为构建公平、透明的资本市场环境，帮助投资者深入了解上市公司的经营模式、行业前景、 风险特征，保护投资者合法权益，并推动资本市场长期健康发展，申万宏源证券联合深圳交 易所开展了"理性投资伴我行"投资者走进上市公司系列活动。 2025年5月27日下午，在广西证监局、广西证券期货基金业协会、广西上市公司协会的监督 指导下，申万宏源证券联合深圳交易所组织开展了"理性投资伴我行"投资者走进上市公司系 列 活 动 ， 共 邀 请 30 余 名 投 资 者 实 地 探 访 国 内 燕 麦 行 业 龙 头 上 市 公 司 —— 西 麦 食 品 （002956），走进其子公司广西贺州西麦生物食品有限公司参观调研，此次活动通过参观 展厅、生产线、研发中心及交流座谈等形式，帮助投资者深入了解公司经营现状与未来战 略，深化价值投资理念。 在工作人员的引导下，投资者首先参观了公司展厅，全面了解西麦食品20多年发展历 程。公司从燕麦育种、研发生产、销售的全产业链布局给投资者留下深刻印象。例如， 西麦在张北坝上、呼伦贝尔等地建立了绿色有机燕麦原料基地，并通过"产学研"模式与 科研机构合作培育专属品种，从源头保障产品质量。 在参观完展厅之后 ...

Core Viewpoint - The article highlights the launch of China's first integrated production project for 100,000 tons/year ASA resin by Lihua Yi Li Jin Refining Co., which represents a significant advancement in high-end chemical materials and establishes a complete industrial chain for ASA resin production [1][2]. Group 1: Project Overview - The total investment for the ASA resin project is 2.2 billion yuan, utilizing advanced technology from the US-based Dushinib [1]. - The project leverages existing products such as styrene, acrylonitrile, MMA, and AMS to create a fully integrated production line for ASA resin [1]. Group 2: Product Characteristics - ASA resin, an upgraded variant of ABS resin, offers superior aging resistance, weather resistance, color stability, and coloring performance [1]. - It maintains 75% of its room temperature impact resistance even in extreme conditions of -30°C, making it a next-generation impact-modified resin [1]. Group 3: Applications - ASA resin is primarily used in the automotive, electronics, and construction industries, replacing certain metal materials in automotive parts such as exterior shells, bumpers, and mirrors [2]. - In the electronics sector, ASA resin is applied in outdoor mobile antennas, washing machine panels, and other components requiring durability against aging [2]. Group 4: Competitors - Major producers of ASA resin include BASF, General Electric (now SABIC), INEOS, Dow Chemical, and several Japanese and Korean companies [2].

Core Viewpoint - The agarwood industry in Guangdong is rapidly growing, becoming a significant driver for local economic development and rural revitalization, with a target annual output value of 10 billion yuan in the future [1][4]. Industry Overview - Guangdong ranks among the top provinces in China for agarwood cultivation, with major production areas in Maoming, Dongguan, Zhongshan, and Huizhou. Maoming alone has over 277,200 acres of agarwood plantations and an industry output value exceeding 6.86 billion yuan [1][5]. - The agarwood industry has formed a "three-industry integration" cluster, encompassing seedling cultivation, planting, production, processing, and sales [2][3]. Economic Impact - The industry has created over 8,500 agarwood enterprises, including cooperatives and individual businesses, employing more than 150,000 people in related activities [3][4]. - The local government has implemented initiatives to enhance the agarwood industry, aiming for a dual win in ecological and economic benefits [4][6]. Policy Support - The Maoming government has introduced strategic plans for the agarwood industry, including the "Maoming Agarwood Industry Enhancement Action Plan (2022-2025)" and the "Maoming Agarwood Industry Development Plan (2023-2030)" [5][7]. - Guangdong province has been actively promoting policies to support the agarwood industry, including the "Guiding Opinions on Promoting the Integration and Innovation of Forestry Industries" and various local development plans [6][7]. Future Prospects - The agarwood industry is expected to continue its growth trajectory, with ongoing efforts to integrate cultural, medicinal, and tourism aspects into the industry, transforming ecological advantages into economic benefits [7][8].

Group 1 - The core viewpoint of the articles highlights the successful completion of black bean planting in Ming Shui County, with a total area of 23,500 acres dedicated to black bean cultivation this year [1] - Ming Shui County is located in a prime agricultural zone with favorable conditions for black bean farming, including rich black soil averaging over 1.5 meters in thickness and long sunlight hours [1] - The county has adopted a "smart agriculture + full industry chain" strategy to enhance the black bean industry, focusing on green, deep processing, and high-end development to promote rural revitalization [1] Group 2 - Ming Shui County has developed a comprehensive industry chain from black bean planting to deep processing, transitioning from single-use to diversified product development [2] - The black bean processing industry has evolved from a short, open supply chain to a long, closed industry chain, producing various products such as black bean powder, oil, wine, and vinegar [2] - To boost sales, Ming Shui County has established an online and offline marketing system centered around a digital economy incubator, direct sales stores, and chain supermarkets, with black bean products gaining popularity in major markets like Beijing, Shanghai, and Guangzhou [2]

Core Viewpoint - Muyuan Foods Co., Ltd. has submitted an application for listing on the Hong Kong Stock Exchange, aiming to expand its capital base and enhance its market presence as a leading player in the global pork industry [1][2]. Company Overview - Muyuan Foods is a technology-driven global leader in the pork industry, covering the entire supply chain from breeding, pig farming, feed production, slaughtering, to meat processing [2]. - The company has been listed on the Shenzhen Stock Exchange since January 28, 2014, with the stock code 002714 [2]. Market Position - According to Frost & Sullivan, Muyuan Foods is the largest pig farming enterprise globally based on production capacity and output since 2021, maintaining the highest pig output for four consecutive years [2]. - The company's global market share in terms of pig output increased from 2.6% in 2021 to 5.6% in 2024, surpassing the combined market share of the second to fourth largest competitors [2]. Financial Performance - Revenue for Muyuan Foods from 2022 to 2024 is projected to be RMB 124.83 billion, RMB 110.86 billion, and RMB 137.95 billion, respectively [3]. - Net profit figures for the same period are expected to be RMB 14.93 billion, a loss of RMB 4.17 billion, and a profit of RMB 18.93 billion, indicating a significant recovery in profitability by 2024 [3]. - Gross profit margins are forecasted to be 17.5% in 2022, 3.1% in 2023, and 19.1% in 2024, reflecting fluctuations in operational efficiency [2][3]. Management Team - The chairman and CEO, Qin Yinglin, has been with the company since its inception in 2000 and has extensive experience in the pig farming industry [5][6]. - Other key executives include Cao Zhinian, the vice chairman and CFO, and Yang Ruihua, the executive director and vice president, both of whom have been with the company since its early days [5][7][8].

Group 1 - The EU has imposed over 2000 sanctions on Russia by April 2025, including sanctions on Chinese companies, indicating a systematic use of "secondary sanctions" to pressure third-party countries [1] - The sanctions against Chinese companies are based on allegations of "indirect support for Russian military," but no concrete evidence has been provided [2] - The EU's actions reflect a double standard, as many countries, including the US and Europe, continue to engage in business with Russia while targeting Chinese firms [2][4] Group 2 - Europe's reluctance to fully align with China stems from concerns over China's growing strength and potential dominance in various sectors, which could disadvantage Europe [4] - The current geopolitical landscape suggests that Europe may prefer US leadership over a rising China, as it allows Europe to maintain some level of influence in manufacturing and technology [4] - The EU's strategy may involve balancing its relationship with the US while cautiously engaging with China, especially in sectors like AI and renewable energy [13]

Core Viewpoint - The article discusses the superiority of cultivated Ganoderma (Lingzhi) over wild varieties, emphasizing the importance of quality control in traditional Chinese medicine (TCM) and highlighting the achievements of Zhejiang Shouxiangu Pharmaceutical Co., Ltd. in this field [2][3]. Group 1: Company Overview - Zhejiang Shouxiangu is a national high-tech enterprise and a time-honored brand that focuses on solving the challenges of high-quality raw materials and product transformation in rare Chinese medicinal materials [2]. - The company has developed a comprehensive quality control model that integrates germplasm resource protection, breeding, organic cultivation, traditional processing, and modern extraction techniques [2][3]. Group 2: Research and Development - Shouxiangu has established the world's largest Ganoderma germplasm resource bank, containing over 10,000 entries, including both wild and cultivated varieties through advanced breeding techniques [3]. - The company has created over ten excellent varieties through its breeding efforts and has established over 10,000 acres of ecological planting bases certified by multiple international and national organic product standards [3]. Group 3: Historical Background and Achievements - Founded in 1909, Shouxiangu has a long history of producing high-quality medicinal products, adhering to strict quality standards set by its founders [4]. - The company has undertaken over 100 national and provincial scientific projects, achieving significant technological advancements and receiving more than 40 awards for scientific progress [4]. Group 4: Future Strategy - Shouxiangu aims to leverage its technological innovations to enhance market competitiveness and is committed to building a comprehensive ecosystem covering research, production, sales, and services [5]. - The recent national招商大会 (investment promotion conference) marks the beginning of a rapid implementation phase for the company's strategic goals [5][6].

Economic Overview - The United States reported a GDP of $7.32 trillion, but with a quarter-on-quarter decline of 0.07% and an annualized growth rate of only 1.1%, indicating economic weakness [3] - Japan's GDP fell below $1 trillion, at $0.99 trillion, with household spending experiencing negative growth for four consecutive quarters, leading to a significant drop in consumer activity [3] - China's GDP stood at $4.44 trillion, showing a robust year-on-year growth rate of 5.4%, significantly outperforming G7 countries [4] Sector Performance - In the U.S., the automotive sector faced challenges due to tariffs, with Ford halting production and a high inflation rate of 5.2% affecting consumer purchasing power [3] - Japan's economy is struggling with a 12% decline in convenience store food sales and a 18% drop in Toyota's global sales, as competition from Chinese electric vehicles rises [3] - China's equipment manufacturing sector contributed 10.9% to GDP growth, with a notable 26.9% increase in retail sales from home appliance upgrades [4] Debt and Fiscal Health - The U.S. national debt reached $35 trillion, with interest payments becoming a significant burden [6] - Japan's government debt is 260% of its GDP, indicating severe fiscal challenges [6] - China is seeing improvements in local government debt management, with 28 out of 31 provincial capitals achieving fiscal surpluses [6] Global Supply Chain Dynamics - The U.S. is attempting to reduce reliance on China, but companies like Tesla still rely heavily on Chinese production for a significant portion of their output [8] - Japan's semiconductor industry is dependent on Chinese high-purity silicon, highlighting vulnerabilities in its supply chain [8] - China experienced a 120% increase in electric vehicle exports, showcasing its growing influence in the global automotive market [8] Future Economic Outlook - The economic performance of the three countries illustrates different paths: the U.S. faces potential decline due to financial bubbles, Japan struggles with an aging population, while China is advancing through technological independence and a large domestic market [8] - China's focus on new production capabilities, such as AI in pharmaceuticals and advancements in autonomous driving, positions it favorably for future economic competitiveness [8]

Financing Dynamics - Thai company IMCOCO, specializing in the coconut water supply chain, has completed a Pre-A round financing of over 100 million yuan, led by Insignia Ventures Partners and followed by Tiantu Investment. The funds will be used for factory capacity expansion, global branding of its ONLIFE brand, and establishing a headquarters in China [3] - IMCOCO, founded in 2023 and headquartered in Bangkok, operates in four main areas: coconut planting, cross-border trade of coconut products, raw material research and production, and coconut water beverage processing. It boasts the only 10,000-ton coconut water production base in Thailand and a standardized supply system for coconut products globally [3] Brand Dynamics - Ussu Beer has launched a new product called "Dian Chi," entering the functional beverage market. The product features a low-sugar design and is enriched with taurine, vitamins B6 and B12, niacinamide, and Tianshan snow lotus extract, adding a unique regional characteristic [8] - Oreo has announced a collaboration with American artist Selena Gomez to launch a limited edition cookie inspired by her favorite horchata drink. The cookies will be available for pre-sale on June 2 and will feature unique designs, including a collectible cookie with Selena's signature [18][19] Company Performance - Amer Sports reported a 23% year-on-year increase in revenue for Q1 2025, reaching $1.47 billion, driven by strong demand for its brands Arc'teryx and Salomon, particularly in footwear. The company has raised its full-year revenue growth forecast to 15%-17% [20][22] - The market capitalization of Honey Snow Group has surpassed 200 billion HKD, making it the second-largest listed company in Henan, following Muyuan Foods. The stock price reached 535 HKD per share, exceeding Tencent's stock price [12][15] Personnel Dynamics - Gucci has appointed Maria Cristina Lomanto as the new president for the EMEA region, effective June 1, replacing Matteo Mascazzini. Lomanto has extensive experience in the luxury goods industry [24] - Bi Yin Le Fen has announced a managerial change, appointing Xie Yang as the new general manager, following the resignation of the previous general manager Shen Jindong. This move aims to optimize the management structure [27] - Inditex has announced significant personnel changes, including the appointment of Fernando de Bunes Ibarra as the new sustainability director and Ignacio Fernández Fernández as the new general manager, indicating a strategic reshuffle within the company [28]

Core Insights - The 16th Guangzhou Hotel and Catering Industry Expo and the 16th Guangzhou International Catering Ingredients Exhibition commenced on May 15, 2025, attracting over 50,000 professional visitors on the first day [1][2] - The exhibition covers nine core areas including high-end ingredients, health products, prepared dishes, smart equipment, and central kitchens, with a total exhibition area of 80,000 square meters [1][2] - Over 2,000 enterprises from more than 100 countries and regions are participating, showcasing a wide range of innovative technologies and products [1][2] Industry Developments - The event features a dedicated area for geographical indication products, promoting cooperation between Hunan and Guangdong provinces [2] - A dual-mode approach of "official live streaming + offline exploration" is being utilized to enhance engagement and reach for exhibitors [2] - The event has released several key reports, including the "2024 Guangdong Restaurant Top 100 List" and the "2025 Bay Area Catering Enterprise Report," highlighting market dynamics and growth opportunities [2] Competitive Landscape - The competition segment of the expo has become more specialized, with over 120 professional chef teams participating in the national modern innovative cooking competition, which includes a prepared dish category [2] - The event will host over 30 specialized activities, including the second China (Guangzhou) Noodle and Fast Food Conference and the Central Kitchen Innovation Development Conference [2]