Core Insights - The "Walk Through China" international media exchange project in Inner Mongolia showcases the region's high-quality development in digital agriculture, digital economy, clean energy, foreign trade, and cultural tourism [3][4][16]. Group 1: Digital Economy and Technology - Inner Mongolia's digital economy is rapidly emerging as a powerful engine for high-quality regional development, with the Inner Mongolia Data Trading Center achieving a computing power of 67,000 P, ranking among the world's top levels [16]. - The Chahar High-tech Development Zone has successfully implemented 16 major data projects, deploying 440,000 servers to support large-scale model training for leading companies like Huawei and Alibaba [17]. - The integration of digital technology with traditional culture is evident in the immersive experiences offered at the Yun Gu Zhi Jing Exploration Port, enhancing cultural dissemination [18]. Group 2: Agriculture and Food Production - The region is recognized for its advanced agricultural practices, including vertical strawberry farming with 8,640 plants under LED lighting, achieving zero pollution and high yields [7][11]. - The potato processing industry is thriving, with a production line capable of processing 700,000 tons annually, contributing to significant exports to markets in Europe, Southeast Asia, and the Middle East [11][13]. - Innovative agricultural technologies, such as the development of environmentally friendly "drinkable pesticides," are being adopted to ensure sustainable farming practices [33]. Group 3: Clean Energy and Environmental Protection - Inner Mongolia has transitioned from being an "energy granary" to a "green energy engine," with renewable energy installed capacity exceeding 135 million kilowatts by the end of 2024 [23]. - The region's ecological restoration efforts, including the use of seed ropes for desertification control, demonstrate a commitment to sustainable land management [24][28]. - The Ulanhada Volcano Geological Park serves as a model for combining tourism development with ecological protection, generating income for local communities [21][23]. Group 4: International Trade and Logistics - The Ulanqab region has established a robust logistics network with six regular international train routes connecting to multiple countries, enhancing trade opportunities [13]. - The region's strategic location and infrastructure support the export of unique agricultural products, positioning Inner Mongolia as a key player in international trade [14][16]. Group 5: Cultural Exchange and Global Perception - The project has altered foreign journalists' perceptions of Inner Mongolia, highlighting its rapid development and opportunities for global collaboration [34]. - The initiative fosters a deeper understanding of China's economic, technological, and ecological advancements, showcasing the region's contributions to global prosperity [36].

Group 1 - The controversy surrounding the company "胖都来" involves allegations of trademark infringement related to "胖东来" [4][5] - Inditex, the parent company of ZARA, clarified that it has no association with "胖都来" and denied the claims made by "胖都来" regarding employee involvement [4] - The incident has led to public backlash against all parties involved, with accusations of "碰瓷" (a term for opportunistic behavior) directed at "胖都来" [4] Group 2 - The China Securities Regulatory Commission (CSRC) has issued guidelines to combat the "小作文" (small essay) phenomenon in the stock market, aiming to purify the capital market ecosystem [6] - The CSRC's new guidelines are a response to the reported issues of stock recommendation scams and the associated gray market practices [6] Group 3 - The CSRC has announced reforms to the major asset restructuring management measures for listed companies, marking a significant shift in the regulatory landscape [7] - These changes are part of broader efforts to enhance the quality of capital market operations [7] Group 4 - Shenzhen Morning Light Dairy has been accused of misleading consumers with its "供港壹号" milk product, which allegedly does not supply to Hong Kong as claimed [8] - The company has faced scrutiny for its trademark applications related to "供港," with most being rejected except for "供港壹号" [8] Group 5 - The acquisition of Huiyuan Juice by Guozhong Water has been terminated, leading to public speculation about Huiyuan's financial health [9] - Huiyuan Juice has issued a statement refuting negative claims about its business status, asserting that it has been operating normally since its restructuring in 2022 [9] Group 6 - Panasonic has announced plans to lay off 10,000 employees globally, which represents approximately 4.4% of its total workforce of 228,000 [12] - This decision comes amid declining revenue and profit, indicating significant challenges for the company [12] Group 7 - Shenzhen Metro Group is providing a loan of up to 1.552 billion yuan to Vanke, aimed at repaying bond principal and interest [13] - This financial support highlights the ongoing relationship between the two companies in the real estate sector [13] Group 8 - The stock market is facing issues with fraudulent claims of high returns, with many so-called "stock gods" using fabricated trading records to lure investors [14] - Investigations have revealed that these high-return claims are often generated through software, misleading potential investors [14] Group 9 - Dior has confirmed a data breach affecting its customer database in China, leading to concerns over personal information security [15] - The company has initiated an investigation into the unauthorized access of customer data [15] Group 10 - The retail giant *ST 人乐 (人人乐) is facing delisting from the Shenzhen Stock Exchange, marking a significant decline for the once-prominent company [16] - This decision reflects the challenges faced by traditional retail businesses in the current market environment [16] Group 11 - A recent incident involving Zhengxin Chicken has raised health concerns after a customer found maggots in a chicken leg, prompting an investigation by local authorities [17] - The local market supervision bureau has taken action to inspect and test similar products from the store [17]

Core Insights - The article highlights the ongoing industrial transformation in Hohhot, focusing on ecological priority and green development, aiming to establish a high-quality agricultural and livestock product production base [1][12] Industry Development - Hohhot is implementing a "big industry, big park" strategy, leveraging a trillion-level dairy industry as the engine, and innovating in grass seed industry to connect various agricultural chains including corn, meat, and urban agriculture [1][6] - The city has established six agricultural and livestock product processing parks with 147 enterprises, enhancing the foundation of the green agricultural processing industry cluster [7] Technological Innovation - The National Dairy Technology Innovation Center has made significant breakthroughs, including a 10 million-fold increase in the survival rate of probiotics at room temperature and achieving a protein content of 21% in alfalfa grass [9][10] - Hohhot is focusing on the integration of technology in dairy farming, with projects like smart pastures and a three-supply model of silage corn, alfalfa, and oats, achieving over 80% self-sufficiency in feed [3][9] Supply Chain and Logistics - The construction of cold chain logistics projects is crucial for modernizing logistics and ensuring food supply efficiency, with initiatives like the "super low-temperature fresh-keeping technology" and multi-temperature cold storage [8][9] - The city aims to enhance the supply chain for various food categories, improving circulation efficiency and reducing costs [8][9] Investment and Future Outlook - Hohhot plans to inject 25.7 billion yuan into 111 key projects, targeting a production value of 50 billion yuan, with a clear growth blueprint for the agricultural and livestock industry [13] - The city is positioning itself as a "world dairy technology capital," focusing on new productive forces to reshape the global dairy industry [13]

行 业 及 产 业 食品饮料 2025 年 05 月 18 日 自下而上 继续关注新品与渠道变 行 业 研 究 / 行 业 点 评 《需求整体平淡 关注新品及新渠道变化— —食品饮料行业周报 20250506- 20250509》 2025/05/10 《大众品关注红利与成长，白酒增速回落 分化加剧——食品饮料行业周报 20250428—20250505》 2025/05/05 《板块持仓继续回落 关注新品与渠道共振 机会——食品饮料行业周报 20250421— 20250425》 2025/04/26 联系人 王子昂 (8621)23297818× wangza@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 本期投资提示： 相关研究 请务必仔细阅读正文之后的各项信息披露与声明 证 券 研 究 报 告 化 看好 —— 食品饮料行业周报 20250512-20250516 证券分析师 吕昌 A0230516010001 lvchang@swsresearch.com 周缘 A0230519090004 zhouyuan@swsresearch.com 严泽楠 A02305240 ...

编者按：道路通，百业兴。以"四好农村路"为代表的农村公路，纵横交织、四通八达，连接万里河山，为城乡融合发展畅通客流物流，带动乡村整体面貌发 生巨变，成为老百姓家门口的致富路、幸福路、振兴路。央广网特别推出《乡路上，感受脉动中国》系列报道，沿着"四好农村路"，访村落、进田园、看产 业，探寻乡土文脉，纵观发展变迁，与您一起感受新时代中国乡村振兴的勃勃生机。 央广网佳木斯5月17日消息 汤亮公路位于黑龙江省佳木斯市汤原县西北部，起点为国道京抚公路，终点是汤原县大亮子河国家森林公园，全长45.5公里。这 条路舒适平稳，沿线两侧山高林密，环境优美，如玉带般串起2个乡镇、14个行政村屯、2个国有林场。 寒地龙药基地黑金河林场，就坐落在汤亮公路上。林场产业副场长符景林接受采访时说："基地2007年成立，面积350亩。当时汤亮公路还没有扩建，路面 窄，路况也不好，来收购药材的客商非常少。好好的五味子没人收，心里非常着急。" 2016年-2017年，汤原县对汤亮公路升级改造，单车道变成了双车道，坑洼不平的路面也变得平坦宽阔了。 "自从汤亮公路修好后，外地客商纷至沓来，现在寒地龙药基地已经扩大到3000亩了，品种也有所增加。"符 ...

作 者丨贺泓源 实习生谭伊亭 高飞的收入在行业算高吗？客观来说，作为蒙牛总裁，这份收入比较中等。在2 0 2 3年，高飞 的老领导，蒙牛前总裁卢敏放的薪酬收入就达到1 3 5 7 . 2万元。同年，卢敏放以股份为基础的 收入达到6 3 8 5 . 3万元。 在2 0 2 4年，卢敏放当了蒙牛一个季度总裁，和1 0个月的执行董事。他的薪酬收入达到1 4 6 . 1万 元，以股份为基础的收入达到1 7 0 0万元。高飞与卢敏放的收入相比，堪称直线跳水。 各自商誉减值超3 0亿元 伊利、蒙牛"血战"婴配粉市场 伊利、蒙牛正在挥别高增长模式。 一个例子是， 他们主动接受了大量商誉减值，这是过去高增长时代留下的痕迹或者说负担。 财报显示，2 0 2 4年，伊利营收11 5 7 . 8 0亿元，同比下滑8 . 2 4%；归母净利润8 4 . 5 3亿元，同比 下滑1 8 . 9 4%。伊利净利润下滑原因便是，澳优乳业商誉减值带来的3 0 . 3 7亿元拖累。 此种影响在规模相对低的蒙牛身上更为明显。 2 0 2 4年，蒙牛营收8 8 6 . 7 5亿元，同比下滑1 0 . 1%；受贝拉米商誉减值及联营公司亏损影响， 实现 ...

Group 1 - The dairy industry is experiencing a wave of layoffs, with Mengniu reducing its workforce by over 5,000 employees last year [2] - Despite the layoffs, the position of CEO in the dairy industry remains lucrative, as Mengniu's CEO Gao Fei earned at least 9.963 million yuan in 2024, a significant increase from his previous salary of 1.695 million yuan [3][5] - Gao Fei's total compensation for 2024 reached 9.963 million yuan, with additional stock-based income of 18.384 million yuan, a stark contrast to his zero stock-based income in 2023 [5][6] Group 2 - Compared to his predecessor, former CEO Lu Minfang, Gao Fei's income is relatively lower; Lu earned 13.572 million yuan in 2023 and had stock-based income of 63.853 million yuan [7][8] - In 2024, other industry leaders such as Yili's CEO Pan Gang earned 19.7422 million yuan, while Feihe's CEO Leng Youbin earned 13.8889 million yuan, indicating that Gao Fei's income is moderate within the industry [8][9] - However, Gao Fei's income is significantly higher than that of other dairy company leaders, such as Guangming Dairy's chairman Huang Liming, who earned 1.7287 million yuan, and Beingmate's chairman Xie Hong, who earned 3.6507 million yuan [8][9] Group 3 - Mengniu's financial performance has declined, with revenue in 2024 at 88.6748 billion yuan, a decrease of 10.1% year-on-year, and net profit dropping by 97.8% to 1.045 billion yuan [8][10] - The overall dairy market is facing a downward trend, with Nielsen IQ reporting a 2.7% decline in total sales for dairy products in 2024 [8][10] - Mengniu is undergoing cost-cutting measures, including an 8.3% reduction in sales and distribution expenses to 23.0926 billion yuan and a workforce reduction of over 5,000 employees [12][13] Group 4 - Gao Fei is perceived as taking responsibility for the performance issues stemming from the expansion during Lu Minfang's tenure [9] - Mengniu's goodwill and intangible asset impairment related to the acquisition of Bellamy reached 3.9814 billion yuan, which occurred during Lu's leadership [10] - The company is implementing a "one body, two wings" strategy to adapt to the new market environment, with a focus on pragmatic management [13][14]

21世纪经济报道记者贺泓源、实习生谭伊亭 北京报道 伊利、蒙牛正在挥别高增长模式。 一个例子是，他们主动接受了大量商誉减值，这是过去高增长时代留下的痕迹或者说负担。财报显示， 2024年，伊利营收1157.80 亿元，同比下滑8.24%；归母净利润84.53亿元，同比下滑18.94%。伊利净利 润下滑原因便是，澳优乳业商誉减值带来的30.37亿元拖累。 此种影响在规模相对低的蒙牛身上更为明显。 2024年，蒙牛营收886.75亿元，同比下滑10.1%；受贝拉米商誉减值及联营公司亏损影响，实现归母净 利润1.05亿元，同比暴跌97.8%。当年，蒙牛对贝拉米的商誉和无形资产减值综合影响达到39.814亿 元。 对伊利、蒙牛来说，消化负担，是轻装前行的关键。 需要看到的是，伊利、蒙牛商誉减值重心均来自婴配粉市场。 种种收购，寄托着伊利、蒙牛们在婴配粉市场走向高端的决心。2022年，伊利以62.5亿港元入股澳优， 获得34.33%的澳优已发行股本（其中定向发行 0.9 亿股），并再通过要约收购增持至52.7%，成为澳优 控股股东。 澳优是中国羊奶粉第一品牌。2011年，该公司收购了荷兰乳企海普诺凯，并推出乳源和生产地 ...

Group 1: Guizhou Moutai - Guizhou Moutai announced the adjustment of the venue for the 2024 annual shareholder meeting due to the number of registered attendees exceeding the original venue capacity [1] Group 2: Zhangyu A - Zhangyu A's management acknowledged shortcomings in positioning and marketing, which contributed to the decline in performance, and emphasized the need for improvement [2] - The company aims to achieve 1 billion revenue from overseas wineries despite current challenges [2] Group 3: Huiquan Beer - Huiquan Beer discussed avoiding competition with Yanjing Beer, highlighting the importance of base market effects and sales radius in the beer industry [3] - The company plans to strengthen its market presence in Fujian and Jiangxi while expanding its overall market reach [3] Group 4: Dairy Industry - "Raising a Cow" launched a new children's brand "Moo Star" with three A2 type pure milk products targeting children aged 1-12 [4] Group 5: Food and Beverage - Qiaqia Foods clarified that it has no plans for a liquor business and is set to launch a new ice cream product next month [5] - Wahaha confirmed the termination of its contract with a co-packer due to quality issues found in some batches of bottled water [6] Group 6: Zhongju High-tech - Zhongju High-tech reported an expected improvement in sales for Q2 compared to Q1, with a decrease in inventory levels and recovery in sales across regions [7][8] Group 7: Farmer Spring - Farmer Spring introduced a new product, Chenpi White Tea beverage, on its Tmall flagship store [9] Group 8: Golden Dragon Fish - Golden Dragon Fish stated that its health products generally have higher profit margins than regular grain and oil products, which is expected to contribute to sales growth and profit [10] Group 9: Sanquan Foods - Sanquan Foods announced plans to absorb and merge its subsidiary Zhengzhou Fast Kitchen to optimize resource allocation and improve operational efficiency [11] Group 10: Laiyifen - Laiyifen addressed consumer concerns regarding a product issue, stating that they have taken swift action to investigate and resolve the matter [12] Group 11: Liziyuan - Liziyuan plans to focus on milk powder and dairy product production and sales while extending into the upstream supply chain [13] Group 12: Huiyuan Juice - Huiyuan Juice refuted negative online claims about its business, asserting that its operations have been improving since its restructuring in 2022 [14] Group 13: Walmart - Walmart reported Q1 2026 total revenue of $165.6 billion, with a 2.5% year-on-year increase, and a significant growth in its China e-commerce business [17]

今年，宁夏银川市市场经营主体突破40万户。聚焦企业满意度不断提升，银川市创新构建"有机制、有 活动、有平台"三维服务体系，助推营商环境更优，打好"宜商银川攻坚战"。 助企发展"有活动"。政企沟通"早餐会"架起直通桥梁，市委主要领导与企业家围桌座谈，现场回应 AI+工业转型扶持政策优化、电力及特种气体供应保障等20余项诉求，实现"问题梳理-责任分解-限时办 结"闭环管理。人社局、司法局、税务局等部门工作人员深入园区企业，开展《民营经济促进法》《保 障中小企业款项支付条例》"点单式"解读。"产业链对接日""金融服务日"促成10余个产学研项目落地生 根，多家企业获得金融贷款。今年已开展企业家恳谈会、惠企政策宣讲会、服务企业"四日"等活动20场 次，服务企业500家次。 为企服务"有平台"。银川市"政企通"平台实现"企业画像—政策匹配—免申即享"智能服务，累计浏览量 超11万次，今年兑现奖补资金5410.15万元。银川市成立金融助企惠企中心，促成企业融资9700余万 元。为中小企业量身打造了宁夏首个"AI+算力"双驱动的数字化转型能力中心，为企业7×24小时提供专 业服务，打造免审即享的"数字化转型服务超市"，让中小 ...