中国资产大爆发，港A股领涨全球! 万得中概股100指数、恒生科技指数、万得全A、沪深300霸榜2025年三季度全球大类资产涨幅榜TOP4，上证指数、恒生指数紧随其后。 今年以来，科创100、创业板50领跑A股。 科技牛市中，ETF成为锋利的矛! 三季度，通信ETF、5G通信ETF涨超80%;5GETF、人工智能ETF、锂电池ETF、电池ETF涨超70%;通信设备ETF、科创芯片ETF、双创龙头ETF、双创 ETF、双创50ETF等涨超65%。 今年以来 ，港股医药领涨，港股创新药ETF、港股创新药50ETF、港股通医疗ETF富国、恒生创新药ETF翻倍;通信ETF、黄金股ETF、创业板人工智能ETF 涨幅居前。 (本文内容均为客观数据信息罗列，不构成任何投资建议) 三季度，创业板50、创业板指涨超50%;科创50、科创100涨超40%。 恒生科技、恒生指数、万得全A今年以来领涨全球主要指数。 ETF规模突破5万亿。截至9月30日，国内ETF规模达5.63万亿，较年初规模增长1.89万亿。其中，股票型ETF最新规模3.71万亿，占比66%。 从资金流向看，三季度超3147亿元资金净流入ETF，年初至今ETF市场吸 ...

敬请参阅最后一页特别声明 1 扫码获取更多服务 宏观经济报告 8 月利润同比高增是低基数、反内卷带动上游行业毛利率上行、投资收益非常规节点确认等因素共同作用的结果，随 着基数走高、投资收益对利润的支持减弱，9 月利润同比增速或开始回落。更值得关注的是反内卷带来的上游企业毛 利率上行是否可持续，从大宗商品价格上看，9 月前三周商务部生产资料价格指数持续下滑，均值环比 9 月下滑了 0.5%，需关注后续反内卷对大宗商品价格和企业利润的影响。 风险提示 中美贸易摩擦、关税上调和全球供应链调整，或致出口波动及企业利润下滑等风险加大 国内政策、海外地缘政治等可能持续影响大宗商品价格及相关行业利润表现 关注后续国内基本面变化，跟踪后续景气度波动以及对企业营业收入和利润的影响 8 月规模以上工业企业利润同比大幅回升 21 个百分点至 19.8%，低基数、反内卷下上游行业毛利率改善、个别行业投 资收益确认是推动本月当月利润同比大幅走高的三个主要原因。 按照估算，低基数贡献了 6.7 个百分点1的利润增速回升，位居第三。除基数外，8 月企业利润环比表现并不弱，8 月 企业利润环比增长 15.2%，显著高于过去 3 年-2.5% ...

2019年-2025年1-8月全国酒、饮料和精制茶制造业出口货值统计图 数据来源：国家统计局，智研咨询整理 上市公司：承德露露（000848），阳光乳业（001318），皇氏集团（002329），贝因美（002570），西 部牧业（300106），品渥食品（300892），熊猫乳品（300898），三元股份（600429），光明乳业 （600597），妙可蓝多（600882），伊利股份（600887），李子园（605337） 相关报告：智研咨询发布的《2025-2031年中国饮料行业市场运营格局及未来前景分析报告》 根据国家统计局数据可知：2025年8月全国酒、饮料和精制茶制造业出口货值为16.5亿元，同比下降 15.6%；2025年1-8月全国酒、饮料和精制茶制造业累计出口货值为154.9亿元，累计同比下降0.1%。 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 ...

四家被"披星戴帽"的酒水股，"保壳"情况可能有点不乐观。 自从岩石股份（上海贵酒，*ST岩石）、海南椰岛（*ST椰岛）、青海春天（*ST春天）及兰州黄河 （*ST兰黄）被退市风险警示之后，便开启了"保壳"之路。南都湾财社-酒水新消费指数课题组记者注意 到，经过近9个月的布局调整，四家*ST股业绩表现各异，不过相同的是，它们的"保壳"之路不太明 朗。 这厢个股艰难保壳，那厢"借壳上市"的声音再起，有观点认为，作为资本市场较为稀缺的酒水类（或以 酒类为主业）个股，有可能会成为现在未上市酒企"借壳"的目标。 但从实际情况来看，这个"壳"可能有点不太好"借"。 "保壳"之路不明朗？四家*ST股半年业绩"不太理想" 根据2025年1月1日起正式实施的退市新规，被"披星戴帽"的个股2025年营收不足3亿元且利润值为负， 则次年需退市，因此这两项财务数据成为*ST股"保壳"的关键。 据南都湾财社记者了解，今年半年报是四家*ST酒水股"保壳"状况的最新财务数据，不过这四家企业均 存在不同程度的隐忧。 从账面上看，*ST春天属于保壳相对明朗的企业。半年报数据显示，该公司营收为1.24亿元，同比下降 26.62%，但归母净利润持 ...

北京商报讯（记者 刘一博 冯若男）9月25日，北京商报记者从贵州省工商联公众号获悉，贵州省统计局 发布数据，1-8月份，贵州省规模以上工业增加值同比增长8%。其中酒、饮料和精制茶制造业增长 1.7%。 ...

Economic Growth Overview - In August, China's economic growth momentum slowed down, with both supply and demand sides experiencing a decline in growth rates. Analysts suggest that due to high base effects and tariff uncertainties, along with the waning effects of the "trade-in" policy, downward pressure on the domestic economy is expected to increase in the fourth quarter, necessitating new policies to stabilize investment and promote consumption to achieve the annual growth target of around 5% [1][11]. Production Sector Analysis - In August, the industrial added value for large-scale enterprises grew by 5.2% year-on-year, a decrease of 0.5 percentage points from the previous month. The service production index growth rate was 5.6%, down 0.2 percentage points from the previous month [1]. - The "anti-involution" policy is identified as a primary reason for the cooling of industrial production. The industrial production intensity has declined for two consecutive months, influenced by extreme weather and the effects of the "anti-involution" policy [2]. - The added value of upstream production sectors showed strong performance, with non-ferrous metal smelting and rolling industries growing by 9.1% year-on-year, while coal mining and washing industries grew by 5.1% [2]. Demand Side Insights - In August, the total retail sales of consumer goods and exports in USD grew by 3.4% and 4.4% year-on-year, respectively, both showing declines from the previous month [3]. - The retail sales growth rate has been declining for three consecutive months, primarily due to the diminishing effects of the "trade-in" policy. The largest month-on-month declines were seen in home appliances and communication equipment, with decreases of 14.4% and 7.6% respectively [3][5]. Investment Trends - Investment growth has slowed for five consecutive months, with real estate, infrastructure, and manufacturing investments all experiencing varying degrees of decline [6]. - Infrastructure investment growth fell to 2.0% year-on-year for the first eight months, a decrease of 1.2 percentage points from the previous month. Manufacturing investment growth dropped to 5.1%, the lowest level since early 2021 [9]. - Analysts indicate that the decline in manufacturing investment is influenced by extreme weather and rising global trade uncertainties, which suppress the willingness of downstream enterprises to expand production [7]. Policy Recommendations - Analysts suggest that maintaining stable economic growth is becoming increasingly challenging, and timely policy adjustments are necessary. The potential for new incremental policies is anticipated, possibly by the end of September, including new policy financial tools and early allocation of local government debt quotas to improve infrastructure investment [12].

Group 1 - The core viewpoint of the article highlights the current state and future prospects of the beverage industry in China, particularly focusing on the number of manufacturing enterprises and market dynamics from 2025 to 2031 [1] - As of January to July 2025, the number of enterprises in the liquor, beverage, and refined tea manufacturing sector is reported to be 5,878, which represents a decrease of 50 enterprises compared to the same period last year, reflecting a year-on-year decline of 0.84% [1] - The proportion of these enterprises within the total industrial enterprises stands at 1.13%, indicating a relatively stable but slightly contracting sector [1] Group 2 - The data presented is sourced from the National Bureau of Statistics and compiled by Zhiyan Consulting, a leading industry consulting firm in China, known for its in-depth industry research and market insights [1] - The report emphasizes the importance of understanding market trends and dynamics for investment decisions, providing a comprehensive analysis of the beverage industry's operational landscape and future outlook [1]

Core Insights - The article discusses the performance and trends in China's beverage industry, particularly focusing on the export value of alcoholic beverages, drinks, and refined tea manufacturing [1] Industry Overview - In April 2025, the export value of China's alcoholic beverages, drinks, and refined tea manufacturing was 2.24 billion, showing a year-on-year decrease of 0.4% [1] - From January to April 2025, the cumulative export value for the same sector reached 7.93 billion, reflecting a year-on-year growth of 6.3% [1] Company Insights - The article lists several companies in the beverage sector, including: - Chengde Lulule (000848) - Sunshine Dairy (001318) - Huangshi Group (002329) - Beingmate (002570) - Western Pastoral (300106) - Pinwa Foods (300892) - Panda Dairy (300898) - Sanyuan Foods (600429) - Bright Dairy (600597) - Miaokelando (600882) - Yili Group (600887) - Liziyuan (605337) [1]

Core Viewpoint - The article discusses the recent name change of Shanxi Wahaha Changsheng Beverage Co., Ltd. to Shanxi Hongsheng Beverage Co., Ltd., along with other corporate changes and the implications for the company and its stakeholders [2][3][4]. Group 1: Company Changes - Shanxi Wahaha Changsheng Beverage Co., Ltd. was renamed to Shanxi Hongsheng Beverage Co., Ltd. on September 5, 2025 [3]. - The company type changed from a Sino-foreign joint venture limited liability company to a foreign-invested, non-independent limited liability company on the same date [3]. - The legal representative changed from Xu Hongshuai to Zhu Lidan on February 20, 2025 [3]. Group 2: Company Background - Shanxi Hongsheng Beverage Co., Ltd. was established in October 2007 with a registered capital of 16 million USD [4]. - The company is co-owned by Zhejiang Wahaha Changsheng Beverage Group Co., Ltd. and Honour Bright Investments Limited [2][4]. - The company is currently in operation and registered with the Shanxi Provincial Market Supervision Administration [4]. Group 3: Related Corporate Changes - Other companies under the Wahaha brand, such as Hulin Wahaha Beverage Co., Ltd. and Nanyang Wahaha Changsheng Beverage Co., Ltd., have also undergone name changes to Hulin Hongsheng Beverage Co., Ltd. and Nanyang Hongsheng Hengfeng Beverage Co., Ltd., respectively [2][4].

Report Industry Investment Rating - No relevant content provided Core Viewpoints - Last week, domestic major stock indices rose across the board, with small and medium - cap indices generally outperforming large - cap indices. The growth style index showed a significant increase, while the financial and stable style indices declined. In the ETF market, both comprehensive and thematic ETFs had increased trading volumes, and there was a clear inflow of funds into sectors such as brokers, consumption, technology, and non - ferrous metals [1][3] Summary by Directory 1. Fund Market Overview 1.1 Stock Market - Last week (2025/08/25 - 2025/08/29), major domestic stock indices all rose. The large - cap indices such as CSI 300, SSE 50, and SSE Composite Index had weekly increases of 2.71%, 1.63%, and 0.84% respectively. Small and medium - cap indices like CSI 500, CSI 1000, and ChiNext Index rose by 3.24%, 1.03%, and 7.74% respectively. Style indices showed mixed performance, with financial, cyclical, consumer, growth, and stable style indices having weekly changes of - 1.31%, 0.94%, 0.54%, 4.45%, and - 0.81% respectively. Among the growth styles, large - cap, mid - cap, and small - cap growth style indices changed by 3.38%, 2.51%, and - 1.33% respectively [1][8] - Recent A - share trading activity has been oscillating upwards and is currently close to the level in December 2024 [9] 1.2 Bond Market and Futures Market - Last week, the SSE Convertible Bond Index fell by 2.68%. Pure - bond indices all rose, with the SSE Treasury Bond, SSE Corporate Bond, and Shenzhen Local Government Bond indices rising by 0.04%, 0.03%, and 0.03% respectively. Major stock index futures contracts all rose, with CSI 300, SSE 50, and CSI 500 futures rising by 0.49%, 0.12%, and 1.70% respectively. 10 - year, 5 - year, and 2 - year Treasury bond futures prices rose by 0.13%, 0.18%, and 0.03% respectively [15][16] 1.3 Commodity Market - In the past week, the commodity market showed mixed performance. The Nanhua Precious Metals Index, CRB Metal Spot Index, and CRB Commodity Index rose by 1.77%, 1.35%, and 0.78% respectively. Domestic key commodity futures contracts also showed mixed results, with DCE Iron Ore, SHFE Silver, and SHFE Nickel futures rising by 2.34%, 1.80%, and 1.75% respectively [18][21] 2. ETF Market行情统计 2.1 Domestic Stock - type ETF Trading Activity Ranking - Using the weekly fund turnover rate (trading volume / on - exchange floating shares) as a measure of ETF trading activity, high turnover rates indicate possible large differences in market views on a sector. Last week, trading hotspots were concentrated in comprehensive indices such as ChiNext 50 and CSI Innovation and Entrepreneurship 50 ETF, as well as sectors like semiconductors, liquor, and securities [24] 3. Size - style Monitoring 3.1 Comprehensive Stock ETF - As of last week, the total trading volume of comprehensive ETFs was 138.425 billion yuan, an increase of 28.081 billion yuan from the previous week. Among them, the trading volume of large - and mid - cap style comprehensive ETFs was 58.276 billion yuan, an increase of 11.307 billion yuan, and that of small - and mid - cap comprehensive ETFs was 84.351 billion yuan, an increase of 19.109 billion yuan. The on - exchange floating shares of comprehensive ETFs were 361.949 billion shares, an increase of 6.94 billion shares from the previous week. Large - and mid - cap style comprehensive ETFs had 241.165 billion shares, an increase of 19.28 billion shares, while small - and mid - cap comprehensive ETFs had 120.785 billion shares, a decrease of 12.34 billion shares [26] 3.2 Thematic Stock ETF - As of last week, the average weekly return of 32 thematic ETFs was 3.39%. The average weekly return of large - cap style ETFs was 0.95%, and that of small - and mid - cap style ETFs was 5.30%. The total trading volume of tracked thematic ETFs was 138.149 billion yuan, an increase of 30.701 billion yuan from the previous week. Large - cap style ETFs had a trading volume of 73.042 billion yuan, an increase of 14.991 billion yuan, and small - and mid - cap style ETFs had a trading volume of 65.107 billion yuan, an increase of 15.711 billion yuan. The on - exchange floating shares of thematic ETFs were 408.707 billion shares, an increase of 6.175 billion shares from the previous week. Large - and mid - cap style thematic ETFs had 193.157 billion shares, an increase of 12.045 billion shares, while small - and mid - cap style thematic ETFs had 215.549 billion shares, a decrease of 5.87 billion shares [27] 4. Sector Fund Flow Tracking - As of last week, among comprehensive ETFs, the top three performers were CSI Innovation and Entrepreneurship 50 ETF, ChiNext 50, and ChiNext, with weekly returns of 11.34%, 8.93%, and 7.63% respectively. The bottom three were CSI 1000 ETF, SSE 50 ETF, and CSI 300 ETF, with returns of 0.80%, 1.50%, and 2.72% respectively. Among industry - thematic ETFs, the top three were 5G ETF, AI Intelligence ETF, and Non - ferrous Metals ETF, with returns of 15.44%, 10.69%, and 8.63% respectively. The bottom three were Coal ETF, Financial ETF, and Bank ETF, with returns of - 3.02%, - 1.95%, and - 1.88% respectively. In terms of fund flows, important broad - based indices such as CSI 300 and small - and mid - cap ETFs in the innovation and entrepreneurship sector had fund inflows. In industry - thematic sectors, significant fund inflows were seen in sectors such as brokers, consumption, technology, and non - ferrous metals [32] 5. Commodity ETF - Last week, tracked commodity ETFs showed mixed performance. Gold ETF, Bosera Gold, Soybean Meal ETF, Non - ferrous Metals Futures ETF, and Energy and Chemicals ETF had returns of 1.46%, 1.47%, 0.61%, 1.24%, and - 1.21% respectively. The on - exchange floating shares of tracked commodity ETFs decreased by 1.41 billion shares from the previous week, while the total trading volume increased by 1.869 billion yuan [36] 6. Overseas ETF - Last week, among tracked overseas ETFs, Nasdaq ETF, H - share ETF, and Hang Seng ETF had returns of 1.19%, - 0.85%, and - 0.45% respectively. The on - exchange floating shares of tracked overseas ETFs decreased by 0.13 billion shares from the previous week, and the total trading volume decreased by 0.549 billion yuan [38] 7. Money Market ETF - As of the end of last week, the overnight SHIBOR rate was 1.32%, a decrease of 0.15% from the previous week, and the one - week SHIBOR rate was 1.53%, an increase of 0.03% from the previous week. The seven - day annualized yield of Huabao Tianyi was 1.06%, an increase of 0.04% from the previous week, and that of Yinhua Rili was 1.04%, unchanged from the previous week. The on - exchange floating shares of Huabao Tianyi were 63.846 billion shares, a decrease of 2.602 billion shares from the previous week, and those of Yinhua Rili were 61.757 billion shares, an increase of 1.95 billion shares from the previous week [42]