研究报告 ResearchReport 1 Dec 2025 The Two Holidays Failed to Boost Consumer Spending (3 Nov 2025) (Please see APPENDIX 1 for English summary) 据海通国际预测，25 年 11 月重点跟踪的 8 个必选消费行业中 4 个保持正 增长，4 个负增长。其中，增长的行业包括调味品、速冻食品、软饮料和 餐饮；下降的行业包括次高端及以上白酒、大众及以下白酒、乳制品和啤 酒。与上月相比，全行业增速均减弱。我们认为主要系宏观经济环境、行 业结构性矛盾及季节性因素共同作用所致：白酒整体批价持续调整，渠道 库存压力仍大；乳制品行业以价换量策略效果减弱；啤酒行业受季节性需 求回落及即饮场景恢复不及预期影响，增速放缓显著。 中国必选消费品 11 月需求报告：所有品类增速均放缓 Growth Rates Across All Categories Have Slowed [Table_yemei1] Investment Focus | [Table_Info] | | | | | --- | --- ...

知情人士透露，10月25日，茅台集团召开大会宣布重大人事调整，贵州省能源局局长陈华接任茅台集团董事长，张德芹离任。 封面新闻记者 喻奇树 陈华，彝族，1972年3月出生。贵州盘州人，工程硕士学位。1990年09月至1994年07月，在焦作矿业学院采矿工程专业学习。1994年07月至1997年11月， 在盘江矿务局土城矿采四区助工。 陈华在盘江煤电任职多年，后任过贵州省安全生产监督管理局党组成员、副局长，贵州省六盘水市人民政府党组成员、副市长。 分析人士称，陈华接手的茅台，正面临着行业增速放缓的挑战，尤其是酱酒行业正面临深度调整。 酒业独立观察家肖竹青表示，茅台长期存在"茅二代""茅三代"现象，人才结构封闭，外部高端人才难以进入，制约创新与国际化。新任茅台掌门人有望在 一定程度改变这一状况。 张德芹，1972年9月生，贵州仁怀人，1995年7月参加工作，工商管理硕士。 自2024年4月执掌茅台以来，张德芹在任仅一年半时间。张德芹是茅台体系内成长起来的干部，职业生涯始于1995年作为车间技术员，此后在茅台和习酒 体系内历经多个重要岗位，先后两度任习酒董事长。 新任董事长陈华来自能源领域。他此前担任贵州省能源局党组 ...

Core Insights - The global scientific instrument industry reported a total net profit of 19.8 billion yuan from 21 listed companies in 2024, showing a slight decline year-on-year, with the average net profit margin dropping to 11.6% from 15.7% in 2023, indicating a slowdown in industry growth and increasing strategic differentiation among companies [1][2]. Group 1: Financial Performance - The top three companies maintained their positions, with Thermo Fisher leading with a net profit of 6.33 billion USD, a profit margin of 14.8%, driven by a decrease in sales costs and an increase in gross profit margin [5]. - Danaher and Merck, while retaining their second and third positions, faced challenges with Danaher's net profit declining for two consecutive years due to a drop in the biotechnology segment, while Merck managed a slight profit decrease of 1.7% through market expansion in emerging regions [5][6]. - Among the 21 companies, 10 had net profit margins significantly above the industry average of 11.6%, highlighting the profitability efficiency of leading firms [8]. Group 2: Strategic Adjustments - Companies like SIBAT and Sartorius showed remarkable performance, with SIBAT achieving a 60.79% increase in net profit despite a 10% revenue decline, demonstrating effective cost control strategies [6]. - Sartorius experienced a 46.1% increase in net profit, attributed to a 16% revenue growth in the North American market and strategic focus on energy measurement [6]. - Agilent, despite a slight revenue decline, successfully implemented cost reduction strategies, resulting in a record high net profit and an improved global ranking [6]. Group 3: Challenges and Market Dynamics - Nine companies, including Zeiss and Veralto, faced profit declines despite revenue growth due to factors like currency fluctuations and rising costs [9]. - Companies such as Illumina and Bio-Rad encountered dual declines in revenue and profit, with Illumina suffering from goodwill impairment and Bio-Rad facing increased restructuring costs [9]. - The industry is experiencing structural adjustments, with emerging markets like Latin America and the Middle East driving growth for some companies, while the Chinese market presents challenges [10]. Group 4: Future Outlook - The ability of Thermo Fisher to return to peak profitability, the effectiveness of Danaher's cost-saving initiatives, and Sartorius's growth potential in energy measurement will be key indicators for the industry's direction [10]. - Companies must address the challenge of achieving sustainable growth through technological innovation, market rebalancing, and operational efficiency amidst overall profit margin pressures [10].