21世纪经济报道记者贺泓源、实习生刘瑾睿 报道 星巴克中国股权出售继续推进中。 2025年7月9日，据多家媒体援引"知情人士"消息称，星巴克已收到数份针对其中国业务的收购提议，大 多数投资者均瞄准控股权；星巴克被指可能保留30%的股权，其余股权将由多家买家分摊，每家持有不 到30%的股权。 眼下，星巴克也正通过降价促销。6月10日起，星巴克三大品类——星冰乐、冰摇茶、茶拿铁，共计数 十款产品已集体降价。以大杯为例，平均价格降幅在5元左右，最低价为23元。 由此，对瑞幸来说，与星巴克更多协同，差异化竞争，对其保持增长，乃至提高利润率都有着一定帮 助。 如此结构意味着，星巴克大概率想要保持中国业务的主导权。此前，星巴克也向21世纪经济报道记者强 调，没有考虑完全出售中国业务。 此外，"知情人士"进一步对媒体透露，星巴克中国业务的合理估值约为90亿美元（约合人民币646亿 元）。 更值得关注的是，除了此前市场上传出的高瓴资本、国际知名私募基金凯雷、KKR之外，瑞幸咖啡的 最大股东大钲资本这次也被指加入了竞购队伍，成为30多名竞购者之一。 事实上，作为瑞幸大股东，大钲资本对这家咖啡巨头的参与度正明显提升。 4月末，瑞 ...

Core Viewpoint - The Henan Province is accelerating digital transformation to promote high-quality development in its manufacturing sector, leveraging its comprehensive industrial system and aiming to enhance its modern industrial framework's support capacity for quality growth [1][2]. Group 1: Digital Transformation Actions - The first action focuses on comprehensive digital transformation, providing tailored solutions for companies that have not yet implemented digital upgrades and promoting the establishment of smart workshops and factories for those that have [1]. - The initiative aims to harness opportunities from generative artificial intelligence, driving the construction of industrial large models and establishing centers for AI industry empowerment and hardware-software adaptation [1]. Group 2: Traditional Industry Upgrading - The second action targets quality enhancement in traditional industries such as steel, non-ferrous metals, chemicals, building materials, and food, aiming to improve the competitive advantage across the entire industry chain [2]. - Support will be provided for traditional manufacturing sectors to delve into niche markets, incubate new technologies, explore new avenues, and cultivate new industries [2]. Group 3: Advanced Manufacturing Clusters - The third action is focused on cultivating advanced manufacturing clusters, specifically enhancing the scale and technological level of national clusters in superhard materials and modern agricultural machinery [2]. - There is a strong emphasis on supporting the creation of national advanced manufacturing clusters in new power equipment, modern food, and smart terminals [2]. Group 4: Development Zone Enhancement - The fourth action aims to elevate the capabilities of development zones by attracting upstream and downstream enterprises and supporting service institutions to build clear leading industries and complete industrial chains [2]. - Efforts will be made to improve management service efficiency in development zones, deepen reforms, and optimize operational models to enhance public services and market-oriented operations [2]. Group 5: Quality Enterprise Cultivation - The fifth action focuses on nurturing quality enterprises, strengthening leading companies, and enhancing their resource allocation capabilities [2]. - Support will be provided for cross-regional mergers and acquisitions, accelerating vertical integration across the entire chain, and aiming to create a batch of national chain-leading and pioneering enterprises [2].

Core Insights - Nicotinamide, an important member of the B-vitamin family, has diversified applications in the food, pharmaceutical, and cosmetic industries, driven by its nutritional enhancement and functional characteristics [1][15] - The market size of the nicotinamide industry in China is projected to reach approximately 2.535 billion yuan in 2024, with a year-on-year growth of 17.26% [1][15] - The industry is expected to benefit from the ongoing "Healthy China" strategy and the increasing consumer demand for functional products, indicating a broader development space in the future [1][15] Industry Overview - Nicotinamide, also known as niacinamide, is a white crystalline powder with a molecular weight of 122.125, primarily used in clinical settings for the prevention and treatment of various health issues [3] - The industry can be segmented into food-grade, cosmetic-grade, pharmaceutical-grade, and feed-grade nicotinamide, with varying concentrations available [3] Production Methods - Three main production methods for nicotinamide include oxidation of β-methylpyridine to niacin, dehydration of niacin with ammonium hydroxide, and a reaction involving niacin, boric acid, and ammonia [5][11] Applications and Benefits - Nicotinamide is recognized for its anti-acne, anti-inflammatory, whitening, and anti-aging properties, making it a popular ingredient in skincare products [7][8] - In the pharmaceutical sector, it is crucial for treating conditions related to niacin deficiency, while in cosmetics, it enhances skin barrier function and moisture retention [9][12] Industry Chain - The nicotinamide industry chain includes upstream raw material supply, midstream production and processing, and downstream applications in pharmaceuticals, cosmetics, and food [9] - Key raw materials include 3-cyanopyridine, niacin, ammonia, and solvents, with production methods involving chemical synthesis or fermentation [9] Market Dynamics - The global nicotinamide industry exhibits a tiered competitive landscape, with leading companies like Lonza, Vantiv, and Brother Technology dominating the market [17][19] - Brother Technology is identified as a leading domestic player, focusing on the production and sales of nicotinamide and niacin products across various sectors [19][21] Future Trends - The industry is shifting towards high-value products, with a focus on technological innovation and product upgrades to enhance purity and bioavailability [26][28] - The application of nicotinamide is expanding into new areas such as oral beauty products and functional foods, driven by consumer trends and interdisciplinary research [27][28]

Q&A 当前家电行业的出口情况如何，关税政策对行业有何影响？ 家电行业的出口情况受到各国关税政策的显著影响。近期，美国与越南达成了 20%的关税协议，而东南亚国家如菲律宾、马来西亚、印尼等普遍在 30%以 上，日韩为 25%，巴西则高达 50%。越南目前拥有最低的关税，这使得符合 越南原产国认证的产品在美国市场具有竞争优势。因此，许多企业选择在越南 扩产，以便利用较低的关税优势。家电产业链，包括钣金、喷漆、PCB 等领域， 也随之向越南转移。 此外，美国国内铜价因特朗普政府加征 50%关税而上涨， 这进一步影响了原材料成本。整体来看，中国家电供应链在海外市场特别是美 国市场上的可替代性较弱，因此确定性对于企业至关重要。在这种背景下，拥 首席联合电话会 - 消费专场 20250710 摘要 越南关税优势吸引家电产业链转移，叠加美国对中国商品加征关税，促 使企业在越南扩产以降低成本，科沃斯、石头科技、德昌股份等已在越 南设厂，美的和兆驰股份也在扩展越南生产线。 美国需求平稳且对涨价接受度高，叠加黑五和圣诞采购周期临近，出口 链公司，尤其是龙头企业，预计将迎来明确的业绩增长，二季度或成为 业绩底部。 国内家电市场表 ...

从产业周期看农业板块投资机会——农业行业 2025 年度 中期投资策略 20250710 摘要 养殖板块正经历从周期成长向周期价值的转变，大型上市公司现金流改 善，行业盈利分化，龙头企业估值处于历史底部，中长期盈利中枢有望 提升，股东回报增加。 宠物食品板块高速成长，营收增速加快，盈利能力提升，头部企业品牌 影响力释放，国产品牌通过配方研发和渠道投入实现高速增长，推荐关 注乖宝宠物和中宠股份。 饲料板块推荐海大集团，上半年饲料销量增长显著，尽管业绩预告可能 低于预期，但公司竞争力和中长期成长性确定，海外市场空间广阔，销 量预计维持 30%以上增幅。 生猪养殖行业规模化程度提高，但非洲猪瘟后资本扩张导致产能过剩。 目前专业化分工明显，大集团专注育种，中小养场专注育肥，下游屠宰 及食品加工厂盈利增加。 重点推荐牧原股份、温氏股份、巨星农牧、神农科技及德康股份等生猪 养殖企业，这些公司成本优势明显，利润兑现度高，自由现金流充裕， 有望实现更高股东回报。 Q&A 2025 年农业板块的中期投资策略是什么？ 从产业生命周期来看，农业板块的投资机会可以分为两个细分领域：养殖产业 链和宠物产业链。养殖产业链近年来经历了规模 ...

7月10日晚间，A股"高端零食第一股"良品铺子（603719.SH）发布公告称，公司控股股东宁波 汉意创业投资合伙企业（有限合伙）（以下简称"宁波汉意"）正在筹划重大事项， 该事项可 能导致公司控制权变更。 公司股票将自7月11日（周五）开市起停牌，预计停牌时间不超过两 个交易日。 同日，良品铺子开盘后快速拉升，以13.71元/股封住涨停板。Wind数据显示，零食指数 （851281.SI）收盘下跌0.98%。公告发布后，引发投资者热议甚至质疑，对此南财快讯记者向 良品铺子有关人士求证，对方回应称： "一切以公告发布为准。" 电影院告急！空场率达40%，场均观众少至2人 上调2%！退休人员基本养老金调整 业绩方面，良品铺子持续承压，2024年公司营收71.59亿元，同比下滑11.02%，归母净利润亏 损0.46亿元，同比大跌125.57%。2025年一季度延续颓势，公司营收17.32亿元，同比下跌 29.34%；归母净利润亏损0.36亿元，同比大跌157.85%。 对此，良品铺子表示，公司正处于经营策略调整阶段，降价对毛利产生了一定的影响，同时因 毛利率等变动，公司部分门店资产减值及存货跌价准备增加，以上均带 ...

策略报告 | 投资策略 策略专题 证券研究报告 新思考：海外消费转型的宏观与中观映射 核心结论：复盘美日消费行业转型的漫长过程，我们认为，消费板块行情的 盘整是休息而非结束。从美国与日本消费趋势的迁移过程来看，共性趋势是 消费主体从家庭到个人、消费对象从城市化生活方式下的可选消费到个人精 神消费，这个过程中往往伴随着 GDP 增速的下台阶。当前中国正处于从高速 增长迈向高质量增长的阶段，新旧增长动能转换下，初步判断，我国人口与 收入结构等经济指标与日本第三消费社会和美国品牌消费阶段的后半程定位 类似，社零增长主要依靠量的增长。必选消费板块当前的投资思路为：以底 仓思维为基础，主线为低估值优质稳成长，叠加高股息率；分别从估值、ROE 和股息率进行筛选，主要集中在食饮、纺服等一级行业。可选消费板块的配 置思路可以从财报入手，筛选经营改善标的，根据宏观经济数据的好转程度 进行右侧布局。 从美国与日本消费趋势的迁移过程来看，共性趋势是消费主体从家庭到个人、 消费对象从城市化生活方式下的可选消费到个人精神消费，这个过程中往往 伴随着 GDP 增速的下台阶。我们发现，日本的第二至第四消费社会可以与美 国三个消费阶段进行对 ...

Group 1: Beijing's Consumption Reform Plan - The Beijing government released a plan to boost consumption, encouraging cross-industry collaboration among brands to stimulate the market potential of domestic products [1] - The plan supports the innovation and digital transformation of traditional brands, particularly "old brands," and promotes partnerships with well-known IPs to create new retail experiences [1] - The initiative aims to develop a "millet economy" and foster high-quality animation products, establishing a hub for new-generation trendy toys and supporting domestic brands in expanding their markets internationally [1] Group 2: Jay Chou's Douyin Account - Jay Chou's Douyin account surpassed 10 million followers, despite no content being posted, indicating his strong influence in the market [2] - The stock price of "Jay Chou concept stock" Giant Legend surged significantly following the news of his Douyin entry, reflecting the value of his IP [2] - Giant Legend confirmed that their business operations remain normal and strategic plans are being executed as intended, despite the stock price volatility [2] Group 3: "Ne Zha 2" English Dub Release - The English dubbed version of "Ne Zha: The Devil's Child" is set to premiere on August 22 in North America, Australia, and New Zealand, showcasing the film in IMAX and 3D formats [3] - The film has achieved record-breaking box office success, being the highest-grossing animated film globally and among non-English films [3] - The inclusion of Oscar-winning actress Michelle Yeoh in the English version is expected to enhance its appeal to international audiences and showcase the film's cultural depth [3] Group 4: Heytea Logo Change - Heytea's recent logo change sparked public interest and became a trending topic on social media, with customer service confirming the adjustment [4] - This is not the first time Heytea has altered its logo, indicating a strategy to maintain brand freshness while preserving its classic image [4] - The brand engages consumers through logo changes, enhancing brand recognition and balancing brand communication with consumer memory [4]

今 年 ， 港 股 融 资 市 场 极 为 火 热 。 Wind 数 据 显 示 ， 今 年 以 来 ， 港 股 市 场 股 权 融 资 规 模 已 逼 近 3000 亿 港 元 ， 达 到 2879.82 亿 港 元 ， 同 比 大 增 350.56%。 总体来看，今年港股市场无论是IPO还是再融资规模都呈爆发式增长，尤其是IPO表现更为抢眼。港股上半年共完成42宗IPO，合计集资额超过1070亿港元，较去年 全年多约22%，暂列全球第一。 融资规模持续创新高 在2023年和2024年，港股市场无论是IPO还是再融资都较为疲软，IPO方面这两年分别融资463.34亿港元和881.47亿港元，均不超过千亿港元；再融资方面，主要 以配售为主，这两年分别融资661.61亿港元和545.99亿港元，同样不超过千亿港元。 但自2024年下半年以来，港股市场在多项重磅政策带动下再次活跃，而在2025年上半年，整个市场更是不断复苏。 Wind数据显示，2025年以来，港股市场股权融资规模已达到2879.82亿港元，远高于2023年和2024年全年的1424.39亿港元和1756.60亿港元，甚至也已经高于 2022年全年 ...

Fundraising Overview - The company has completed its initial public offering (IPO) of 40.01 million A-shares at a price of 10.05 RMB per share, raising a total of 402.10 million RMB, with a net amount of 335.13 million RMB after deducting issuance costs [1] Fund Management and Storage - The company has established a dedicated account for the management and storage of the raised funds, in compliance with relevant regulations, and has signed a tripartite supervision agreement with its sponsor and banks [2] Project Fund Allocation Changes - In May 2023, the company approved a change in the allocation of 201.99 million RMB of unutilized funds from two original projects to a new project involving the production of solid and semi-solid food seasonings and agricultural product processing by Shandong Baoxin Food Technology Co., Ltd [3] Investment Increase and Project Adjustment - In August 2024, the company approved an increase in investment and adjustments to the construction content and internal investment structure for the Shandong Baoxin project, while keeping the amount of raised funds unchanged and renaming the project to "Shandong Baoxin Food Technology Co., Ltd. Food Seasoning Full Industry Chain Base Construction Project" [4] Fund Usage and Account Closure - As of the announcement date, all raised funds have been fully utilized, and the corresponding dedicated account for the Shandong Baoxin project has been closed, with a balance of 0 RMB [5][6]