9月22日，A股三大指数集体收涨。 热门ETF中，食品饮料ETF天弘（159736）截至收盘跌1.22%，成交额超2800万元，净申购达8400万 份。成分股中，中粮糖业涨1.48%，粤桂股份、国投中鲁、华统股份等多股跟涨。 此外，在资金流向方面，Wind数据显示，截至9月19日，食品饮料ETF天弘（159736）已连续4日获资金 净流入，累计"吸金"7435万元。 食品饮料ETF天弘（159736）紧密跟踪中证食品饮料指数，该指数以中证全指为样本空间，选取归属于 饮料、包装食品与肉类两个行业的上市公司股票作为成分股。十大重仓股包括贵州茅台、伊利股份、五 粮液、山西汾酒、泸州老窖、海天味业等多只大市值龙头股。此外，食品饮料ETF天弘（159736）还配 置了场外联接基金（A: 001631；C: 001632）。 华创证券表示，重视白酒底部催化，大众品精选产业趋势。白酒二季度报表加速出清，头部白酒等传统 消费步入底部吸筹期，后续旺季催化有望推动估值回升。大众品精选产业趋势，零食、饮料、黄酒等表 现较好，而传统板块啤酒、乳业等传统龙头ROE已实现开始改善。 国元证券认为，白酒方面，双节将至，建议密切追踪批价和动 ...

证券研究报告 | 策略点评 2025 年 09 月 22 日 投资要点 分析师：孟之绪 执业编号：S0300524080001 电话： 邮箱：mengzhixu@ykzq.com 投资策略研究 粤开市场日报-20250922 今日关注 指数涨跌情况：今日 A 股主要指数多数收涨。截止收盘，沪指涨 0.22%，收报 3828.58 点；深证成指涨 0.67%，收报 13157.97 点；科创 50 涨 3.38%，收报 1408.64 点；创业板指涨 0.55%，收报 3107.89 点。总体上，全天个股跌多涨 少，Wind 数据显示，全市场 3150 只个股下跌，2175 只个股上涨，102 只个股 收平。沪深两市今日成交额合计 21215 亿元，较上个交易日缩量 2023.47 亿 元。 行业涨跌情况：今日申万一级行业涨少跌多，电子、计算机、有色金属、机 械设备、非银金融、汽车等行业领涨，社会服务、美容护理、商贸零售、食 品饮料、建筑装饰、石油石化领跌。 板块涨跌情况：今日涨幅居前概念板块为摩尔线程、智能音箱、GPU、存储 器、AI 算力、消费电子代工、ASIC 芯片、液冷服务器、半导体精选、国家 大基金、 ...

盘面上看，旅游餐饮、酿酒、食品饮料、传媒、零售、银行等板块走低，半导体板块强势，券商、汽车 板块拉升，消费电子、CPO概念等活跃。 中信建投证券表示，目前市场仍处高位，没有明显冲顶和回落趋势，前期热门赛道间轮动加剧，指数整 体处于横盘整理阶段，参考历史回踩的最终点位可能就在60日均线。在此期间大概率依然会延续轮动 +前期高标杀跌的特点。建议短期仍以横盘心态应对市场，重视赛道行业轮动，轻指数而重个股。 （文章来源：证券时报网） 22日，三大股指早盘窄幅震荡，午后探底回升，科创50指数大幅走高，场内超3100股飘绿。 截至收盘，沪指涨0.22%报3828.58点，深证成指涨0.67%报13157.97点，创业板指涨0.55%报3107.89点， 科创50指数涨3.38%，沪深北三市合计成交21427亿元。 ...

(编辑：王璨 林辰)关键字： 食品 良品铺子 近日，据重庆市市场监督管理局发布的2025年9月8日-2025年9月14日无条件批准经营者集中案件列表显 示，"武汉长江国际贸易集团有限公司收购良品铺子股份有限公司股权案"已于9月10日获无条件批准。 良品铺子曾在9月17日公告称，公司持股5%以上股东达永有限公司与武汉长江国际贸易集团有限公司于 2025年7月17日签订了《关于良品铺子股份有限公司之附生效条件的股份转让协议》，达永有限拟以 12.34元/股的价格向长江国贸协议转让其持有的上市公司36,049,900股股份,占上市公司股份总数的 8.99%。近日，长江国贸与达永有限另签订《关于良品铺子股份有限公司之附生效条件的股份转让协议 之补充协议》，双方经协商后一致同意，将原协议中的最终截止日延长30个自然日，即变更原协议最终 截止日为该协议签署日后第90个自然日（即延长后的最终截止日为2025年10月15日）。 （重庆市市场监督管理局、企业公告） ...

今日（9月22日）午后，吃喝板块维持低位震荡。截至发稿，反映吃喝板块整体走势的食品ETF （515710）场内价格跌1.11%。 成份股方面，白酒、大众品均表现不振跌。截至发稿，酒鬼酒大跌3%，东鹏饮料、舍得酒业、盐津铺 子等多股跌超2%，拖累板块走势。 湘财证券表示，目前食饮板块估值分位数处于较低位置，估值相对具有性价比，建议把握绩优股的 alpha机遇。消费变革下，既要关注品类、渠道、消费场景的创新机会，又要关注传统消费领域中积极 求变及低估值的配置机会。建议关注两条主线：一是需求稳定、抗风险能力强的龙头；二是积极布局新 产品新渠道新场景、抢占高增长赛道的企业，当前重点关注兼具战略前瞻性和执行力的优质企业。临近 中秋国庆旺季，关注白酒动销及终端价格表现情况。 中信建投表示，国家倡导反内卷，有利于价格完成筑底，长期有利于高质量发展，提升了资本市场对未 来经济发展和消费预期。随着政策纠偏，低位白酒餐饮链有望回暖，茅台批价有望回升，当前白酒板块 处于估值低位，茅台动销有所回暖，板块底部机会值得珍视。 一键配置吃喝板块核心资产，重点关注食品ETF（515710）。根据中证指数公司统计，食品ETF （515710） ...

"大家在东站乘车时，来一杯蜜雪冰城的奶茶，吃一口牧原的美味猪肉，逛一下胖东来的超市，走的时 候捎一个泡泡玛特，这个景象在不久的将来就会实现。"会上，河南省食品工业协会会长单位、河南省 现代食品产业联盟副理事长、牧原集团副总经理袁合宾介绍称。 来源：环球网 为弘扬河南传统饮食文化、推动食品产业创新发展，9月19日，河南省"吃货季"活动启动仪式暨中秋特 色食品展示推介活动在牧原大厦举行。 此次活动以"豫见中秋、寻味中原"为主线，通过线上线下联动的形式，集中展示河南各地独具特色的优 质食品和传统美食，为广大消费者带来一场舌尖上的盛宴，也为河南食品企业搭建一个推广品牌、拓展 市场的广阔平台。 据介绍，食品产业是河南省重要的支柱产业之一，门类齐全，种类繁多，涵盖了米面、粮油、肉制品和 乳制品、休闲食品、酒水饮料等多个领域。近几年，河南食品企业不断出圈，如双汇、卫龙、好想你、 蜜雪冰城、锅圈食汇等。 河南省现代食品产业联盟秘书长、双汇发展副总裁张斌表示，"吃货季"系列活动是激活消费潜能、赋能 产业升级的关键抓手，通过产品展示、供需对接、媒体推广等多元化形式，已成功推出了一批又一批的 优质河南食品，不仅引领了消费新风尚，更 ...

9月22日消息，三大指数小幅高开，贵金属板块涨幅居前。截至今日开盘，沪指报3822.01点，涨0.05%；深成指报13119.83 点，涨0.37%；创指报3093.97点，涨0.10%。 消息面： 1、9月19日晚，国家主席习近平同美国总统特朗普通电话，就当前中美关系和共同关心的问题坦诚深入交换意见，就下阶 段中美关系稳定发展作出战略指引。通话是务实、积极、建设性的。 2、国务院总理李强9月19日主持召开国务院常务会议，研究关于在政府采购中实施本国产品标准及相关政策；会议讨论并 原则通过《中华人民共和国银行业监督管理法（修订草案）》，决定将草案提请全国人大常委会审议。 3、央行、金融监管总局、证监会、外汇局负责人将于9月22日下午3点召开新闻发布会，介绍"十四五"时期金融业发展成 就，并答记者问。 4、商务部新闻发言人9月20日就TikTok问题进展情况答记者问时表示，中方在TikTok问题上的立场是清楚的，中国政府尊 重企业意愿，乐见企业在符合市场规则基础上做好商业谈判，达成符合中国法律法规、利益平衡的解决方案。 5、央行9月20日发布公告称，即日起，公开市场14天期逆回购操作调整为固定数量、利率招标、多 ...

Investment Rating - The report does not explicitly state an investment rating for the industry, but it suggests focusing on quality leading companies within the service consumption sector due to favorable policy changes [2]. Core Insights - The consumer sector showed mixed performance in the week of September 8-12, with notable gains in social services, home appliances, and textiles, while food and beverage sectors experienced declines [2]. - A new policy from nine government departments aims to boost service consumption, particularly benefiting the cultural tourism, education, and sports sectors, with comprehensive measures to enhance consumer experience and attract new customers [2][14]. - Retail sales in August grew by 3.4% year-on-year, with significant increases in home appliances and furniture, indicating a recovery in consumer spending [2][16]. - The report emphasizes the importance of focusing on sectors like liquor, hotels, and dining, which are currently undervalued and positioned for growth [2]. Summary by Sections Market Weekly Review - The consumer sector's performance varied, with specific sectors like social services and home appliances showing positive growth, while food and beverage sectors faced declines [2][12]. - Key stocks that led gains included Qianwei Yangchu (+17.59%) and Hongchang Technology (+33.96%), while stocks like Jiahe Food (-10.14%) and Guoguang Chain (-17.53%) faced significant losses [12][13]. Industry News and Key Company Announcements - The Ministry of Culture and Tourism announced plans to enhance cultural and tourism consumption, including a three-year action plan to stimulate demand [14][15]. - The report highlights the introduction of a new subsidy program for childcare, aiming to improve consumer spending in related sectors [15]. - The People's Bank of China has implemented various financial support measures to boost service consumption, including a significant loan program targeting key sectors [16][19].

Summary of Key Points Core Viewpoint - The financial performance and trading activity of Shanghai Bairun Investment Holding Group Co., Ltd. (百润股份) indicate a mixed outlook, with a decline in revenue and net profit, while trading volumes and financing activities remain relatively high [1][2]. Group 1: Financial Performance - As of June 30, 2025, Bairun reported a revenue of 1.489 billion yuan, a year-on-year decrease of 8.56% [2] - The net profit attributable to shareholders was 389 million yuan, reflecting a year-on-year decline of 3.32% [2] - Cumulative cash dividends since the A-share listing amount to 2.673 billion yuan, with 833 million yuan distributed over the past three years [2] Group 2: Shareholder and Trading Activity - The number of shareholders increased to 34,500, up by 15.89% from the previous period [2] - The average number of circulating shares per shareholder decreased to 20,936, down by 13.14% [2] - On September 19, 2023, Bairun's stock price rose by 2.04%, with a trading volume of 299 million yuan [1] - The financing buy-in on the same day was 34.11 million yuan, while the financing repayment was 44.35 million yuan, resulting in a net financing outflow of 10.24 million yuan [1] - The total financing and securities balance reached 306 million yuan, with the financing balance accounting for 1.12% of the market capitalization [1] Group 3: Business Overview - Bairun's main business includes the research, production, and sales of flavor and fragrance products, as well as pre-mixed cocktails [1] - The revenue composition is as follows: 87.14% from alcoholic products, 11.34% from food flavorings, and 1.52% from other sources [1]

Core Insights - The report highlights the strong performance of the semiconductor industry, particularly in AI computing chips, with significant revenue growth observed among domestic manufacturers [22][24][29] - The communication sector is also noted for its robust growth, with a focus on cloud services and digital integration in various industries [16][19] - The report emphasizes the importance of government policies in supporting economic recovery and market stability, particularly in consumer spending and real estate [5][7][10] Domestic Market Performance - The Shanghai Composite Index closed at 3,820.09, down 0.30%, while the Shenzhen Component Index closed at 13,070.86, down 0.04% [3] - The A-share market has shown a wide fluctuation, with various sectors such as automotive, tourism, and pharmaceuticals performing well, while sectors like internet services and non-ferrous metals lagged [8][11] International Market Performance - Major international indices such as the Dow Jones and S&P 500 experienced declines of 0.67% and 0.45% respectively, indicating a cautious global market environment [4] Industry Analysis - The semiconductor industry saw a 23.84% increase in August, outperforming the broader market, with integrated circuits leading the growth [22] - The communication industry index rose by 33.78% in August, significantly outpacing other indices, driven by increased demand for digital services [16] - The report notes a 26.82% year-on-year increase in new energy vehicle sales, highlighting the growing market for electric vehicles [21] Investment Recommendations - The report suggests focusing on sectors such as AI computing, communication technology, and new energy vehicles for potential investment opportunities [15][20][22] - Specific companies in the semiconductor and AI chip sectors are recommended for their strong growth prospects and market positioning [22][24][29]