最近全球经济圈里可是炸开了锅！为啥？因为咱们那位"前任"特朗普老爷子，他当初搞的那套"对等关税政策"，现在像个定时炸弹一样，滴答滴答地数着90 天的倒计时呢！ 美联储那些大佬们，一个个愁眉苦脸的，好像欠了高利贷似的。他们说，这90天不是啥"喘息"机会，而是美国经济在苟延残喘！ "这根本不是什么好兆头， 只是在给经济续命而已！" 他们心里估计都在打鼓：这90天之后，会不会直接经济崩盘？ 你想啊，当初特朗普老爷子这"贸易战"打得有多猛？对欧盟、加拿大、日本这些国家，一顿猛如虎的操作！结果呢？美国自己先难受上了。 先说就业市场，14个州的失业人数超过了职位空缺数，这可是2021年4月以来最糟糕的记录！ 加州的情况更是惨不忍睹，100个职位空缺，对应着150个失业 的，这工作竞争激烈程度，堪比"千军万马过独木桥"啊！ 所以，美联储说这90天就像给病人打强心针，能缓口气，但病根子没治好，那风险更大！90天后，会不会直接倒下？这谁也说不准。 再看看农业，很多美国农民的日子过得跟坐过山车似的。不少农民一年收入的20%都靠出口，现在出口受阻，农产品价格直线下跌，农民们都愁得吃不下 饭，睡不着觉。我听说，明尼苏达州有个叫蒂姆· ...

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 风险提示： 端午销售不及预期，原材料成本上涨，行业竞争加剧。 发布日期： 2025-04-21 免责声明 本订阅号是光大证券股份有限公司研究所（以下简称"光大证券研究所"）依法设立、独立 运营的官方唯一订阅号。其他任何以光大证券研究所名义注册的、或含有"光大证券研 究"、与光大证券研究所品牌名称等相关信息的订阅号均不是光大证券研究所的官方订阅 五芳斋发布2024年年报，公司24年实现营业收入22.51亿元、同比下降14.57%，实现归母净利润1.42亿 元、同比下降14.24%，扣非归母净利润1.30亿元、同比下降9.66%。其中24Q4单季营收2.03亿元、同比下 降7.61%，归母净利润-0.68亿元（23Q4亏损0.76 ...

Summary of Conference Call Records Company and Industry Involved - The discussion primarily revolves around the beverage industry, specifically focusing on energy drinks and other beverage segments in China. Core Points and Arguments 1. **Leverage Reduction and Consumer Demand** The initial focus for consumers is likely to be on reducing leverage rather than immediate consumption, which may eventually lead to increased demand and consumption in the future. This trend is expected to impact various sectors, including alcoholic beverages and dining, which are prioritized over general consumer goods and snacks [1] 2. **Energy Drink Market Trends** The energy drink segment has shown a positive turnaround over the past two years, with expectations for accelerated growth moving forward. The demographic trends indicate that while the number of university graduates is at a record high, the peak will not be reached until 2038, suggesting ongoing employment pressures that may favor energy drink consumption [2] 3. **Weather Impact on Sales** The sales performance in early 2023 was influenced by colder weather in regions like East and North China. The company noted that the seasonal fluctuations in sales are more pronounced compared to previous years, but warmer weather in February has led to improved production outputs [3] 4. **Branding and Marketing Strategies** The company is transitioning its branding and marketing strategies towards enhancing single-product outputs and consumer engagement. Despite pressures, the company anticipates a strong performance during peak seasons [4] 5. **Market Underestimation of Certain Beverage Segments** The company believes that the market has underestimated the potential of certain beverage segments, particularly juice and tea, which are expected to see significant growth. These segments are characterized by lower barriers to entry compared to high-margin products like coffee and alcoholic beverages [4][5] 6. **Consumer Preferences in Lower-Tier Cities** In lower-tier cities, consumers with lower disposable incomes are gravitating towards more affordable beverage options. This trend supports the company's strategy to focus on these segments for growth [5] 7. **Cost Structure and Profitability** The company anticipates maintaining a strong profit margin, with raw materials accounting for approximately 80% of the main business costs. The profit margins are expected to exceed 7%, indicating a robust financial outlook for the year [6] 8. **Valuation and Investment Potential** The company's valuation is projected to be around 25-26 times earnings by the end of the year, which is considered attractive given the anticipated growth rates. The company is recommended as a top investment choice for April [7]

文 | 任雪芸 以下文章来源于Tech星球 ，作者任雪芸 Tech星球 . Tech星球，聚焦互联网前沿科技和新商业。 来源｜Tech星球（微信ID：tech618） 01 "手机拍不好"之后，运动相机开启 "吸金风暴" "以前用手机拍滑雪视频，画面抖得根本没法看，直到朋友推荐了运动相机。"北京的滑雪爱好者小飞在社交平台分享了他滑雪的视频。 这条视频因流畅的防抖效果和沉浸式视角，获得了不少点赞。而评论区里，"求同款相机"的呼声，成了平台流量之外的附加价值。 事实上，像小飞这样因体验到运动相机优势而 "路转粉" 的消费者不在少数。 在深圳工作的产品经理李然发现，过去两年间，身边同事的工位上陆续出现了各种形态的运动相机：有人用它拍摄通勤骑行的城市街景，有 人绑在宠物项圈上记录"狗视角"。这个曾经专属于极限运动玩家的运动相机，以"全民记录神器"的姿态闯入普通人的生活。 随着影石创新科创板IPO获批，运动相机市场热度再获印证。 据招股书披露，在2021年至2024年6月的报告期，影石创新的收入分别达到约13.28亿元、20.41亿元、36.36亿元和24.28亿元。其在报告期内 的净利润分别约为2.66亿元、4.07 ...