过去一年，雀巢集团高层变动频繁。据第一财经此前报道，雀巢集团董事会于2025年9月1日宣布，Philipp Navratil被任命为雀巢集团首席执行官， 接替被解雇的傅乐宏（Laurent Freixe），立即生效。傅乐宏的离任源于一项调查，调查发现他与直接下属存在未公开的恋爱关系，违反了雀巢的 《商业行为准则》。 雀巢官网显示，保罗· 布克表示："此刻是我卸任并推动既定过渡进程加速的合适时机。这能让帕布罗与费耐睿（ Philipp Navratil ）进一步推进雀巢 的战略，并以全新视角引领公司发展。" 他还强调："我完全信任雀巢的新领导团队，并坚信这家卓越的公司已为未来发展做好充分准备。" 公开资料显示，保罗· 布克出生于 1954 年， 1979 年加入雀巢集团，从市场营销培训生做起，曾担任雀巢葡萄牙市场总裁、雀巢德国市场总裁、雀 巢公司 CEO 等，至今已在雀巢公司工作 46 年。 2025.09. 17 本文字数：1309，阅读时长大约2分钟 据界面新闻，当地时间 9 月 16 日，瑞士知名食品商雀巢集团董事会宣布，董事会主席保罗 · 布克（ Paul Bulcke ）决定提前卸任董事会职务，将 于 ...

天福(06868)发布公告，该公司于2025年9月17日斥资1.2万港元回购4000股股份，每股回购价格为2.99- 3.02港元。 ...

天眼查App显示，近日，广元市盛溪山泉水有限责任公司成立，法定代表人为李青海，注册资本388万 人民币，经营范围为许可项目：食品销售；饮料生产；自来水生产与供应；现制现售饮用水。（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：家用电器销售；日用电器修理；科普宣传服务；居民日常生活服务；家用电器安装服 务。（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，南部县滨江街道福泽元气先锋饮用水经营部（个体工商户）成立，法定代表人 为李中福，注册资本10万人民币，经营范围为许可项目：现制现售饮用水；酒类经营。（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）；保健食品（预包 装）销售；农副产品销售；互联网销售（除销售需要许可的商品）；供应链管理服务；市场营销策划； 组织文化艺术交流活动；办公用品销售；日用杂品销售；日用化学产品销售；健康咨询服务（不含诊疗 服务）。（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）。 ...

Market Overview - The A-share market showed a mostly positive trend today, with the Shanghai Composite Index rising by 0.37% to close at 3876.34 points, the Shenzhen Component Index increasing by 1.16% to 13215.46 points, and the ChiNext Index gaining 1.95% to 3147.35 points [1][14] - The total trading volume in the Shanghai and Shenzhen markets reached 23767 billion yuan, an increase of 353 billion yuan compared to the previous trading day [1] Industry Performance - Among the Shenwan first-level industries, the leading sectors included Power Equipment (up 2.55%), Automotive (up 2.05%), Household Appliances (up 1.64%), Coal (up 1.62%), and Comprehensive Industry (up 1.38%) [1][14] - The sectors that experienced declines were Agriculture, Forestry, Animal Husbandry, and Fishery (down 1.02%), Retail (down 0.98%), Social Services (down 0.86%), Food and Beverage (down 0.50%), and Textile and Apparel (down 0.41%) [1][14] Concept Sector Performance - The top-performing concept sectors included Stock Trading Software, Photoresist, Continuous Board, Semiconductor Equipment, Semiconductor Packaging and Testing, Tesla, and Wind Power Generation [2][11]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The report indicates that the retail sales growth rate in August 2025 has slowed down, primarily due to the diminishing effects of the "old-for-new" policy and a gradual recovery in consumer demand. However, with economic stimulus policies being implemented, the macroeconomic environment is expected to improve in the medium to long term, leading to an increase in household income and consumer willingness, which will benefit the food and beverage sector [4] - The liquor industry is approaching the peak demand season around the Mid-Autumn Festival and National Day, showing signs of improvement in demand. The fundamentals of the liquor market are expected to stabilize and trend upwards as consumption scenarios recover. The current bottoming out presents long-term investment value [4] - The report recommends focusing on new channels, new products, and new markets to identify new consumption targets that align with industry development trends. Specific recommended stocks include Weilian Meishi, Yanjinpuzi, Ximai Food, Dongpeng Beverage, Youfu Food, Wancheng Group, and Bairun Co., Ltd. [4] Summary by Sections Industry Trends - The food and beverage sector is experiencing a retail sales growth rate of 3.4% year-on-year in August 2025, with a month-on-month decline of 0.3 percentage points [5] - The growth rates for food, beverages, and tobacco and alcohol categories in August 2025 are 5.8%, 2.8%, and -2.3% respectively, indicating a month-on-month decline in the tobacco and alcohol category due to high base effects and lack of consumption scenarios [5][6] Subsector Observations - The liquor industry is currently in a bottom recovery phase, with sales under pressure but showing signs of improvement due to the upcoming festive season. The fundamentals are gradually stabilizing [7] - Ximai Food is accelerating its health business by launching new products in the health food segment, focusing on traditional Chinese medicine ingredients and weight loss products, which are expected to become significant growth drivers for the company [7]

9月17日，市场全天震荡走强，三大指数探底回升。截至收盘，沪指涨0.37%，深成指涨1.16%，创业板 指涨1.95%。沪深两市成交额2.38万亿，较上一个交易日放量353亿。盘面上，全市场超2500只个股上 涨。 相关ETF方面，食品饮料ETF天弘（159736）截至收盘跌0.67%，成交额超2100万元。据Wind金融终 端，截至收盘，食品饮料ETF天弘（159736）获净申购3400万份。 资金流向方面，据Wind数据，食品饮料ETF天弘（159736）昨日获资金净流入超3700万元，近5个交易 日（9月10日—16日）累计"吸金"4675万元。 食品饮料ETF天弘（159736）紧密跟踪中证食品饮料指数，该指数覆盖酒、饮料、食品三大刚需赛道， 成分股以贵州茅台、五粮液、伊利股份等行业龙头为主。相比纯白酒指数兼顾酒、奶、调味品等多元消 费场景。此外，该指数⾏业相对分散，前⼗⼤成分股集中度较低，⼩盘股占⽐超50%。食品饮料ETF天 弘（159736）还配置了场外联接基金（A:001631；C:001632）。天弘基金表示，中证食品饮料指数弹性 高，抗单一行业波动能力更强，适合长期布局消费升级。 消息面上， ...

Core Viewpoint - The article emphasizes the importance of macroeconomic policies and industry trends in investment strategies, highlighting the ability to identify investment opportunities through careful analysis of policy changes and market dynamics [1][3][17]. Group 1: Investment Philosophy - The investment philosophy of the company is characterized by a balance between aggressive and defensive strategies, adapting to market conditions through a dynamic asset allocation approach [6][11]. - The company focuses on capturing economic cycles and industry rotations, selecting 3 to 5 high-prospect industries for investment each year [6][7]. - The investment strategy includes a mix of long-term holdings and opportunistic trades, with a keen eye on emerging trends and sectors [15][17]. Group 2: Historical Context and Experience - The company’s investment manager, Yin Tao, has a rich background in macroeconomic research and media, which has shaped his investment acumen over 27 years [3][4]. - Yin Tao transitioned from journalism to investment management in 2008, where he developed skills in asset allocation and risk management during the global financial crisis [4][5]. - The company has successfully navigated multiple market cycles, demonstrating resilience and adaptability in its investment approach [5][12]. Group 3: Performance Metrics - The company’s managed funds have shown significant performance, with a net value growth rate of 19.18% over the past six months and 18.70% over the past year [5]. - According to data from Galaxy Securities, the company’s products ranked in the top 5% of their category over the past two years, indicating strong competitive performance [5]. Group 4: Sector Focus - The company identifies key sectors for investment, including AI, innovative pharmaceuticals, and new consumption, which are seen as the main drivers of future growth [17]. - Yin Tao has successfully invested in leading stocks within these sectors, capitalizing on trends such as the rise of electric vehicles and innovative consumer products [14][15]. Group 5: Research and Analysis - The company employs a rigorous research methodology, including in-depth analysis of financial statements and market conditions, to identify high-quality growth stocks [10][9]. - Yin Tao emphasizes the importance of patience and thorough investigation in investment decisions, often revisiting companies to validate investment theses [9][10]. Group 6: Market Adaptation - The company adapts its strategies based on market conditions, employing a flexible approach to portfolio management that allows for quick adjustments in response to market volatility [12][13]. - Yin Tao’s strategy includes a focus on maintaining a balanced portfolio, with adjustments made to stock allocations based on performance and market signals [12][13].

天眼查App显示，近日，乐山安膳食品有限公司成立，法定代表人为雷磊，注册资本10万人民币，经营 范围为许可项目：食品销售；酒类经营；餐饮服务。（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：农副产品销售；日用百货 销售；日用品销售；日用玻璃制品销售；日用杂品销售；日用陶瓷制品销售；日用木制品销售；健康咨 询服务（不含诊疗服务）；电子产品销售；会议及展览服务；化妆品零售；工艺美术品及礼仪用品制造 （象牙及其制品除外）；礼品花卉销售；新鲜蔬菜零售；信息咨询服务（不含许可类信息咨询服务）； 家居用品销售；竹制品销售；塑料制品销售。（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）。 ...

Market Overview - The Shanghai Composite Index increased by 0.37% with a trading volume of 1,231.67 million shares and a transaction amount of 19,435.79 billion yuan, representing a 3.06% increase compared to the previous trading day [1] Industry Performance - The top-performing industries included: - **Electric Power Equipment**: Increased by 2.52% with a transaction amount of 2,240.46 billion yuan, up 5.24% from the previous day, led by Zhejiang Hengwei with a rise of 19.99% [1] - **Automobile**: Increased by 1.90% with a transaction amount of 1,277.96 billion yuan, up 0.71%, led by Haon Automotive with a rise of 14.21% [1] - **Coal**: Increased by 1.79% with a transaction amount of 126.73 billion yuan, up 21.96%, led by Lu'an Environmental Energy with a rise of 7.13% [1] - The worst-performing industries included: - **Petroleum and Petrochemicals**: Decreased by 1.12% with a transaction amount of 83.90 billion yuan, up 5.09%, led by *ST Xinchao with a decline of 2.58% [2] - **Retail Trade**: Decreased by 0.85% with a transaction amount of 313.00 billion yuan, up 0.92%, led by Sanjiang Shopping with a decline of 6.63% [2] - **Agriculture, Forestry, Animal Husbandry, and Fishery**: Decreased by 0.81% with a transaction amount of 172.79 billion yuan, down 15.67%, led by Bangji Technology with a decline of 7.64% [2]