Group 1 - The third China International Supply Chain Promotion Expo concluded successfully, with over 6000 cooperation agreements signed, emphasizing China's commitment to maintaining global supply chain stability and promoting an open world economy [1][2] - The expo serves as a platform for international cooperation in supply chains, addressing challenges posed by unilateralism and trade protectionism, and aims to foster stronger, greener, and healthier global development [2][3] - The event highlighted China's resilient economic performance and the emergence of new growth opportunities in the market, driven by new productivity and the dual advancement of emerging sectors and traditional industry upgrades [3][4] Group 2 - The expo attracted 1200 participating companies and institutions, with 35% being foreign exhibitors, and over 65% of the exhibitors being from Fortune 500 and leading industry firms, indicating a significant increase in international participation [5] - Notable international organizations and companies made their debut at the expo, showcasing a commitment to enhancing international cooperation in supply chains and exploring global development opportunities [5][6] - The establishment of a Sino-foreign exhibitor alliance during the expo aims to facilitate ongoing collaboration and resource sharing among participants, creating a continuous platform for exchange and cooperation [6][7]

Group 1 - Hong Kong Food Investment repurchased 250,000 shares at an average price of HKD 0.49 per share, totaling approximately HKD 121,500, with a cumulative repurchase of 1.748 million shares this year, representing 0.67% of total share capital [1] - As of the market close on the same day, Hong Kong Food Investment's stock price decreased by 3.92%, closing at HKD 0.49 per share [1] - Stock repurchase is generally viewed as a sign of management's confidence in the company's future, indicating that the company may believe its stock is undervalued [1] Group 2 - Hong Kong Food Investment Holdings Limited operates in the food-related investment sector, which may include production, processing, and sales channel investments, as well as strategic investments in food-related enterprises [2] - The company's performance is influenced by market demand in the food industry, fluctuations in raw material prices, and competitive dynamics [2]

金十数据7月23日讯，西班牙巴塞罗那超级计算中心发布的最新研究结果显示，气候变化引起的极端天 气正导致多国基本食品价格大幅上涨。美国有线电视新闻网（CNN）22日报道，巴塞罗那超算中心的 马克西米利安·科茨主持这项研究，结果于日前发布。科茨说，近年来，从美国加利福尼亚州的蔬菜到 巴西的咖啡，各种食品大幅涨价，主要是因为天气状况的极端程度"超过2020年以前所有先例"。（新华 社） 研究显示极端天气引发多国食品大幅涨价 ...

Core Insights - The animated film "K-Pop Monster Hunters," produced by Sony Pictures Animation and released on Netflix, has dominated international charts since its release on June 20, showcasing the ongoing global influence of Korean cultural waves [1][2] - The film's success is expected to create a halo effect for Korean products, particularly in cosmetics and packaged foods, providing unique investment opportunities through the GlobalX K-Pop and Culture ETF (03158) [1] Group 1 - "K-Pop Monster Hunters" ranked first in 26 countries during its opening week and entered the top 10 in 93 countries, indicating strong audience engagement not only in Asia but also in the U.S. and European markets [2] - The film's portrayal of Korean culture is anticipated to boost exports of Korean products, including food and beauty items, as seen with the potential increased interest in Samyang Foods' spicy noodles and Nongshim's Shin Ramyeon, both of which are components of the GlobalX K-Pop and Culture ETF (03158) [2] - The characters' styling and makeup in the film may spark consumer interest in Korean beauty products, further benefiting Korean cosmetics companies as global exposure increases [2]

Core Insights - The article discusses investment philosophies, emphasizing the importance of practical methodologies over abstract theories [2][3] - It introduces the book "Big Money Thinks Small" by Joel Tillinghast, a notable public fund manager, focusing on stock selection strategies [4][5] Investment Methodologies - Tillinghast advocates for a bottom-up stock selection approach, prioritizing company-specific characteristics over macroeconomic factors [6][8] - The article contrasts top-down and bottom-up investment strategies, explaining that top-down approaches start with macroeconomic analysis before narrowing down to specific companies [7] Critique of Macroeconomic Analysis - Tillinghast expresses skepticism towards macroeconomic theories, arguing that they often lack objectivity and scientific validity [9][10] - He highlights the subjective nature of economic models and their inability to consistently predict economic outcomes [11][12][13] Stock Selection Criteria - Tillinghast emphasizes the importance of low price-to-earnings (P/E) ratios in stock selection, suggesting that lower initial P/E ratios correlate with higher long-term returns [31][33] - Historical data indicates that stocks with initial P/E ratios below 15 yield significantly higher returns over 10 years compared to those with P/E ratios above 25 [33][39] Industry Performance Insights - The article references a study on industry performance from 1900 to 2016, identifying consumer goods and tobacco as historically strong sectors, while shipping and textiles performed poorly [40][41] - It suggests that industries with stable consumer demand tend to yield better investment returns due to brand loyalty and market stability [40] Current Market Observations - The article notes a challenging investment environment in 2025, characterized by rapid style rotation and a lack of sustainable trends [44][46] - It discusses the potential impact of stablecoins on wealth transfer and market dynamics, suggesting that their proliferation could significantly influence global financial systems [46][47]

Core Insights - Guangdong's foreign trade, exports, and imports reached historical highs in the first half of the year, indicating robust economic vitality in the Greater Bay Area [1] - The theme of the recent roundtable meeting was "Focusing on Technological Innovation and Industrial Cooperation," aiming to enhance urban development capabilities [1] - The Greater Bay Area is recognized as a world-class city cluster with strong foundations for optimizing urban structure and promoting high-quality development [1] Group 1: Traditional Industry Transformation - Guangdong's traditional industries, such as home appliances, light industry textiles, and food, are large-scale and aim to collaborate with Hong Kong and Macau to apply advanced technologies for product quality enhancement [2] - The focus is on upgrading traditional industry performance and reconstructing the industrial base [2] Group 2: Emerging Industry Development - The Greater Bay Area seeks to strengthen joint efforts in key technologies within emerging industries like integrated circuits, new energy vehicles, low-altitude economy, and biomedicine [2] - The goal is to cultivate leading enterprises and enhance regional industrial competitiveness [2] Group 3: Future Industry Layout - Future industries such as biomanufacturing, quantum technology, embodied intelligence, and 6G are targeted for development [2] - The strategy includes leveraging the advantages of manufacturing, research, talent, and finance across the Greater Bay Area to establish industry standards and broaden new market opportunities [2] Group 4: Institutional Mechanism - The roundtable meeting serves as a regular mechanism to promote business integration among Guangdong, Hong Kong, and Macau, implementing the consensus and outcomes of the Greater Bay Area development conference [2] - Activities have been held in various locations including Guangzhou, Dongguan, Hong Kong, and Zhuhai [2]

Core Viewpoint - The results of the Japanese House of Councillors election are expected to have a limited impact on the domestic stock market, according to Morgan Stanley's global market strategy team [1] Group 1: Market Impact - Concerns regarding fiscal expansion and delays in the US-Japan tariff agreement exist, but the stock market remains stable due to corporate reforms and capital inflows [1] - The overall market is supported by domestic demand stocks, particularly in sectors such as IT services, telecommunications, retail, food, and banking [1] Group 2: Political Landscape - There is uncertainty regarding the extent to which the ruling coalition will adopt the policy proposals of opposition parties in the long term, given the unclear political situation [1]

Investment Rating - The industry investment rating is "Outperform the Market" (maintained) [24] Core Viewpoints - The performance of mid-to-high-end liquor is stabilizing, with companies exploring new sales channels. Major companies are expected to build momentum for future growth after a period of adjustment [6][8] - The beverage sector is witnessing a shift from "thirst-quenching" to "solution-oriented" consumption, leading to diverse functional demands. This trend is driving the development of new products such as functional drinks and health-oriented beverages [6][8] - The snack food segment is experiencing strong growth due to its ability to meet emotional value and cost-performance demands from consumers [6][8] Summary by Relevant Sections Liquor Industry - The liquor index has shown a cumulative increase of 1.30% this week, with notable stock performances from Luzhou Laojiao (+4.79%), Yanghe Brewery (+4.37%), and Jiu Gui Jiu (+3.64%) [6] - The first half of 2025 is expected to see a continued decline in revenue for major liquor companies, with Jiu Gui Jiu forecasting a 43% year-on-year drop in revenue [6][8] Food Industry - The food index has recorded a cumulative decrease of 0.13% this week, with top performers including Baihe Group (+5.73%) and Huang Shang Huang (+5.12%) [8] - The beverage market is diversifying, with companies launching new products to cater to specific consumer needs, such as electrolyte water and sugar-free tea [6][8] Key Company Earnings Forecast - Guizhou Moutai is projected to have an EPS of 68.64 yuan for 2024, with a PE ratio of 20.9, and is rated as "Recommended" [23] - Wuliangye is expected to have an EPS of 8.21 yuan for 2024, with a PE ratio of 15.1, also rated as "Recommended" [23] - The report highlights several companies with strong growth potential, including Three Squirrels and Dongpeng Beverage [6][23]

Core Insights - The article presents the weekly ranking of outstanding works titled "作·嗅之星" for the period of July 11 to July 17, 2025, highlighting the top articles and their authors [1][3]. Ranking Summary - The top article is "The Company Doesn't Care How Much Work You Do" by Ye Xiaochai [3][5]. - The second-ranked article is "Why is the Takeaway Industry Still in Battle After Ten Years?" by Junze [3][5]. - The third article, "Is Effort Really Becoming Less Valuable?" is authored by Jiu Bian [3][5]. - "Alibaba's 'Advance' and Pinduoduo's 'Retreat'" by Biao Wai Biao Li ranks fourth [3][5]. - The fifth article, "Sam's Club Lists Haoliyou, Middle Class is Out" is written by Shan Nong Xia Shan [3][5]. - The sixth article, "Will 99% of Programmers Become Unemployed?" is from Tencent Research Institute [3][5]. - The seventh article, "A Generation of SUV Dominator Declares Bankruptcy" is reported by Investment界 [3][5]. - The eighth article, "Why Aren't Those Airlines That 'Suspended Flights to China' Coming Back?" is authored by Travel界 [3][5]. - The ninth article, "What is the Actual Vacancy Rate of Housing in Beijing?" is by Knowledge分子 [3][5]. Support for Authors - The company will regularly provide bonuses and special support rights to the awarded authors to encourage the continuous production of quality content [4][8].

Investment Rating - The overall investment rating for the food and beverage industry is positive, with expectations of returns exceeding the CSI 300 index by more than 5% in the next six months [23]. Core Insights - The food and beverage sector has shown signs of stabilization and recovery, with soft drinks, liquor, and dairy products leading in growth. The sector index increased by 0.97%, ranking 14th among 31 sub-industries [4][13]. - The liquor segment is experiencing a rebound, with the SW liquor index rising by 0.88%. The sector is in a bottoming phase, with a focus on the upcoming demand during the Mid-Autumn Festival and National Day [5][17]. - The beverage market is seeing mixed short-term performances due to external events, but there is a long-term positive outlook for companies with upward momentum [6][18]. Summary by Sections Liquor Sector - The liquor sector is recommended for investment, with specific companies like Guizhou Moutai, Luzhou Laojiao, Shanxi Fenjiu, and Jianshiyuan receiving "Buy" ratings. The sector is currently at a historical low valuation, suggesting a potential recovery [3][5][21]. - The price of Moutai (bottle) is reported at 1890 RMB, showing a slight increase, while the price of Wuliangye remains stable at 870 RMB [5][17]. Beverage Sector - The beverage sector is experiencing fluctuations due to public sentiment affecting certain brands. Companies like Nongfu Spring and China Resources Beverage have shown resilience, with Nongfu Spring's market share recovering significantly [6][20]. - Recommendations include Youyou Foods, Dongpeng Beverage, and Dashi Co., with a focus on companies that can capitalize on market share recovery [6][18][21]. Food Sector - The food sector has seen some companies facing challenges due to external events, but there are still opportunities for growth in the long term. The focus remains on companies with strong mid-year performance [6][18].