Core Viewpoint - The approval of the Hongsheng Xi'an Beverage New Base Project by Xi'an Hengfeng Beverage Co., Ltd. marks a significant investment in the beverage manufacturing sector, with a total investment of 1 billion yuan [1][2]. Group 1: Project Details - The project is located in the Xi'an Economic Development Zone, covering an area of approximately 150 acres with a total construction area of about 110,000 square meters [2]. - The project will include the construction of one high-speed water production line, two milk production lines, and one sterile production line, along with supporting facilities for bottle caps and preforms [2][4]. - The main products will include purified water, tea beverages, coffee, fruit juices, and dairy products [2][4]. Group 2: Strategic Implications - The strategic location in Xi'an allows for better access to the northwest and central consumer markets, reducing logistics costs and enhancing market penetration [4]. - The establishment of a comprehensive production line and supporting facilities will strengthen the national supply chain network and create a localized production loop, which is essential for consolidating Wahaha's industry position and supporting long-term revenue growth [4]. Group 3: Industry Context - The Xi'an Economic Development Zone has attracted numerous well-known domestic and international food and beverage companies, generating an annual output value of nearly 10 billion yuan [5].

企查查APP显示，近日，西安恒枫饮料有限公司宏胜西安饮品新基地项目审批通过。公告显示，该项目建设高速水线1条、奶线2条、无菌线1条，配套瓶 盖、瓶胚吹瓶等产线或同类型产线以及相关物流配套设施并预留2条生产线，主要生产纯净水、茶饮料、咖啡、果汁、含乳饮品等，项目总投资10亿元。其 中，西安恒枫饮料有限公司由宏胜饮料集团有限公司持有90%股权，由宗馥莉担任执行董事。 据此前报道，今年年初以来娃哈哈已关停了18家分厂的生产线。被关停的企业涉及深圳娃哈哈荣泰实业有限公司、大理娃哈哈饮料有限公司、重庆娃哈哈广 盛饮料有限公司、吉安娃哈哈乳品有限公司、陕西娃哈哈乳品有限公司等。 （企查查） | 项目名称 | 宏胜西安饮品新基地项目 | | --- | --- | | 建设性质 | 新建 | | 项目法人 | 祝闘丹 | | 建设规模及内容 | 项目用地面积约150亩，总键筑面积约11万平方米（最终以盗源规划部门审定面积为准）。建设局速水线1条、奶线2条、无菌线1条、商 瓶等产线或同类型产线以及相关物流配套设施并预留2条生产线，主要生产纯净水、茶饮料、咖啡、果汁、含乳饮品等。 | | 项目代码 | 2508-610162- ...

8月6日，东鹏饮料股票收盘大跌2.23%，天眼查工商信息显示，东鹏饮料(集团)股份有限公司成立于1994年，位于深圳市，是一家以从事酒、饮料和精制茶 制造业为主的企业。企业注册资本52001.3万人民币，法定代表人为林木勤。 数据显示，华泰柏瑞基金旗下华泰柏瑞沪深300ETF进入东鹏饮料前十大股东，且为今年二季度新进。今年以来收益率6.30%，同类排名2281(总3422)。 | | 今年以来各阶段业绩及同类排名 | | | --- | --- | --- | | 幅 | 季度涨幅 年度涨幅 | 5 下载天天基金手机版 | | | 近1周 近1月 近3月 | 近6月 | | 涨幅 | -1.15% 3.74% 10.58% 10.00% | | | | 2 3 40 -0 99% -0 99% - 12 35% - 12 35% - 13 40% | | 华泰柏瑞沪深300ETF基金经理为柳军。 简历显示，柳军先生:中国国籍。监事,复旦大学财务管理硕士,2000-2001年任上海汽车集团财务有限公司财务,2001-2004年任华安基金管理有限公司高级基金 核算员,2004年7月加入华泰柏瑞基金管理有限公司,历 ...

近5日机构合计调研184家公司，东鹏饮料、海康威视、德福科技等被多家机构扎堆调研。 | 002452 | 长高电新 | 1 | 28 | 7.42 | 0.27 | 电力设备 | | --- | --- | --- | --- | --- | --- | --- | | 300416 | 苏试试验 | 1 | 27 | 16.35 | 4.01 | 社会服务 | | 300969 | 恒帅股份 | 1 | 27 | 87.87 | 5.85 | 汽车 | | 603101 | 汇嘉时代 | 1 | 27 | 7.62 | -4.87 | 商贸零售 | | 603266 | 天龙股份 | 1 | 26 | 22.30 | -0.27 | 汽车 | | 601012 | 隆基绿能 | 1 | 26 | 15.92 | -3.86 | 电力设备 | | 688708 | 佳驰科技 | 1 | 26 | 78.06 | -1.93 | 国防军工 | | 300781 | 因赛集团 | 1 | 25 | 45.91 | 0.46 | 传媒 | | 688357 | 建龙微纳 | 1 | 24 | 33.33 | 4.1 ...

Core Insights - The article highlights the increasing attention on Dongfang Caifu, which has become the most popular stock among brokerages in August, indicating a positive outlook for the A-share market overall [1][2] Group 1: Stock Recommendations - Dongfang Caifu received recommendations from seven institutions, including Guosen Securities and招商证券, due to expected growth in brokerage, credit, and distribution business performance amid rising market activity [2] - Other stocks like Luoyang Molybdenum, Muyuan Foods, and Dongpeng Beverage also gained attention, each receiving recommendations from five brokerages, with Luoyang Molybdenum benefiting from a favorable interest rate cycle and strong fundamentals [2] - The focus of brokerages in August is primarily on sectors such as information technology, materials, industrials, consumer discretionary, and healthcare [2][3] Group 2: Performance of Recommended Stocks - The performance of the recommended stocks shows that all 35 brokerage gold stock combinations recorded positive returns year-to-date, with Dongxing Securities leading at a 44.33% increase [4] - Other top performers include Huaxin Securities and Kaiyuan Securities, with year-to-date increases of 38.03% and 31.26%, respectively [4] Group 3: Market Outlook - Brokerages maintain a positive outlook for the A-share market in August, emphasizing technology innovation as the main investment theme, and suggesting a shift from dividend stocks to growth stocks [5] - The market is expected to experience fluctuations in early August, with a potential return to an upward trend later in the month, supported by improved free cash flow expectations from half-year reports [5] - Emerging technology assets and high-end equipment manufacturing are identified as key investment areas, with a growing emphasis on the value of stable high-dividend assets amid declining interest rates [5]

Quantitative Models and Construction Methods 1. Model Name: Quantitative Market Trend Judgment Framework - **Model Construction Idea**: The framework identifies the dominant market style by comparing the intrinsic attributes of assets, which are tied to their industry lifecycle stages. It prioritizes assets based on the sequence of growth rate (g) > return on equity (ROE) > dividend yield (D) to determine the most advantageous assets and focuses on the most promising sectors[5][6][9] - **Model Construction Process**: 1. Define five style stages for equity assets: external growth, quality growth, quality dividend, value dividend, and distressed value[5] 2. Compare assets globally to identify advantageous ones based on their intrinsic characteristics[5] 3. Use the priority sequence g > ROE > D to evaluate whether good assets exist and whether they are overvalued[5][6] 4. Focus on sectors with the most advantageous characteristics in the current market[5][6] - **Model Evaluation**: The framework has demonstrated strong explanatory power for A-share market style rotations since 2009, achieving an annualized return of 26.70%[16] 2. Model Name: Asset Comparison Strategy - **Model Construction Idea**: This model categorizes assets into primary and secondary groups. Primary assets include actual growth, expected growth, and profitability assets. Secondary assets are prioritized based on crowding levels and fundamental factors[9] - **Model Construction Process**: 1. Classify assets into primary (expected growth, actual growth, profitability) and secondary (quality dividend, value dividend, distressed value) categories[9] 2. Allocate market funds to primary assets when any of them show an advantage; otherwise, shift to secondary assets[9] 3. Rank secondary assets by crowding levels and fundamental factors, with the order: quality dividend > value dividend > distressed value[9] --- Model Backtesting Results 1. Quantitative Market Trend Judgment Framework - Annualized return: 26.70% since 2009[16] - Historical performance: Positive excess returns in most years, with limited effectiveness in 2011, 2012, 2014, and 2016[16][19] - Excess returns by year: - 2009: 51% - 2010: 14% - 2013: 36% - 2017: 27% - 2020: 44% - 2022: 62%[19] --- Quantitative Factors and Construction Methods 1. Factor Name: Expected Growth (gf) - **Factor Construction Idea**: Measures the expected growth rate based on analysts' forecasts, regardless of the industry lifecycle stage[6] - **Factor Construction Process**: 1. Use analysts' forecasted growth rates as the primary input[6] 2. Calculate the spread (Δgf) between top and bottom groups to assess the trend of expected growth[21] - **Factor Evaluation**: The factor has shown consistent expansion, with top groups driving the increase, indicating analysts' optimism about high-growth sectors[21] 2. Factor Name: Actual Growth (g) - **Factor Construction Idea**: Focuses on performance momentum (Δg) during transition and growth phases[6] - **Factor Construction Process**: 1. Calculate the spread (Δg) between top and bottom groups based on actual growth rates[25] 2. Monitor the trend of Δg to identify growth opportunities in the market[25] - **Factor Evaluation**: The factor has shown gradual expansion, with opportunities in sectors maintaining strong momentum despite a slowdown in top-tier growth[25] 3. Factor Name: Profitability (ROE) - **Factor Construction Idea**: Evaluates valuation levels using the PB-ROE framework, focusing on mature industries[6] - **Factor Construction Process**: 1. Calculate the PB-ROE residuals for each industry[40] 2. Rank industries based on residuals to identify undervalued high-ROE sectors[40] - **Factor Evaluation**: The factor's advantage has declined, and its crowding level remains low, suggesting limited opportunities in the current market[28] 4. Factor Name: Quality Dividend (DP+ROE) - **Factor Construction Idea**: Combines dividend yield (DP) and ROE to identify high-quality dividend-paying industries[6] - **Factor Construction Process**: 1. Calculate DP and ROE scores for each industry[43] 2. Combine the scores to rank industries and select the top-performing ones[43] - **Factor Evaluation**: The factor has shown significant excess returns in specific years, such as 2016, 2017, and 2023[43] 5. Factor Name: Value Dividend (DP+BP) - **Factor Construction Idea**: Combines dividend yield (DP) and book-to-price ratio (BP) to identify undervalued dividend-paying industries[6] - **Factor Construction Process**: 1. Calculate DP and BP scores for each industry[47] 2. Combine the scores to rank industries and select the top-performing ones[47] - **Factor Evaluation**: The factor has demonstrated strong excess returns in years like 2009, 2017, and 2021-2023[47] 6. Factor Name: Distressed Value (PB+SIZE) - **Factor Construction Idea**: Identifies industries with low price-to-book ratios (PB) and small market capitalization (SIZE), focusing on stagnation and recession phases[6] - **Factor Construction Process**: 1. Calculate PB and SIZE scores for each industry[51] 2. Combine the scores to rank industries and select the lowest-scoring ones[51] - **Factor Evaluation**: The factor has shown significant excess returns during periods like 2015-2016 and 2021-2023[51] --- Factor Backtesting Results 1. Expected Growth (gf) - Δgf continues to expand, driven by top-tier groups, indicating analysts' optimism about high-growth sectors[21] 2. Actual Growth (g) - Δg shows gradual expansion, with opportunities in sectors maintaining strong momentum despite a slowdown in top-tier growth[25] 3. Profitability (ROE) - ROE advantage continues to decline, with low crowding levels and limited opportunities in the current market[28] 4. Quality Dividend (DP+ROE) - Significant excess returns in 2016, 2017, and 2023[43] 5. Value Dividend (DP+BP) - Strong excess returns in 2009, 2017, and 2021-2023[47] 6. Distressed Value (PB+SIZE) - Significant excess returns during 2015-2016 and 2021-2023[51]

富良野啤酒花碳酸水，图片来源：Pokka Sapporo 其实，佐藤喝的不是啤酒，而是一瓶添加了啤酒花的碳酸水。 以上场景虽然来自虚构，但这瓶啤酒花碳酸水却是真实存在的，这就是日本啤酒厂商札幌推出的"北海道富良野啤酒花碳酸水"（下文简称"啤酒花碳酸 水"）。 啤酒花碳酸水持续增长的关键，在于开创了一种新的饮用场景。札幌集团旗下食品饮料公司Pokka Sapporo品牌管理部负责人鶴谷哲司称："那些主打清爽 口感的风味气泡水，秋冬季节的销售可能会面临较大的压力。而啤酒花碳酸水的优势，在于满足人们需要提神的场景，或'肝脏休息日'等场景下的需 求。"[2] 下午三点，日本上班族佐藤就已经在办公室里"喝上了"。 只见他慵懒地靠在椅背上，开瓶，一阵气泡快速破裂发出的滋滋声后，他端起瓶咕咚咕咚地喝下两口，接着放松地吐出一口气，气息中混合着啤酒花的香 气和淡淡的苦味。回味了几秒之后，他把瓶子放到一边，满足地擦了擦嘴角，挺起身来继续工作。瓶身上札幌啤酒的金色五角星logo，在下午三点窗外阳 光的照射下好像闪闪发光。 这款听上去有些猎奇的产品，在日本已开辟出一块细分市场。 2022年，札幌首次推出啤酒花碳酸水。2024年3月， ...

Market Overview - In July, the Shanghai Composite Index recorded a cumulative increase of 3.74%, marking the highest level for the same period in nearly five years [1] - A-share market's average turnover rate and average daily trading volume reached 3.84% and 1.63 trillion yuan respectively, both hitting new highs since March [1] - Net purchases by financing clients in July amounted to nearly 132.9 billion yuan, the highest monthly figure this year, continuing a three-month streak of net buying [1] - Northbound trading volume reached 444.5 billion yuan, 1.5 times that of June, setting a new monthly record for the year [1] Institutional Ratings - In July, 60 institutions conducted a total of 1,482 "buy" ratings, covering 720 stocks across 31 industries, with 10 industries having 20 or more stocks rated [3] - The electronics sector led with 99 stocks, with a 6.59% increase in the Shenwan primary electronics index in July [5] - The pharmaceutical and biotechnology sector followed with over 70 stocks, achieving nearly a 14% increase in the Shenwan primary pharmaceutical index [6] Key Stocks - Among the 720 stocks, 64 received five or more "buy" ratings, with 11 stocks receiving at least 10 ratings. Dongpeng Beverage topped the list with 34 ratings [7] - WuXi AppTec received 18 "buy" ratings, ranking second, while Ecovacs Robotics received 14 [8] - Dongpeng Beverage's stock price fell by 10.43% in July, despite a 37.22% year-on-year increase in net profit for the first half of 2025 [9][11] - WuXi AppTec's stock price increased by 38.42% in July [9] Performance of Selected Stocks - Jiangfeng Electronics saw a stock price decline of nearly 7% in July, but its net profit for the first half of 2025 is expected to increase by around 60% [11] - Perfect World experienced a stock price drop of over 3% in July, with a significant turnaround in performance for the first half of the year [11] - Western Mining's stock price increased by 2.41%, with a 15.35% year-on-year growth in net profit for the first half of 2025 [12]

2025.08. 02 本文字数：416，阅读时长大约1分钟 作者 | 第一财经 航宇 莫子昊 朱斌 裁决书显示，法官下令娃哈哈董事长宗馥莉暂不得动用香港汇丰银行帐户内的资产。 香港诉讼律师徐瀚冰对第一财经记者表示，在存在目前的物权争议情况下，保全相关资产，有助于维 护现状，以等待杭州法院的判决。本案管辖权约定在杭州法院，但是信托的适用法律是香港法律，内 地法院通常会参考香港律师的专家报告，来证明信托是否成立。 微信编辑 | 七三 第 一 财 经 持 续 追 踪 财 经 热 点 。 若 您 掌 握 公 司 动 态 、 行 业 趋 势 、 金 融 事 件 等 有 价 值 的 线 索 ， 欢 迎 提 供 。 专 用 邮 箱 ： bianjibu@yicai.com （注：我们会对线索进行核实。您的隐私将严格保密。） 8月1日下午4点，娃哈哈遗产争夺案在香港高等法院进行公开聆讯，第一财经记者下午2:30前往法 院等候旁听，数十名记者和其他公众人士在现场排队，到下午4点，法院保安通知法庭不会开门，原 被告双方及其代表律师、法官均未现身，裁决书则上载至香港法院网页。 推荐阅读 特朗普称已收到访华邀请，外交部回应 ...

Core Viewpoint - The ongoing inheritance dispute involving the late founder of Wahaha Group, Zong Qinghou, has led to a court ruling preventing his daughter, Zong Fuli, from accessing $1.8 billion in a HSBC account until the legal proceedings are resolved [1][2]. Group 1: Legal Proceedings - Three alleged illegitimate children of Zong Qinghou filed a lawsuit in the Hong Kong High Court, seeking disclosure of the asset movements in a HSBC account and requesting a freeze on any transactions by Zong Fuli [1][2]. - The High Court issued a non-judicial injunction, prohibiting Zong Fuli from withdrawing or transferring any assets from the HSBC account until the outcome of the litigation in mainland China [1][2]. - The plaintiffs are Zong Jichang, Zong Jieli, and Zong Jisheng, while the defendant is Zong Fuli, the only daughter of Zong Qinghou and current chairperson of Wahaha [1][2]. Group 2: Financial Details - As of May 31, 2024, Jian Hao Ventures Limited, a company registered in the British Virgin Islands and previously managed by Zong Qinghou, holds approximately $1.799 billion in the HSBC account, primarily consisting of bonds, fixed-income assets, and some cash [2]. - The plaintiffs allege that Zong Qinghou had instructed the establishment of a special trust fund in 2023, initially valued at around $2 billion, with each of the three plaintiffs designated to receive $700 million [2][3]. - The plaintiffs claim that Zong Fuli transferred approximately $1.1 million from the account to a trading company in Hangzhou without authorization, which they argue constitutes "malicious appropriation of inheritance" [3].