倘於適當時候向香港公眾人士提出要約或邀請，有意投資者務請僅依據送呈香港公司註冊處處長登記的本 公司招股章程作出投資決定，招股章程的文本將於發售期內向公眾提供。 (a) 本文件僅為向香港公眾人士提供有關本公司的資料，概無任何其他目的。投資者不應根據本文件中 的資料作出任何投資決定； (b) 在聯交所網站登載本文件或補充、修訂或更換附頁，並不引起本公司、其獨家保薦人、整體協調 人、顧問及包銷團成員須在香港或任何其他司法管轄區進行發售活動的任何責任。本公司最終會否 進行發售仍屬未知之數； (c) 本文件或補充、修訂或更換附頁的內容未必會在實際最終的上市文件內全部或部分轉載； (d) 本聆訊後資料集並非最終的上市文件，本公司可能不時根據聯交所證券上市規則作出更新或修訂； (e) 本文件並不構成向任何司法管轄區的公眾人士提呈出售任何證券的招股章程、發售通函、通知、通 告、小冊子或廣告，亦非邀請公眾人士提出認購或購買任何證券的要約，且不旨在邀請公眾人士提 出認購或購買任何證券的要約； (f) 本文件不得被視為誘使認購或購買任何證券，亦無意構成該等勸誘； (g) 本公司或其任何聯屬公司、保薦人、整體協調人、顧問或包銷團成員 ...

Core Viewpoint - Gutian County, known as the "Mushroom Capital of China," has become a leading producer of edible fungi, particularly silver ear mushrooms, with 90% of the national output coming from this region [1][4]. Industry Overview - By 2025, the total output value of the edible mushroom industry chain in Gutian County is projected to reach 31.5 billion yuan, with products exported to over 20 countries and regions including Southeast Asia and Europe [2]. - The fresh edible mushroom production in Gutian County is expected to exceed 1 million tons, with silver ear mushrooms accounting for over 450,000 tons [4]. Production Techniques and Innovations - Gutian has transitioned from traditional cultivation methods to modern techniques, including the use of photovoltaic greenhouses, which enhance control over temperature and humidity, reduce pest issues, and lower electricity costs [3]. - The introduction of intelligent cultivation systems has allowed for year-round production, doubling yields while significantly reducing labor costs [9]. Industry Ecosystem - The silver ear industry in Gutian has developed a complete ecosystem from research and development of strains to cultivation, processing, and sales, encompassing over 60 product series across various categories [5]. - The county has established stable supply relationships with major supermarkets and pharmaceutical companies, and over 400 e-commerce enterprises facilitate the export of Gutian silver ear products [5]. Economic Impact - More than 70% of the agricultural population in Gutian is engaged in the edible mushroom industry, which contributes to 70% of the county's agricultural output value and 70% of farmers' cash income [5][6]. - The development of the silver ear industry has transformed the local economy and dietary habits, significantly improving the livelihoods of the residents [7][8]. Future Directions - Gutian County is actively promoting diversification in the industry, including the integration of silver ear products with ecological tourism to attract visitors and enhance consumer engagement [13]. - The county is also focusing on high-quality transformation and upgrading of the edible mushroom industry, aiming to build a modern industrial highland [11]. Challenges and Strategies - Despite rapid growth, the industry faces challenges such as talent shortages, weak brand building, and intense market competition [12]. - To address these issues, Gutian is implementing a "Mushroom Talent Revitalization Plan" in collaboration with local universities to cultivate expertise in various fields related to the industry [14].

研究早观点 2026 年 1 月 13 日 星期二 市场走势 资料来源：常闻 国内市场主要指数 | 指数 | | 收盘 | 涨跌幅% | | --- | --- | --- | --- | | 上证指数 | | 4,165.29 | 1.09 | | 深证成指 | | 14,366.91 | 1.75 | | 沪深 | 300 | 4,789.92 | 0.65 | | 中小板指 | | 8,811.04 | 1.60 | | 创业板指 | | 3,388.34 | 1.82 | | 科创 | 50 | 1,511.84 | 2.43 | | 资料来源：常闻 | | | | 分析师： 彭皓辰 执业登记编码：S0760525060001 邮箱：penghaochen@sxzq.com 【今日要点】 【山证纺服】行业周报-迅销集团公布 FY2026Q1 季度业绩，上调 FY2026 业绩指引 【行业评论】太阳能：202512 光伏行业月度报告-11 月光伏新增装机 同比下降 11.9%，组件逆变器出口同环比增长 【公司评论】西麦食品(002956.SZ)：西麦食品深度报告：燕麦龙头引 领行业发展，大健康二次增长空 ...

燕麦行业量价齐升，产品及渠道多维度发力助推行业发展。国民健康饮食理念的提升，驱动2024 年中 国燕麦行业的市场规模突破百亿，燕麦行业在国内当前仍处于朝阳行业，在渗透率持续提升叠加复合燕 麦高增驱动下，整个行业呈现量价齐升态势。中国燕麦食品行业目前CR3 约为51.9%，其中，西麦食品 市占率超过20%，位列第一，相比于日美市场集中度极高的竞争格局，我国燕麦头部企业还需持续打磨 各自壁垒。从燕麦行业渠道增量来看，线上渠道保持持续高增长，抖音天猫京东等均不断提供增量贡献 更高收入占比，线下方面流通渠道继续下沉稳增长，零食量贩与山姆会员店等新兴渠道也呈现较好增长 态势。 中国燕麦龙头，营收稳健增长。西麦食品公司成功打造了涵盖"育种、种植、研发、生产、销售"的完整 产业链，2024 全年公司实现营业收入18.96亿元，同比增长20.16%；归母净利润1.33 亿元，同比增长 15.36%，规模在行业内遥遥领先。公司2025 年实施员工持股计划，加强业绩激励。公司2020-2024 年5 年营收CAGR 为16.65%，公司作为行业绝对龙头，继续引领燕麦产品在中国市场的渗透。 盈利预测、估值分析和投资建议：预计公司2 ...

公司近一年市场表现 | 基础数据：2025 年 9 月 | 30 日 | | --- | --- | | 每股净资产（元/股）： | 7.08 | | 每股资本公积（元/股）： | 3.06 | | 每股未分配利润（元/ | 2.62 | | 股）： | | 资料来源：常闻 熊鹏 执业登记编码：S0760525080002 刘清羽 执业登记编码：S0760525070001 邮箱：liuqingyu@sxzq.com 休闲食品 西麦食品（002956.SZ） 买入-A(维持) | 市场数据：2026 年 1 | 月 | 9 日 | | | --- | --- | --- | --- | | 收盘价（元/股）： | | | 27.47 | | 总股本（亿股）： | | | 2.23 | | 流通股本（亿股）： | | | 2.23 | | 流通市值（亿元）： | | | 61.32 | 燕麦龙头引领行业发展，大健康二次增长空间广阔 2026 年 1 月 12 日 公司研究/深度分析 投资要点： 中国燕麦龙头，营收稳健增长。西麦食品公司成功打造了涵盖"育种、 种植、研发、生产、销售"的完整产业链，2024 全年公 ...

Market Overview - The Shanghai Composite Index experienced a slight increase, while the consumer sector faced a second consecutive day of decline, with the Consumer ETF (159928) retreating by 0.75% after two days of gains [1] - The trading volume for the Consumer ETF exceeded 300 million yuan, with a net inflow of over 760 million yuan in the previous two days, and an additional net subscription of 460 million units [1] Company News - Yili Group announced that its Chairman and CEO, Pan Gang, plans to reduce his holdings by up to 62 million shares, accounting for 0.98% of the company's total shares. The proceeds will be used to repay expired stock pledge financing loans [3] - The Consumer ETF (159928) has a current scale exceeding 21.5 billion yuan, leading its peers in the same category [3] Industry Insights - Guolian Minsheng Securities highlighted that the food and beverage sector is showing signs of recovery, with expectations for CPI to turn positive by 2026, which may benefit the liquor and food segments [7] - The liquor industry is expected to see a phase of recovery in 2026, with a projected 20% decline in demand during the Spring Festival, but potential improvement by the Dragon Boat Festival [8] - The traditional consumption sector is experiencing a reversal of difficulties, with demand hitting bottom and supply chain adjustments underway [9] - The health and wellness sector is benefiting from the aging population and increased health awareness among younger consumers, with significant growth in the health supplement market [10] ETF Composition - The Consumer ETF (159928) includes major stocks with over 68.55% weight in the top ten holdings, including four leading liquor stocks accounting for 32% and major players like Yili Group (10%) and Haitian Flavoring (4%) [10]

公司表示，此举是充分借助专业投资机构的专业资源及其投资管理优势，顺利实现对具有一定实力的国 家新兴战略项目公司的间接投资，促进公司长远发展，进一步提升公司的综合竞争力和盈利能力。同 时，随着相关合作的深入推进，公司希望进一步强化与基金其他合伙人、项目相关方、潜在客户等市场 主体的业务联系，进一步增强公司的业务拓展能力和核心竞争力。 中证报中证网讯（王珞）常青股份2026年1月7日晚间公告称，公司作为有限合伙人，拟以自有资金2000 万元参与嘉兴中平皖珑股权投资合伙企业（有限合伙）（以下简称"基金"）。该投资基金规模4001万 元，公司出资额占基金认缴出资总额的49.9875%。该私募基金投资范围包括新材料、可控核聚变、半 导体、人工智能、新能源、TMT、先进制造、大健康、大消费等行业的实体的股权。 ...

Group 1 - The core point of the article is that Changqing Co., Ltd. has announced an investment of 20 million yuan as a limited partner in the Jiaxing Zhongping Wanlong Equity Investment Partnership, accounting for 49.9875% of the fund's total committed capital [1] - The total scale of the investment fund is 40.01 million yuan, focusing on sectors such as new materials, controllable nuclear fusion, semiconductors, artificial intelligence, new energy, TMT (Technology, Media, and Telecommunications), advanced manufacturing, big health, and big consumption [1]

Group 1 - The year 2025 is viewed as the "starting year" for commercial health insurance, with regulatory bodies encouraging the development of innovative insurance products for individuals with pre-existing conditions [1] - The commercial health insurance market is expected to shift from a focus on "scale growth" to "structural adjustment," introducing more innovative products that cater to the elderly and those with chronic illnesses [1] - Aixin Life, an early entrant in the health management sector, emphasizes a "health protection" philosophy and aims to build an "insurance + medical" ecosystem [1] Group 2 - Aixin Life has launched several health management products focused on differentiated coverage for the elderly and individuals with chronic diseases, expanding the age limit for policyholders to 70 years, and in some cases, to 75 years [2] - The company has relaxed underwriting criteria for specific diseases, allowing individuals with conditions such as lung nodules and non-recurrent cancers to obtain insurance after underwriting [1][2] - Some health management products offer differentiated payouts for different stages of major illnesses, addressing concerns about long-term treatment costs for high-incidence critical illnesses [2] Group 3 - Aixin Life's health management products cover the entire process of "prevention, screening, diagnosis, treatment, and rehabilitation," providing comprehensive, sustainable, and high-quality health management services at a lower cost [2] - The company offers a full-service health management experience, including assistance in navigating the healthcare system and coordinating with specialists across 1,312 partner hospitals [2] - Aixin Life aims to integrate health management, disease prevention, and financial protection, contributing to the establishment of a robust "big health" system in China [3]

Core Insights - The year 2025 was marked by significant challenges and transformations, with the global landscape undergoing rapid changes and the Chinese economy facing pressures from demand contraction, supply shocks, and weakened expectations [1][2] - Despite these challenges, the dairy industry, particularly the goat milk sector, is experiencing a "spring" due to the ongoing "big health" strategy and increasing consumer awareness, leading to strong market demand [2][3] Industry Performance - The goat milk market has shown remarkable vitality, driven by nutrition, health, and quality, indicating the beginning of a "goat milk revolution" [2][3] - The company has focused on technological breakthroughs and product innovation, launching differentiated products such as high-calcium goat milk and coffee goat milk, which have laid a solid foundation for future market promotion [3] Market Strategy - The company has expanded its market presence by covering 16 cities within the province and strengthening its foothold in East and North China, with a notable annual growth rate of 300% in certain regions [3] - Online and offline marketing strategies have been enhanced, with over 100,000 subscribers and more than 1,000 delivery stations established, indicating a strong community engagement [3] Talent Development - The company has implemented a "talent-driven enterprise" strategy, focusing on comprehensive training and mentorship programs to build a robust workforce capable of navigating market challenges [4][5] - Collaboration with educational institutions and strategic partners has been intensified to create an integrated supply chain, enhancing the company's competitive edge [5] Innovation and Recognition - The company has achieved significant technological advancements, securing multiple patents and receiving various industry awards, which underscores its commitment to innovation and quality [5] - The brand's high-calcium goat milk and yogurt have been recognized in the Shandong province's list of quality food products for 2025, further solidifying its market position [5] Social Responsibility - The company has actively engaged in social responsibility initiatives, providing support to various community causes throughout the year, reflecting its commitment to corporate citizenship [6] Future Outlook - As the company transitions from a challenging year to a hopeful future, it remains focused on growth and resilience, believing in the potential for a prosperous "spring" despite current adversities [7][9]