%% %% research.95579.com 1 丨证券研究报告丨 固收资产配置丨深度报告 [Table_Title] 信用债 ETF 初探 ——ETF 掘金图鉴系列报告之一 %% %% 2 报告要点 [Table_Summary] 本篇报告作为"ETF 掘金图鉴"系列报告的首篇，以信用债 ETF 的市场概况为核心进行分析。 我国债券 ETF 市场自 2013 年起步，经历起步探索、建设完善到快速扩容三个阶段，尤其在 2025 年以来进入爆发期，信用债 ETF 数量与规模均居债券 ETF 之首，成为固定收益配置的重 要工具。信用债 ETF 的投资者结构以机构为主，个人投资者参与有限。信用债 ETF 产品体系 已涵盖城投债、公司债、短融、基准做市及科创债等多类型，兼顾收益性与流动性，满足多元 化需求。 分析师及联系人 [Table_Author] 赵增辉 赖逸儒 SAC：S0490524080003 SAC：S0490524120005 SFC：BVN394 SFC：BVZ968 请阅读最后评级说明和重要声明 2 / 22 %% %% %% %% research.95579.com [Table_Titl ...

Core Viewpoint - The lawsuit filed by a long-time customer of Xibei highlights issues of food safety and transparency in the restaurant industry, aiming to push for clearer regulations and consumer rights [1][4][17]. Group 1: Lawsuit Details - The plaintiff, Guo Chengxi, has a nine-year history as a customer of Xibei and has provided extensive evidence, including a detailed consumption record from June 2016 to September 2025, totaling over 8600 yuan [3][4]. - The lawsuit includes five main demands: public apologies, clear labeling of food ingredients, compensation for mental distress, punitive damages based on consumption, and coverage of legal costs [4][5]. - Evidence presented includes 18 pages of consumption records, advertisements, and photographs of misleading marketing practices, suggesting that Xibei has engaged in false advertising [5][6]. Group 2: Industry Implications - The case emphasizes the need for transparency in the food industry, particularly regarding the use of pre-packaged and frozen ingredients, which the plaintiff claims are not adequately disclosed [6][9]. - The ongoing public relations missteps by Xibei, including contradictory statements about their food offerings, have exacerbated consumer distrust [7][9]. - The article suggests that the resolution of this case could lead to more stringent food safety regulations and a shift towards greater transparency in the restaurant sector [10][14][17]. Group 3: Consumer Expectations - Consumers are increasingly demanding clarity about what they are purchasing, particularly in terms of ingredient sourcing and food preparation methods [9][12]. - The call for transparency is not just about compliance but about rebuilding trust between consumers and brands, which can be achieved through honest communication and clear labeling [12][18]. - The lawsuit reflects a broader consumer expectation for accountability and transparency in the food industry, pushing for a shift from emotional appeals to factual disclosures [12][17].

Core Viewpoint - The incident involving Xibei and the controversy over pre-prepared dishes highlights a significant trust crisis in the restaurant industry, emphasizing the need for transparency and consumer rights in the context of pre-prepared food becoming the norm [1][2][3] Group 1: Company Response - Xibei has acknowledged its shortcomings in meeting customer expectations regarding food preparation methods and has committed to nine corrective measures, including shifting more cooking processes to in-store preparation [1][5][6] - The founder of Xibei, Jia Guolong, has stated the intention to adopt a transparent approach, admitting that the production methods did not align with customer expectations [5][6] Group 2: Industry Implications - The controversy has exposed a gap in industry integrity, with experts suggesting that large chain restaurants should clearly communicate their food processing methods to satisfy consumer rights [2][3] - The incident may serve as a catalyst for the restaurant industry to move towards greater standardization and transparency, potentially leading to a healthier development of the pre-prepared food sector [8][9] Group 3: Regulatory and Market Trends - The pre-prepared food industry is at a critical juncture, with regulatory frameworks being developed to enhance transparency and consumer safety, including labeling requirements for pre-prepared dishes [4][8] - As consumer demand for transparency increases, more restaurants may abandon anonymous supply chains in favor of partnerships with reputable pre-prepared food suppliers, fostering a shift towards brand-oriented business models [8][10] Group 4: Consumer Behavior and Future Outlook - The growing consumer base, particularly among younger generations, is expected to drive the pre-prepared food market, with an anticipated annual growth rate of 20% to 30% [10] - The need for regulatory improvements and public education on pre-prepared food processes is essential to rebuild consumer trust and ensure the industry's sustainable growth [10][11]

RT 𝘁𝗮𝗿𝗲𝘀𝗸𝘆 (@taresky)所谓预制脑子：a：没有人反对预制菜，大家反对的是预制菜不透明。b：预制菜很安全啊。a：没有人说它不安全，但是商家应该注明，尤其不同程度、不同的保质期限应该立法要求注明。b：很多预制菜更健康啊。a：这不是健不健康的问题，是信息透明和知情权的问题。b：我吃了很多年预制菜都没事。 ...

Core Viewpoint - The recent controversy surrounding "pre-made dishes" has sparked significant public interest and debate, particularly following the exchange between Luo Yonghao and Xibei, highlighting the need for clearer regulations and consumer awareness in the industry [1][2][3]. Group 1: Industry Context - The definition of pre-made dishes was clarified in a notification issued by six departments, including the State Administration for Market Regulation, which outlines the preparation and safety standards for these products [3]. - Major chain restaurants commonly use pre-made dishes due to safety regulations regarding open flames and meat handling, as well as cost-saving benefits and improved service efficiency [3][4]. Group 2: Consumer Concerns - There is a prevalent distrust among consumers regarding pre-made dishes, often associated with poor hygiene and quality, particularly from smaller food establishments [4]. - The lack of clear definitions and standards for pre-made dishes has led to confusion and skepticism among consumers, impacting their perception of the product [4]. - Some businesses misrepresent pre-made dishes as freshly cooked meals, which undermines consumer trust and raises ethical concerns [4]. Group 3: Regulatory and Industry Response - The recent notification emphasizes the importance of transparency in the use of pre-made dishes, ensuring consumers are informed about what they are purchasing [4]. - The discussion around pre-made dishes has highlighted the need for industry standards and practices that prioritize consumer rights and trust, suggesting a shift towards more responsible business practices [5].

Core Viewpoint - The discussion surrounding pre-prepared meals (pre-made dishes) has sparked widespread public interest, emphasizing the need for transparency and consumer trust in the industry [2] Group 1: Industry Concerns - The debate on pre-prepared meals is not just about individual companies but also about the healthy development of the industry as a whole [2] - There is a need to clearly define standards for pre-prepared meals to reduce information asymmetry and ensure quality alongside convenience [2] Group 2: Consumer Trust - The main challenge for pre-prepared meals lies in establishing a trust relationship with consumers rather than technical aspects [2] - The development of the catering industry must prioritize consumer needs for safety and clarity in food choices [2] Group 3: Governance and Future Development - The discussion should aim for rational and constructive outcomes, focusing on optimizing governance to enhance the development environment for pre-prepared meals [2] - Promoting standardized corporate behavior and informed consumer choices is essential for gaining public trust and ensuring a positive future for the industry [2]

Core Viewpoint - The rapid rise of Fanxi Windows reflects a shift in the traditional window industry driven by young consumers seeking transparency and value, challenging established pricing structures and service norms [1][9]. Group 1: Explosive Growth - The slogan "saving the price of an iPhone" has become a social currency, highlighting the transparency issues in traditional window pricing [2]. - Fanxi's clear pricing strategy has exposed the common practice of price discrimination in the industry, where different prices are quoted to different customers [2]. Group 2: Consumer Behavior - The younger generation is not merely looking to save money but is voting for "value certainty" in their purchases [4]. - Consumers are demanding verifiable product specifications over vague marketing claims, indicating a shift towards informed purchasing decisions [4]. Group 3: Industry Transformation - Fanxi's parent company, Qilin Windows, has implemented a direct-to-consumer (F2C) model that eliminates middlemen, reducing prices by over 30% [6]. - The focus on standardized products has simplified consumer choices and reduced decision-making anxiety [6]. - Trust is built through factory endorsements, insurance coverage, and long-term warranties, creating a digital trust loop [6]. Group 4: Market Dynamics - The success of Fanxi represents a broader trend of consumers prioritizing information transparency over brand loyalty [8]. - Key performance indicators such as material specifications and installation processes are now more valued than sales narratives [8]. - The standardization of products has increased efficiency and forced companies to enhance their competitive edge [8]. Group 5: Conclusion - The rise of Fanxi Windows symbolizes a consumer-driven movement towards rational consumption, pushing the traditional industry to shed its opaque practices [9]. - As consumers demand clarity in costs and values, quality products are becoming the only acceptable standard in the market [9].

Core Viewpoint - Saudi Arabia is committed to transparency in its oil production and supply data by fully disclosing this information to the OPEC Secretariat on a monthly basis [1] Group 1 - Saudi Arabia ensures comprehensive disclosure of production and supply data to the OPEC Secretariat [1]