consumption forces are experiencing strong growth, indicating a deep transformation in the consumption market [1][3]. Company Analysis - IFBH, the parent company of the coconut water brand "if," has shown robust financial performance, with a revenue of $9.446 million in the first half of the year, representing a year-on-year growth of 31.5%, outpacing the industry average [5][9]. - Coconut water revenue reached $9.151 million, growing by 33.3%, while other beverage revenues increased by approximately 57.2%, demonstrating strong growth potential in both core and new product categories [5][9]. - The contribution of the "if" brand to total revenue is 89%, indicating its dominance, while the adjusted net profit for the first half was $1.890 million, up 13.9% year-on-year, with a net profit margin of around 20% [6][9]. Industry Trends - The coconut water market in China is experiencing rapid growth, with a projected CAGR of 82.9% from 2019 to 2024, and an expected market size of $2.55 billion by 2029 [11][12]. - The demand for high-quality products is increasing, with consumers prioritizing quality over low prices, which aligns with the characteristics of coconut water [12][13]. - IFBH's competitive advantages include access to high-quality raw materials and a stable supply chain, which are crucial for maintaining product quality and meeting market demand [13][15]. Future Outlook - IFBH is expected to continue increasing its market penetration in China, enhancing brand recognition, and expanding its product offerings, particularly in the sports drink segment [16][17]. - The company is also poised for global expansion, leveraging its asset-light model to enhance distribution networks [17]. - The inclusion of IFBH in the Hang Seng Index on September 8 is anticipated to attract more diverse investors and improve stock liquidity [18].

事件：公司发布2025 年半年报，25H1 实现营收20.4 亿元，同比+2.6%；实现归母净利润1.6 亿元，同比 +4.3%；实现扣非归母净利润1.6 亿元，同比+3.3%。其中25Q2 实现营收10.9 亿元，同比+4.7%；实现归 母净利润0.9 亿元，同比+1.1%；实现扣非归母净利润0.9 亿元，同比+5.5%。 中国区新消费市场取得亮眼突破，美洲关税压力下稳健增长。25H1 中国/ 美洲/ 欧洲/ 其他地区实现收 入8.2/7.6/3.6/1.0 亿元， 同比-1.6%/+4.3%/+22.0%/-22.9%，其中中国区收入略降，但公司全面拥抱新消 费趋势，新消费客户营收同比增速超过40%，占比提升至50%，取得亮眼突破；中国区大单品战略也取 得成效，落地推广10 个大单品，储备25 个产品，在益生菌和抗衰赛道取得重大突破。25H1 公司美洲区 域在关税扰动下仍取得稳健增长，欧洲市场实现双位数增长，其他地区收入因高基数有所下降。分剂型 来看，25H1 软胶囊/片剂/粉剂/软糖/饮品/硬胶囊/其他剂型收入同比 +6.5%/+33.4%/-36.0%/+6.4%/-20.8%/+11.0%/-17. ...