Group 1: A+H Listing Expansion - The Hong Kong stock market is experiencing a surge in listing applications, with 14 companies submitting applications between April 25 and 28, including industry leaders seeking A+H listings [1] - Three Squirrels aims to become the first A+H snack brand, reporting a projected revenue of 10.622 billion yuan and a net profit of 408 million yuan for 2024, with 70% of revenue coming from online channels [2] - JA Solar has submitted its application for an A+H listing, reporting a projected revenue of 70.121 billion yuan for 2024, but facing a net loss of 4.656 billion yuan due to asset impairment losses [3][4] - Seres has successfully turned a profit in 2024, with a revenue of 1.45176 billion yuan and a net profit of 5.946 billion yuan, driven by increased sales of electric vehicles [5][6] Group 2: Companies Transitioning to Hong Kong - Rebio Biotech has submitted its application to the Hong Kong Stock Exchange after previously attempting to list on the A-share market, reporting a net loss of 437.3 million yuan in 2023 [8][9] - Daji Group, which focuses on innovative radiation surgery solutions, has also shifted its listing application to Hong Kong after previously applying for the Sci-Tech Innovation Board [10][11] - Hongyeji has submitted its application to the Hong Kong Stock Exchange after previously attempting to list on the Shenzhen Stock Exchange, reporting revenues of approximately 1.228 billion yuan in 2022 [12]

白酒：五一临近关注宴席场景拉动，Q1 板块释压预计总体持平微增。本周白酒板块-1.75%， 表现弱于食品饮料整体以及沪深 300，我们认为主要系：①当前处白酒消费淡季，需求端总体 仍偏弱；②25Q1 行业主动调整去库存&高基数背景下报表端预计承压。本周舍得酒业、华致 酒行发布一季报，天佑德酒、顺鑫农业、五粮液、老白干酒发布年报&一季报，总体表现符合 预期（五粮液25Q1略超预期），从目前发布的酒企财报来看预计降速释压仍是酒企24Q4&25Q1 主旋律。五一旺季来临各头部品牌纷纷加码婚宴投入力度，从多地酒店宴席预订量增长情况来 看，五一期间白酒宴席场景预计有增长，或加速行业库存去化节奏，助力行业逐步走出调整。 4 月 25 日中央政治局会议提到，要加紧实施更加积极有为的宏观政策，用好用足更加积极的 财政政策和适度宽松的货币政策，同时，还提到将通过创设新工具精准引导资金流向科技创新、 扩大消费、稳定外贸等领域。当前（2025-04-26）申万白酒指数 PE-TTM 为 19.44X，处于近 10 年 11.49%的合理偏低水位，在中央政治局会议积极定调背景下，建议关注后续具体刺激政 策出台为板块带来的估值修复机会 ...

"零食第一股"来伊份迎来上市以来最大规模的业绩下滑。4月28日晚间，来伊份发布2024年年度报告及 2025年一季度报告。年报显示，来伊份2024年全年营收为33.70亿元，同比下降15.25%，归母净利润 为-7526万元，较上年同期由盈转亏。公司一季度营业收入为10.48亿元，同比下降1.23%；归母净利润 为1243.57万元，同比下降79.72%。 横向对比万辰集团、三只松鼠、良品铺子等休闲零食上市企业的2024年年报可以发现，来伊份的营收、 利润及增速均远落后于同行，其中以量贩零食为主营业态的万辰集团、鸣鸣很忙增速领先行业。另一边 来伊份的利润率却高达40%，对比万辰集团2024年毛利率为10.76%，近期提交招股书的鸣鸣很忙2022- 2024年期间的毛利率稳定在7.5%～7.6%区间。 截至4月29日收盘，来伊份股价为12.86元/股，总市值43.07亿元，较最高值已蒸发约137亿元。 主营业务下滑16.52%，各类产品营收全线下滑 来伊份为施永雷和郁瑞芬夫妇2001年在上海创立。2016年，来伊份正式挂牌上海证券交易所主板，被称 为"中国零食第一股"。 但上市后不久，来伊份便遭遇了增长瓶颈。2 ...

新京报讯（记者王子扬）4月28日晚间，港交所官网披露，量贩零食企业湖南鸣鸣很忙商业连锁股份有 限公司（简称"鸣鸣很忙"）已正式向港交所递交上市申请，联席保荐人为高盛、华泰国际。招股书披 露，2022年、2023年和2024年鸣鸣很忙收入分别为42.86亿元、102.95亿元、393.44亿元。同期，经调整 净利润分别为0.81亿元、2.35亿元和9.13亿元。 2022年—2024年鸣鸣很忙毛利率稳定在7.5%-7.6%区间，净利润率则从1.7%提升至2.1%，经调整后净利 润率保持在2.3%水平。公司通过直连厂商压缩中间环节，依托36个仓库、300公里仓储辐射圈与24小时 物流体系，将存货周转天数压缩至11.6天。由此节省的成本直接转化为对消费者和加盟商的价格让利。 弗若斯特沙利文数据显示，2024年连锁零售商贡献的GMV占中国休闲食品饮料零售行业GMV总额的 57.1%，达到2.1万亿元。中国休闲食品饮料零售行业高度分散，2024年，前五大连锁零售商占6.0%的市 场份额。鸣鸣很忙计划将IPO募资主要投入到门店拓展和升级、供应链优化及数字化建设等，以进一步 提高市场渗透率并满足多元化消费需求。 （文章来源 ...

Core Viewpoint - The article discusses the integration of high-quality agricultural products with differentiated snack food companies, highlighting the efforts of Liangpinpuzi to explore a new development model that combines leisure snacks with specialty agricultural products [1][5]. Group 1: Company Developments - Liangpinpuzi's new chairman, Cheng Hong, aims to lead the company in exploring the integration of leisure snacks and specialty agricultural products, leveraging her background in agricultural public brand research [1][5]. - On April 28, Liangpinpuzi announced a partnership with seven counties in Hubei, including Zhiqu and Honghu, during the "Taste of China Good Ingredients" event [1][5]. - The company reported a revenue of 7.159 billion yuan for 2024, a year-on-year decrease of 11.02%, and a net profit of -46 million yuan, indicating a shift to losses compared to the previous year [5]. Group 2: Agricultural Development - The "Accelerating the Construction of an Agricultural Power Plan (2024-2035)" document emphasizes the importance of high-quality agricultural development and the need to tap into rural specialty resources [4]. - The event highlighted the significance of quality control in agricultural products, with Honghu's government emphasizing a comprehensive quality supervision system from farm to table [7]. - The brand value of Honghu lotus root has shown significant market premiums, with an average premium of about 17% in the general market and up to 30% in high-end channels like JD and Hema [7]. Group 3: Market Strategy - Cheng Hong stated that the key to breaking the market barriers for specialty agricultural products lies in the deep integration of regional public brands and the inherent advantages of the origin [8]. - The company aims to enhance consumer trust through standardized quality control, allowing high-quality products to showcase the value of good raw materials in the market [8].

曾经的网红零食品牌，又要赴港上市了。 近日三只松鼠向港交所递交招股书。这家成立于2012年，踩着电商红利在淘宝崛起的品牌，曾以年销百亿的业绩跻身行业头部，2019年登陆深交 所，成为"网红零食第一股"。 那是三只松鼠最风光的时候，其创始人兼CEO章燎原曾回忆，得知成功过会消息后，他转身给妻子发微信，自豪地说"搞的第一个上市公司"。当 时，章燎原以95亿元身家坐上了安徽首富的位置。 但就在上市后，三只松鼠业绩就迅速变脸，上市当年，三只松鼠的净利润就同比下降了21.43%，2020年到2023年，营收则四连降。因为过度依赖 线上渠道、营销成本高企的问题，业绩陷入低谷，股东也频频减持。 颓势在2024年才略有所好转。凭借着抖音流量和"降价"两个杀手锏，三只松鼠在2024年以106亿元营收、归母净利润4.08亿元，重回百亿俱乐 部。 来源丨凤凰网财经《IPO观察哨》 就在业绩回暖但还没坐稳时，三只松鼠就官宣了赴港上市。又拿下了一个"第一"——是国内首个谋求"A+H"双上市的零食品牌。 4月29日，三只松鼠市值106亿元，股价26.47元/股，较2020年最高点的股价已跌去了七成。解析招股书，三只松鼠还是三只松鼠，依赖 ...

10:30过后，新消费概念开始发力。港股方面，茶饮股走强，古茗上涨4.56%，股价再创历史 新高，蜜雪集团、茶百道、奈雪的茶也都上涨。A股方面，宠物经济、美容护理板块大涨，中 宠股份、润本股份等盘中股价创历史新高。"量贩零食第一股"万辰集团上涨8.25%，股价再创 历史新高。 今年以来，谁是市场最强的人气品种：是"AI+人形机器人"组合，还是新消费？ 今天上午，这两大板块"打了个平手"。早盘阶段，"AI+人形机器人"组合率先走强，其中，人 形机器人板块走势更猛，细分领域PEEK材料板块大涨。 截至上午收盘，上证指数下跌0.03%，深证成指上涨0.09%，创业板指上涨0.05%。 人形机器人板块大涨 今天上午，人形机器人板块对市场情绪起到明显提振作用。 细分领域PEEK材料板块上午大爆发，涨幅居同花顺概念板块第一，聚赛龙等个股"20CM"涨 停。PEEK材料板块大涨，带动塑料、碳纤维、化学制品等板块走强。 | 成分股 | 星金 | 资金 | 板块分析 | 新闻 | | --- | --- | --- | --- | --- | | ●展开分析 | | 最新 | 涨幅 = | 流通市值 | | 富恒新材 | | ...

推出高性价比零食水饮货盘，看好线下分销业务发展。公司目前在分销渠道推出了高性价比零食水饮货 盘，且不断丰富产品矩阵。根据渠道反馈，线下分销3 月增速达215%，其中肉食增长506%，方便素食 增长2745%，瓜子炒货增长653%，涌现较多爆款产品，如火鸡面、肉食大礼包、八宝粥等，随着公司 逐步加大分销招商铺货力度，线下分销有望贡献积极增量。 投资建议：我们预计公司2025-2027 年营业收入分别为138.20/180.28/208.06 亿元，分别同比增长 30.11%/30.44%/15.41%，预计公司2025-2027 年实现归母净利润4.70/6.91/8.42 亿元，分别同比增长 15.32%/47.00%/21.86%，对应25-27 年PE 为23.7/16.1/13.2X，维持"强烈推荐"评级。 风险提示：行业竞争加剧、渠道拓展不及预期、成本上升风险等 毛利率有所下降。25Q1 实现毛利率26.74%，同比-0.66pct，预计主要系春节错期影响基数较高。 阶段性费用投入增加，费用率有所上升。25Q1 期间费用率为20.61%，同比+2.81pct，其中销售费用率 为18.67%，同比+2. ...

Group 1 - The public offering of index-enhanced funds is experiencing explosive growth, with new issuances this year reaching nearly seven times that of the same period last year, despite recent stagnation in fund size growth [1] - The stagnation is attributed to high investor cognitive barriers and the instability of excess returns, prompting fund companies to optimize strategies and innovate services to explore new opportunities in index investment [1] Group 2 - Alibaba has open-sourced its new Qwen3 model, which has one-third the parameters of DeepSeek-R1, significantly reducing costs while outperforming leading models [1] - The Qwen3 model integrates "fast thinking" and "slow thinking" within a single framework, utilizing a mixture of experts architecture, with a total parameter count of 235 billion and activation requiring only 22 billion [1] Group 3 - OpenAI is entering the e-commerce space by allowing users to purchase products through ChatGPT, redirecting them to merchant websites for checkout [2] - The product recommendations are based on user preferences and reviews from across the web, with OpenAI not charging affiliate marketing fees for purchases made through ChatGPT [2] Group 4 - The oil service industry is facing challenges due to falling international oil prices, but companies like CNOOC Services and Jereh are reporting stable performance in their Q1 2025 results [3] - Oil service companies are diversifying their operations to enhance competitiveness in response to potential risks from oil price fluctuations [3] Group 5 - Several A-share companies are changing their stock names to reflect strategic transformations and enhance brand image, with over 20 companies reported to have announced name changes this year [8] - The name changes are seen as a way to attract investor attention and signal new directions for the companies [8] Group 6 - Foton Motor announced plans to subscribe for up to 2.5 billion yuan worth of shares in Beiqi Blue Valley, which is raising up to 6 billion yuan in total [9] - This transaction is classified as a related party transaction and does not constitute a major asset restructuring [9] Group 7 - Greenland Holdings reported a net loss of 247 million yuan in Q1 2025, with revenues declining by 30.97% year-on-year [10] - Gree Real Estate also reported a loss of 90.96 million yuan in Q1 2025, with revenues down 58.54% compared to the previous year [11]

今日早参 2025 年 4 月 29 日 何康 策略首席研究员兼金融工程联席首席 研究员 座机：021-28972202 邮箱：hekang@htsc.com 张继强 研究所所长、固收首席研究员 座机：13910012450 邮箱：zhangjiqiang@htsc.com 今日热点 策略：资金透视：配置型外资转向流入 1 今日早参 | 2025 年 4 月 29 日 上周，资金面延续平淡：1）交易型资金中，融资余额仍稳定在 1.8 万亿附 近，行业 ETF 净流出收窄，方向上，短线资金对于业绩预期改善、成长方向 关注度有所回升；2）配置型外资转向净流入，被动配置型外资是净流入主 力，主动配置型外资净流出收窄，仓位视角，4 月初，亚洲配置型外资持有 A 股仓位创 2024 年以来新高，而全球配置型基金仓位相对稳定；3）逆势资 金流入态势放缓，宽基 ETF 转向净流出，产业资本转向净减持，但回购资金 积极入市，回购预案规模仍在 2016 年以来相对高位。 风险提示：1）估算持仓模型失效；2）数据统计口径有误。 研报发布日期：2025-04-28 研究员 何康 SAC:S0570520080004 SFC:BRB ...