农林牧渔 zhangmz@ccnew.com 13681931564 市场需求疲软，畜禽价格低迷 ——农林牧渔行业月报 证券研究报告-行业月报 强于大市(维持) 《农林牧渔行业月报：畜禽价格低迷，宠物 食品 618 消费表现亮眼》 2025-06-23 《农林牧渔行业半年度策略：周期掘金，向 新而行》 2025-06-18 《农林牧渔行业月报：指数表现强势，宠物 出口数据维持快速增长》 2025-05-20 联系人：李智 投资要点： 风险提示：畜禽价格大幅波动，粮价大幅波动，动物疫病的发生；我 国生物育种商业化应用不及预期；食品安全问题，自然灾害事件。 本报告版权属于中原证券股份有限公司 www.ccnew.com 请阅读最后一页各项声明 第1页 / 共15页 盈利预测和投资评级 | 公司简称 | 24EPS 25EPS | | 25PE | 评级 | | --- | --- | --- | --- | --- | | 牧原股份 | 3.30 | 3.76 | 10.26 | 增持 | | 普莱柯 | 0.27 | 0.52 | 26.60 | 增持 | | 秋乐种业 | 0.31 | 0.33 | 58.8 ...

食品饮料 分析师：刘冉 登记编码：S0730516010001 liuran@ccnew.com 021-50586281 食饮行情回落，保健品表现突出 ——食品饮料行业 6 月月报 证券研究报告-行业月报 同步大市(维持) 发布日期：2025 年 07 月 18 日 食品饮料相对沪深 300 指数表现 -16% -10% -5% 0% 5% 10% 16% 21% 2024.07 2024.11 2025.03 2025.07 食品饮料 沪深300 11730 《食品饮料行业深度分析：渠道与产品创新带 来新一轮增长》 2025-07-15 《食品饮料行业年度策略：成长中枢下沉，渠 道和产品创新推动发展》 2025-06-20 《食品饮料行业月报：食饮行情延续，多数子 板块表现优异》 2025-06-06 联系人：李智 投资要点： 本报告版权属于中原证券股份有限公司 www.ccnew.com 请阅读最后一页各项声明 第1页 / 共15页 电话： 0371-65585629 地址： 郑州郑东新区商务外环路10号18 楼 地址： 上海浦东新区世纪大道1788 号T1 座22 楼 ⚫ 2025 年 6 月，食品饮 ...

展望未来，周黑鸭有望凭借上半年积累的良好发展态势，继续深化战略布局。一方面，随着 "门店质量 改革"的持续推进，单店销售仍有较大提升空间，有望进一步推动利润增长。另一方面，原材料成本的 稳定控制以及费用率的持续优化，将为公司盈利能力的持续提升保驾护航。此外，周黑鸭在复合调味品 等新品类的积极探索，以及在新兴渠道、海外市场的稳步拓展，将为公司开辟全新的增长曲线，持续释 放长期价值，为消费赛道注入强心剂。 同时，原材料成本的下行趋势，直接推动了毛利率的上升，增强了集团的盈利空间。此外，通过精益管 理，集团成功优化了销售费用率，进一步提升了整体的盈利能力。 在消费市场逐渐回归理性、竞争愈发激烈的大环境下，周黑鸭通过精准的战略布局，实现了从注重规模 扩张到聚焦经营质量的转变，成功在行业普遍面临增长压力时，走出了一条以质取胜的差异化发展道 路，通过精细化运营，实现可持续的盈利增长。 7月18日，周黑鸭(01458)发布2025年上半年盈利预告，在休闲食品消费承压的背景下交出一份超预期答 卷，展现出强劲的盈利能力和发展韧性。 预告显示，周黑鸭预计于2025年上半年实现利润约9000万元至1.13亿元（不包括分占联营公司盈 ...

中国经济网北京7月18日讯(记者 周宇宁)第三届中国国际供应链促进博览会(简称"链博会")7月16日 在北京中国国际展览中心(顺义馆)开幕。本届链博会突出绿色办展理念，在倡导参展企业推行绿色搭建 方面成效显著。 链博会是全球首个以供应链为主题的国家级展会，由中国贸促会主办，主题为"链接世界、共创未 来"，本届会期为7月16日至20日。此次共有651家中外企业和机构参展，涉及75个国家、地区和国际组 织，其中境外参展商占比达35%。连同参展商带来的500多家产业链上下游合作伙伴，实际参展商将达 到1200家。 正大集团在第三届链博会上展示从"农场到餐桌"的绿色健康"食品链"。中国经济网记者周宇宁摄 第三届中国国际供应链促进博览会现场。中国经济网记者周宇宁摄 吉林化纤在第三届链博现场展示其绿色材料和低碳生活理念。中国经济网记者周宇宁摄 据中国贸促会副会长于健龙介绍，本届链博会在展区设置和展示方案上更加突出绿色发展。例如， 在本届链博会期间举办多场聚焦绿色低碳主题的研讨交流活动，鼓励各方共同构建可持续发展的产业链 生态。同时始终贯彻 "绿色、环保、可持续" 的办展理念，牢牢把握厉行节约、反对浪费的基本原则， 在展前 ...

"港交所的铜锣快不够用了。"这句投资者的调侃，正成为港股IPO（首次公开募股）市场火爆最为显性的一面。 7月9日，港交所金融大会堂6面铜锣齐鸣，创下年内上市公司数量纪录，也创下港交所铜锣数量新高，原本在香港各区巡礼展 览的铜锣都被拉回来摆在现场。 当日，峰岹科技（688279.SH）、极智嘉（2590.HK）、讯众通信（2597.HK）、大众口腔（2651.HK）、蓝思科技 （6613.HK）5家公司同日登陆港交所主板，恒生摩根美国股票高入息主动型ETF亦同日上市，金融大会堂首现六锣同鸣。 据万得（Wind）数据，2025年上半年，港股市场的IPO募资额高达1067亿港元，是去年同期的近8倍，重返全球第一。从上市 时间分布来看，5月与6月为上半年新股上市的集中时段，期间共有25家企业完成IPO，占上半年上市总量的58.14%。而2月、4 月分别仅有1家和2家企业实现上市，为上半年上市数量最少的两个月份。 从募资情况来看，实际募资额超过20亿港元的新股有8只，超过10亿港元的有17只。其中，实际募资总额前五名的分别为宁德 时代、恒瑞医药、海天味业、三花智控与蜜雪冰城，募资总额分别为410.06亿港元、113.7 ...

Group 1 - The "A+H" listing model in the domestic capital market has shown significant expansion since 2025, with many companies disclosing plans to list in Hong Kong across various sectors [1][2] - As of July 17, 2023, 10 A-share companies have listed in Hong Kong this year, bringing the total number of "A+H" companies to 160 [2] - The recent policy signals from regulatory authorities aim to enhance the efficiency of overseas listing management, indicating a supportive environment for companies seeking to list abroad [1][2] Group 2 - The introduction of five capital market cooperation measures by the China Securities Regulatory Commission (CSRC) in April 2024 supports leading domestic enterprises in listing in Hong Kong [2] - The Hong Kong Securities and Futures Commission and the Hong Kong Stock Exchange have optimized the approval process, reducing the new stock hearing cycle from "T+6" to "T+4" [2] - The implementation of a filing system in 2025 has significantly shortened the overseas listing approval timeline from six months to 2-3 months, exemplified by CATL's approval process taking only 25 days [2] Group 3 - The "green light" effect from regulators, combined with ongoing optimizations in the Hong Kong Stock Exchange's listing systems, presents a viable path for A-share companies to list in both markets [3] - Companies can achieve new financing increments and broaden international financing channels through re-listing, enhancing their global brand influence [4] - The "A+H" listing model helps mitigate systemic risks by diversifying market exposure, effectively hedging against policy, exchange rate, and liquidity risks [4] Group 4 - Analysts predict that the number of A-share companies listing in Hong Kong will continue to increase over the next 2 to 3 years [5]

娃哈哈集团创始人宗庆后的遗产纠纷，在他离世一年多后，现在已摊在台面上。 围观群众大多都以娱乐八卦的心态看待这场"豪门恩怨"，但这一家族内部的矛盾之所以爆发，其实远没 有那么简单。 一 从表面上看，这一家产之争的重点是钱：宗庆后生前承诺给三个私生子女各7亿美元，可是，他一走， 那个信托账户不仅最后3亿尾款不再进来，还被人从中转走了110万美元。 本来，双方有一个默认的契约：宗老给钱安抚，私生子女在幕后也绝对保密，不会捅破老父亲在台前的 光辉形象，然而这一切都有赖于他的个人权威托底，并没有制度化的保障，等宗老一走，还不是说变就 变了？ 也就是说，如果继续按宗庆后生前的安排走下去，那么可能至今都不会曝光，但继承家业的嫡长女宗馥 莉不愿意再维持原状了。 她为什么要这么做？ 宗馥莉在接掌大权时，曾说过一句话："我不是来继承的，我是来改革的。"这话凸显出她的雄心：她不 愿意被贴上"继承家业的富二代"这样的标签，更清楚地知道仅仅守成将无法超越父亲，只能永远活在他 的阴影里，而娃哈哈的商业帝国也到了不得不有所变革的关口。 不论是哪一点，都意味着她必须在精神上"弑父"——重整父亲留下的庞大"遗产"，并走出自己的道路。 在父亲去 ...

Group 1: Accelerating Development in Information and Communication Industry - Accelerate the deployment of 5G-A and ten-gigabit optical networks [1] - Promote the synergy between industrial internet and artificial intelligence [1] - Advance the research and development of 6G technology, focusing on the cultivation of application industry ecosystems for 6G [1] - Gradually open up value-added telecommunications services to foreign investment, supporting more foreign enterprises to participate in pilot projects [1] Group 2: Implementing New Round of Growth Stabilization Actions - A new growth stabilization work plan for industries such as machinery, automotive, and power equipment will be issued soon [2] - Continuous implementation of high-quality development plans for copper, aluminum, and gold industries [2] - Work plans for ten key industries including steel, non-ferrous metals, petrochemicals, and building materials will be released shortly [2] - Focus on structural adjustments, supply optimization, and phasing out outdated production capacity in key industries [2] - Accelerate the implementation of "Artificial Intelligence +" actions, promoting the deployment of large models in key manufacturing sectors [2] - Foster innovation and development in future industries such as humanoid robots, metaverse, and brain-computer interfaces, with a proactive layout in new fields and tracks [2] Group 3: Promoting Intelligent and Green Transformation and Upgrading - A digital transformation implementation plan for the automotive industry will be issued [3] - Implementation plans for digital transformation in machinery and power equipment industries will be executed [3] - Digital transformation plans for textiles, light industry, food, and pharmaceuticals are forthcoming [3] Group 4: Supporting Healthy Development of Small and Medium Enterprises - Special actions will be launched to address the issue of overdue payments to small and medium enterprises [4] - Research and revision of the classification standards for small and medium enterprises will be conducted, facilitating tax and fee policies to benefit small and micro enterprises [4] - The establishment of the second phase of the National Small and Medium Enterprises Development Fund will be promoted, attracting more social capital for early, small, long-term, and hard technology investments [4]

Group 1: Market Overview - The Chinese snack food market is projected to exceed 1.8 trillion yuan by 2025 and reach 2.5 trillion yuan by 2030, showcasing significant growth potential amidst consumption upgrades and channel revolutions [1] - The industry faces challenges such as price wars and product homogeneity, prompting companies to seek transformation and upgrade strategies [1] Group 2: Company Strategy - Yake, a long-established player in the snack food sector, is leveraging four core strengths: premium product potential, quality channel potential, high-end brand potential, and efficient team potential to drive market effectiveness [1] - The company is focusing on brand rejuvenation by adopting a "full-domain marketing ecosystem" to enhance user engagement, particularly targeting Generation Z [1][3] Group 3: Marketing Innovations - Yake has shifted from traditional marketing to a "two-way penetration" strategy, utilizing new media, refined traffic operations, and festive scene marketing to create a comprehensive marketing ecosystem [3] - The company has engaged with 19 universities, conducting 23 offline events and reaching over 7,500 young students, thereby solidifying its brand experience touchpoints [3] Group 4: Product Development - Yake's strategic pivot includes a "salty-sweet drive" approach, focusing on a full-category matrix that addresses health and emotional experience demands [5] - The new product "Yake Konjac Money Belly" utilizes -25°C quick-freezing technology and is free from artificial preservatives, targeting the dual consumer needs for health and taste [5][7] Group 5: Emotional Consumption Trends - Current food consumption trends are evolving into "emotional consumption," characterized by an "internal-external dual drive" model, where snacks serve as a means for personal comfort and social connection [9] - Yake aims to address nutritional anxiety with a healthy product core while releasing emotional pressure through brand experiences [9] Group 6: Future Directions - In 2025, Yake will continue its collaboration with the Academy Awards, launching a creative campaign targeting college students to enhance product emotional value and social interaction [12] - The company is committed to solidifying its brand image as "happy, young, and light burden" while leading the value upgrade in the snack food industry through innovation [13]

良品铺子昨晚发布关于控股股东筹划控制权变更事项进展暨股票复牌的公告。2025年7月17日，公司控股股东 宁波汉意创业投资合伙企业(有限合伙)(以下简称"宁波汉意")及其一致行动人宁波良品投资管理有限公司(以下 简称"良品投资")与武汉长江国际贸易集团有限公司(以下简称"长江国贸")签署了股份转让协议。本次股权转让 后，公司控股股东将由宁波汉意变更为长江国贸，实际控制人将由杨红春、杨银芬、张国强、潘继红变更为武 汉市人民政府国有资产监督管理委员会。 根据《上海证券交易所股票上市规则》《上海证券交易所上市公司自律监管指引第4号——停复牌》等相关规 定，经公司向上海证券交易所申请，公司股票将于2025年7月18日(星期五)开市起复牌。 中国经济网北京7月18日讯良品铺子（603719）(603719.SH)今日复牌，开盘报14.89元，涨幅8.61%。截至收 盘，该股报13.69元，跌幅0.15%，总市值54.90亿元。 经各方协商，乙方(宁波汉意、良品投资)同意将标的股份以12.42元/股的价格转让给甲方(长江国贸)，股份转让 总价款为1,045,888,200.00元人民币。甲方同意以前述价格受让标的股份。该等 ...