在业界看来，如今许阳阳接棒达利食品集团总裁一职，面临着一定的挑战。在业绩方面，达利食品自2021年营收达到222.94亿元的历史新高后，便出现回 落。公开信息显示，2022—2024年，达利食品的营收连续三年下滑，分别为199.57亿元、188.6亿元、180.7亿元。同时，因公司股价长期在相对较低区间交 易、成交量有限，未能充分反映集团的真实价值，达利食品于2023年9月1日正式从港交所退市。 产品方面，许阳阳主导推出的豆本豆、美焙辰此类创新性更为明显的品牌及产品，曾被视为达利食品转型的希望。但据2022年财报披露，豆本豆、美焙辰品 牌所在的家庭消费分部收入同比上升1.9%至37.05亿元，较2021年22.7%的增速已出现明显放缓；休闲食品分部收入同比下滑9.2%至90.3亿元，即饮饮料分部 收入也同比下滑22.3%至51.23亿元。 由于退市后达利食品未披露过详细财报，其内部的经营状况暂不可知。已知的是，达利食品追随行业内健康化浪潮，推出了"朝葉"无糖茶、和其正"宜己 水"系列养生水、"喵飞"植物奶、"谷吨吨"休闲点心等新品，并在各大渠道及电商平台陆续上市。不过，这些产品还暂未展露出"爆款"的潜力，在达 ...

2025 年 11 月 16 日 北证开市四周年，市值近万亿流动 性改善显著 ——北交所策略周报（20251110-20251116） 本周策略观点： 本周市场行情： 北交所新股： 新三板动态： ⚫ 本周新挂牌 11 家，摘牌 6 家，周新增计划融资 0.96 亿元，完成融资 0.67 亿元。 风险提示： ⚫ 个股业绩季度波动过大风险，宏观经济下行的风险。 相关研究 证券分析师 刘靖 A0230512070005 liujing@swsresearch.com 王雨晴 A0230522010003 wangyq@swsresearch.com 郑菁华 A0230525060001 zhengjh@swsresearch.com 汪秉涵 A0230525090003 wangbh@swsresearch.com 研究支持 郑菁华 A0230525060001 zhengjh@swsresearch.com 联系人 郑菁华 A0230525060001 zhengjh@swsresearch.com 新 三 板 研 究 证 券 研 究 报 告 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 ...

Core Insights - Economic and financial data show marginal weakening, with internal policy support expectations rising, but the probability of new incremental policies being introduced near year-end is low, leading to continued high-level fluctuations in the market [3][4] - The AI industry adjustment provides better layout opportunities, while sectors with earnings support such as energy storage/batteries, military industry, storage, and engineering machinery should also be emphasized [3][6] Market Perspective - October macroeconomic data continues to show marginal slowdown, with investment declining rapidly and consumption growth remaining low. The GDP growth rate for October is estimated at around 4.6%, which is a marginal decline from the second quarter [4][13] - The third-quarter monetary policy execution report indicates an increased probability of monetary policy easing to support the economy, with a shift in focus towards interest rates rather than quantity [5][22] Industry Allocation - The market has entered a high-level fluctuation phase since early October, with significant increases in industry rotation intensity. Consumption sectors have shown strong performance recently, while resource sectors led the previous week [6][29] - Low valuation and stagnant sectors such as non-banking, food and beverage, agriculture, public utilities, and home appliances are expected to see short-term rebound opportunities [6][30] Financial Data Analysis - Fixed asset investment in October showed a cumulative year-on-year decline of 1.7%, with manufacturing investment growth at 2.7%, and real estate investment down by 14.7% [16][19] - The real estate sector continues to show a downward trend, with property investment in October down 23% year-on-year, indicating significant cash flow pressure on real estate companies [19][20] Future Outlook - The AI industry remains a key focus for investment, with specific attention on computing power and application sectors. The third-quarter reports continue to validate the relative performance advantages of growth styles [38][40] - Sectors with strong earnings support, including energy storage, military, storage, and engineering machinery, are also highlighted as promising areas for investment [40]

Core Insights - Insurance capital has significantly increased its stock investments, with a notable rise in equity assets driven by favorable market conditions and regulatory support [1][3][6] Investment Trends - As of the end of Q3, the total balance of insurance capital investments reached 37.46 trillion yuan, marking a 12.64% increase from the beginning of the year [2] - The stock balance alone rose to 3.62 trillion yuan, an increase of 1.19 trillion yuan or 49.14% compared to the end of last year [3] - Including securities investment funds, the core equity assets reached approximately 5.59 trillion yuan, up 1.49 trillion yuan or 36.19% year-on-year [3] Sector Preferences - Bank stocks remain the most favored by insurance capital, accounting for 51.92% of the total value of heavy holdings, which amounted to nearly 640 billion yuan [8] - Other sectors that saw significant increases in investment include steel, communication, and food and beverage, while sectors like electric equipment and non-ferrous metals experienced reductions [1][8] Market Dynamics - The increase in equity investments is attributed to a strong stock market performance, with the CSI 300 index rising approximately 18% in the first three quarters [6][10] - Insurance companies reported that equity assets were a major contributor to significant growth in investment income, leading to record net profits for the third quarter [6][10] Investment Strategy - Insurance capital is adopting a "dividend stocks + growth stocks" strategy, focusing on high-dividend and stable profit companies while also seeking high-growth opportunities in emerging industries [9] - Different preferences exist between life insurance and property insurance funds, with life insurance favoring low PB (price-to-book) and high dividend stocks, while property insurance leans towards higher PE (price-to-earnings) growth stocks [9]

【导读】基金经理解读大消费板块投资机会：本轮行情更多是由于"高低切换"，板块目前处于"安全边际+盈利匹配"配置窗口 中国基金报记者 张燕北 孙晓辉 近期，A股市场呈现出明显的分化格局，以科技股为主的"双创"指数走势疲软，传统消费板块逆市上涨。消费板块的强势表现引发市场对年底风格切换的 广泛关注。 大消费如期上攻，风格切换来了吗？此轮行情是短暂"高低切换"还是逻辑反转？是否具有持续性？ 为此，中国基金报记者采访了： 嘉实基金大消费研究总监 吴越 国泰消费优选基金经理 李海 永赢基金权益投资部基金经理 蒋卫华 方正富邦基金首席投资官 汤戈 中银内核驱动、中银港股通消费基金经理 杨亦然 在受访基金经理看来，受益于经济复苏预期强化、估值相对底部、政策密集落地等多重因素驱动，消费板块迎来轮动补涨机会。 大家认为，本轮行情既有"高低切换"的原因，也有行业基本面触底回升的原因。现阶段"高低切换"的特征更为明显，未来逻辑反转的持续性有赖于业绩基 本面持续改善。 现阶段"高低切换"的特征更为明显 中国基金报记者：此轮行情是短暂"高低切换"还是逻辑反转？持续性取决于哪些关键条件？ 不过，在大家看来，当前消费板块的性价比突出，估值 ...

Group 1 - The market is experiencing short-term fluctuations with a focus on "price increase diffusion" trends, as the TMT sector adjusts while consumer sectors like retail and food & beverage show active performance [1] - Recent economic data for October indicates increased pressure on investment, leading to a heightened demand for policies aimed at stabilizing growth, while consumption may see a phase of recovery [1] - The market is expected to continue a fluctuation around the 4000-point mark, with potential volatility in Federal Reserve interest rate cut expectations [1] Group 2 - The energy storage industry is witnessing a "price increase" trend, particularly in the upstream and midstream segments, driven by supply-demand mismatches and growing storage demand [2] - The energy storage market is becoming a new growth direction for the lithium battery sector, with high configuration value in the tight segments of the entire industry chain [2] - There is a notable divergence in market expectations regarding the profitability recovery capabilities of traditional midstream industries, which is crucial for future profitability elasticity assessments across the A-share market [2] Group 3 - The AI sector continues to show strong demand, but supply shortages, particularly in AI chips and power, are becoming more pronounced [3] - Major companies like Tencent have adjusted their capital expenditure guidance due to changes in AI chip supply, with significant price increases in memory chips reported by Samsung [3] - The current environment of "strong demand and tight supply" suggests a focus on sectors with notable supply contradictions, such as storage chips and energy solutions [3]

- The report does not contain any specific quantitative models or factors for analysis or construction[1][2][3][4] - The report primarily focuses on market trends, fund flows, and industry performance without detailing quantitative models or factors[5][6][7] - No formulas, construction processes, or evaluations of quantitative models or factors are provided in the report[8][9][10]

近期，A股市场呈现出明显的分化格局，以科技股为主的"双创"指数走势疲软，传统消费板块逆市上 涨。消费板块的强势表现引发市场对年底风格切换的广泛关注。 大消费如期上攻，风格切换来了吗？此轮行情是短暂"高低切换"还是逻辑反转？是否具有持续性？ 为此，中国基金报记者采访了：嘉实基金大消费研究总监吴越、国泰消费优选基金经理李海、永赢基金 权益投资部基金经理蒋卫华、方正富邦基金首席投资官汤戈、中银内核驱动/中银港股通消费基金经理 杨亦然。 在受访基金经理看来，受益于经济复苏预期强化、估值相对底部、政策密集落地等多重因素驱动，消费 板块迎来轮动补涨机会。 大家认为，本轮行情既有"高低切换"的原因，也有行业基本面触底回升的原因。现阶段"高低切换"的特 征更为明显，未来逻辑反转的持续性有赖于业绩基本面持续改善。 不过，在大家看来，当前消费板块的性价比突出，估值盈利比或更具安全边际，已进入配置窗口 期，"旧"消费转守为攻，"新"消费优中选优。尤其2026年板块有望从结构性行情向全面性行情过渡。 多重因素驱动消费板块迎来补涨机会 中国基金报记者：近期，A股与港股消费板块同步走强，食品饮料、旅游酒店、零售餐饮等多个子领域 在涨幅榜 ...

【导读】基金经理解读大消费板块投资机会 ：本轮行情更多是由于"高低切换"， 板块目前处于"安全边际+盈利匹配"配置窗口 中国基金报记者 张燕北 孙晓辉 近期，A股市场呈现出明显的分化格局，以科技股为主的"双创"指数走势疲软，传统消费板块逆 市 上涨。消费板块的强势表现引发市场对 年底风格切换的广泛关注。 大消费如期上攻，风格切换来了吗？此轮行情是短暂"高低切换"还是逻辑反转？是否具有持续性？ 为此，中国基金报记者采访了： 嘉实基金大消费研究总监 吴越 国泰消费优选基金经理 李海 永赢基金权益投资部基金经理 蒋卫华 方正富邦基金首席投资官 汤戈 在受访基金经理看来，受益于经济复苏预期强化、估值相对底部、政策密集落地等多重因素驱动，消费板块迎来轮动补涨机会。 大家认为，本轮行情既有"高低切换"的原因，也有行业基本面触底回升的原因。现阶段"高低切换"的特征更为明显，未来逻辑反转的持续 性有赖于业绩基本面持续改善。 中银内核驱动、中银港股通消费基金经理 杨亦然 不过，在大家看来，当前消费板块的性价比突出，估值盈利比或更具安全边际，已进入配置窗口期，"旧"消费转守为攻，"新"消费优中选 优。尤其2026年板块有望从结构 ...

美国收入最低的25%的人群的工资增幅已降至近十年来的最低水平。 亚特兰大联邦储备银行的数据也进一步揭示出收入层面的分化，美国收入最低的25%的人群的工资增幅 已降至近十年来的最低水平，而高收入群体的工资增速则领先于所有收入层级。 阿波罗全球管理公司首席经济学家托斯洛克（Torsten Slok）的研究显示，股市本身也呈现出"K形"结 构。自年初以来，七大科技公司的盈利预期大幅攀升，而标普500指数中其余493家公司的盈利预期却出 现下滑。 全球经济分析公司BCA研究全球首席策略师贝瑞津（Peter Berezin）对第一财经记者表示，尽管美国经 济目前仍展现出一定韧性，但其脆弱性正在逐步累积。"消费者支出之所以能够维持，部分原因在于家 庭储蓄率持续走低。当前美国家庭储蓄率仅为4.5%左右，远低于2019年超过7%的水平。若股市出现回 调，财富效应减弱，储蓄率很可能回升，进而抑制消费增长。"他说。 美国经济的"K形"分化 美国穆迪分析公司高级主管兼副首席经济学家德里蒂斯（Cristian deRitis）发现，美国经济的"K形"分化 正在持续扩大。收入排名前10%的家庭贡献了美国总消费的近一半，这不仅反映出收入 ...