食品饮料周报 饮品旺季临近，产业端多维创新 证券研究报告 食品饮料行业 强于大市（维持） 平安证券研究所 食品饮料团队 分析师：张晋溢 S1060521030001（证券投资咨询） 邮箱：ZHANGJINYI112@pingan.com.cn 分析师：王萌 S1060522030001（证券投资咨询） 邮箱：WANGMENG917@pingan.com.cn 分析师：王星云 S1060523100001（证券投资咨询） 食品饮料周报-观点 资料来源：iFind，平安证券研究所 本周白酒指数（中信）累计涨跌幅-2.80%。涨跌幅前三的个股为： *ST岩石（+4.71%）、天佑德酒（+3.88%）、伊力特 （+1.17%）；涨跌幅后三的个股为迎驾贡酒（-3.51%）、山西汾酒（-4.01%）、泸州老窖（-4.04%）。 观点：酒企务实求真，加大战略转型。上周白酒股东大会集中召开，据微酒，在行业调整周期中，多家酒企提出将加大战略转型， 聚焦高质量发展，同时加大年轻消费者培育，体现出务实的态度。展望未来，我们期待政策助力下，消费环境回暖，标的上推荐三 条主线，一是需求坚挺的高端白酒；二是全国化持续推进的次高端白酒；三 ...

Core Viewpoint - The article explores the phenomenon of "霸总" (tycoons) in Jinjiang, highlighting the region's unique economic landscape and the intertwining of family ties and business ventures, suggesting that the essence of Jinjiang's narrative resembles that of a documentary rather than fiction [10][11]. Group 1: Economic Landscape of Jinjiang - Jinjiang is home to over a thousand enterprises with a valuation exceeding 1 billion, producing a total wealth of 750 billion RMB [6]. - The region boasts an impressive statistic where, on average, 1 in 7 people is a business owner, and 1 in 21 owns a company [12][13]. - In 2022, over half of the individuals from Jinjiang entered the Hurun Rich List, showcasing the concentration of wealth in the area [14]. Group 2: Industry and Production - Jinjiang is recognized as a major hub for sportswear, with brands like Anta, Xtep, and Peak originating from the region, producing 1 in 5 pairs of sports shoes globally [15][16]. - The umbrella industry in Jinjiang includes a diverse range of products, with the umbrella industry alone generating a total output value of nearly 13 billion RMB in 2022 [26]. - Jinjiang has developed multiple industrial clusters, including a shoe and clothing cluster worth over 200 billion RMB and several others exceeding 100 billion RMB [31]. Group 3: Family Ties and Business Collaborations - The article discusses the phenomenon of family marriages among the wealthy in Jinjiang, which often serve as strategic business alliances [38][63]. - Notable recent marriages, such as that of the second daughter of Xtep and the second son of Seven Wolves, highlight the financial magnitude of these unions, with reported dowries reaching 1.8 billion RMB [44]. - The interconnectedness of families through marriage creates a network of collaboration among businesses, enhancing their market power and operational efficiency [76][78]. Group 4: Cultural and Historical Context - The entrepreneurial spirit in Jinjiang is rooted in the personal histories of its tycoons, many of whom come from humble beginnings and have built their fortunes through hard work and innovation [85][88]. - The local economy is characterized by a "one village, one product" model, where communities specialize in specific industries, fostering a collaborative environment [89][90]. - The article emphasizes that the success of Jinjiang's businesses is not just about wealth but also about a culture of cooperation and mutual support among local entrepreneurs [110].

Group 1 - The Shanxi Provincial Market Supervision Administration has empowered various professional towns to enhance high-quality development by establishing 10 public service platforms and releasing 1 group standard, resulting in a 0.9% year-on-year decrease in the unqualified rate of Ma Steel product quality supervision sampling [1] - The administration has facilitated the high-quality development of the Xinghua Village Fenjiu professional town by assisting enterprises in voluntary product classification and grading certification, thereby enhancing brand quality [1] - The initiative has also supported the high-quality development of the "Jishan Four Treasures" regional brand, cultivating 58 "three products and one standard" certified products and achieving 29 green food certifications [1] Group 2 - The Shanxi Provincial Market Supervision Administration has helped 27 small and micro enterprises obtain the "Shanxi Boutique" certificate, leading to overall improvements in management capabilities, product quality, operational efficiency, and brand influence [2] - The administration has implemented a "three-fold chain" support model, which includes "mobilization + promotion" for the introduction chain, "online + offline" for the training chain, and "diagnosis + service" for the solution chain, promoting high-quality development in the Qingxu Lao Chen vinegar professional town [2] - The administration has guided over 40 small and micro enterprises in establishing quality management systems and obtaining BRCGS certification, a global food safety standard [2] Group 3 - A certain Huangqi cultural tourism and health enterprise in Hunyuan County, Datong City, has improved its quality certification, leading to an increase in the domestic and international market share of its main Huangqi products from 12% to 21%, and the total industrial chain output value growing from 500 million to 1.5 billion [3] - The Jinzhong City Qixian glassware industry has adopted the Huangqi industry experience to create a demonstration base integrating industrial, commercial, and exhibition functions, promoting the integration of production, learning, and tourism [3] - Shanxi Province has utilized pilot demonstration experiences to create 21 demonstration scenarios in industries such as medicine and food, collectively building a modern, standardized, and systematic certification enhancement framework [3]

Group 1 - Major consumer concept stocks strengthened in the afternoon, with food, clothing, home textiles, and beer concepts showing significant gains [1] - Companies such as Lehui International (603076), Yongshuntai (001338), and Chaohongji (002345) reached the daily limit increase, indicating strong market interest [1] - Other notable performers included Cuihua Jewelry (002731), which previously hit the limit, and Mankalon (300945) and Pinwo Food (300892), both rising over 10% [1] Group 2 - Additional stocks that experienced upward movement included Yanjinpuzi (002847) and Three Squirrels (300783), reflecting a broader trend in the consumer sector [1]

Core Viewpoint - The global trade landscape is facing challenges due to geopolitical uncertainties, yet the trend of globalization and the need for strong supply chains remain critical for sustainable development [2]. Group 1: China-Italy Trade Relations - China is Italy's primary commercial partner in the Far East, and ongoing dialogue and support for small and medium-sized enterprises (SMEs) are essential for promoting bilateral trade growth [4][5]. - The bilateral trade volume is projected to reach $72 billion in 2024, with a further increase to $23 billion by 2025, highlighting China's significance in Italy's Asian market strategy [5]. - Despite recent tariff impacts, Italy's exports of metallurgical products to China increased by 23%, reaching $31.6 million, showcasing the resilience of China-Italy cooperation [6]. Group 2: Strategic Opportunities and Collaboration - The evolving economic landscape in Europe presents both challenges and potential collaboration areas for Chinese enterprises, particularly in green technology, digital transformation, and advanced manufacturing [7]. - Establishing joint ventures in high-value sectors like electric vehicle batteries and robotics can enhance risk-sharing and technology exchange between Chinese and Italian firms [8]. - Platforms such as international expos and e-commerce can facilitate Italian SMEs' entry into the Chinese market while allowing Chinese companies to learn from Italian brand management practices [8]. Group 3: Cultural and Economic Synergy - Cultural cooperation, exemplified by the 700th anniversary of Marco Polo's death, strengthens the economic ties between China and Italy, with projects in film, art, and tourism enhancing mutual understanding [9]. - The collaboration in the digital economy is supported by the EU's Digital Markets Act, which provides a structured framework for cooperation in AI and 5G technologies, with Italian exports of computer and electronic products to China projected to reach $58.4 million in 2024 [11]. Group 4: Renewable Energy and Sustainability - China's "dual carbon" goals align with the EU's sustainable development objectives, fostering collaboration in renewable energy and biofuels, with Italy importing approximately €50 million worth of solar panels and liquid biofuels from China in 2024 [11]. - The energy transition in Italy aligns with China's leadership in the photovoltaic sector, with related exports expected to exceed 200 billion RMB in 2024, creating opportunities for cooperation in solar and energy storage projects [12].

Core Viewpoint - The article explores the phenomenon of wealth and business success in Jinjiang, Fujian, highlighting its unique characteristics and the prevalence of family-run enterprises and "bosses" in the region. Group 1: Wealth and Business Landscape - Jinjiang has over a thousand enterprises with a valuation exceeding 100 million, producing 26 super-rich individuals with a total wealth of 750 billion yuan [5] - The region is known for its significant contribution to the sportswear industry, with one in every five pairs of sports shoes globally produced in Jinjiang [12] - Jinjiang is home to numerous well-known brands such as Anta, Xtep, and Peak, which dominate the sportswear market [13][14] - In 2022, over half of the new entrants in the Hurun Rich List from Quanzhou were from Jinjiang [11] Group 2: Family and Business Connections - The business community in Jinjiang often relies on family connections for collaboration, with many enterprises being family-run [7] - Marriages among the wealthy families in Jinjiang are strategic, often involving significant dowries and business partnerships [30][34] - The article describes a high-profile wedding where the bride's dowry was rumored to be 1.8 billion yuan, showcasing the intertwining of wealth and family ties [34] Group 3: Economic Growth and Development - Jinjiang's GDP is projected to reach 350 billion yuan in 2024, ranking third among China's top 100 counties [27][28] - The region has developed specialized industrial clusters, including a shoe and clothing industry worth over 200 billion yuan [25] - Jinjiang's economic model emphasizes "one village, one product" and "one town, one industry," fostering a collaborative business environment [75][76] Group 4: Cultural and Social Dynamics - The article contrasts the romanticized portrayals of wealth in Jinjiang literature with the practical realities of business operations in the region [68][89] - Jinjiang's business leaders often come from humble beginnings, emphasizing hard work and community support in their success stories [71][72] - The social fabric of Jinjiang is characterized by strong community ties, with local businesses often collaborating and supporting each other [93][94]

Core Viewpoint - Liaocheng is undergoing a transformation towards high-quality development, leveraging its industrial strengths and focusing on green and intelligent manufacturing to enhance its economic growth and competitiveness [1][5][8]. Economic Performance - In the first quarter, Liaocheng's GDP reached 75.21 billion yuan, with a year-on-year growth of 6.7%, ranking third in the province [1]. - The industrial added value of above-scale enterprises grew by 8.8% year-on-year, placing fourth in Shandong [1]. - Private investment increased by 18.3% year-on-year, also ranking fourth in the province [1]. Industrial Development - Liaocheng is recognized as one of the five major bearing industry clusters in China, with a focus on differentiated development strategies [2]. - The city has established a robust industrial ecosystem with 12 key industrial chains, promoting a collaborative environment among enterprises [4]. - The local government is actively supporting the establishment of new industrial bases, such as the intelligent production base by Inspur, which marks a significant step in the information technology sector [5]. Green and Intelligent Manufacturing - The Xinfa Group has transformed from a high-energy-consuming enterprise to a leader in carbon trading, showcasing the shift towards sustainable practices [7]. - Liaocheng has cultivated 32 national-level and 56 provincial-level green manufacturing units, with a total installed capacity of renewable energy exceeding 5.366 million kilowatts [7]. - The city has seen a 35% increase in production efficiency and a 30% reduction in energy consumption in its textile industry due to digital transformation [8]. International Trade and Export Growth - Zhongtong Bus has actively expanded its overseas market, exporting 6,220 buses last year, a 63.51% increase year-on-year [9]. - Liaocheng's foreign trade reached 15.45 billion yuan in the first quarter, with a year-on-year growth of 16.1%, and cross-border e-commerce exports surged by 310% [13].

Core Viewpoint - The report from GF Securities highlights the significant stock price increase of Horizon Robotics (09660) by 11.4% after being included in the Hong Kong Stock Connect, suggesting a potential timing opportunity based on capital flow [1] Group 1: Market Behavior Post Inclusion - After being included in the Stock Connect, leading companies often experience immediate capital inflow, resulting in stock price increases, with the steepest inflow observed in the initial days [2] - However, the short-term price increase is not universally applicable to all companies, indicating that this is not a straightforward quantitative timing strategy [2] - This strategy is more effective for high-quality leading companies that have been thoroughly researched and recognized by active funds, which are likely to buy quickly after inclusion [2] Group 2: Future Inclusion Candidates - There are two fixed "inclusion" periods each year: the first week of March and September, with the next inclusion effective the following Monday, primarily based on the company's inclusion in the Hang Seng Composite Index [3] - Additionally, there are quarterly rapid inclusions for newly listed companies, which are subject to specific criteria such as average market capitalization [3][4] - Potential companies for future inclusion include: - June 6: Bruker, Mixue Group, and Gu Ming [5][6] - Late June: CATL and Hengrui Medicine [5][6] - September 5: Companies like Conant Optical and others [5][6]

Group 1 - The Zhengdong New District is hosting a job fair on June 7, 2023, aimed at attracting college graduates for employment and entrepreneurship to support high-level development in the area [1] - The job fair will cover various industries including electronic communication, business services, education and training, manufacturing, biomedicine, cultural media, food, agriculture, real estate, insurance finance, and logistics, offering nearly 3,500 job positions [1] - Over 40 companies have registered to participate in the job fair, including Guangzhou Yuehao Food, Shanghai Zihe Information, and Jiangsu Kepu Textile [1] Group 2 - A separate job fair organized by the Erqi District Human Resources and Social Security Bureau will take place on June 5, 2023, targeting recent graduates and unemployed youth [2] - The event will feature over 6,800 job openings in key areas such as new media operations, management trainees, e-commerce, technical engineering, administration, design, accounting, law, computer science, and human resources management [2] - The job fair will include a recruitment area, an exhibition area for companies, and mobile options for resume submission to enhance job matching and face-to-face recommendations for job seekers [2]

Core Points - The 2025 China International Service Trade Fair (CIFT) will take place from September 10 to 14 at the Shougang Park in Beijing, with a fixed annual schedule starting from this year [1] - The fair aims to enhance international cooperation in the service industry and trade, becoming an important global public product [1] Group 1: Event Details - The CIFT will feature a Global Service Trade Summit on the morning of September 10, followed by tours for foreign diplomats [2] - Various activities will include exhibitions, forums, and trade negotiations, with a focus on showcasing new technologies and applications from both domestic and international enterprises [2] - The event will also include cultural performances, sports events, and business inspections to create a vibrant exhibition town [2] Group 2: Services and Support - The fair will provide improved services for trade matching, entry and exit convenience, dining guarantees, and document registration [3] - Enhanced digital platform functionalities will be implemented for personalized queries and connections [3] Group 3: Australia as Guest Country - Australia will be the guest country for the 2025 CIFT, showcasing its strengths in green economy, education, tourism, food, consumer goods, and health sectors [4] - The participation scale of Australia will reach a historical record, with notable institutions and companies confirmed to attend [4]