针对即时零售、硬折扣超市等新型业态，总经理赵惠卿称，公司通过专项优化产品包装设计与供货服务 体系，提升渠道适配效率与市场响应速度。 前三季度收入同比下滑的同时，经销商数量较年初也有所减少。董秘于航航对此解释为"经销商数量的 合理精简，并非渠道布局的收缩"。公司主动实施"渠道瘦身健体"战略，淘汰运营低效、回款能力薄 弱、区域覆盖重叠的经销商，并同步加大对优质经销商的培育力度。 智通财经12月26日讯（记者 吴蔚玲）维维股份（600300.SH）前三季度收入同比下滑，其渠道拓展、产 品布局等方面受到投资者关注。在今日召开的业绩会上，公司管理层表示，公司在优化经销商体系，并 积极向即时零售、硬折扣超市等新业态靠拢，布局健康化产品，顺应消费市场新趋势。 渠道方面，于航航补充表示，全渠道融合、B端市场开拓以及区域市场深耕将成为渠道拓展的重点。一 方面，线下端，聚焦终端提质、客情深化等方面巩固传统渠道优势，同步拓展社区团购、硬折扣超市、 新兴零食连锁等高效业态；线上端，加大直播带货的布局力度。另一方面，聚力开拓B端市场，积极拓 展学校、养老机构等团购渠道，培育营收增长新引擎。此外，针对消费增长较快的区域加大渠道下沉力 度 ...

机构：海通国际 研究员：Xiaorui Hu/闻宏伟 食品饮料行业多赛道布局，全方位营销持续增强品牌力。中国旺旺历经六十余年发展，已成为全国闻名 的食品饮料龙头企业，业务范围覆盖米果、乳饮料、休闲食品等多个赛道。公司股权结构集中，内部治 理稳定，公司高管多数拥有丰富的行业经验。旺旺积极开展多方位营销，通过设计广告语和打造品牌IP 极大提升了品牌知名度，使得旺旺成为了家喻户晓的国民品牌。 支柱业务乳饮料稳健扩容，新品新渠道驱动米果复苏，新兴渠道及市场成增长引擎。收入贡献半数以上 的乳饮料品类FY18-24CAGR 约3.7%，乳饮料兼具乳制品和软饮料的属性，近年来受益于消费者对口味 的需求增长稳健，大单品旺仔牛奶所属的中性含乳饮料赛道前景良好且竞争相对和缓，我们预计FY25- 27 乳饮料收入增长0.5%/2%/2%。米果业务FY25H1 新品占收入比已达双位数，在新渠道及新品带动下 预计将近一步恢复增长，预计FY25-27 米果收入增长3.5%/2%/2%。休闲食品中糖果收入保持较好增 长，我们预计FY25-27 休闲食品收入增长5%/4%/4%。公司积极通过组织变革、拓展新兴渠道和发力海 外市场寻求突破，尽 ...

证券研究报告 | 金融工程 gszqdatemark 2025 12 26 年 月 日 量化分析报告 攻守兼备，穿越周期——华夏中证 A500ETF 基金投资价值分析 中证 A500 是适合作为风险分散的配置资产 1）中证 A500 指数未来一年预期收益为 12.9%。我们对各分项进行预 测并加总得到：未来一年中证 A500 预期收益为 12.9%，其中盈利预计有 较强支撑，贡献 8.7%的收益，估值项预测仍有 3%的上涨空间。 中证 500ESG 基准指数和中证 500 指数基日以来累计收益分别为 3.96% 和 2.42%，ESG 负面剔除后的指数超额收益显著，且年化波动率更低。 3）指数成分股：大市值、高流动性。中证 A500 指数前十大成分股龙头集 中度高，新经济与传统经济均衡配置，充分体现 A500 指数"大盘蓝筹 + 行业龙头"的编制特征。从中证 A500 指数成分股中信一级行业分布来看， 主要集中在电子、电力设备及新能源、银行、有色金属、医药等行业。中 证 A500 指数成分股在行业龙头、陆股通重仓、核心资产、基金重仓、成 交主力等概念的暴露较高，具备较好的市场流动性和较高的机构认可度。 华夏中 ...

海南岛，阳光、沙滩，以及诱人的免税商品，构成了许多人对这片热土的印象。然而，当你为一件比内地便宜不少的奢侈品而欣喜时，是否意识到，自己可 能正参与一场关乎十几亿人财富未来的深刻变革？ 故事的源头，要追溯到中国作为"世界工厂"的辛勤积累。经过无数个日夜的努力，我们积累了庞大的外汇储备，这笔凝聚着无数人汗水的"血汗钱"，却面临 着一种尴尬的境地。我们不得不将这些美元大量购买美国国债，这无疑是将财富存放在一个自身债务缠身，且信用风险日益增加的邻居家中。日益膨胀的美 国国债规模，以及巨额的利息支出，都让人感到不安。 更令人担忧的是，西方国家手中握有的金融"核弹"。2022年，俄罗斯海外资产被冻结的事件，无疑敲响了警钟。这让我们不得不思考，如果类似的风险降 临，我们庞大的外汇储备是否也会瞬间失去流动性？ 正是在这样的背景下，2025年12月18日海南全岛封关运作，就显得意义非凡。这绝非简单的"买买买"，而是一盘深谋远虑的大棋局，旨在为国家财富寻找一 条安全通道，打造一艘能够抵御金融风暴的"诺亚方舟"。 这盘棋的布局，早已超越了海南岛的范围。我们与沙特等石油大国探讨使用人民币结算石油，金砖国家也在积极构建独立于西方体系的 ...

作者丨周芮 出品丨牛刀商业评论 （图源：康师傅公众号） 在饮品业务的管理实践中，魏宏丞已展现出精准贴合市场趋势的创新洞察力与执行力。面对消费升级下 健康化、多元化的需求浪潮，他带领团队对核心产品进行系统性革新。 国民级大单品 "冰红茶" 全面布局 "无糖 + 低糖高纤" 赛道，顺势推出长岛冰茶风味、劲凉双倍薄荷等年 轻化创新口味；"茉莉" 系列以无糖茉莉花茶为核心，延伸出茉莉龙井等跨界新品。 800 亿营收规模的快消巨头康师傅控股，正式迈入家族传承的关键阶段。 12 月 18 日晚间，公司公告官宣重磅人事调整：创始人魏应州第三子、43 岁的魏宏丞将出任新任 CEO，自 2026 年 1 月 1 日起生效。 这位手握哈佛 MBA 学位、深耕饮品业务十余年的 "少帅"，将与胞兄、现任董事会主席魏宏名携手， 构建 "兄弟共治" 的核心管理格局，接过这家国民级企业的治理大权。 魏宏丞的上位并非临危受命，而是深耕多年后的水到渠成。 自 2015 年跻身康师傅饮品控股董事阵营，2019 年升任事业部董事长，他主导核心饮品业务已逾十年， 交出了一份堪称亮眼的成绩单：任期内，饮品板块营收从 2019 年的 356 亿元稳步攀 ...

Core Viewpoint - The "Qihang·2025 Financial Annual Conference" held in Beijing emphasizes the theme of "crossing cycles, resilient growth," focusing on the high-quality development of listed companies and their role in China's modernization efforts [1][3]. Group 1: Event Highlights - The event gathered leaders from regulatory bodies, industry associations, financial institutions, and representatives from over 200 listed companies to discuss development paths and empower the capital market [1]. - The 2025 14th "Golden Wisdom Award" was announced, recognizing over 140 companies, including Haier Smart Home, Leyard, and Dongpeng Beverage, as models of high-quality development from more than 8,000 A-share, Hong Kong stock, and Chinese concept stock companies [1]. Group 2: Economic Context - The CFO of Financial界, Zhu Ying, highlighted the accelerating global changes and geopolitical tensions, indicating that the Chinese economy faces dual pressures from external uncertainties and internal transformation [1]. - The year 2026 is identified as a critical year for implementing the "14th Five-Year Plan" and addressing key economic challenges, including financial strength, technological independence, and revitalizing the capital market [1]. Group 3: Financial界's Role - Financial界 has over 20 years of experience in the financial sector, establishing core advantages in information dissemination and professional research [3]. - The platform produces over 50,000 financial information pieces daily, reaching more than 20 million targeted financial audiences, with a cumulative reading volume of 6 billion on the Toutiao platform [3]. - The organization aims to continue leveraging its platform to build precise cooperation bridges for listed companies and contribute to the resilient development of the Chinese economy [3].

Core Insights - The new consumption sector in 2025 has transitioned from "extreme enthusiasm" to "intense divergence," with pricing gradually returning to rationality [1][5] - Despite market fluctuations, demand for new consumption remains strong, leading to an optimistic outlook for the future [1][5] Group 1: Market Dynamics - The new consumption market has experienced a "roller coaster" of emotions and pricing, shifting from extreme enthusiasm for innovative models to significant divergence, resulting in substantial valuation fluctuations [2][7] - The market is now reassessing the quality and quantity of growth, focusing on management capabilities and potential changes in competitive dynamics due to significant capital influx [2][7] - The consumption market exhibits a clear "K-shaped recovery," where high-net-worth individuals drive high-end consumption recovery, while middle and low-income groups face slower recovery due to employment and income expectations [2][7] Group 2: Investment Opportunities - 2025 is characterized as a year of full pricing for innovation in the new consumption sector, emphasizing the importance of supply-demand "innovation" [3][8] - Companies that can proactively innovate and adapt to changes will gain a competitive edge, particularly those enhancing consumer experiences through supply chain empowerment and emotional value satisfaction [3][8] Group 3: Future Outlook - Looking ahead to 2026, attention should be paid to the "aftereffects" of high prosperity, as an increase in IPOs and active financing and mergers may lead to supply excess and intensified competition [4][9] - Three key areas to watch include: 1. Platform companies capable of navigating cycles, as single-brand models often face limitations [4][9] 2. Early participants in emerging trends, such as health-related products, which are expected to grow rapidly due to rising health awareness and social media-driven consumption [4][9] 3. Companies successfully expanding overseas, where manufacturing often scales more easily than branding, particularly in functional products [4][9] - The new consumption sector must continue to evolve, balancing innovation with an understanding of competitive dynamics and corporate capabilities [4][9]

Core Insights - The Hong Kong Goodies Festival has successfully attracted significant consumer interest, with over 1 billion online exposures and 10 million live stream views during its second edition in August 2025, marking a substantial growth from its inaugural event [1][2][5] Group 1: Event Overview - The second edition of the Hong Kong Goodies Festival featured nearly 260 brands across various categories, including food and beverages, personal care, and digital products, leveraging major platforms like Taobao, JD.com, and Douyin for promotion [2][5] - The festival serves as a vital bridge for connecting resources between the Guangdong-Hong Kong-Macao Greater Bay Area, enhancing consumer integration and brand visibility for Hong Kong enterprises [1][5] Group 2: Market Opportunities - The festival capitalizes on the expanding mainland e-commerce market, which saw online retail sales surpass 15 trillion yuan in 2025, with social and live commerce accounting for over 40% of this figure [5] - Hong Kong brands are positioned to meet the rising consumer demands for quality, design, and safety, offering a competitive edge in various niches such as personal care, health supplements, and digital products [5] Group 3: Future Developments - The third edition of the Hong Kong Goodies Festival is scheduled for August 2026, focusing on enhancing the capabilities and long-term growth of Hong Kong businesses through a comprehensive support system [7][11] - The festival will introduce a "Discount Month" event, providing free access for merchants and integrating resources across major platforms to maximize brand exposure and consumer engagement [7][18] Group 4: Support and Training - A full-spectrum empowerment system will be established, offering free training, one-on-one consultations, and workshops to address common challenges faced by Hong Kong merchants in the mainland e-commerce landscape [11][18] - The initiative includes specialized training programs covering various aspects of e-commerce operations, from entry-level guidance to advanced strategies, ensuring merchants are well-equipped to navigate the market [11][18]

编者按：消费者的信任与喜爱，是面向大众的消费企业最宝贵的市场资源。近年来，随着消费品牌与公司经营全流程环节的绑 定程度不断加深，每一次消费产品舆情的出现、演变和定调，既考验其品牌长期建设和应急策略的有效性，也反映了其整体企 业文化与运作机制中的特征。 南方财经全媒体·21世纪经济报道消费新闻部长期关注消费类企业的舆情动态，在跟进新闻动态、传递有效信息和反映消费者诉 求的基础上，希望以每一次典型舆情案例的出现和应对为切口，观察企业在面对突发性公共事件和舆论环境变化时的处理过 程，从而以更全面的视角看待企业在品牌、市场运营管理中的得失，从而为行业做出预警和警示。 为此，南财·21消费新闻部综合企业在舆情预警与回应中涉及的公开操作维度，形成量化评分机制——具体而言，包含舆情管理 及响应、舆情回应、事件处理、品牌影响四个一级指标和预防机制、回应直接度、信息透明度、处理长效性等14个二级指标， 按照百分制根据重要性对不同指标赋值并打分，并以《消费舆警指数》对企业的应对速度、态度与有效度进行分析评价，为企 业品牌管理与消费者的品牌认知提供参考。 舆情事件：紫燕百味鸡店员偷取已付款商品 南财点评：从紫燕百味鸡整理回复内容来 ...

金融工程 | 证券研究报告 — 周报 2025 年 12 月 26 日 中银量化多策略行业轮动 周报 – 20251225 当前（2025 年 12 月 25 日）中银多策略行业配置系统仓位：非银行金融 （11.8%）、银行（9.3%）、交通运输（9.1%）、食品饮料（7.6%）、基 础化工（7.3%）、钢铁（6.9%）、通信（6.0%）、石油石化（4.7%）、 家电（4.3%）、机械（3.7%）、煤炭（3.7%）、综合金融（3.6%）、有 色金属（3.5%）、建材（3.5%）、综合（3.4%）、农林牧渔（3.4%）、 电 力 设 备 及 新 能 源 （ 3.4% ） 、 电 子 （ 2.5% ） 、 电 力 及 公 用 事 业 （1.2%）、建筑（1.2%）。 相关研究报告 《中银证券量化行业轮动系列（七）：如何把 握市场"未证伪情绪"构建行业动量策略》 20220917 《中银证券量化行业轮动系列（八）："估值泡 沫保护"的高景气行业轮动策略》20221018 《中银证券宏观基本面行业轮动新框架：对传 统自上而下资产配置困境的破局》20230518 《中银证券量化行业轮动系列（九）：长期反 转-中期动量- ...