登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 晨会聚焦 资料来源：聚源，中原证券研究所 -10% -4% 2% 8% 14% 20% 26% 32% 2024.11 2025.03 2025.07 2025.11 上证指数 深证成指 | 国内市场表现 | | | | | --- | --- | --- | --- | | 指数名称 | | 昨日收盘价 | 涨跌幅(%) | | 上证指数 | | 3,834.89 | -2.45 | | 深证成指 | | 12,538.07 | -3.41 | | 创业板指 | | 2,022.77 | -0.47 | | 沪深 | 300 | 4,453.61 | -2.44 | | 上证 | 50 | 2,443.97 | -0.52 | | 科创 | 50 | 891.46 | 0.14 | | 创业板 | 50 | 1,924.26 | -0.67 | | 中证 | 100 | 4,320.59 | -2.40 | | 中证 500 | | 6,817.41 | -3.46 | | 中证 1000 | | 6, ...

宗馥莉未出席娃哈哈经销商大会 行业动态 21世纪经济报道新消费工作室综合报道 伊利举行投资者日活动 今日消费参考的主要内容有：汉堡王日本业务将被高盛收购；宗馥莉未出席娃哈哈经销商大会；百胜中 国计划到2030年突破3万家门店；遇见小面被指目标集资1亿美元。 11月18日，伊利股份在北京举行2025年投资者日。伊利集团董事长兼总裁潘刚提到，行业的结构性增长 机会主要有三个方面：第一，随着国民健康意识的不断提升，乳制品的需求还会持续释放，这也是行业 增长最根本的支撑。第二，高线城市需求升级推动多元化增长。乳制品已经从基础饮食，全面融入休闲 社交、代餐佐餐、健康管理等多元场景。第三，品类差异化赛道潜力巨大。目前看，差异化核心增长机 会主要在成人营养品、奶酪、B2B及乳深加工等领域。预计2030年成人营养品的整体规模将超过3000亿 元，市场空间非常广阔。 日前，据茶颜悦色集团总经理助理熊晓青分享，目前茶颜悦色在湖南、湖北、重庆和江苏等地拥有超过 1200家自营门店，并推出多个子品牌，包括鸳央咖啡、古德墨柠（青柠乳茶）、小神闲茶馆以及昼夜诗 酒茶·艺文小酒馆，旨在覆盖消费者全天消费需求。茶颜悦色也在零售方面有所进展， ...

11月17日，智通财经记者获悉，蒙牛集团旗下专业运动营养品牌"迈胜"近日宣布完成近亿元A轮融资。 本轮融资由仙乐健康领投，高瓴创投与蒙牛创投跟投，融资将主要用于研发体系升级、产品矩阵拓展和 市场教育深化。（智通财经记者 吴雨欣） ...

Core Insights - The report highlights the ongoing recovery in various sectors, particularly in the semiconductor, healthcare, and renewable energy industries, indicating a favorable investment environment for long-term strategies [4][21][24]. Domestic Market Performance - The Shanghai Composite Index closed at 3,990.49, down 0.97%, while the Shenzhen Component Index closed at 13,216.03, down 1.93% [3]. - The average P/E ratios for the Shanghai Composite and ChiNext Index are 16.52 and 50.18, respectively, suggesting a suitable environment for medium to long-term investments [7][9]. Industry Analysis - The semiconductor industry showed a significant year-on-year revenue increase of 6.07% in Q3 2025, with a notable profit growth of 48.93% [27]. - The healthcare and renewable energy sectors are experiencing strong performance, with specific focus on battery, medical, and photovoltaic equipment industries [8][11][12]. Investment Recommendations - The report suggests a balanced investment strategy focusing on cyclical and technology growth sectors, particularly in batteries, healthcare, and renewable energy [10][12][22]. - The mechanical industry is also highlighted for its steady growth, with a revenue increase of 5.98% year-on-year in Q3 2025, indicating a positive outlook for related investments [21]. Key Data Updates - The report notes that the North American cloud service providers have increased capital expenditures significantly, with a total of $96.4 billion in Q3 2025, reflecting a 67% year-on-year growth [30][31]. - The domestic semiconductor market is expected to see further price increases, particularly in DRAM and NAND Flash products, driven by rising demand from data centers and AI applications [29][28]. Sector-Specific Insights - The sports nutrition market in China is projected to grow at an annual rate of 11.56%, driven by an increasing number of fitness enthusiasts [18][19]. - The mechanical sector is witnessing a recovery, with traditional cyclical industries showing significant profit growth, while emerging sectors are beginning to show signs of improvement [21][22]. Conclusion - Overall, the report indicates a positive trend across multiple sectors, with specific recommendations for investors to focus on cyclical recovery and technology-driven growth opportunities, particularly in the semiconductor and renewable energy industries [4][21][24].

11月16日，北京商报记者获悉，近日蒙牛集团旗下专业运动营养品牌迈胜宣布完成近亿元A轮融资，投资方包括 仙乐健康、蒙牛创投及高瓴创投。此次融资将进一步推动迈胜在运动营养领域的市场拓展和产品创新。 据了解，本轮融资由仙乐健康领投，高瓴创投与蒙牛创投跟投，汇聚了产业资本与母公司资源的双重合力。蒙牛 集团官网显示，迈胜是一家专注于运动营养的品牌提供商，主要为运动爱好者提供包括运动前、中、后及日常活 力健康的全面完整营养产品解决方案。目前，迈胜已成为国内极少数覆盖马拉松、越野跑、铁三骑行等有氧耐力 运动全场景营养需求的品牌。作为国内首个定位"专业运动营养"的本土品牌，迈胜以超300%的业绩增速狂奔，或 成集团战略第二曲线的核心承载者。 此外，作为迈胜的控股股东，蒙牛集团此前已为其提供研发平台、供应链支持、品控体系等核心支持。此次蒙牛 创投的追加投资，既延续其在营养与食品生态链领域的前瞻布局，聚焦健康、生命科技及生物制造等方向的持续 投资与孵化，也是在战略层面对迈胜首轮外部融资的有力加持。 高级乳业分析师宋亮向北京商报记者表示，"目前国内消费市场，在功能营养领域拥有非常好的发展前景，无论是 针对老年群体的专业营养，还是 ...

本报讯 （记者梁傲男）近日，蒙牛集团旗下专业运动营养品牌"迈胜"宣布完成近亿元A轮融资。该融资 将主要用于研发体系升级、产品矩阵拓展和市场教育深化，进一步巩固迈胜在中国运动营养领域的创新 引领地位。 本轮融资由全球营养健康领域领先企业仙乐健康（300791）领投，高瓴创投与蒙牛创投跟投，汇聚了产 业资本与母公司资源的双重合力，各投资方基于对运动营养品赛道增长潜力及迈胜专业团队、专业品 牌、专业业务模式的深度认可，将通过多维度协同为企业发展保驾护航。 仙乐健康是全球领先的营养健康食品解决方案提供商，同时也是国内首家营养健康食品解决方案提供商 上市公司，在细分运动营养赛道拥有数十年深厚积累。此次投资体现仙乐健康积极布局营养健康生态链 的决心。此次领投除提供资金支持外，仙乐更将在供应链、循证营养研发以及产品开发角度为迈胜提供 协同支持。 高瓴创投在大健康、运动消费领域拥有丰富的产业投资经验与跨行业资源协同能力。凭借在产业运营和 价值提升方面的丰富经验，高瓴创投将助力迈胜实现持续增长和创新发展。 此外，作为迈胜的控股股东，蒙牛集团此前已为其提供研发平台、供应链支持、品控体系等核心支持。 此次北海蒙牛创业投资有限公司（ ...

Core Insights - The sports nutrition market in China is characterized by continuous market expansion, diversified consumption scenarios, accelerated product innovation, and deepened channel integration [1] Market Overview - The global sports nutrition market is projected to reach a sales scale of 188.13 billion yuan by 2025 and is expected to grow to 306.47 billion yuan by 2032, with a compound annual growth rate (CAGR) of 7.22% [1] - The Chinese sports nutrition market is expected to grow from 9.71 billion yuan in 2024 to 20.93 billion yuan by 2030, with a CAGR of 11.56% [1] - The large and continuously growing sports population in China is a primary driver for the rapid expansion of the sports nutrition market [1] Product Categories - Sports nutrition products are divided into two main series with six categories: energy supplementation, energy control, and protein supplementation; and categorized by sports type including speed and strength, endurance, and post-exercise recovery [2] Competitive Landscape - The global sports nutrition market is highly competitive, with the top five manufacturers holding only about 25% of the market share, indicating a presence of many medium-sized enterprises and emerging brands [3] - In contrast, the Chinese sports nutrition market has a higher concentration, with the top three companies (CR3) accounting for 70% of the market share by 2024, including companies like Xiwang Food, Kangbiter, and Tongchen Beijian [4] Sales Channels - Sales channels for sports nutrition products are primarily divided into online and offline categories, with online channels becoming the core growth driver, while offline channels are evolving towards more specialized and mainstream directions [5]

以核心产品构筑竞争壁垒 剑指本土运动营养品标杆 作为中国专业运动营养领军品牌，迈胜自成立以来便以"专业营养赋能运动人群好状态"为愿景，致力于 为中国运动人群提供科学、精准的营养解决方案。目前，迈胜已成为国内极少数覆盖马拉松、越野跑、 铁三骑行等有氧耐力运动全场景营养需求的品牌，为运动爱好者提供包括运动前、中、后及日常活力健 康的全面完整营养产品解决方案。 近日，蒙牛集团旗下专业运动营养品牌"迈胜"宣布完成近亿元A轮融资。该融资将主要用于研发体系升 级、产品矩阵拓展和市场教育深化，进一步巩固迈胜在中国运动营养领域的创新引领地位。 头部机构+母公司联合加持，为迈胜注入全维度资源 本轮融资由全球营养健康领域领先企业仙乐健康领投，高瓴创投与蒙牛创投跟投，汇聚了产业资本与母 公司资源的双重合力，各投资方基于对运动营养品赛道增长潜力及迈胜专业团队、专业品牌、专业业务 模式的深度认可，将通过多维度协同为企业发展保驾护航。 仙乐健康是全球领先的营养健康食品解决方案提供商，同时也是国内首家营养健康食品解决方案提供商 上市公司，在细分运动营养赛道拥有数十年深厚积累。此次投资体现仙乐健康积极布局营养健康生态链 的决心。此次领投除提 ...

Investment Rating - The industry investment rating is "in line with the market" [2][56] Core Insights - The global sports nutrition market is projected to grow from 188.13 billion yuan in 2025 to 306.47 billion yuan by 2032, with a compound annual growth rate (CAGR) of 7.22% [5][8] - The Chinese sports nutrition market is expected to grow from 9.71 billion yuan in 2024 to 20.93 billion yuan by 2030, with a CAGR of 11.56% [5][9] - The market is characterized by a large and growing consumer base, with 71.4% of potential consumers preferring sports nutrition products [9] - The market is segmented into energy supplements, protein supplements, and recovery products, with energy supplements being the largest category [19][20] Market Size and Growth - The global sports nutrition market is expected to reach 188.13 billion yuan in 2025 and 306.47 billion yuan by 2032, with a CAGR of 7.22% [8] - The Chinese sports nutrition market is projected to grow from 9.71 billion yuan in 2024 to 20.93 billion yuan by 2030, with a CAGR of 11.56% [9][11] Consumer Demographics - The consumer base is divided into professional athletes and health-conscious individuals, with the latter group becoming the dominant force in the market [27] - The primary consumers are aged 25 to 45, making up over 80% of the market [28] Competitive Landscape - The global sports nutrition market is fragmented, with the top five companies holding only about 25% of the market share [32] - In China, the market concentration is higher, with the top three companies holding a combined market share of 70% [34] Sales Channels - Online sales account for 65% of the market, with e-commerce platforms like Tmall and JD.com being the main contributors [41] - Offline sales, including gyms and pharmacies, account for 35% of the market, with gyms being a significant sales point [41][45] Policy and Standards - The sports nutrition sector in China is supported by national health strategies and regulations, promoting the integration of fitness and health [48] - A comprehensive standard system is in place, including the GB 24154-2015 standard for sports nutrition products [49]

Group 1 - XiZi Health Group's subsidiary FoYes signed a strategic cooperation agreement with global whey producer Hilmar Cheese Company to deepen collaboration in the sports nutrition sector [1][4] - Hilmar has nearly 40 years of experience in dairy processing and operates in over 50 countries, focusing on whey protein and lactose supply, with a strong emphasis on technological innovation and sustainability [3] - FoYes aims to enhance its product offerings by incorporating Hilmar's high-performance hydrolyzed whey protein, which improves absorption efficiency and supports muscle recovery [4][6] Group 2 - The partnership will focus on the innovative application of whey protein in sports nutrition products, with a shift in the market from "ingredient satisfaction" to "absorption efficiency" [4] - The global sports nutrition market continues to grow, with protein powders remaining significant while ready-to-drink protein beverages and protein bars are gaining momentum [4] - This collaboration represents a strategic move for FoYes to upgrade its raw materials, aligning with the trend of Chinese sports nutrition brands transitioning from "formula competition" to "core ingredients" [4][6]