每经编辑｜段炼 12月23日，香港特别行政区高等法院审理涉"宗家三兄妹"和宗馥莉的一起案件。这场旷日持久的家族争产风波，还看不到结束的迹象。 但宗馥莉已经完成了她的告别。2025年，宗馥莉真正告别了父亲宗庆后，也告别了娃哈哈。11月底，许思敏接替宗馥莉出任娃哈哈集团董事长、总经理， 持续19个月的权力博弈终于落下帷幕。 很多人说，宗馥莉"把一手好牌打得稀烂"。然而，回头冷静审视，宗庆后给宗馥莉留下的这副"牌局"，或许并不是人们想象中的那么美好。 宗庆后的遗产当然是辉煌的。它是一个被评估价值900亿元的"国民品牌"，承载着AD钙奶的童年记忆、营养快线的青春符号，还有深入中国市场毛细血管 的渠道网络。然而，这个价值连城的品牌也戴着一副沉重枷锁——"娃哈哈"三个字，与宗庆后个人形象深度绑定。 同时，宗庆后留下的，还是一个布满历史遗留问题的商业帝国。它有复杂的股权结构和治理困局。杭州上城区文商旅集团持股46%，宗馥莉持股29.4%， 职工持股会持股24.6%。"娃哈哈"商标归属集团，非经全体股东一致同意，任何一方无权单独使用。这意味着，宗馥莉无法自主决定品牌命运。 更深层次的问题在于，宗庆后时代的管理传统，日益成为公 ...

Core Viewpoint - Xiangpiaopiao (603711) announced plans to establish wholly-owned subsidiaries in Singapore and Thailand to invest in a liquid ready-to-drink beverage production base in Thailand with an investment amount of $38 million (approximately 268 million RMB) [1] Group 1 - The company will set up a wholly-owned subsidiary, SENPURE FOOD (INTERNATIONAL) PTE.LTD., in Singapore [1] - The company will also establish a subsidiary, YONG MI GUO FOODS (THAILAND) CO.,LTD., in Thailand [1] - The total investment for the beverage production base in Thailand is $38 million (approximately 268 million RMB) [1]

信息显示，上述三家发生工商变更的娃哈哈公司，均是娃哈哈体系内早期成立的企业，其中娃哈哈宏振 包装、娃哈哈饮料有限公司均成立于1995年，娃哈哈百立食品成立于1993年。 三家企业的股权均有着相同的结构：娃哈哈宏振投资有限公司持股51%、娃哈哈集团持股39%，以及浙 江娃哈哈实业股份持股10%。 （文/孙梅欣 编辑/张广凯） 继娃哈哈集团、杭州娃哈哈食品公司之后，许思敏正在从多家娃哈哈公司中，接过企业法人等职务。 不同于之前企业法人变更时许思敏从宗馥莉手中的接棒，近期许思敏任职的多家企业，则直接从宗庆后 的任职变更而来。 企查查APP显示，近期杭州娃哈哈百立食品有限公司、杭州娃哈哈宏振包装有限公司、杭州娃哈哈饮料 有限公司等多家娃哈哈企业发生工商变更，宗庆后卸任法定代表人、董事长职务，由许思敏任法定代表 人、董事、经理职务。 除了许思敏从这三家公司中接替了宗庆后的任职，还有其他多位主要人员发生相同变更，均为尹绪琼、 包民霞进入，曾哲泉、蒋丽洁、郭虹等早期高管退出。 郭虹是娃哈哈在宗庆后时代的"心腹"之一。根据宗馥莉与宗庆后另外三名子女在香港诉讼中公布的信 息，宗庆后正是要求郭虹在汇丰银行代为办理另外三名子女在海 ...

国泰海通晨报 2025 年 12 月 22 日 国泰海通证券股份有限公司 研究所 [Table_Summary] 1、【宏观研究】：本周大宗商品中铜与金表现亮眼，发达市场股票表现优于新兴市场。美国就业 市场仍处于弱而不崩的状态，通胀增速不及预期，二次反弹风险相对可控，美联储短期内或暂停 降息进行观望。日央行如期加息 25BP，未来或仍将缓慢加息。欧央行降息周期或已接近终点。 2、【食品饮料研究】东鹏饮料：管理效率持续提升助力东鹏将大量利润节约下来回馈给渠道及消 费者，迎合了饮料行业消费者对于高质价比愈加重视的大趋势，因此公司品类扩张将超市场预期。 3、【机械研究】核电设备：上周（2025/12/15-2025/12/19）可控核聚变领域动态：上周中标主要集 中在磁体和电源等部件；特朗普媒体科技宣布与 TAE 签署最终合并协议；Gyro Swin 实现秒级 5D 等离子体建模。 [汤蔚翔 Table_Authors] (分析师) 电话：021-38676172 邮箱：tangweixiang@gtht.com 登记编号：S0880511010007 [Table_ImportantInfo] 今日重点推荐 王宇 ...

Core Viewpoint - The article highlights the recent measures taken by various regions to boost consumer spending ahead of the traditional consumption peak season, leading to a rebound in the large consumer sector in the capital market [1] Group 1: Market Performance - The large consumer index rose by 1.33% on December 19, significantly outperforming the Shanghai Composite Index [1] - Sub-sectors such as dairy, retail, and beverage manufacturing saw substantial increases, with Kweichow Moutai, a representative of large consumption, achieving a cumulative increase of 2.36% since December 10 [1] Group 2: Financing and Investment Trends - As of December 18, the total financing balance for the 87 constituent stocks of the large consumer index approached 320 billion yuan, representing an increase of over 45% compared to the end of last year, with over 70% of the financing targets seeing increased investment [1] - Notable stocks such as Rongchang Biologics, Sanhua Intelligent Control, and Sunshine Power experienced financing balance increases exceeding 100% [1] Group 3: Institutional Research and Stock Performance - There are 12 stocks with a financing balance increase of no less than 20%, having received research from 20 or more institutions this year, and with a year-to-date increase of less than 25% [1] - The leading companies in terms of institutional research are Huichuan Technology, Mindray Medical, and Hikvision, with the number of institutional research counts being 1654, 989, and 519 respectively [2]

Group 1 - The core viewpoint of the articles highlights the recovery and growth potential of the consumer sector, driven by policy support and increasing consumer demand during the traditional consumption peak season [1][5][6] - The consumer sector index showed signs of stabilization and rebound, with a 1.33% increase on December 19, outperforming the Shanghai Composite Index [2] - The consumer market is expected to see double-digit growth over the next two years, with retail sales projected to rise from 39.1 trillion yuan in 2020 to 48.3 trillion yuan by 2024, reflecting an average annual growth rate of 5.5% [5][6] Group 2 - The consumer sector is currently experiencing a valuation adjustment, with the consumer index's latest price-to-earnings ratio at 23.29, significantly below the 10-year average of 28.56 [6] - Institutional predictions indicate that the net profit growth for the consumer sector index constituents is expected to exceed 14% in 2026 and 2027, with a projected total net profit of nearly 460 billion yuan for 2025 [6] - A total of 87 stocks in the consumer sector have seen an average increase of over 28% this year, with significant contributions from the electronics and biopharmaceutical sectors [8] Group 3 - Notable stocks such as 汇川技术 (Inovance Technology) and 迈瑞医疗 (Mindray) have received substantial institutional attention, with the former seeing a 22.91% increase in stock price and over 1,600 institutional surveys this year [9][11] - The financing balance for the consumer sector stocks has increased by over 45% compared to the end of last year, with more than 70% of the stocks receiving additional financing [8][11] - Companies like 东鹏饮料 (Eastroc Beverage) are expanding their product lines and exploring overseas markets, indicating a strategic focus on growth and market penetration [10]

Group 1 - The core viewpoint of the news highlights the rapid progress and effective support for major project construction in Shaanxi province, showcasing a strong commitment to economic development and project implementation [2][6][14] - The Zhongmo Green Ecological Intelligent Textile Technology Park project in Meixian was initiated just nine months after signing, reflecting confidence in future development [1] - Since the beginning of the 14th Five-Year Plan, Shaanxi has launched over 2,100 major engineering projects with a total investment of 3.05 trillion yuan, significantly enhancing corporate confidence [2] Group 2 - The service teams for projects have been proactive from the initial agreement stage, ensuring comprehensive support throughout the project lifecycle [3][5] - The Coca-Cola Shaanxi Company project completed construction and began production in just 13 months, setting a record for factory construction speed in China, aided by a full-cycle service guarantee [5] - Various service initiatives, such as the "one project, one special class" system and "friendly and clear" liaison officers, have been established to address enterprise needs effectively [5] Group 3 - The tax service contact card initiative by the Yan'an County Tax Bureau has been tailored to support the construction of the Yan-Yu High-speed Railway, providing essential tax information to project teams [8][10] - By the end of the third quarter, Shaanxi had completed investments of 962.9 billion yuan during the 14th Five-Year Plan, with 1,426 major projects operational, contributing to a robust asset base [11] - The province has implemented a comprehensive leadership support mechanism to address project approval, land use, and funding challenges, enhancing project execution speed [11][14] Group 4 - Baoji city has reported significant progress in key project construction, with the highest opening and completion rates in the province for the first ten months of the year [12] - New projects in Baoji, such as the Jucheng Titanium Industry and other related ventures, are contributing to the local titanium processing industry and expanding into high-end applications [12][13] - Shaanxi's focus on high-quality project construction is seen as a vital strategy for economic stability and growth, with a goal to elevate the provincial economy to a total of 3.5 trillion yuan [14]

转自：智通财经 （智通财经） 智通财经12月21日讯，本周A股三大指数涨跌不一，其中上证指数周涨0.03%，深成指周跌0.89%，创业 板指周跌2.26%。本周零售、医药商业、饮料制造板块涨幅居前，保险、免税概念股表现活跃。 MACD金叉信号形成，这些股涨势不错！ 本周零售板块涨幅居前，其中百大集团周涨51.60%，利群股份周涨31.33%。消息方面，商务部、财政 部12月18日联合印发《关于做好消费新业态新模式新场景试点有关工作的通知》，明确在北京等 50 个 城市开展试点，重点支持智慧商店、即时零售、直播电商等新业态，直接利好百货、超市、连锁业态估 值修复。 本周饮料制造概念股表现活跃，其中欢乐家周涨44.42%，庄园牧场涨35.95%。消息方面，随着2026年 元旦、春节进入倒计时，市场年味越来越浓，大消费概念股表现活跃，食品饮料行业受益于即将到来 的"两节"销售旺季，带动饮料制造板块走强。 周主力资金净流入方面，中国平安、永辉超市主力资金净流入超10亿元。主力资金净流出方面，本周工 业富联、阳光电源、摩尔线程-U、中科曙光主力资金净流出超20亿元。 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误导性陈述或重大遗 漏。 重要内容提示： 1、承德露露股份公司（以下简称"公司"）本次回购注销限制性股票1,144,000股，约占回购注销前公司 总股本1,021,144,074.00股的0.11%，涉及激励对象5名。 2、公司已于近日在中国证券登记结算有限责任公司深圳分公司办理完毕上述限制性股票回购注销手 续。公司本次回购注销事项符合相关法律、行政法规、部门规章、规范性文件、公司章程及《公司2024 年限制性股票激励计划》（以下简称"《激励计划》"或"本激励计划"）等的相关规定。 3、本次回购注销完成后，公司总股本由1,021,144,074.00股变更为1,020,000,074.00股。 一、本激励计划已履行的相关审批程序 （一）2024年3月14日，公司第八届董事会2024年第二次临时会议及第八届监事会2024年第三次临时会 议通过了《关于〈公司2024年限制性股票激励计划（草案）〉及其摘要的议案》。本激励计划激励对象 共计5人，拟授予激励对象的限制性股票数量共计1,300.00万 ...

天眼查显示，近日，江西省农亨生物科技有限公司成立，法定代表人为吴声坎，注册资本1088万人民 币，香港农亨实业有限公司、江西省欢乐禧禧食品有限公司持股。 序号股东名称持股比例1香港农亨实业有限公司51%2江西省欢乐禧禧食品有限公司49% 经营范围含许可项目：食品生产，食品销售，食品互联网销售（依法须经批准的项目，经相关部门批准 后在许可有效期内方可开展经营活动，具体经营项目和许可期限以相关部门批准文件或许可证件为准） 食品进出口，货物进出口，技术进出口，食品互联网销售（仅销售预包装食品），食品销售（仅销售预 包装食品），技术服务、技术开发、技术咨询、技术交流、技术转让、技术推广（除依法须经批准的项 目外，凭营业执照依法自主开展经营活动） 企业名称江西省农亨生物科技有限公司法定代表人吴声坎注册资本1088万人民币国标行业制造业>酒、 饮料和精制茶制造业>饮料制造地址江西省抚州市东临新区红亮综合垦殖场力腾路9号企业类型有限责 任公司（港澳台投资、非独资）营业期限2025-12-19至无固定期限登记机关抚州市市场监督管理局 来源：市场资讯 ...