临近2025尾声，上证指数时隔10年再次站上4000关口。明年，中国的下一个5年计划即将启幕。 值此年末新岁交替之际，资金博弈更为激烈，A股围绕4000点来回震荡，并且出现了三个重大变化！ 1 指数4000点，市场迎来重大变化 变化一：慢牛行情 从去年"924"的2748点到10月28日盘中首次突破4000点，上证指数共历时400天，期间年化波动率15.28%。 同样的点位区间，2007年、2015年分别用时89天和127天，年化波动率分别为27.94%和23.01%，充分彰显本轮行情的"慢牛"特色。 变化二：A股定价权更替 走势更稳之下，是A股定价权的悄然更替。 2021年初，股票型ETF的规模仅为主动管理型权益基金的五分之一；2024年三季度，被动权益基金规模首次反超主动基金；当下ETF已然增长至5万亿， 股票型ETF规模是主动管理型权益基金的1.25倍。 ETF顺势成为跟上指数的有力工具。 截至11月11日，创业板指、上证指数年内分别涨46.35%、19.42%，而同期70.21%的个股未跑赢创业板指，42.53%的个股未跑赢上证指数。 变化三：本轮行情领涨的主线 每一轮牛市背后都有一条主线，且往往围绕 ...

Investment Rating - The report maintains a "Buy" rating for the company [8] Core Views - In Q3 2025, the company achieved operating revenue of 2.293 billion yuan, a year-on-year increase of 4.66%, and a net profit attributable to shareholders of 410 million yuan, up 5.33% year-on-year [2][6] - The company is focused on a strategy of "strong brand in catering, large-scale in food," aiming to build a "big catering, big food, big brand" industrial structure, with plans for new store openings and market expansion nationwide [2][6] - The company expects net profits attributable to shareholders to reach 523 million, 588 million, and 628 million yuan for 2025, 2026, and 2027 respectively, corresponding to PE ratios of 19, 17, and 16 times at the current stock price [2][6] Summary by Sections Financial Performance - For the first three quarters of 2025, the company reported operating revenue of 4.285 billion yuan, a year-on-year increase of 4.43%, and a net profit attributable to shareholders of 449 million yuan, up 0.31% year-on-year [6] - In Q3 2025, the company achieved operating revenue of 2.293 billion yuan, a year-on-year increase of 4.66%, and a net profit attributable to shareholders of 410 million yuan, up 5.33% year-on-year [6] Business Segments - The food manufacturing and catering service segments both showed steady growth, with food manufacturing increasing by 4.8% year-on-year, and catering services growing by 3.88% [2][6] - The company plans to continue building a flexible and diverse channel system, emphasizing an "online + offline" collaborative strategy to drive performance growth [2][6] Profitability - The company demonstrated significant cost reduction effects, with gross margin increasing by 0.3 percentage points to 39.79% in Q3 2025 [2][6] - The overall expense ratio decreased by 0.48 percentage points to 14.18%, contributing to a slight increase in net profit margin by 0.1 percentage points to 18.43% [2][6]

Group 1: Market Performance - The consumer sector is experiencing a rebound, with the Consumer ETF (159928) rising by 0.47% and achieving a trading volume exceeding 660 million yuan [1] - The Hong Kong Stock Connect Consumer 50 ETF (159268) also saw a slight increase of 0.2%, with trading volume surpassing 126 million yuan, indicating strong capital inflow [2] - Notable stocks include Samsonite, which surged over 17% with a 11% year-on-year profit growth and a gross margin increase to 59.6% [4] Group 2: Economic Indicators - The core CPI, excluding food and energy, rose by 1.2% year-on-year in October, marking the sixth consecutive month of growth, which has drawn attention to the recovery of consumer spending [5] - The government plans to continue implementing measures to boost consumption, including financial subsidies for personal consumption loans and support for key sectors like elderly care and childcare [15] Group 3: Valuation and Investment Opportunities - The Consumer ETF (159928) has a TTM price-to-earnings ratio of 20.55, which is at the 7.45% percentile over the past decade, indicating it is cheaper than 92% of the historical time frame [5] - Despite a strong performance in technology and cyclical sectors, the consumer sector has shown relatively weaker growth of only 10.85% year-to-date, suggesting potential for catch-up [8] Group 4: Sector Analysis - The consumer sector is expected to see a rotation and rebound, with specific segments like healthcare, aviation, home appliances, personal care, and non-white liquor showing strong earnings growth while remaining at historically low valuations [12] - The new consumption trends are driven by the Z generation, with sectors like trendy toys and jewelry expected to grow due to changing consumer preferences and technological integration [16][17] Group 5: Company Innovations - Anta Group has launched the first AI design model in the sports goods industry, which has already generated over 2.5 billion yuan in orders, indicating a significant boost in sales conversion rates [18] - Upbeauty Co. has introduced a new baby care brand, expanding its IP strategy to capture the growing demand in the baby personal care market [19]

Core Insights - The food and beverage sector experienced a reversal on November 13, with the Food ETF (515710) showing a slight increase of 0.16% after a period of low volatility [1][2] - Major liquor stocks, including Jinhuijiu, Gujinggongjiu, and Jiugui Jiu, saw significant gains, with increases exceeding 2% [1] - The China Alcohol Industry Association released a new cultural development outline for the industry, emphasizing the importance of cultural initiatives in addressing current challenges and enhancing international competitiveness [3] Industry Analysis - The newly released outline is seen as an upgrade from the previous five-year plan, targeting industry transformation by focusing on cultural aspects to resolve short-term sales issues and enhance long-term value recognition [3] - The food and beverage sector is currently at a historical low in terms of valuation, with the Food ETF's underlying index PE ratio at 21.24 times, indicating a favorable entry point for long-term investments [3] - The liquor sector has undergone five years of adjustment, with the average PE ratio of major liquor companies now below 20 times and an average dividend yield of approximately 3.5%, suggesting that the sector is entering a value zone [4] Investment Opportunities - The Food ETF (515710) is recommended for investors looking to gain exposure to core assets in the food and beverage sector, with a significant portion of its holdings in leading high-end liquor stocks [5] - The ETF tracks the China Securities Index's food and beverage theme index, with around 60% of its portfolio allocated to high-end liquor leaders and 40% to other segments like beverages and condiments [5]

中新网辽宁新闻11月12日电 由中国轻工业联合会主办的第十六届中国(大连)轻工商品博览会，与中国商 业联合会主办的2025中国老字号·名特新商品交易博览会(以下简称"两博会")，将于本月20日至23日在大 连世界博览广场举行。 作为国内最具影响力的综合性展会平台之一，两博会已成为轻工产业和老字号品牌展示成果、促进交 易、引领消费的重要窗口。本届展会将以"展会+产业+消费"为核心模式，强化区域联动、行业协同和 品牌推广，助推中国轻工业与老字号产业高质量发展。 全国多省市展团强势集结，亮点纷呈：上海轻工业协会展团延续往届规模，汇聚光明集团旗下梅林、大 白兔、上海咖啡及美加净、双立人等经典品牌，彰显"海派制造"魅力；天津市轻工行业联合会携飞鸽车 业、郁美净、康师傅控股、天津美术颜料厂、渤海文化等企业参展，展现"匠心制造、品质天津"实力； 武汉轻工行业协会展团由黄鹤楼酒业、大汉口食品、金汇泉饮料、扬子江乳业、武汉工艺大楼等企业组 成，全面呈现"江汉制造"的产业潜能与创新活力；安徽、辽宁、江西、黑龙江等省份老字号展区各具特 色，分别展示徽商文化传承、地方匠心品质及文化用品、食品、瓷器工艺的融合创新成果；湖北博物馆 也将 ...

Investment Rating - The industry investment rating is "Outperform the Market" [1][19] Core Viewpoints - The food and beverage industry is expected to recover due to domestic demand policies and continuous macroeconomic data improvement. The focus on increasing residents' consumption power is a key goal in the "14th Five-Year Plan," making consumption enhancement a future policy priority. The recovery of the food and beverage sub-industries is anticipated under these conditions [2][4] - The report suggests prioritizing investments in sub-sectors benefiting from the recovery of dining consumption scenarios, such as frozen foods, condiments, and the broader dining supply chain. Key companies to watch include Anjijia Food, Yihai International, Baba Food, and Guoquan [2][4] Summary by Relevant Sections Macroeconomic Data - Since March, core CPI has been recovering, with September and October figures at 1.0% and 1.2%, respectively. The CPI turned positive in October at 0.2%, indicating a positive price trend. Retail sales of consumer goods from January to September increased by 4.5% year-on-year, with goods consumption outperforming dining consumption [4][2] Policy Environment - The report emphasizes that enhancing residents' consumption rates is a key goal in the "14th Five-Year Plan," with domestic demand playing a crucial role in economic growth. The contribution of final consumption expenditure to GDP growth has been higher than that of capital formation in recent years, indicating significant potential for consumption growth in China [4][2] Sub-Industry Performance - The liquor sector is showing signs of bottoming out, with revenue and net profit growth rates for the first three quarters of 2025 at -5.8% and -6.9%, respectively. The report notes that while the industry is currently at a low point, it is transitioning from "over-competition" to "orderly competition" [4][2] - The performance of leading companies in the consumer goods sector demonstrates resilience, particularly in frozen foods, beer, and dining chain formats. The report highlights that leading companies are adapting to market changes and improving their performance [4][2]

21世纪经济报道记者陶力 上海报道 "双十一"战报的沉寂，映射出中国消费市场的深层变局。当平台与品牌从GMV（商品交易总额）的狂 热转向经营质量的冷静，零售渠道与资本策略的底层逻辑也在重塑。 在渠道端，即时零售从"新战场"进阶为"新基建"，其带来的增长红利更多是存量消费场景的迁移，而非 纯粹的增量创造。在资本端，投资范式已悄然转向：博裕资本接手星巴克中国多数股权，CPE源峰斥资 3.5亿美元与汉堡王成立中国合资公司，一系列案例标志着以掌控经营权、深度赋能为核心的"控股型交 易"，正成为头部机构穿越周期的新共识。 11月11日，头部消费私募基金路威凯腾（英文名：L Catterton）董事总经理金涌博在接受21世纪经济报 道记者独家专访时指出，消费投资正显著转向控股型交易，机构会更青睐那些已构建起强大品牌力、产 品力并拥有健康现金流的企业，"初创品牌蕴含高风险，通过资本密集投入并取得成功的案例其实很有 限。私募股权机构更愿意去寻找和扶持那些，已证明自身实力的成熟企业。" 金涌博：我们从去年开始就注意到了即时零售。它给零售行业带来的影响主要有以下几点： 第一、整个零售版图上的渠道迁移。如果你去看即时零售的整个版图 ...

Market Performance - The three major indices collectively declined, with the Shanghai Composite Index down 0.24%, the Shenzhen Component Index down 1.07%, and the ChiNext Index down 1.58% [1] - Over 3,800 stocks in the two markets fell, with a total trading volume of 1.257 trillion [1] Sector Performance - The superhard materials sector experienced a significant drop of 4.65%, with Wald down 12.04% and other stocks like Hengsheng Medical Energy and Huifeng Diamond also seeing declines over 8% [3] - The photovoltaic sector faced heavy losses, with Tongwei Co. and Longi Green Energy reporting substantial declines [3] - The insurance sector opened strong, rising 2.45%, with China Pacific Insurance and New China Life Insurance both increasing over 3% [3] - The banking sector showed resilience, with Agricultural Bank of China and Industrial and Commercial Bank of China reaching historical highs [3] - The oil and gas sector strengthened, with PetroChina Oilfield Services and Jun Oil Co. both hitting the daily limit [3] - The food and beverage sector performed well, with Sanyuan Foods and Zhongrui Co. achieving consecutive gains [3] News Impact - SanDisk, a leader in flash memory, announced a significant price increase of up to 50% for NAND flash contracts in November [3] - The Ministry of Industry and Information Technology (MIIT) announced plans to promote the large-scale application of new technologies, particularly in industrial and humanoid robots [3] - MIIT emphasized strict control over new low-technology printed circuit board projects aimed solely at capacity expansion [3]

英《金融时报》11月10日消息，旗下拥有健力士和尊尼获加的帝亚吉欧已任命特易购前负责人戴夫 刘 易斯为首席执行官。 帝亚吉欧周一表示，戴将于1月1日接任首席执行官。公告发布后，该公司股价在伦敦早盘交易中大涨 7%。戴在2014年至2020年期间执掌特易购，在此之前他在联合利华(Unilever)工作了近30年。 帝亚吉欧因业绩不佳以及寻找首席执行官的过程旷日持久而受到股东抨击。该公司上周发布盈利预警， 导致其股价跌至10年低点。 戴在联合利华27年的职业生涯中赢得了"铁腕戴夫"的称号，他在成本削减和转型方面享有声誉。在联合 利华担任多个全球职位后，他于2014年加入正处于危机中的特易购。 戴成功地让特易购重新成为英国占主导地位的超市集团。在担任首席执行官的6年任期内，他主导了大 范围降价，并裁减员工、出售国际业务，使特易购重新聚焦于其核心的英国业务。 在帝亚吉欧，戴将着手进行新的转型，以恢复销售增长。戴将获得150万英镑年薪。 帝亚吉欧董事长约翰 曼佐尼表示："董事会一致认为，戴拥有丰富的首席执行官经验，以及在建立和营 销世界领先品牌方面久经考验的领导技能，这符合帝亚吉欧此时的需求。" ...

21世纪经济报道记者贺泓源、实习生韦怡琦 瑞幸看起来正为重回美国主板上市而努力。 据厦门市工商联披露，在2025年厦门企业家日大会上，瑞幸咖啡联合创始人兼首席执行官郭谨一表示， 该公司在厦门市委市政府的指导下，正积极推动重回美国主板上市进程。"该项工作一旦完成，将成为 具有国际影响力的重大事件，也将进一步宣传厦门招商引资的新形象，成为宣传厦门卓越营商环境的新 名片。"郭谨一称。 但很快，瑞幸又对该说法打了补丁。 "如此前沟通，瑞幸咖啡会持续关注美国资本市场，但公司目前对于重返主板上市没有确定的时间表， 我们现阶段的首要任务仍是践行公司的业务战略、聚焦发展。"11月13日，就重返主板上市相关事宜， 该公司如此回应21世纪经济报道记者。 背后是，瑞幸在资本市场的几度沉浮。 2019年5月， 瑞幸在纳斯达克成功IPO。2020年初，浑水公司(Muddy Waters)发布对瑞幸的做空报告。报 告指出瑞幸涉嫌财报作假，2019年三季度门店营业利润夸大3.97亿元，单店每日销售量夸大至少69%， 而2019年四季度夸大至 88%，广告支出2019年三季度夸大158%，其他产品净收入夸大400%。 同年4月，瑞幸承认财务 ...