机构：中金公司 研究员：蒋菱钢/林思婕/查玉洁 潜在催化剂：国内同店恢复表现超预期，国内开店进展超预期。 盈利预测与估值 我们预计公司25~27 年EPS 分别为0.61/0.68/0.8 元，25~27 年CAGR 为15%。当前对应26 年P/E 12 倍。 首次覆盖给予跑赢行业评级，目标价11.6 港元，对应26 年P/E 15 倍，上行空间30%。 风险 开店进展不及预期，行业竞争加剧，食品安全风险。 投资亮点 首次覆盖小菜园（00999）给予跑赢行业评级，目标价11.60 港元，基于P/E 估值法，对应26 年15x P/E，按24 年收入算，公司是国内休闲中式餐饮排名第二的企业。理由如下： 门店规模扩张及单店模型优化，进入加速扩张期。1）门店扩张方面，小菜园门店采取全直营模式，截 至2025 年6 月30日，公司一共有672 家在营门店。凭借自有供应链及门店标准化运营等核心竞争力，公 司持续加密国内强势区域及开拓准新市场，我们看好小菜园国内门店扩张潜力；2）单店模型优化方 面，虽然1H25 同店表现承压，但小菜园通过将门店面积从300 平米降至220 平米，实现了租金和人员成 本等各项费用率的下降 ...

本月，公司进一步优化产品结构，全面升级H型钢、工字钢、槽钢、角钢、矿工钢、轨道钢、扁钢、圆钢、镀锌型材、C型钢、Z型钢、檩条等全系列型材供 应能力，以"品种全、规格齐、库存足、响应快"四大核心优势，强势赋能区域产业链降本增效，赢得广泛市场认可。 【成都讯】 在西南地区蓬勃发展的基建浪潮中，四川盛世钢联国际贸易有限公司凭借强大的供应链体系、钢材作为工业嵴梁，正持续支撑着城市更新、交 通网络与产业园区的快速崛起。作为扎根成都、服务全国的型钢全品类采买批发龙头企业，多元产品矩阵与专业化服务，持续领跑区域型材市场，成为众多 工程单位、制造企业与建筑承包商信赖的"钢材集团级合作伙伴"。 C型钢、Z型钢与檩条：轻钢结构建筑核心构件，广泛用于屋面、墙面支撑系统，公司支持按图加工、预冲孔、定长配送，大幅提升施工效率。 供应链高效运转，服务响应"快人一步" 依托成都区位物流枢纽优势，公司建立西南区域中心仓+多网点协同配送体系，常备万吨级现货库存，实现"当日下单、次日达城，周边区县48小时覆盖"的 高效交付承诺。同时，引入智能仓储管理系统，实现从订单接收到出库装运全流程数字化管控，确保每一笔订单准确、可追溯。 为提升客户体验，公 ...

在广州地铁8号线的新港东站内，一幅幅虎头电池的广告牌特别醒目，这是距离广交会展馆6号门最近的 地铁站。广交会期间，无数的客商从此经过，一抬头，就能看到这个叫做Tiger Head的电池品牌。 第138届广交会虽然在11月初落下帷幕，但是，广州轻工集团虎头公司海外销售部负责人吴艳和同事却 完全没有歇息下来。"这次参展效果超出预期，现在都还在梳理意向客户清单，带了好几拨客户到工厂 看货。"吴艳告诉南方财经记者，广交会上，虎头公司的展品中新品率达8%，开发产品与拓展客户并 行。 眼下许多外贸企业正忙着明年的订单，虎头公司工厂里，生产线一边加足马力运转的同时，工作人员正 忙着接待来自多元市场的外国采购商。这家成立97年的老牌电池企业，旗下"555""虎头牌"电池畅销世 界100多个国家和地区。 创办史可追溯到1928年的虎头电池，不仅代表广州电池工业的"门面"，也见证了整个中国干电池的发展 历程。如果说国内电池市场是南孚、双鹿、555等群雄混战，那么在海外则是虎头电池与国外品牌正面 较量，其产品在许多国家和地区的市占率到了八成以上。 吴艳提到，他们的一位客商三代人专程奔赴广交会找虎头公司，从祖父辈需要的普通干电池，到 ...

（文章来源：证券日报） 证券日报网讯 12月25日，楚江新材在互动平台回答投资者提问时表示，公司高度关注国家相关政策导 向，始终将合规经营与可持续发展作为核心要求。在日常经营中，公司已构建了稳定的供应链体系，并 通过持续拓展多元化采购渠道不断优化成本结构，以积极适应政策与市场环境变化，公司主营业务始终 坚持市场化经营并立足于自身核心竞争力。 ...

"面对当前形势，光伏行业需要凝聚共识、齐心协力。"李振国表示，一方面，要持续强化创新引领、构 建韧性协同的供应链体系，积极开拓全球市场，持续提升中国光伏品牌的国际影响力与竞争力；另一方 面，呼吁产业链上下游企业加强务实合作，强化行业自律，坚决抵制非理性竞争，合力营造开放包容、 规范有序、韧性高效的产业新生态，为构建新型能源体系、保障国家能源安全贡献光伏力量。 （文章来源：证券日报） 李振国表示，中国光伏产业经过数十年发展，已形成技术研发活跃、产业链完整齐备、端到端自主可控 的具有国际竞争优势的战略性新兴产业。中国光伏企业通过自主创新与原创技术发展，已经推动多个产 业链环节达到国际领先水平，中国光伏产品已经出口至全球200多个国家和地区，成为全球能源转型的 重要支撑。 当前，中国光伏产业正经历深刻的周期性调整，面临着产能、价格与"内卷式"竞争的挑战。李振国认 为，创新引领、稳健协同的供应链体系，是推动产业持续健康发展的关键所在。 本报讯 （记者殷高峰）在12月17日举行的"2025光伏行业年度大会光伏供应链配套发展研讨会"上，隆 基绿能科技股份有限公司创始人、首席技术官李振国深入分析了当前光伏产业发展态势，并呼 ...

12月17日消息，在今天举行的2025光伏行业年度大会光伏供应链配套发展研讨会上，隆基绿能科技股份 有限公司首席技术官、中央研究院院长李振国在致辞中表示，展望未来，光伏行业需要凝聚共识，齐心 协力。一方面，要持续强化创新引领、构建韧性协同的供应链体系，积极开拓全球市场，持续提升中国 光伏品牌的国际影响力与竞争力；另一方面，呼吁产业链上下游同仁加强务实合作，强化行业自律，坚 决抵制非理性竞争，合力营造开放包容、规范有序、韧性高效的产业新生态。 李振国谈到，经过几十年发展，我国光伏产业从无到有、从小到大，已形成技术研发活跃、产业链完整 齐备、端到端自主可控的具有国际竞争优势的战略性新兴产业。中国光伏企业通过自主创新与原创技术 发展，已经推动多个产业链环节达到国际领先水平，中国光伏产品已经出口至全球200多个国家和地 区，成为全球能源转型的重要支撑。 他指出，中国光伏产业在取得辉煌成就的同时，也正经历深刻的周期性调整，面临着产能、价格与"内 卷式"竞争的挑战，创新引领、稳健协同的供应链体系，是推动产业持续健康发展的关键所在。（刘丽 丽） 12月17日消息，在今天举行的2025光伏行业年度大会光伏供应链配套发展研讨会 ...

Group 1 - The core viewpoint of the article is the release of the "2025 Development Report on Chinese Enterprises in Italy" by the Italian Chinese Chamber of Commerce, highlighting the growth and challenges faced by Chinese enterprises in Italy [1][2] - The report indicates that Chinese enterprises in Italy have expanded their investments across 36 major industries, focusing on high value-added and sustainable development sectors such as high-end manufacturing, new energy, life sciences, and cross-border e-commerce [2][3] - Currently, there are 604 Chinese-invested enterprises in Italy, providing over 30,000 jobs and generating more than 24 billion euros in revenue [2] Group 2 - The Italian government aims to play a strategic role in the new investment landscape between China and Europe, offering stable and professional policy support to investors, including Chinese enterprises [3] - The Lombardy region is committed to maintaining high-level dialogue with the Chinese market to promote growth, employment, and innovation, while supporting local businesses in expanding exports to China [3][8] - The report emphasizes the importance of dialogue and cooperation between China and Italy to eliminate trade barriers and establish a more orderly global supply chain [2]

答:公司在氢燃料电池领域的发展，源于对产业链核心技术的长期布局。公司一方面是发展燃料电池电 堆、动力系统及系统核心零部件制造业务，另一方面是将现有压缩机技术、制冷技术以及换热技术延伸 应用在液氢以及氢能装备领域。 格隆汇12月12日丨雪人集团(002639.SZ)在投资者关系中表示，有被问到:氢能源领域业务介绍。 公司已构建全球化的氢燃料电池技术研发、供应链体系，在欧洲以及日本设立了氢能技术研发机构，分 别开展氢燃料电池系统核心零部件技术、氢燃料电池电堆核心零部件以及材料技术研发。通过联合国内 外研发团队攻关关键技术，目前新一代金属极板燃料电池电堆已完成开发，公司正在推进氢燃料电池及 核心零部件在国内的规模化量产工作，逐步构建完善的产业生态链。 ...

Core Insights - The nutrition and health industry is currently in an adjustment phase, with declines in infant formula, intensified competition in adult nutrition, and structural differentiation in the pet segment. Despite this, the company achieved a revenue of 10.805 billion yuan in the first three quarters, reflecting a year-on-year growth of 12.3%, indicating stability [1] Group 1: Company Growth Strategy - The core value of the company lies not in a single product explosion but in the establishment of a "whole family nutrition health ecosystem" across infant, adult, and pet segments, extending the consumer lifecycle [1] - The company leverages maternal and infant channels, content marketing, and a comprehensive domestic and international e-commerce system to create a wide-reaching touchpoint network [1] - In the adult segment, Swisse has established clear positioning through a high-end and youthful product matrix across multiple subcategories [1] Group 2: International Market Structure - The company's international layout consists of three layers: - Core driving market (China) accounts for over 70% and remains the growth engine [2] - Mature markets (Australia and New Zealand) show stable growth, with Swisse maintaining a leading position and achieving an 8.9% growth [2] - Expanding markets (Southeast Asia, Middle East, Italy, etc.) are experiencing double-digit growth, representing potential future waves over the next three to five years [3] Group 3: Supply Chain and Operational Resilience - The company's supply chain system is crucial for supporting multi-market operations, with six R&D centers and multiple production bases facilitating resource sharing and raw material interchange [3] - The resilience of the supply chain allows the company to maintain stable gross margins during cost fluctuations and ensures product quality consistency within a global traceability system [3] Group 4: Long-term Investment Value - The company possesses three long-term value points: - A multi-category structure that reduces cyclical risks [4] - A multi-regional layout that enhances growth elasticity [4] - A high-end product mix that improves profitability and brand barriers [4] - As the industry transitions from an expansion phase to a refined competition phase, the company's systemic competitiveness in supply chain, internationalization, and brand matrix will be key to its sustained growth capability [4]

Core Insights - The rise of "Yunnan-Guizhou-Sichuan bistro" has become a trend among young consumers in major cities, leading to long queues and high demand for these dining experiences [1][3][4] - The average spending at these bistros is significantly higher than traditional local restaurants, with some dishes marked up by as much as six times [1][10] - The popularity of these bistros is attributed to a combination of social media influence, innovative menu offerings, and a unique dining atmosphere that appeals to younger generations [6][7][8] Market Expansion - A rapid expansion of Yunnan-Guizhou-Sichuan bistros is observed in cities like Shanghai, Beijing, and Guangzhou, with a notable number of establishments opening in a short period [3][4] - Brands like Ameigo and Shanyeban have quickly established a strong presence, with Ameigo operating over 120 locations nationwide [4] Consumer Behavior - Young consumers are drawn to the emotional value and aesthetic appeal of the dining experience, often prioritizing the ambiance and presentation over traditional taste [7][8] - The trend is fueled by social media, where users share their experiences and promote the bistros, creating a sense of community and shared experience [6][7] Menu Innovation - The bistros are known for their creative reinterpretations of traditional dishes, incorporating unique ingredients and presentation styles that differentiate them from conventional offerings [8][9] - The use of high-quality, locally sourced ingredients is supported by a mature supply chain, ensuring freshness and authenticity [9] Competitive Landscape - The market is becoming increasingly competitive, with traditional hotpot brands entering the space, intensifying the pressure on new bistro brands [16] - Concerns about brand differentiation and consumer retention are emerging, as many bistros face challenges related to homogeneity in branding and menu offerings [16][17] Financial Viability - Some bistro founders have reported increasing difficulties in profitability, indicating a potential shift in market dynamics as initial novelty wears off [17] - The sustainability of the bistro trend may depend on balancing quality, pricing, and consumer expectations in a rapidly evolving market [17]