每周一景： 云南玉龙雪山 点击右上角菜单，收听朗读版 【 策略】继续看好中国股市 大势研判： 资本市场基础制度改革提速，继续看好中国 A/H 股市。国泰海通策略在 4 月 7 日市场低 点，旗帜鲜明判断"中国股市进入击球区"、"继续看多中国股市"、"中国股市的升势远未结束"，上证指数 反弹愈 300 点至 3400 点上下。中国市场的积极反馈印证了我们前期关于两个疑虑消减的看法，如今投 资者不再疑虑中美竞争及严峻性；投资者也不再疑虑决策层扭转形势与支持资本市场的决心，"对等关 税"冲击既是风险释放也是试金石。面向未来，我们仍然保持乐观，中国 A/H 指数有望进一步缓步推高： 1 ）遍历冲击后，投资人对经济形势的认识已然充分，共识性因素对估值收缩的影响是递减的，变化在于 决策层关于"锚定经济社会发展目标"的立场与更可持续的政策预期。 2 ）中国股市的无风险利率下降，海 外预期降低、固收预期降低，股市是解决社会资本开支下降与资产管理需求上升的关键破局点，政治局表 态"持续稳定与活跃资本市场"是重要的标志。 3 ）围绕投资者为本、投融资相协调的资本市场改革拉开序 幕并提速，中国市场的底色向"可投资、重回报"转变，股 ...

研究报告 Research Report 18 May 2025 中国可选消费 China (A-share) Discretionary 可选消费周度趋势解析：本周宠物和美国消费板块股市表现最优，大多板块估值仍低于过去 5 年平均 Analysis of weekly discretionary trends： Pet and U.S. consumer sector stocks are the top performers this week, and valuations in most sectors are still below the average of the past five years [Table_yemei1] 观点聚焦 Investment Focus | [Table_Info] | | | | --- | --- | --- | | 股票名称 | 评级 股票名称 | 评级 | | 美的集团 | Outperform 海信视像 | Outperform | | 格力电器 | Outperform 安克创新 | Outperform | | 海尔智家 | Outperform ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The report emphasizes that the value of liquor allocation is stronger, and consumer goods are embracing new consumption trends. The food and beverage index increased by 0.5% from May 12 to May 16, ranking 15th among 28 sub-industries, underperforming the CSI 300 by approximately 0.6 percentage points. Sub-industries such as health products (+8.5%), baked goods (+2.4%), and dairy products (+1.5%) performed relatively well [3][10][12] - The report indicates that liquor companies are experiencing slow revenue growth, which is already anticipated by the market. This is due to demand remaining at a low level and companies reducing channel burdens. The report suggests that liquor is currently at a bottom range, with signs of marginal recovery in business demand and a pragmatic approach from liquor companies to reduce supply growth to alleviate channel pressure. Future performance growth is expected to rise gradually [3][10][11] - New consumption trends are emerging due to changes in business models and consumer perceptions, focusing on consumer demand and reconstructing consumption scenarios and experiences. This is reflected in new channels within the food and beverage industry, where traditional retail channels face challenges such as traffic loss and declining profit margins [11] Summary by Sections Market Performance - The food and beverage index increased by 0.5%, ranking 15th out of 28, and underperformed the CSI 300 by about 0.6 percentage points. Leading sub-industries included health products (+8.5%), baked goods (+2.4%), and dairy products (+1.5%) [10][12] - Individual stocks such as Xianle Health, Youyou Foods, and Xiwang Foods showed significant gains, while Bai Run Foods, Ganyuan Foods, and ST Jia Jia experienced declines [12][18] Upstream Data - Some upstream raw material prices have decreased. For instance, the price of whole milk powder increased by 30.6% year-on-year, while the price of fresh milk decreased by 10.0% year-on-year [18][21] - The price of pork increased by 1.8% year-on-year, while the price of live pigs decreased by 3.8% year-on-year [24][25] Liquor Industry News - Moutai's sales through major e-commerce channels grew by over 30% in the first four months of the year. The company is also implementing new policies to boost sales for events and weddings [44] Recommendations - Recommended stocks include Shanxi Fenjiu, Guizhou Moutai, and Ximai Foods. Shanxi Fenjiu faces short-term demand pressure but has high mid-term growth certainty. Guizhou Moutai is focusing on sustainable development and increasing dividend rates. Ximai Foods is expected to improve profitability due to better raw material costs [4][51]

Investment Dynamics - Manus' parent company, Butterfly Effect, is reportedly planning a new financing round of $100 million at a valuation of $1.5 billion, with state-owned enterprises participating. The funds will primarily be used to develop the Chinese market [3] - DTC snack brand Farmley successfully raised $40 million in Series C funding, led by L Catterton, with existing investors also participating. The funds will help expand its presence in the Indian health snack market [5] - AI and robotics service provider "Shouhua Technology" completed a Series A financing round of several tens of millions of RMB, led by a fund under Hangzhou Wen Guang Group. The funds will be used for AI model development, hardware upgrades, and global market expansion [6][7] Acquisition Dynamics - Spanish second-hand clothing platform Percentil was acquired by Israeli tech company MySize, avoiding bankruptcy. The acquisition includes the Percentil brand, central warehouse, AI pricing engine, quality assessment system, and over 120,000 items of inventory [11] - Dick's Sporting Goods is nearing a deal to acquire Foot Locker for an estimated price of $24 per share, totaling $2.3 billion. This news caused Foot Locker's stock to surge nearly 70% [14][15] - Borletti Group announced the acquisition of a minority stake in True Religion, which is known for its iconic "Super T" stitching. The financial details of the transaction were not disclosed [18] - Church & Dwight announced plans to acquire DTC hand sanitizer brand Touchland for $880 million, with $700 million in cash and stock, and an additional $180 million contingent on sales targets [22] - A consortium of investors has made a €60 million acquisition offer for French sportswear brand Le Coq Sportif, with Neopar set to hold 51% of the shares [25][26] Personnel Dynamics - Microsoft announced a company-wide layoff of 6,000 employees, representing less than 3% of its total workforce of 228,000, as part of a strategy to streamline management levels [29] - Balenciaga appointed Nathalie Raynaud as Vice CEO to strengthen its executive team in preparation for the arrival of a new creative director [31]

食品饮料 2025 年 05 月 18 日 zhangsimin@kysec.cn 证书编号：S0790123070080 投资评级：看好（维持） 行业走势图 数据来源：聚源 -36% -24% -12% 0% 12% 24% 2024-05 2024-09 2025-01 食品饮料 沪深300 相关研究报告 《暖意渐起，焕启新程—行业投资策 略》-2025.5.14 《白酒底部建议加配，大众品三条思 路选股—行业周报》-2025.5.11 《内需提振预期强化，关注政策改善 可期—行业投资策略》-2025.5.8 白酒配置价值更强，大众品拥抱新消费 ——行业周报 张宇光（分析师） 张思敏（联系人） zhangyuguang@kysec.cn 证书编号：S0790520030003 核心观点：白酒配置价值更强，大众品拥抱新消费 5 月 12 日-5 月 16 日，食品饮料指数涨幅为 0.5%，一级子行业排名第 15，跑输 沪深 300 约 0.6pct，子行业中保健品（+8.5%）、烘焙食品（+2.4%）、乳品（+1.5%） 表现相对领先。年内白酒企业营收普遍低速增长已在市场预期内，一方面源于需 求仍在底部徘徊 ...

Group 1 - The core viewpoint of the article highlights the resurgence of the Hong Kong capital market, particularly in the new tea beverage sector, with significant IPO activities and investor interest [1][7][9] - The new tea beverage companies, including Hu Shang A Yi, have seen overwhelming subscription rates, with Hu Shang A Yi's IPO achieving a subscription rate of 3377 times and raising 272.8 million HKD [1][7] - The market has witnessed a wave of new listings from various consumer companies, indicating a trend where many brands are opting for Hong Kong as their listing destination [9][19] Group 2 - Hu Shang A Yi, founded by a couple in Shanghai, has expanded rapidly from a single store to over 9,176 stores by the end of 2024, driven by a focus on lower-tier cities [10][12][15] - The company is projected to generate revenue of 3.28 billion RMB in 2024, with nearly half of its income coming from third-tier cities and below [15] - The new tea beverage sector had previously experienced a lull in IPO activities, but recent successful listings have reignited investor interest and confidence in the market [16][19] Group 3 - The article discusses the changing consumer landscape, where younger consumers are driving new trends and preferences, leading to a shift in valuation logic for companies [20][23] - The success of companies like Mi Xue Bing Cheng and the emergence of new players have set valuation benchmarks, encouraging more consumer companies to pursue IPOs [26] - Policy changes favoring consumer companies in Hong Kong, such as lower profitability requirements for listings, have attracted many businesses to the market [27][28]

行 业 及 产 业 食品饮料 2025 年 05 月 18 日 自下而上 继续关注新品与渠道变 行 业 研 究 / 行 业 点 评 《需求整体平淡 关注新品及新渠道变化— —食品饮料行业周报 20250506- 20250509》 2025/05/10 《大众品关注红利与成长，白酒增速回落 分化加剧——食品饮料行业周报 20250428—20250505》 2025/05/05 《板块持仓继续回落 关注新品与渠道共振 机会——食品饮料行业周报 20250421— 20250425》 2025/04/26 联系人 王子昂 (8621)23297818× wangza@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 本期投资提示： 相关研究 请务必仔细阅读正文之后的各项信息披露与声明 证 券 研 究 报 告 化 看好 —— 食品饮料行业周报 20250512-20250516 证券分析师 吕昌 A0230516010001 lvchang@swsresearch.com 周缘 A0230519090004 zhouyuan@swsresearch.com 严泽楠 A02305240 ...

证券研究报告 食品饮料 报告日期：2025 年 05 月 15 日 白酒处于调整期，零食景气度较高 ——食品饮料行业 2024 年报和 2025 一季报综述 华龙证券研究所 投资评级：推荐（维持） 最近一年走势 执业证书编号：S0230520050001 邮箱：wangf@hlzq.com 复—食品饮料行业周报》2025.03.18 《政策积极，静待复苏—食品饮料行业 周报》2025.03.05 《促消费政策积极，关注需求修复边际 改善—食品饮料行业周报》2025.02.17 摘要： 请认真阅读文后免责条款 请认真阅读文后免责条款 1 公司研究报告 2025Q1 食品饮料行业营收和归母净利润增速较 2024 年趋缓。食 品饮料行业业绩分化加剧，子行业来看，白酒业绩实现稳健增长， 软饮料、零食行业上市公司营收和归母净利润同比增幅居前。 分析师：王芳 相关阅读 《育儿补贴政策催化，关注乳品估值修 白酒处于筑底阶段，零食行业延续较高景气度。2025Q1 白酒上 市公司整体营收和归母净利润实现小个位数增长，增速低于 2024 年。高端白酒盈利能力稳健，具备韧性；次高端价格带内部延续 分化趋势，山西汾酒表现较好；地产酒 ...

年轻群体引领消费潮流 市场规模已突破千亿元 养生零食业迎来发展黄金期 随着消费者生活水平的提高和健康意识的觉醒，我国养生零食行业迎来了蓬勃发展的黄金期。目前，其 市场规模已突破千亿元。如今，"朋克养生"已成为一种在年轻人之间流行的生活方式，即在享受现代生 活的同时，通过各种方式来弥补不良生活习惯对身体造成的损耗，养生零食因此受到青睐。年轻人逐渐 成为消费主力军，推动养生零食向便携化、功能化等方向迭代。从药企跨界入局到新锐品牌崛起，养生 零食行业的竞争愈发激烈。业内人士表示，企业应持续进行消费场景细分、产品便捷化改良等，以构建 差异化竞争优势。 市场规模持续扩张 近年来，我国养生零食行业呈现出蓬勃发展态势。多家研究机构发布的数据显示，去年我国养生零食市 场规模已超千亿元，未来几年仍将保持高速增长趋势。根据头豹研究院发布的数据，过去一年，在养生 零食的细分赛道中，养生饮增长40%，芝麻丸增长30%。这些数据展现出我国养生零食市场的巨大潜力 与发展活力。 业内人士表示，我国养生零食市场规模的快速增长，得益于多方面因素的推动。随着生活水平的提高， 消费者对于健康的关注度日益提升，越来越多的人开始注重日常饮食中的营养摄 ...

以下文章来源于斑马消费 ，作者范建 斑马消费 . 寻找泛消费领域的斑马企业 5 月 10 日， IP 显示为江苏的网友，在社交平台上发布视频称，在给孩子喂食蜜枣粽时，竟然在里面发现了一个创可贴。 视频记录显示：这个疑似创可贴的异物，呈现出与粽子一样的深色，还有较强的黏连感，上面有较为清晰的使用过的血污痕迹。 带血的创可贴， 如何进入来伊份的蜜枣粽中？ 文 ｜ 范建 来源｜ 斑马消费（ID：banmaxiaofei） 封面来源 ｜ Pexels 再过十几天，就是端午节。最近两天，一个带血的粽子，给正值火热的粽子市场，带来了一层阴霾。 来伊份的品牌、五芳斋生产的一款蜜枣粽，居然被消费者吃出了一片疑似带血的创可贴。 事发后，这两家上市公司都做出了积极回应，调查暂时没有最终结论，该事件对两家企业在"粽子季"销售的影响，难以估计。 带血的粽子 距离端午节只有十多天了，粽子市场经过前期预热，也已渐入佳境。 未曾想，一个疑似"带血的粽子"，给这个中国传统节令食物，蒙上了一层阴影。 这个问题粽子，并非什么三无产品，而是来自知名休闲零食连锁品牌来伊份，生产商为中国最大的粽子企业五芳斋。 来伊份的这份说明，并未打消外界的疑虑，舆 ...