本文为节选内容 更多报告，关注公众号：大消费市场调研 中国宠物行业经历了从外资品牌主导到国货品牌崛起的深刻变革，国货品牌崛起历经多阶段。2015-2020 年在电商、社交媒体兴起的浪潮中，部分品牌抓 住电商快速发展的红利期和社交媒体流量红利，相继崛起。这一时期，社交媒体的互动性，为国货品牌提供了与消费者直接沟通的机会，也为品牌崛起奠 定了基础。国货品牌在宣传产品安全性、化解信任危机方面形成合力，成功赢得了消费者信任。在早期，国货品牌以高性价比产品填补价格带空白，渗透 进口品牌未覆盖客群。此外，国货品牌抓住产品升级的机遇，2016 年进口高端品牌普及了无谷鲜肉粮、冻干粮等原料升级的产品概念，但其价格高昂。 面对这一市场痛点，国货品牌则抓住机遇，借助代工厂鲜肉膨化粮的产能扩张与成本优势，以更优的价格完成了产品升级，填补中端市场。2020 年疫情 和外资品牌Petcurean go！的毒猫粮致死事件进一步推动了国货品牌的市场渗透。在这一系列内外部因素的推动下，国货品牌不仅成功改变了市场格局， 还为未来持续引领宠物行业的发展奠定了坚实基础。 1、搭乘电商与社交媒体快车 1.1.阶段一：电商快速发展的红利期 2010 ...

消息面上，国泰海通证券指出，建滔积层板是覆铜板行业龙头公司之一，上游材料一体化布局构建差异 化壁垒，电子布铜箔覆铜板同步升级，传统覆铜板供需格局和新价格趋势乐观。产品升级与覆铜板涨价 有望贡献公司业绩增长势能。该行认为，历史上铜价和玻璃纤维布向上的周期中，传统覆铜板的价格周 期也较为乐观。25H2行业进行新一轮提价尝试。从供需格局来看，覆铜板行业整体需求伴随AI需求改 善有较好的增长预期，主要企业的扩产计划也主要聚焦在高端板中，甚至行业部分中端产能将进行高端 化的转产。因此传统中端覆铜板的供需格局也较良好。 今年8月15日，建滔积层板发布涨价函：宣布由于铜、玻璃布以及化工原材料等价格均大幅上涨，考虑 成本压力，从即日起，对CEM-1/22F/V0/HB价格+10元/张，FR-4价格+10元/张，大约对应约8%左右涨 幅。中信证券此前指，前期涨价的底层逻辑更多为覆铜板厂商长期价格/盈利承压下的修复性涨价，随 着25Q2头部覆铜板厂商净利率水平提升至约10%，该行认为行业的提价底层逻辑正逐步转为行业景气 上行带来的盈利潜力释放。 建滔积层板(01888)涨超7%，截至发稿，涨7.52%，报12.44港元，成交额3 ...

今年8月15日，建滔积层板发布涨价函：宣布由于铜、玻璃布以及化工原材料等价格均大幅上涨，考虑 成本压力，从即日起，对 CEM-1/22F/V0/HB价格+10元/张，FR-4价格+10元/张，大约对应约8%左右涨 幅。中信证券此前指，前期涨价的底层逻辑更多为覆铜板厂商长期价格/盈利承压下的修复性涨价，随 着25Q2头部覆铜板厂商净利率水平提升至约10%，该行认为行业的提价底层逻辑正逐步转为行业景气 上行带来的盈利潜力释放。 消息面上，国泰海通证券指出，建滔积层板是覆铜板行业龙头公司之一，上游材料一体化布局构建差异 化壁垒，电子布铜箔覆铜板同步升级，传统覆铜板供需格局和新价格趋势乐观。产品升级与覆铜板涨价 有望贡献公司业绩增长势能。该行认为，历史上铜价和玻璃纤维布向上的周期中，传统覆铜板的价格周 期也较为乐观。25H2行业进行新一轮提价尝试。从供需格局来看，覆铜板行业整体需求伴随AI需求改 善有较好的增长预期，主要企业的扩产计划也主要聚焦在高端板中，甚至行业部分中端产能将进行高端 化的转产。因此传统中端覆铜板的供需格局也较良好。 智通财经APP获悉，建滔积层板(01888)涨超7%，截至发稿，涨7.52%，报1 ...

作为区域市场乳业标杆，三元选择的路径是：将老字号打造为北京文化符号与品质生活的代表。当鲜奶 不仅仅是营养品，更成为一种地域认同与新鲜生活方式的载体，三元正以"守正创新"为策略，讲述一个 关乎时间、信任与城市记忆的新故事。 从"喝奶"到"喝好奶"，三元的品牌焕新与产品升级 近年来，国内乳制品消费总量增长逐步见顶，行业整体进入存量竞争阶段。区域乳企若要与全国性乳企 抗衡，必须在研发、资金、品牌及成本控制等多方面构筑综合能力。 随着市场日趋饱和，消费者对乳制品品质的要求迅速提升——从"喝奶"转向"喝好奶"，低温鲜奶正在成 为主流选择。《2024中国鲜活牛奶白皮书》显示，低温鲜奶全国渗透率已从2018年3月的28%上升至 2024年3月的39%。另据《数字100北京市场低温鲜奶专项调研》，在影响购买决策的四大因素（新鲜、 营养、安全、品质）中，60.9%的消费者将"新鲜程度"视为核心。 然而，真正能实现"当天生产、当天上市"的本地鲜奶品牌，在北京市场仍属稀缺。三元借此契机，于9 月20日正式推出焕新升级的"三元北京鲜牛奶"。新包装延续经典红色基调，强化"北京"地域标识，并在 设计中融入了城市建筑轮廓，增强货架识别度与 ...

Core Viewpoint - Shede Liquor Industry (600702.SH) anticipates a significant decrease in net profit for 2024, projecting a range of 320 million to 420 million yuan, influenced by the broader challenges facing the liquor industry, including demand slowdown and high inventory levels [1] Group 1: Company Performance - The company expects net profit attributable to shareholders to be between 320 million and 420 million yuan for 2024, with a non-GAAP net profit forecast of 366 million to 466 million yuan [1] - Despite the performance pressure, the pricing structure of core products remains stable, with prices for key products like Wisdom Shede and Taste Shede showing increases compared to the beginning of 2024 [1] - The company is implementing a "control volume and support price" strategy to assist distributors and enhance sales, while also increasing investment in brand building [1] Group 2: Industry Context - The liquor industry is currently undergoing a deep adjustment period, facing challenges such as demand slowdown, high inventory, and price declines, leading to increased competition among companies [1] - The China Alcoholic Drinks Association has called for the industry to proactively lower expectations and manage profits to secure future growth [1] - Analysts believe that despite the current profitability challenges, Shede Liquor's differentiated advantage with "old liquor + famous liquor" remains intact, suggesting a potential for recovery in 2025 [3] Group 3: Future Outlook - Shede Liquor plans to focus on brand enhancement, channel development, and consumer cultivation, aiming to improve overall competitiveness and ensure stable growth [2] - The company has initiated significant projects in innovation and production expansion, which may impact short-term performance but are expected to enhance product quality and market competitiveness in the long run [2] - Analysts predict that with inventory improvements and continued product releases, Shede Liquor may experience a rebound in growth in 2025 [3]

Investment Rating - The investment rating for the company is "Accumulate (Maintain)" [4] Core Views - The company reported steady growth in its semi-annual performance, with new products gradually being introduced into downstream applications [1][6] - In the first half of 2025, the company's revenue reached 330 million yuan, representing a year-on-year increase of 16.26%, while net profit was 50.47 million yuan, up 7.81% year-on-year [6][4] - The growth in performance is attributed to product and technology upgrades, enhancing core competitiveness and increasing order demand from downstream markets [6] - The sensor business saw significant growth, with revenue of 276 million yuan, a year-on-year increase of 28.77%, driven by continuous R&D investment and product upgrades [6] - The actuator business experienced a decline in revenue, down 33.16% to 43.76 million yuan, primarily due to reduced sales in the electroacoustic device segment [6] Financial Forecast - The company’s projected total revenue for 2025 is 738 million yuan, with a growth rate of 19.50%, and net profit is expected to be 102.84 million yuan, growing by 17.32% [3][6] - The forecast for 2026 and 2027 shows continued revenue growth, with estimates of 924 million yuan and 1.23 billion yuan respectively, reflecting growth rates of 25.22% and 33.34% [3][6] - The return on equity (ROE) is projected to increase from 9.62% in 2025 to 12.72% by 2027 [3] Product Development - The company has introduced a specialized flow sensor for liquid cooling in smart servers, utilizing a dual-technology architecture for comprehensive thermal management [6] - The product is currently in the testing phase with downstream customers, aiming for accelerated mass application [6] - Growth in the robotics sector is notable, with increased orders driven by the rise in sensor integration in service and industrial robots [6]

Core Viewpoint - The company emphasizes the integration of technological innovation and product upgrades with market demand and customer needs, focusing on continuous technological iteration and product enhancement in response to these factors [1] Group 1: Technological Innovation - The company is committed to advancing technological iterations and product upgrades based on market and customer demands [1] - There is a strong focus on forward-looking research and investment in the field of new energy battery materials [1] Group 2: Product Application - The company's cathode materials can be applied in solid-state batteries, indicating a strategic alignment with emerging technologies in the energy sector [1]

Summary of the Conference Call for Lianrui New Materials Industry and Company Overview - Lianrui New Materials specializes in spherical alumina powder, primarily used in EMC packaging (47%), copper-clad laminates (23%), thermal interface materials, and specialty adhesives (22%) [2][3] - The company is one of the few globally that masters three production processes: flame melting, high-temperature oxidation, and liquid-phase chemical methods, providing a complete product range with cost advantages [2][6] Key Points and Arguments - **Market Share**: Lianrui holds an estimated 25% market share in the copper-clad laminate sector, with clients including Shengyi Technology, Kingboard, Nanya, Panasonic, Rogers, and Sumitomo, but has not yet entered the Taisun supply chain [2][5] - **Epoxy Encapsulation Materials**: The company has an estimated 10% market share in this area, serving clients like Sumitomo, Showa, KCC, Samsung SDI, and Huayu Chengke [2][5] - **Product Upgrades**: The copper-clad laminate industry is experiencing a clear upgrade trend, moving from FR-4 laminates using angular silicon powder (3,000-4,000 RMB/ton) to advanced laminates using chemical spherical silicon powder (over 200,000 RMB/ton), leading to higher profit margins [2][7] - **Silicon Powder Applications**: Silicon powder enhances dielectric performance and rigidity in copper-clad laminates, reducing resin usage. The filling ratio in FR-4 laminates is about 15%, increasing to over 30% in high-end products [2][8] Growth and Performance Expectations - **Capacity Expansion**: Lianrui plans to increase production capacity through a convertible bond project, expecting a total output value of 1 billion RMB from the new capacity of 3,600 tons of spherical silicon powder and 16,000 tons of alumina [4][11] - **Revenue Growth**: The company anticipates a 20% annual growth rate for existing products like spherical silicon powder for EMC applications, contributing to an overall revenue growth of approximately 10% annually [4][12] - **Market Demand**: The company is positioned to benefit from the growth in downstream demand and product upgrades, particularly in advanced storage devices like HBM [4][10] Competitive Position and Technological Advantages - **Unique Production Techniques**: Lianrui is the only company globally that utilizes all three production methods, allowing for a diverse product lineup and competitive pricing, with discounts of about 5% compared to overseas competitors [6] - **Current Market Position**: Despite a slowdown in growth in Q2, the company expects to accelerate growth in the second half of the year due to increased demand from downstream sectors [4][13] Additional Insights - **Strategic Timing**: The current period is seen as a critical window for Lianrui's development, with significant potential for future growth as the market evolves [4][13] - **Emerging Opportunities**: The company may also benefit from a surge in orders for low-alpha spherical alumina, indicating a robust demand landscape [4][12]

Group 1 - The company emphasizes the integration of technological innovation and product upgrades with market demand and customer needs [2] - The company plans to continuously advance technological iterations and product upgrades based on market and customer requirements [2] - The company is increasing its research and investment in the field of new energy battery materials, indicating a forward-looking approach [2] Group 2 - The company's cathode materials can be applied in solid-state batteries, showcasing its commitment to innovation in battery technology [2]

Investment Rating - The report maintains a "Positive" investment rating for the gold and jewelry industry [4]. Core Viewpoints - The jewelry industry is experiencing a trend towards product upgrades and diversification, with a focus on design and cultural elements to attract younger consumers [16][20]. - Investment demand remains strong, with gold bar and coin sales increasing by 18% year-on-year in Q2 2025, despite a 24% decline in gold jewelry sales [9][32]. - The report suggests that the upcoming holiday season may further boost jewelry demand if gold prices stabilize [52]. Industry Prosperity - The industry is witnessing a slow recovery in gold jewelry demand, with Q2 2025 sales down 24% year-on-year, while investment gold continues to show high demand [9][12]. - The number of marriages has seen a positive year-on-year growth for the first time since 2024, which may alleviate some pressure on diamond jewelry sales [12]. Product Trends - The industry is focusing on multi-material designs and cultural integration, with brands increasingly collaborating with IPs to appeal to niche markets [16][21]. - Notable product innovations include lightweight and high-repurchase items like beads and rings, as well as high-end designs featuring diamonds and enamel [17]. Performance Overview of Jewelry Companies - In H1 2025, the average revenue of representative jewelry brands increased by 15% year-on-year, driven by a 39% rise in gold prices [32]. - Companies like Cai Bai and Lai Shen Tong Ling reported revenue growth rates of 50% and 27%, respectively, due to their focus on investment gold [32]. - The gross profit margin for many brands improved, with Lai Shen Tong Ling, Man Ka Long, and Chao Hong Ji showing significant year-on-year growth in gross profit [32][37]. Investment Recommendations - The report recommends focusing on leading brands that are enhancing product offerings and optimizing channels, specifically highlighting Lao Pu Gold, Chao Hong Ji, Cai Bai, Zhou Da Sheng, and Lao Feng Xiang as key players to watch [52].