食品饮料行业 2025 年中期策略报告：价 格是资产定价重要观察要素 2025 年 6 月 24 日 看好/维持 食品饮料 行业报告 | 分析师 | 孟斯硕 电话：010-66554041 邮箱：mengssh@dxzq.net.cn | 执业证书编号：S1480520070004 | | --- | --- | --- | | 分析师 | 王洁婷 电话：021-25102900 邮箱：wangjt@dxzq.net.cn | 执业证书编号：S1480520070003 | 投资摘要： 随着国家刺激经济政策的逐渐落地，去年 9 月 24 日以来，食品饮料板块追随经济复苏预期也形成一波上涨，目前基本面迎 来验证期，主导食品饮料板块资产定价的要素更多的来自于需求侧的变化和预期，即在资产定价模型中，来自分子端的变化 对资产定价影响更为明显，即企业盈利预期转为主导。而在当前需求不是很强劲的市场环境下，对需求强弱的观察更多的反 映在价格上，且价格在一定程度上影响企业的利润水平。所以在下半年宏观变量中，我们认为宏观价格指标是食品饮料行业 资产定价的重要观察指标。 食品饮料行业资产定价在两个维度上追随价格变动，一是从市场竞 ...

两支阿根廷车队组合登上领奖台：Erejomovich-Llanos 组合位居次席，Tonconogy-Ruffini 组合获得季军 布雷西亚，意大利, June 24, 2025 (GLOBE NEWSWIRE) -- 今天，第 43 届 1000 Miglia（一千英里耐力赛）复刻赛在布雷西亚 (Brescia) 顺利落幕。本届赛事历时 5 天，线路全程长达 1900 公里，吸引了超过 400 台经典老爷车踊跃参加。 此次特别版赛事重现了其在战前史诗级赛事中著名的“数字 8”路线，不仅象征性地贯通南北，也横跨了从亚得里亚海 (Adriatic Sea) 到第勒尼安 (Tyrrhenian) 海岸的东西纵向。 赛事冠军又一次被 Andrea Vesco 和 Fabio Salvinelli 收入囊中——这对搭档驾驶着那台忠实的 Alfa Romeo 6C 1750 Ss 再次问鼎。尽管 Daniel Andres Erejomovich 和 Gustavo Llanos 驾驶着 1929 6C 1500 Ss 紧追不放，甚至在第四比赛日结束时一度登上榜首，但最终仍未能撼动冠军宝座，屈居第二。 Tonconog ...

KKR Real Estate Finance Trust Inc. 4th Quarter 2017 Supplemental Information February 28, 2018 Legal Disclosures This presentation has been prepared for KKR Real Estate Finance Trust Inc. (NYSE: KREF) for the benefit of its stockholders. This presentation is solely for informational purposes in connection with evaluating the business, operations and financial results of KKR Real Estate Finance Trust Inc. and its subsidiaries (collectively, "KREF"). This presentation is not and shall not be construed as an o ...

KKR Real Estate Finance Trust Inc. 4th Quarter 2018 Supplemental Information February 20, 2019 NOTE: The accompanying presentation updates the presentation previously issued by the company on February 20, 2019, in order to correct the presentation of the company's non-GAAP financial measures Net Core Earnings and Core Earnings (and related per share amounts) for the year ended December 31, 2018. No other information has been modified. All financial information in this presentation is as of December 31, 2018 ...

KKR Real Estate Finance Trust Inc. 4th Quarter 2019 Supplemental Information February 19, 2020 Legal Disclosures This presentation has been prepared for KKR Real Estate Finance Trust Inc. (NYSE: KREF) for the benefit of its stockholders. This presentation is solely for informational purposes in connection with evaluating the business, operations and financial results of KKR Real Estate Finance Trust Inc. and its subsidiaries (collectively, "KREF" or the "Company"). This presentation is not and shall not be ...

KKR Real Estate Finance Trust Inc. Fourth Quarter and Full Year 2020 Supplemental Information February 16, 2021 Legal Disclosures 2 This presentation has been prepared for KKR Real Estate Finance Trust Inc. (NYSE: KREF) for the benefit of its stockholders. This presentation is solely for informational purposes in connection with evaluating the business, operations and financial results of KKR Real Estate Finance Trust Inc. and its subsidiaries (collectively, "KREF" or the "Company"). This presentation is no ...

6月24日，国信证券（002736.SZ）发布公告称，公司于6月20日召开董事会，审议通过聘任鲁伟为公司副总裁的议 案。鲁伟任期自董事会审议通过之日起，至公司第五届董事会履职期限届满之日止。 自2024年11月原副总裁吴国舫被查后，国信证券这一职位空缺长达7个月。此次鲁伟履新，也意味着国信证券投行 业务进入新阶段。作为内部培养的"投行老将"，鲁伟能否在行业竞争加剧背景下，带领国信证券投行业务重整旗 鼓，成为市场关注的焦点。 国信证券投行业务持续下滑，稳收入或成新任副总首要难题 "投行老将"出任副总裁，项目和管理经验丰富 国信证券此次高层调整，背景颇为复杂。去年11月20日，中央纪委国家监委网站发布消息，中国证监会第一届、 第二届、第三届创业板发审委委员、原法律部副主任吴国舫被查。随后，国信证券迅速发布公告，解聘吴国舫的 副总裁职务。在吴国舫被查后，国信证券投行业务由总裁邓舸暂时分管。 此次接手国信证券投行业务的鲁伟，是内部培养的"投行老将"。公开资料显示，鲁伟出生于1970年1月，拥有硕士 学位，1998年加入国信证券，从业近30年，其中投行工作经历超20年。 鲁伟拥有丰富的一线项目经验。公开资料显示，他曾主 ...

Core Insights - Lam Research (NASDAQ: LRCX) received a buy recommendation on March 17, 2025, and since then, the stock price has increased by 17.35% following the company's third-quarter fiscal year 2025 earnings report [1]. Company Performance - The stock price increase is attributed to the positive earnings report for the third quarter of fiscal year 2025 [1]. Analyst Background - The analyst has a background in engineering and a strong interest in technology stocks, which influences their investment focus [1].

受洪水影响，部分地区出现了停水停电。 目前，"村超"发源地贵州省黔东南州榕江县正遭受30年一遇的洪水侵袭。 "现在我们正在抗洪，洪水还没退。"6月24日下午，榕江县人民政府政务服务中心一名工作人员向第一 财经记者表示，当地部分区域出现停电。 榕江县两汪乡政府一名工作人员向记者表示，由于停电，部分乡镇之间的电话难以正常联系。她表示， 两汪乡目前情况还算稳定，雨已经停了，但有些地方还是会出现山体塌方的情况。 根据榕江发布6月24日发布的另一则消息称，受持续强降雨及上游来水叠加影响，榕江县防汛形势异常 严峻。当前，县内平永河、寨蒿河、都柳江水位持续快速上涨，据预测，均已超过30年一遇洪水等级， 防洪压力巨大。 据"动静贵州"官微消息，2025年6月24日，因持续强降雨诱发山体滑坡，导致G76厦蓉高速格都线广西 至贵州都匀方向K1264处猴子河特大桥引桥发生垮塌。经现场排查，初步核实事发区域涉及群众10户17 人，临近村寨26户36人，均已安全转移安置。 6月24日5时51分，交通部门巡查发现G76厦蓉高速格都线（四格收费站与三都收费站之间）K1264上行 猴子河特大桥引桥桥体变形，立即对上行路段实施交通管制，7时1 ...

Core Insights - UnitedHealth's stock has dropped 40% in 2025, yet insider confidence has increased significantly, with executive share purchases rising by nearly 3,000% [1][4] - Insider buying surged from $1.04 million in 2022 to $32.12 million in 2025, marking a 2,980% increase over three years [1][2] Insider Transactions - Previous years saw much lower insider purchases, with $492,796 in 2021, $6.59 million in 2019, and $180,478 in 2013 [2] - The spike in 2025 is attributed to executives aiming to restore confidence after a challenging year, including disappointing earnings and the resignation of former CEO Andrew Witty [4][5] Leadership Actions - Returning CEO Stephen Hemsley led the insider buying, purchasing $25 million worth of UNH stock in May 2025 [6] - Other notable transactions include Director Kristen Gil buying 3,700 shares at $271.17 each, Director Timothy Patrick Flynn acquiring 1,533 shares at $320.80, and Director John Noseworthy purchasing 300 shares at $312.16 [6] Congressional Interest - In 2025, there have been 19 congressional trades in UNH stock, indicating interest from lawmakers despite most positions being underwater [7]