证券研究报告 策略 TMT 和先进制造景气回升 华泰研究 2025 年 6 月 12 日│中国内地 策略月报 核心观点 我们的中观景气模型显示，5 月全行业景气指数小幅回落，但下行斜率放缓。 分板块看，大金融、TMT、先进制造景气明显回升，景气改善或有一定持续 性的品种包括：1）TMT：AI 产业趋势方兴未艾，元件-存储链、通信设备、 游戏（新增）景气爬坡，软件景气筑底；2）制造：部分先进制造产能出清 或准出清，且需求有企稳迹象，如通用、自动化景气爬坡，风电、光伏、航 空装备景气回升；3）消费：新消费和大众品率先改善，美护、饰品（新增） 景气爬坡，啤酒（新增）、调味品、乳制品景气回升；4）其它：医药（投融 资周期回暖）、保险（新增）、电力（新增）景气回升，贵金属维持高位。 TMT：元件-存储链、通信设备、游戏景气爬坡，软件景气筑底 AI Agent 渗透率处于"奇点时刻"，海外 AI 资本开支有韧性，大模型迭代等 产业催化密集：1）元件-存储链：上游 PCB 台股 4 月营收同比增速回升； 中游 DXI 指数同比增速连续 3 个月回升，DRAM 价格同比降幅收窄，存储 周期有企稳回升迹象；2）通信设备：4 月 ...

全球及中国中老年营养奶粉行业项目规划及前景动态分析报告2025-2031年 【全新修订】：2025年6月 【出版机构】：中智信投研究网 1 中老年营养奶粉市场概述 1.1 中老年营养奶粉行业概述及统计范围 1.2 按照不同产品类型，中老年营养奶粉主要可以分为如下几个类别 1.2.1 全球不同产品类型中老年营养奶粉规模增长趋势2020 VS 2024 VS 2031 1.2.2 全脂奶粉 1.2.3 脱脂奶粉 1.3 从不同应用，中老年营养奶粉主要包括如下几个方面 1.3.1 全球不同应用中老年营养奶粉规模增长趋势2020 VS 2024 VS 2031 1.3.2 线上 1.3.3 线下 1.4 行业发展现状分析 1.4.1 中老年营养奶粉行业发展总体概况 1.4.2 中老年营养奶粉行业发展主要特点 1.4.3 中老年营养奶粉行业发展影响因素 1.4.3.1 中老年营养奶粉有利因素 1.4.3.2 中老年营养奶粉不利因素 1.4.4 进入行业壁垒 2 行业发展现状及"十五五"前景预测 2.1 全球中老年营养奶粉供需现状及预测（2020-2031） 2.1.1 全球中老年营养奶粉产能、产量、产能利用率及发展趋势 ...

Trade and Economy - Since the signing of the China–New Zealand Free Trade Agreement (FTA) in 2008, New Zealand's exports to China have surged from $2.5 billion to $20.85 billion in 2024, with an average annual growth rate of 14.1%, significantly higher than the 7.7% growth rate for New Zealand's exports to the rest of the world [1] - Bilateral goods trade has expanded by nearly $30 billion since the FTA took effect, with the first $10 billion increase taking eight years (2008-2016) and the second $10 billion achieved in just three years (2016-2019). New Zealand has recorded a trade surplus in goods with China for eight consecutive years from 2017 to 2024 [2] - The upgraded protocol of the China–NZ FTA took effect on April 7, 2022, granting New Zealand expanded market access in 22 new service sectors and enhancing access in 17 existing sectors [3] - As of January 1, 2024, all New Zealand dairy products can enter China tariff-free and without quotas, marking the full implementation of the FTA, with over 98% of New Zealand's exports to China enjoying zero-tariff access [4] - In 2024, trade between China and New Zealand reached 38.26 billion New Zealand dollars, with exports to China accounting for 20.6% of New Zealand's total exports and 25% of its total goods exports, supporting over 100,000 jobs [5] - In the first quarter of 2025, total trade between China and New Zealand reached $10.51 billion, with New Zealand's exports to China amounting to $6.29 billion, up 12.5% year-on-year [6] - In April 2025, goods trade totaled $3.41 billion, with New Zealand's exports to China reaching $2.07 billion, up 29.9% year-on-year [8] - New Zealand participated in the China International Import Expo for seven consecutive years, sending its largest-ever delegation in 2024 and signing 24 cooperation agreements expected to generate 340 million New Zealand dollars in trade over the next three years [9] Tourism and People to People Exchanges - China is New Zealand's third-largest source of international visitors, with 248,300 mainland Chinese tourists visiting New Zealand in the year ending March 2025, spending 1.414 billion New Zealand dollars [10] - In June 2024, a unilateral visa waiver policy for New Zealand citizens was announced, leading to 86,200 New Zealanders entering China in the first three quarters of the year [10] - The number of sister-city relationships between China and New Zealand has increased to 42, with the China–New Zealand Mayoral Forum serving as a key platform for local-level exchanges [12] Education - China has been New Zealand's largest source of international students for several years, with 25,175 out of 73,535 international students in New Zealand coming from China, accounting for 34% of the total [13] - High-level academic cooperation in key fields such as food science and environmental protection has been pursued by universities in both countries, exemplified by the establishment of the Peking University New Zealand Center [14] - The China-NZ Tripartite Partnership Programme, launched in 2005, has supported nearly 60 collaborative research and academic exchange projects over its 20-year history [15] Agriculture - China is New Zealand's largest market for food and fibre exports, with New Zealand earning 16.815 billion New Zealand dollars from food and fibre exports to China in the year ending March 2024, accounting for 33% of its total export revenue in this sector [17] Science and Technology - The China–NZ collaborative dive expedition to the Puysegur Trench marked the first scientific exploration of the trench and involved scientists from ten institutions across eight countries [20] - The China–NZ Belt and Road Joint Laboratory on Biomedicine and Health has facilitated the transfer of CAR-T immunotherapy to New Zealand for clinical trials, offering new hope for cancer patients [22] - Collaborative research in food quality testing and coastal wetland conservation has provided practical benefits for both countries, with initiatives like the China–NZ Belt and Road Joint Laboratory on Kiwifruit promoting New Zealand's kiwifruit in global markets [23]

Summary of the Conference Call for Yili Group Industry Overview - The liquid milk industry is experiencing weak terminal sales in Q2 2025, but is expected to perform better than Q1 due to a low base from the previous year and inventory adjustments [2][3] - There is still growth potential in the dairy industry, particularly in lower-tier cities and new retail channels [2][7] Company Performance - In Q1 2025, the company achieved positive revenue growth with a 24% increase in net profit attributable to shareholders [3] - The company aims for revenue growth that outpaces the industry and targets a net profit margin of 9% [2][4] Product Performance - Low-temperature liquid milk has shown slight growth, while room-temperature liquid milk has experienced a mid-single-digit decline [2][5] - The company is focusing on high-end products and optimizing SKU to improve revenue in low-temperature liquid milk [2][5] - The introduction of high-cost performance products is expected to impact product structure but will help in reducing raw milk costs [2][8] Market Strategy - The company is cautious about liquid milk growth expectations, with a strategy to reduce channel inventory and launch customized products [2][5][9] - The adult nutrition market is a key focus, with a market share of 24% and a goal for double-digit growth [3][16] - The infant formula segment has seen a balanced development, with a target to increase market share and reach the top position by 2027 [3][15] Supply Chain and Pricing - The company sources milk primarily from local suppliers, with about 40% from its own farms [13] - The current low milk prices are affecting the market, but the company is focusing on channel opportunities rather than just low pricing strategies [14][21] Future Outlook - The dairy industry is expected to have significant growth opportunities, especially in new retail channels and increased per capita consumption [7][22] - The company is exploring non-dairy businesses and international markets, aiming for substantial growth in these areas over the next five years [18][22] Competitive Landscape - The competitive environment in the dairy market has shifted, with the company maintaining stable pricing strategies to ensure market share [23] - New product launches have performed well, contributing positively to the company's growth [24] Conclusion - The company is strategically positioned to navigate the current challenges in the dairy market while capitalizing on growth opportunities in various segments and channels [2][7][18]

瑞财经 钟鸣辰骑士乳业(BJ832786)近日发布2024年年度报告。 | | | | | 单位:元 | | --- | --- | --- | --- | --- | | | 2024 年 | 2023 年 | 本年比上年 | 2022年 | | | | | 增减% | | | 营业收入 | 1.296.759.671.20 | 1,256,268,958.09 | 3.22% | 947,750,110.19 | | 扣除的与主营业务无关的业 | | | | | | 务收入、不具备商业实质的收 | 8.406.120.09 | 9.749.545.37 | -13.78% | 13.381.386.28 | | 人金额 | | | | | | 扣除与主营业务无关的业务 | | | | | | 收入、不具备商业实质的收入 后的营业收入 | 1.288.353.551.11 | 1,246,519,412.72 | 3.36% | 934.368.723.91 | | 毛利率% | 16.24% | 18.96% | 05 | 21. 37% | | 归属于上市公司股东的净利 | -7,695,098.63 ...

6月10日下午，在新希望乳业（下称"新乳业"）2025年投资者大会上，一位银发白衣的女士成为全场焦点。她就是 去年6月下旬新增选为新乳业第三届董事会非独立董事及战略与发展委员会委员的李巍，新乳业共同实际控制人刘 永好的配偶、刘畅的母亲。 李巍的亮相颇具象征意义。过去几年，刘氏家族在新乳业多以"幕后掌舵"的方式低调运作，而从今年3月开始，李 巍开始高调走访青岛琴牌、宁夏寰美、山东唯品等子公司一线，并通过社交媒体分享考察见闻。刘氏家族从幕后 走向台前，恰逢新乳业面临关键转折点——2024年公司营收下滑2.93%，虽然净利润增长24.8%至5.38亿元，但在 乳品行业深度调整持续的大背景下，市场更关注的是：这家曾经高速增长的区域乳企龙头，能否找到独特的突围 路径？ 谁拖营收后腿 今年以来，李巍频繁在社交媒体"亮相"恰逢新乳业营收出现罕见下滑。2024 年，公司营收同比下降2.93%，至 106.65亿元，这是自 2015 年以来的首次负增长。虽然营收承压，但资本市场却对新乳业表现出明显青睐，截至6 月11日，今年以来股价累计涨幅近四成，总市值达171亿元，作为对比，营收规模比其大一倍的光明乳业市值为 118亿元。 ...

Group 1 - The core viewpoint of the article is that Sanyuan Foods is launching a new tea beverage store under the brand "Beijing Milk Company" to engage with younger consumers and adapt to market changes [1][6][11] - The new store emphasizes fresh milk and beverages, with a menu featuring "24h direct supply from the farm" and a range of products including tea drinks and fresh milk [5][12] - Sanyuan Foods plans to open 5-6 new self-operated stores in Beijing this year, focusing on differentiated layouts based on community, business districts, and tourist attractions [5][11] Group 2 - The tea beverage market is highly competitive, and Sanyuan Foods needs to leverage its strengths and adopt a differentiated approach to establish a foothold in the new consumer market [1][10] - The store's design and branding evoke nostalgia, aiming to connect with consumers' memories while appealing to modern tastes [3][6] - Sanyuan Foods is utilizing smart technology in its operations, such as robot-made coffee and self-service ice cream, to attract younger customers [5][12] Group 3 - The company recognizes the need to innovate and adapt to the rapidly changing preferences of young consumers, as traditional retail models are losing relevance [7][11] - Sanyuan Foods aims to maintain its core identity while exploring new business opportunities, emphasizing the importance of fresh milk supply and unique product offerings [10][12] - The brand's historical significance and established reputation provide a solid foundation for its new ventures, but it must remain responsive to market trends and consumer demands [9][12]

Group 1 - The company announced the resignation of senior management personnel, Mr. Wu Chengyun, due to personal work relocation, effective from June 11, 2025 [1] - Mr. Wu held 269,440 shares of the company and will manage his shareholding according to relevant regulations [1] - The company stated that Mr. Wu's resignation will not have a significant impact on its daily operations and management [1] Group 2 - The board expressed sincere gratitude for Mr. Wu's contributions to the company's development during his tenure [2]

Core Viewpoint - Guangdong Yantang Dairy Industry Co., Ltd. has announced its 2024 annual profit distribution plan, which includes a cash dividend of 1.5 RMB per 10 shares, totaling 23.6025 million RMB to be distributed to shareholders [1][2]. Group 1: Dividend Distribution Details - The annual profit distribution plan was approved at the 2024 annual shareholders' meeting held on April 29, 2025 [1]. - The company will distribute a cash dividend of 1.5 RMB (including tax) for every 10 shares, based on a total share capital of 15.735 million shares, amounting to a total cash distribution of 23.6025 million RMB [1]. - There will be no capital increase from reserves or issuance of bonus shares, and any undistributed profits will be carried forward to future years [1]. Group 2: Key Dates and Methods - The record date for the dividend distribution is set for June 17, 2025, and the ex-dividend date is June 18, 2025 [2]. - The distribution will be directly credited to the shareholders' accounts through their securities companies or other custodial institutions on the ex-dividend date [2]. - Shareholders must ensure their shares are registered with the China Securities Depository and Clearing Corporation Limited by the record date to receive the dividend [2]. Group 3: Taxation and Compliance - The company will not withhold individual income tax at the time of distribution; instead, tax will be calculated based on the holding period when shares are sold [1]. - Different tax rates will apply for overseas investors and domestic investors holding fund shares, with a 10% tax rate for Hong Kong investors [1]. - The tax obligations will be calculated based on the FIFO principle for the holding period of shares [1].

Group 1 - The board of directors of Guangdong Yantang Dairy Co., Ltd. held its 22nd meeting of the 5th session on June 5, 2025, with 9 directors present, including independent directors attending via communication [1] - The board unanimously approved the nomination of Liu Shikun as the vice president of the company, effective from the date of this board meeting until the end of the current board's term [2][3] - The voting results showed 8 votes in favor, 0 against, and 1 abstention, with the nominator, Feng Like, abstaining from the vote [2] Group 2 - Liu Shikun, born in 1970, holds a Master's degree in Business Administration and has served in various managerial roles, including vice president of the company and chairman of multiple subsidiaries [2][3] - Liu Shikun does not hold any shares in the company and has no related party relationships with current directors, supervisors, or major shareholders [3] - Liu Shikun has not faced any legal issues or sanctions from regulatory bodies in the past three years, confirming his eligibility to serve as a senior management member [3]