21世纪经济报道特约记者 庞华玮 其中，货币市场型基金、债券型基金的市场规模最大，分别为13.93万亿元、10.77万亿元，环比增长 7.32%、8.74%。 股票型基金的规模为4.74万亿元，环比增长6.06%；混合型基金为3.32万亿元，环比增长0.02%。 而商品基金及基金中基金（FOF）规模环比增长较高，分别为47.79%和10.28%，二季度末规模分别为 0.27亿元、0.17万亿元。 7月21日，公募二季报披露完毕。 数据显示，公募交出了一份不错的成绩单。截至二季度末，公募基金管理规模34万亿元，非货币基金管 理规模20万亿元，两者双双创出历史新高。 从投资倾向来看，公募二季度对大金融和科技板块配置加仓较多，而对消费板块减仓较多，大周期和医 药板块则变化不大。 而基民二季度用脚投票，选择净申购的品类为货币基金、债券基金、商品基金、QDII基金，而权益基 金、FOF基金则遭遇净赎回。 二季度末，公募基金管理规模34万亿元，非货币基金管理规模20万亿元，两者均创出历史新高。 天相投顾数据显示，2025年二季度末，公募基金规模为34.05万亿元（含估算，不含公募化集合产 品），环比2025年一季度31. ...

Investment Rating - The report maintains an "Accumulate" rating for the company, with a target price of 52.92 CNY based on a 28x PE for 2025 [2][5][9]. Core Insights - The company is expanding its summer ice cream market and focusing on restaurant and supermarket channels, which are expected to drive growth [1][8]. - The introduction of new ice cream products is anticipated to significantly boost the ice cream business, addressing seasonal sales challenges for downstream baking stores [8]. - The company is leveraging its star products to penetrate the North American market, with promising growth in international business [8]. - The multi-channel strategy is showing potential, with notable performance in restaurant and supermarket channels contributing to revenue growth [8]. Financial Forecast and Investment Recommendations - The company’s earnings per share (EPS) estimates for 2025-2027 are adjusted to 1.89 CNY, 2.26 CNY, and 2.62 CNY respectively, reflecting a downward revision due to increased competition and channel adjustments [2][9]. - Revenue projections for 2023-2027 show a growth trajectory, with expected revenues of 3,499 million CNY in 2023, increasing to 5,384 million CNY by 2027, representing a compound annual growth rate (CAGR) of approximately 10% [4][11]. - The net profit attributable to the parent company is forecasted to grow from 73 million CNY in 2023 to 443 million CNY in 2027, indicating a strong recovery and growth potential [4][11]. Financial Metrics - The company’s gross margin is projected to improve from 31.4% in 2023 to 33.3% in 2027, while the net margin is expected to rise from 2.1% to 8.2% over the same period [4][11]. - The return on equity (ROE) is anticipated to increase from 3.2% in 2023 to 13.4% in 2027, reflecting enhanced profitability and efficient capital utilization [4][11].

Core Viewpoint - The rise of the Jiangsu Urban Football League, known as "Su Chao," has transformed from a local event to a nationwide sensation, driven by cultural consumption trends and community engagement [2][6][44]. Group 1: Cultural Consumption Trends - The first half of the year saw "Su Chao," "Ningbo Super," and "LABUBU" emerge as top cultural consumption trends, highlighting the importance of spectacle, topic engagement, and emerging consumer sentiments [2]. - "Su Chao" has captivated audiences, with its appeal rooted in the excitement of local rivalries and community pride, reflecting a deeper cultural connection beyond just sports [6][9]. Group 2: Key Events and Milestones - The inaugural Jiangsu Football Development Key Cities Competition took place on November 17, 2024, marking the beginning of "Su Chao" [19]. - The league officially launched on May 10, 2025, with the first match attracting 18,000 spectators, indicating strong local interest [19][20]. - By the third round of matches, attendance surged, with a record 60,396 spectators at a match on July 5, 2025, showcasing the league's growing popularity [40]. Group 3: Marketing and Sponsorship - The league's marketing strategy included a low ticket price, making matches accessible and appealing to a broader audience, which contributed to its initial success [20]. - Major sponsorship deals were secured, with companies like JD.com and Yili becoming official sponsors, further enhancing the league's visibility and commercial viability [31]. Group 4: Community Engagement and Cultural Impact - The league has become a platform for local cultural expression, with events incorporating regional traditions and community participation, thus fostering a sense of belonging among fans [26][42]. - The narrative surrounding "Su Chao" emphasizes not just competition but also the celebration of local identity and community spirit, resonating with a wide audience [44][45].

Group 1: Market Performance and Fund Profitability - The A-share market experienced a rebound in Q2, with the Shanghai Composite Index rising over 11% since April 7, leading to significant profitability for public funds, totaling 639 billion yuan in the first half of the year [1][2] - Public funds have achieved profitability for six consecutive quarters, with Q2 profits reaching 386.31 billion yuan, a 52.86% increase from Q1 [2][3] - Equity funds were the main profit drivers, contributing over 52.43% of total industry profits, with active equity funds reversing previous losses to achieve 193.16 billion yuan in profits [2][3] Group 2: Fund Flows and Redemption Trends - Despite improved performance, active equity funds faced significant net redemptions, totaling nearly 176.4 billion units in the first half of the year, indicating a trend of profit-taking [1][3] - The net redemption of active equity funds in Q2 increased by 56.43% compared to Q1, highlighting ongoing investor caution despite recent gains [3] Group 3: Sector Allocation and Fund Manager Adjustments - Fund managers shifted their allocations towards banking, telecommunications, and non-bank financial sectors, with the banking sector seeing substantial increases in holdings [6][8] - The banking sector's holdings increased by 30.65 billion shares, reflecting a positive sentiment towards the sector amid ongoing valuation recovery [8][9] - The electronics, pharmaceutical, and power equipment sectors remain the top three investment focuses for public funds, with notable changes in holdings among major stocks [6][7] Group 4: Performance of Specific Fund Types - QDII funds showed strong performance, with profits reaching 74.77 billion yuan in the first half, a 2.3-fold increase year-on-year [4] - Bond funds reversed previous losses to achieve profits of 96.58 billion yuan in Q2, while money market funds saw a 20% decrease in profits compared to the previous year [3][4] Group 5: Changes in Top Holdings - The top ten holdings of public funds saw adjustments, with significant changes in the number of funds holding major stocks like Ningde Times and Kweichow Moutai, which experienced reductions in holdings [6][7] - The banking sector emerged as a key area for increased allocations, with many banks seeing substantial increases in shareholdings [8][9]

（原标题：食品饮料行业今日涨1.73%，主力资金净流入21.37亿元） 沪指7月22日上涨0.62%，申万所属行业中，今日上涨的有22个，涨幅居前的行业为煤炭、建筑材料，涨幅分别为6.18%、4.49%。食品饮料行业今 日上涨1.73%。跌幅居前的行业为银行、计算机，跌幅分别为0.98%、0.73%。 食品饮料行业今日上涨1.73%，全天主力资金净流入21.37亿元，该行业所属的个股共123只，今日上涨的有89只，涨停的有1只；下跌的有32只。 以资金流向数据进行统计，该行业资金净流入的个股有63只，其中，净流入资金超5000万元的有9只，净流入资金居首的是贵州茅台，今日净流入 资金8.00亿元，紧随其后的是五粮液、山西汾酒，净流入资金分别为3.82亿元、1.63亿元。食品饮料行业资金净流出个股中，资金净流出超千万元 的有6只，净流出资金居前的有莲花控股、皇氏集团、良品铺子，净流出资金分别为3962.87万元、3104.32万元、2083.92万元。（数据宝） 食品饮料行业资金流入榜 | 代码 | 简称 | 今日涨跌幅（%） | 今日换手率（%） | 主力资金流量（万元） | | --- | --- | -- ...

相比一季度， 基金对通信、银行 2个行业的持股市值均增加了逾400亿元 ，对非银金融、国防军 工2个行业的持股市值则均增加了逾200亿元。 对食品饮料行业的持股市值减少最多，减少超 500 亿元 ；对汽车、电力设备、家用电器、机械设备等4个行业的持股市值减少也均超100亿元。 （持股市值变动受持股数和股价变动的双重影响） | 2 | 电力设备 | 232 | 2553 | 2754 | -201 | | --- | --- | --- | --- | --- | --- | | 3 | 食品饮料 | 72 | 2432 | 2973 | -541 | | 4 | 医药生物 | 301 | 2354 | 2384 | -30 | | 5 | 銀行 | 41 | 2019 | 1617 | 402 | | б | 非银金融 | ୧୦ | 1984 | 1729 | 255 | | 7 | 汽车 | 149 | 1230 | 1464 | -234 | | 8 | 皇每종鹰 | 104 | 1153 | 1125 | 28 | | 9 | 道信 | 74 | 1017 | 614 | 40B | | 10 | 家用 ...

2025 年 07 月 22 日 晨会纪要 研究所： 证券分析师： 余春生 S0350513090001 yucs@ghzq.com.cn [Table_Title] 晨会纪要 ——2025 年第 123 期 观点精粹: 最新报告摘要 债市有哪些边际变化？--固定收益点评 看好生猪长期价值重估机会--行业周报 机械行业专题报告：摩托车行业 2025 年 6 月海关数据更新--行业 PPT 报告 计算机专题报告：GB300 量产在即，算力产业持续受益——台股 AI 算力 2025H1 经营总结--行业 PPT 报告 主品牌稳健增长，索康尼成长可期--特步国际/服装家纺(01368/213502) 点评报告（港股美股） 理想 i8 开启预订，尚界 H5 和特斯拉 Model Y 6 座版在工信部公示--行业周报 Q2 主品牌流水略有压力，户外品牌增长强劲--安踏体育/服装家纺(02020/213502) 点评报告（港股美股） 2025 年 Q2 归母净利润预告均值同比+63%，机器人关节业务打开未来增量空间--蓝黛科技/光学光电子 (002765/212703) 公司动态研究 市场风格切换，关注情绪面见底标的-- ...

Core Viewpoint - The announcement indicates a significant change in the control of Liangpinpuzi, with the major shareholders transferring their stakes to Wuhan Changjiang International Trade Group, potentially altering the company's strategic direction and governance structure [2][4][5] Shareholder Changes - Ningbo Hanyi plans to transfer 72,239,880 shares, representing 18.01% of the total shares, while Liangpin Investment will transfer 11,970,120 shares, accounting for 2.99% of the total shares [4] - After the transfer, the combined shareholding of Ningbo Hanyi and Liangpin Investment will decrease from approximately 38.22% to 17.22%, moving the founding team from a controlling position to the second-largest shareholder [5] Financial Implications - The total amount involved in the share transfer is approximately 1.046 billion RMB [5] Legal Issues - Ningbo Hanyi has been notified of a lawsuit from Guangzhou Light Industry and Trade Group regarding the share transfer dispute, which includes a request for asset preservation [5] - As a result, 79,763.962 shares held by Ningbo Hanyi have been frozen, representing 56.46% of their holdings and 19.89% of Liangpinpuzi's total share capital, introducing uncertainty to the control transfer [5] Strategic Considerations - The introduction of state-owned assets from Wuhan may open new opportunities for Liangpinpuzi, but the company still faces challenges in quality competition and must address issues related to supply chain, costs, and distribution channels [5]

Liquidity and Fund Flow - Leverage funds continue to see net inflows, reaching a new high since late February, with net inflow of 268 billion CNY last week, placing it in the 90th percentile over the past three years[13] - Southbound funds maintained an average weekly net inflow exceeding 10 billion CNY for nine consecutive weeks, totaling nearly 1700 billion CNY[6] - IPO financing surged to 181.7 billion CNY, representing the 71st percentile over the past three years[26] Trading Congestion - The trading heat for the photovoltaic sector increased by 32 percentage points to 71%, while real estate rose by 27 percentage points to 60%[56] - The building materials sector saw a 25 percentage point increase to 66%, indicating heightened trading activity[56] - Conversely, the chemical sector decreased by 13 percentage points to 59%, and media fell by 9 percentage points to 58%[56] Investor Sentiment - Retail investor net inflow decreased to 566 billion CNY, down 321 billion CNY from the previous value, placing it in the 13.7th percentile over the past five years[2] - The search interest for self-media platforms like Kuaishou and Douyin has declined from previous highs, indicating a cooling in market enthusiasm[69] - The trend of public funds clustering has weakened, with a shift towards value stocks, particularly in electronics, cyclical, and consumer sectors[2]

Investment Rating - The report assigns an "Overweight" rating for the food and beverage industry, indicating that the industry index is expected to outperform the CSI 300 index by 10% or more over the next six months [1]. Core Insights - The report highlights that the liquor industry is under pressure, particularly with weak demand in traditional consumption scenarios, but there are opportunities for bottom rebound as the market adjusts [4][5]. - The beer sector is expected to recover this year, despite short-term disruptions from delivery platforms, with low inventory levels and improving consumption policies [5]. - The snack segment shows high growth potential, driven by strong categories and new channels, while the restaurant supply chain is anticipated to grow due to increasing demand for cost control [5]. - The dairy sector is facing operational pressures, but improvements in supply-demand dynamics are expected as production decreases and summer consumption rises [5]. Summary by Sections 1. Market Performance - The food and beverage sector rose by 0.68% last week, underperforming the CSI 300 index by 0.41 percentage points, ranking 14th among 31 sectors [6][11]. - The soft drink sub-sector performed relatively well, increasing by 2.02% [11]. 2. Key Consumption and Raw Material Prices - In June, the retail sales of liquor declined by 0.7% year-on-year, indicating weak demand [6]. - The average price of fresh milk was 3.04 yuan/kg, remaining stable, while the price of yogurt was 15.83 yuan/kg [27]. 3. Industry Dynamics - The liquor production for the first half of 2025 was reported at 191.6 million liters, a decrease of 5.8% year-on-year [51]. - Beer exports saw a significant increase of 64.3% in June, while imports decreased by 20.1% [52]. 4. Core Company Updates - Water Well's expected revenue for the first half of 2025 is 1.498 billion yuan, down 12.84% year-on-year, with a projected sales volume increase of 14.54% [54]. - The expected net profit for Jiu Gui Jiu in the first half of 2025 is between 8 million to 12 million yuan, reflecting a decline of 90.08% to 93.39% year-on-year [54].