12月18日，新诺威涨5.2%，截至发稿，报30.54元/股，成交2.07亿元，换手率0.50%，总市值428.96亿 元。 嘉实互融精选股票A（006603）基金经理为郝淼。 截至发稿，郝淼累计任职时间6年338天，现任基金资产总规模53.42亿元，任职期间最佳基金回报 183.83%， 任职期间最差基金回报-37.63%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 资料显示，石药创新制药股份有限公司位于河北省石家庄市栾城区张举路62号,香港湾仔港湾道18号中 环广场32楼3206室，成立日期2006年4月5日，上市日期2019年3月22日，公司主营业务涉及功能食品的 研发、生产与销售。主营业务收入构成为：功能食品及原料88.93%，生物制药8.91%，其他2.16%。 从基金十大重仓股角度 数据显示，嘉实基金旗下1只基金重仓新诺威。嘉实互融精选股票A（006603）三季度增持150.61万股， 持有股数320.11万股，占基金净值比例为4.5 ...

今天分享的是：久谦中台：2023-2025年功能食品品类趋势与创新洞察变化报告 2023-25功能食品品类趋势与创新洞察 -"消费者洞察"如何赋能品牌拿下确定性机会? 报告共计：41页 2023-2025年功能食品品类趋势与创新洞察总结 行业整体呈现量价齐升态势，2023-2025年CAGR达14.2%，增长核心转向"强功效"与"科学成分"。消费者从"概念买单"转向"配方审计"， 传统泛健康产品式微，维生素矿物质、营养补充、海洋生物等细分品类成为增长主力，而植物提取、动物提取等概念模糊的品类持续萎 缩。消费群体向专业化、精细化转型，儿童、备孕女性、职场人士等细分人群需求集中爆发，需求痛点从基础补给转向专注力提升、情 绪调节、疾病预防等精准机制修复。 产品层面，抗衰/抗氧化赛道增速显著，PQQ、麦角硫因等高端成分快速崛起，传统单一成分产品面临升级压力。剂型创新成为关键竞争 力，市场分化为"严肃剂型"与"零食剂型"，中间品类逐渐被淘汰。品牌竞争焦点从基础功效转向功能性升级与服用便利性，同时需兼顾 成分透明化与科学验证，通过情绪价值与个性化服务建立护城河。 液体钙作为品类重做的成功案例，实现了爆发式增长，2023- ...

行业整体呈现量价齐升态势，2023-2025年CAGR达14.2%，增长核心转向"强功效"与"科学成分"，维矿、营养补充、蛋白、海洋生物四大品类贡献主要增 量，而概念模糊的传统滋补品类持续萎缩。消费者洞察方式从碎片化数据拼凑升级为大语言模型结合社媒数据的深度分析，实现从"知其然"到"知其所以 然"的跨越。 消费端发生深刻变革：人群向专业化、精细化转型，儿童、备孕女性、职场人士等细分群体需求凸显；消费心理从情感导向转向理性消费，聚焦疾病预防、 压力缓解、专注力提升等核心痛点；使用场景从广谱日常辅助转向孕期、备考等特殊场景；成分选择上，抗衰/抗氧化的高活性成分快速崛起，传统单一成 分增长停滞。竞争格局呈现K型分化，严肃剂型与零食剂型占据两端，中间产品面临淘汰，且药企与食品巨头的跨界入局加剧竞争。 液体钙作为品类重做成功典范，实现爆发式增长，2023-2025年销量CAGR达47.0%，销售额CAGR达56.2%。其成功核心在于解决传统钙片吞咽困难、吸收 不佳等痛点，通过液体剂型实现"进食感"替代"服药感"，并借助独立包装突破场景限制，结合口味创新实现零食化转型。目标人群从婴幼儿向儿童、青少年 上移，家长的身高焦虑 ...

Group 1: Economic Indicators and Consumer Trends - The CPI in October showed a slight improvement, with a year-on-year increase of 0.2% and a month-on-month increase of 0.2%, indicating a potential recovery trend that may continue into the first half of next year [6][10] - The retail sales of consumer goods in October reached 46,291 billion yuan, growing by 2.93% year-on-year, with significant improvements in essential consumption categories such as food and beverages [10] - The restaurant sector saw a monthly revenue of 5,199 billion yuan in October, reflecting a year-on-year growth of 3.8%, driven by the National Day and Mid-Autumn Festival holidays [10] Group 2: Frozen and Food Supply Industry - The frozen food and catering industry is witnessing a shift from price wars to product innovation and channel development, with companies focusing on quality and service rather than just price competition [11] - Major players like Anjiyuan and Qianwei Central Kitchen are transitioning their strategies to emphasize product quality and operational efficiency, leading to improved profitability [11][15] - The industry is entering a "hard strength reshuffle period," where companies are expected to enhance their product offerings and service capabilities to maintain competitiveness [11] Group 3: Snack Food Sector - The snack food sector is experiencing a weak recovery, with a clear differentiation in growth among brands and channels, driven by strategic adjustments and product innovations [33][34] - The emergence of the konjac category as a significant growth driver, with market potential expected to reach 300 billion yuan by 2025, indicates a strong consumer demand for healthy snacks [34][40] - Companies like Yummy Foods and Salted Fish are leveraging their core products and channel strategies to achieve substantial growth, with a focus on high-margin products and efficient cost management [34][42] Group 4: Specific Company Strategies - Anjiyuan is focusing on high-margin products and channel expansion, with significant growth in its core offerings like volcanic stone grilled sausages and high-end dumplings [12][13] - Qianwei Central Kitchen is seeing improvements in its direct sales and distribution channels, with a focus on enhancing profitability through strategic adjustments in customer structure and resource allocation [15][18] - Salted Fish is capitalizing on the konjac trend and optimizing its product mix to improve profitability, with a strong emphasis on high-margin products and efficient channel management [40][41]

Core Points - The "Baiyun Lanwan Biomanufacturing Innovation Base" officially opened on November 27, marking a significant step in the biomanufacturing sector in the Guangdong-Hong Kong-Macao Greater Bay Area [2][12] - The base aims to create a comprehensive industrial chain covering research and development, pilot testing, production, and application, focusing on five key areas: biomedicine, life health, synthetic materials, functional foods, and ecological agriculture [3][4][16] Investment and Development - The project has a total investment of approximately 390 million yuan (about 56 million USD) and a construction area of around 85,000 square meters, including four high-standard factories and one supporting comprehensive building [14][15] - The opening ceremony saw the signing of contracts with 12 quality enterprises, including companies in biomedicine, marine technology, precision manufacturing, cosmetics, and urban consumption [21][23] Strategic Importance - The biomanufacturing sector is identified as a core area for cultivating new productive forces and is a strategic competitive high ground for the nation [9][10] - The Baiyun Lanwan Biomanufacturing Innovation Base serves as a key implementation vehicle for the "Three-Year Action Plan for Accelerating High-Quality Development of the Biomanufacturing Industry in Baiyun District" (2026-2028) [11][12] Ecosystem and Support - The base emphasizes a "business-centered" service philosophy, providing comprehensive support from hardware construction to full-cycle soft services for enterprise development [20][21] - A unique "soft service" system has been established, creating a collaborative ecosystem that includes scientific planning, precise investment attraction, financial empowerment, and open innovation [33][34] Future Prospects - Baiyun Investment Group plans to continue providing comprehensive and precise services in policy implementation, equity investment, talent introduction, market application, and resource assurance to enhance the development of the biomanufacturing sector [43][45] - The goal is to establish the Baiyun Lanwan Biomanufacturing Innovation Base as a significant biomanufacturing industrialization hub in the Greater Bay Area, contributing to the high-quality economic development of Baiyun District [45]

Group 1 - The core point of the article highlights the recent performance of XinNuoWei, which saw a 5.2% increase in stock price, reaching 33.39 CNY per share, with a total market capitalization of 46.899 billion CNY [1] - XinNuoWei's main business involves the research, production, and sales of functional foods, with revenue composition being 88.93% from functional foods and raw materials, 8.91% from biopharmaceuticals, and 2.16% from other sources [1] Group 2 - From the perspective of major fund holdings, data shows that Nuoan Fund has a significant position in XinNuoWei, with its Nuoan Selected Value Mixed A Fund increasing its holdings by 470,600 shares in the third quarter, now holding a total of 954,300 shares, which constitutes 4.9% of the fund's net value [2] - The Nuoan Selected Value Mixed A Fund has achieved a year-to-date return of 73.05%, ranking 163 out of 8,134 in its category, and a one-year return of 57.82%, ranking 429 out of 8,056 [2] - The fund manager, Tang Chen, has been in charge for 2 years and 343 days, with the fund's total asset size at 1.317 billion CNY, achieving a best return of 76.25% during his tenure [2]

Group 1 - The core viewpoint of the news is that XinNuoWei's stock price increased by 5.18%, reaching 33.27 CNY per share, with a trading volume of 260 million CNY and a turnover rate of 0.64%, resulting in a total market capitalization of 46.731 billion CNY [1] - XinNuoWei, established on April 5, 2006, and listed on March 22, 2019, is primarily engaged in the research, production, and sales of functional foods, with revenue composition being 88.93% from functional foods and raw materials, 8.91% from biopharmaceuticals, and 2.16% from other sources [1] Group 2 - From the perspective of major circulating shareholders, E Fund's Chuangye ETF (159915) reduced its holdings by 1.3253 million shares in the third quarter, now holding 7.868 million shares, which accounts for 0.63% of circulating shares, with an estimated floating profit of approximately 12.9035 million CNY [2] - E Fund's Chuangye ETF (159915) was established on September 20, 2011, with a current scale of 110.2 billion CNY, achieving a year-to-date return of 47.69% and a one-year return of 32.24%, ranking 574 out of 4216 and 858 out of 3951 in its category, respectively [2] Group 3 - The fund managers of E Fund's Chuangye ETF are Cheng Xi and Liu Shurong, with Cheng having a tenure of 9 years and 193 days and a total fund asset size of 250.121 billion CNY, achieving a best return of 131.04% and a worst return of -67.89% during his tenure [3] - Liu Shurong has a tenure of 8 years and 121 days, managing assets totaling 141.127 billion CNY, with a best return of 194.12% and a worst return of -48.01% during his tenure [3]

Core Viewpoint - Xinnoway is a leading company in the functional food industry in China, with strong technical capabilities and market competitiveness in research, production, and sales of functional foods [1] Group 1: Business Performance - In Q3 2025, Xinnoway reported revenue of 1.593 billion yuan, ranking 11th among 47 companies in the industry, with the industry leader, Puluo Pharmaceutical, generating 7.764 billion yuan [2] - The net profit for the same period was -310 million yuan, placing the company at the bottom of the industry rankings, while the top performer, Zhejiang Pharmaceutical, achieved a net profit of 867 million yuan [2] Group 2: Financial Ratios - As of Q3 2025, Xinnoway's debt-to-asset ratio was 32.94%, higher than the previous year's 16.97% and above the industry average of 27.75% [3] - The gross profit margin for Q3 2025 was 39.68%, down from 42.99% year-on-year but still above the industry average of 35.38% [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 3.45% to 16,400, while the average number of circulating A-shares held per account decreased by 3.34% to 76,000 [5] - The top ten circulating shareholders included Hong Kong Central Clearing Limited and several mutual funds, with notable changes in their holdings [5] Group 4: Future Outlook - According to Shenwan Hongyuan, Xinnoway's revenue is expected to grow, with a projected income of 2.19 billion yuan in 2025, 2.49 billion yuan in 2026, and 2.8 billion yuan in 2027, alongside a gradual improvement in net profit [6] - Dongwu Securities highlighted a slight revenue increase in H1 2025, with significant profit decline attributed to rising expense ratios, while emphasizing the potential of new drug developments [6]

Group 1 - The core point of the news is that XinNuoWei's stock price has been declining, with a drop of 5.01% on October 23, reaching 38.89 CNY per share, and a total market capitalization of 54.625 billion CNY [1] - XinNuoWei has experienced a cumulative decline of 6.74% over the past three days [1] - The company, founded on April 5, 2006, specializes in the research, production, and sales of functional foods, with 88.93% of its revenue coming from functional foods and raw materials [1] Group 2 - Citic Securities Fund has a significant holding in XinNuoWei, with its fund "Citic Jiankang A" holding 225,000 shares, accounting for 3.86% of the fund's net value [2] - The fund has incurred a floating loss of approximately 461,200 CNY today and a total floating loss of 666,000 CNY during the three-day decline [2] - The fund manager, Xie Wei, has been in position for 7 years and 143 days, with the fund's total asset size at 1.987 billion CNY [2]

Group 1 - The core point of the news is that XinNuoWei's stock price has dropped by 5.02%, currently trading at 40.65 CNY per share, with a total market capitalization of 57.097 billion CNY [1] - XinNuoWei is primarily engaged in the research, production, and sales of functional foods, with 88.93% of its revenue coming from functional foods and raw materials, 8.91% from biopharmaceuticals, and 2.16% from other sources [1] Group 2 - Dongwu Fund has a significant holding in XinNuoWei, with the Dongwu Smart Medical Quantitative Mixed A Fund holding 220,100 shares, representing 5.97% of the fund's net value, making it the seventh-largest holding [2] - The Dongwu Smart Medical Quantitative Mixed A Fund has a year-to-date return of 26.05%, ranking 3386 out of 8160 in its category, and a one-year return of 15.64%, ranking 4664 out of 8026 [2] - The fund manager, Mao Kejun, has been in charge for 4 years and 104 days, with the fund's total asset size currently at 280 million CNY [2]