天眼查App显示，近日，左零右食（沧州）食品有限公司成立，法定代表人为芮朝阳，注册资本10万人 民币，经营范围为许可项目：食品互联网销售;食品销售（依法须经批准的项目，经相关部门批准后方 可开展经营活动，具体经营项目以批准文件或许可证件为准）一般项目：食品互联网销售（仅销售预包 装食品）;食品销售（仅销售预包装食品）;食用农产品零售;新鲜水果零售;日用百货销售;食用农产品批 发;未经加工的坚果、干果销售;日用品销售;互联网销售（除销售需要许可的商品）（除依法须经批准的 项目外，凭营业执照依法自主开展经营活动）。 ...

天眼查App显示，近日，上海雪映雪食品有限公司成立，法定代表人为王琴，注册资本120万人民币， 经营范围为一般项目：食品销售（仅销售预包装食品）；互联网销售（除销售需要许可的商品）；企业 管理咨询；信息咨询服务（不含许可类信息咨询服务）；食用农产品批发；日用品销售；日用百货销 售；金属制品销售；工艺美术品及礼仪用品销售（象牙及其制品除外）；品牌管理；国内货物运输代 理；包装服务；会议及展览服务；供应链管理服务；办公用品销售；电子产品销售；五金产品零售。 （除依法须经批准的项目外，凭营业执照依法自主开展经营活动）。 ...

Core Insights - The article emphasizes the importance of understanding cash flow, profit, and income in business operations, highlighting that cash flow is a critical indicator of financial health [4][5][15]. Group 1: Cash Flow Understanding - Cash flow thinking differentiates between "how much is earned" and "how much is retained," which is crucial for business sustainability [5][12]. - The example of a street vendor illustrates that while the vendor may have a monthly income of 50,000 yuan, the actual cash flow after expenses is only 8,000 yuan, which is the true free cash flow available for discretionary spending [6][8][12]. Group 2: Free Cash Flow Index - The article introduces the concept of free cash flow indices, which are designed to identify companies with strong cash flow generation capabilities [16][18]. - Two main indices in China are highlighted: the Guozheng Free Cash Flow Index and the Zhongzheng Free Cash Flow Series, both of which exclude financial and real estate sectors to focus on cash flow quality [18][21]. Group 3: Historical Performance - Historical data shows that the Guozheng Free Cash Flow Index has an annualized return of approximately 18% from 2013 to 2025, with a maximum drawdown of about 21% [19][23]. - The performance of these indices is attributed to their selection of high cash flow generating companies and their avoidance of sectors that faced significant downturns, such as finance and real estate [23][24]. Group 4: Investment Considerations - The article notes a growing interest in cash flow indices due to declining interest rates and the reduced liquidity of real estate investments, prompting investors to seek more stable returns [27][28]. - It suggests that investors should clarify their preferences between the two indices, as they have different sector focuses, and consider factors like tracking error, fees, and fund management experience when selecting funds [30][34].

最新金句： 1.人工智能、生物科技、新能源等领域，随着时间推移，迟早也会走到产能扩张、竞争加剧的那一步， 这是市场规律，只是早晚的问题。 这位一贯言辞犀利的基金经理每次发声，必然引来各路围观，他的投资表述总是让人眼前一亮，甚至是 与"主流"背离。 尤其是"老登股"争论发酵之后，林园多次替传统企业"说话"。这一次，他不仅继续"站台"，而是将自己 的思考掰开揉碎，从底层逻辑到未来趋势，把这份"执念"讲得更彻底。 整场发言看似平静，林园却句句带锋芒。 林园把一些看似朴素，却被市场忽略的基本常识重新摆到台面上，可以说是对"反对派"一次不动声色的 回击；也是对当下追逐新概念、新赛道情绪的一次冷静提醒。 作者 |崔峻阳 编辑 | 袁畅 11月20日下午，百亿私募大佬林园发声！ 2.新行业，我承认它们的方向肯定没问题，但从投资角度，我更关注这些企业能否真正跑出确定性的盈 利和生存能力。 3.过去的繁荣期里，资金大量流向城市建设和房地产，当这种资产价格出现下行时，就会让人直观地感 觉"资产缩水了"。 4.传统行业过去几年确实低迷，但头部公司凭借规模、资金和管理优势仍然能撑住。而且，那些低迷在 股价中已经充分反映。 5.食品、 ...

天眼查App显示，近日，云南小魔仙食品有限公司成立，法定代表人为陈度伶，注册资本100万人民 币，经营范围为许可项目：食品销售；食品经营管理；食品生产。（依法须经批准的项目，经相关部门 批准后方可开展经营活动，具体经营项目以相关部门批准文件或许可证件为准）一般项目：食品互联网 销售（仅销售预包装食品）；农产品的生产、销售、加工、运输、贮藏及其他相关服务；保健食品（预 包装）销售；食用农产品初加工；技术服务、技术开发、技术咨询、技术交流、技术转让、技术推广； 食用农产品批发；新鲜蔬菜批发；养生保健服务（非医疗）；中草药种植；蔬菜种植。（除依法须经批 准的项目外，凭营业执照依法自主开展经营活动）。 ...

天眼查App显示，近日，四川味之道食品有限公司成立，法定代表人为常魏魏，注册资本50万人民币， 经营范围为一般项目：食品销售（仅销售预包装食品）；食品互联网销售（仅销售预包装食品）。（除 依法须经批准的项目外，凭营业执照依法自主开展经营活动）许可项目：食品销售；食品互联网销售； 食品生产；食品经营管理；粮食加工食品生产；宠物饲料（宠物食品）生产。（依法须经批准的项目， 经相关部门批准后方可开展经营活动，具体经营项目以相关部门批准文件或许可证件为准）。 ...

Core Insights - Guangyuan Chenhui Food Co., Ltd. has been established with a registered capital of 600,000 RMB and is represented by Wu Lei [1] Company Overview - The company operates in various sectors including wholesale and retail of fresh meat, edible agricultural products, fresh vegetables, and fresh fruits [1] - It also engages in the sale of food additives, daily necessities, and agricultural by-products, as well as internet sales excluding licensed goods [1] - The company is involved in packaging services, livestock acquisition, and sales, as well as wholesale and retail of aquatic products [1] Business Activities - Guangyuan Chenhui Food Co., Ltd. is authorized to conduct food sales, urban distribution transportation services (excluding hazardous goods), and initial processing of edible agricultural products [1] - The company can also engage in import and export activities related to goods and food, specifically pre-packaged food sales through the internet [1] - The operational activities are subject to approval by relevant authorities, and specific business projects will depend on the permits obtained [1]

Market Overview - The A-share market experienced fluctuations, with the ChiNext index dropping over 1% after previously rising more than 1.5% [1] - The total trading volume in the Shanghai and Shenzhen markets was 1.71 trillion, a decrease of 17.7 billion compared to the previous trading day [6] - Over 3,800 stocks in the market declined, indicating a broad market weakness [1] Sector Performance - The banking sector showed resilience, with major banks like China Bank and Industrial and Commercial Bank reaching historical highs [1] - The computing hardware concept saw localized activity, with Zhongfu Circuit hitting the daily limit [1] - The optical photoresist sector continued its strong performance, with Guofeng New Materials achieving two consecutive limit-ups and Baichuan Shares hitting the daily limit [1] - Conversely, sectors such as beauty care, tourism and hotels, food, and retail experienced significant declines, with stocks like Nanjiao Food and Tianma Technology hitting the daily limit down [1][2] Index Performance - At the close, the Shanghai Composite Index fell by 0.4%, the Shenzhen Component Index dropped by 0.76%, and the ChiNext Index decreased by 1.12% [3][4]

凤凰网财经讯 11月20日，市场震荡调整，创业板指跌超1%，此前一度涨超1.5%。 涨停表现 封板率 49.00% 封板 41 触及 42 截至收盘，沪指跌0.4%，深成指跌0.76%，创业板指跌1.12%。 从板块来看，算力硬件概念局部活跃，中富电路20cm涨停。银行板块逆势走强，中国银行、工商银行均续创历史新高。光刻胶概念延续强势，国风新材2连 板，百川股份涨停。下跌方面，美容护理、旅游酒店、食品、零售等泛消费方向集体走弱，南侨食品、天马科技触及跌停，国联水产、水羊股份、益客食品 等多股大跌。 沪深两市成交额1.71万亿，较上一个交易日缩量177亿。盘面上，市场热点快速轮动，全市场超3800只个股下跌。 板块方面，海南、银行等板块涨幅居前，美容护理、光伏设备、食品加工等板块跌幅居前。 昨涨停今表现 –1.25% 高开率 63% 获利率 ...

11月20日，A股市场早盘高开低走，截至午盘收盘，创业板指跌0.52%，此前一度涨超1.5%。沪深两市 半日成交额1.11万亿，较上个交易日放量23亿。全市场超3000只个股下跌。 从板块来看，银行板块走强，锂电池产业链表现活跃，百川股份等多股涨停。光刻胶概念延续强势，国 风新材2连板。下跌方面，旅游酒店、食品、零售、纺织服装等泛消费方向走弱，水羊股份、南京商 旅、益客食品等多股大跌。 银行股集体走强，中国银行股价创历史新高，市值突破2万亿元。工商银行一度涨2%创新高，总市值一 度突破2.99万亿元。 港股方面，小米集团港股股价一路下探，截至11：43跌幅超过3%，市值跌破万亿港元。 银河证券指出，三季度银行业绩短期受其他非息收入扰动，但规模稳增仍形成业绩支撑，息差企稳趋势 不变，利息净收入进一步改善，中收也呈现持续回暖态势，资产质量平稳，拨备释放对净利增长贡献提 升。政策引导银行信贷结构优化、呵护息差，资本市场回暖打开中收增长空间，同时，十五五规划出台 推动银行业长期转型，关注政策成效释放、行业变革进展及基本面修复机遇。银行中期分红力度不减， 红利价值持续凸显。 房地产股尾盘异动拉升，世联行、福星股份、我爱 ...