市场调整期的裁员方向值得关注。 2025年10月16日，雀巢宣布，计划在今后两年内削减约1.6万个工作岗位，相当于其员工总数的6%。具 体来看，该次裁员将涉及约1.2万个白领职位，覆盖所有职能和地区。另有约4000个岗位将通过在生产 与供应链领域持续推进的生产力提升举措达成。 12月23日，有媒体发布了对雀巢新任首席执行官费耐睿（Philipp Navratil）的专访，费耐睿谈到了裁员 问题。 "这确实比自然减员更多。我们评估了多个流程，例如内部管理报告或采购流程，看看如何更高效运 作。我们还集中了一些服务，例如市场营销。以奈斯派索为例，我不会为每个市场都拍一部乔治·克鲁 尼的广告片，而是只会拍一次，然后在各个市场将其本地化。我们把资源更多投入到销售团队，而不是 重复劳动。"他说。 费耐睿的潜台词或许是，市场营销板块是该次裁员的重点区域，销售板块则显得相对稳定。 最新财报显示，在今年前9个月，雀巢集团的总销售额为659亿瑞士法郎，同比下降1.9%。有机增长率 为3.3%，所有大区和全球直管业务均实现正增长。实际内部增长率增至0.6%，定价贡献率稳定在 2.8%。汇率变动带来了5.4%的负面影响，净收购则带来 ...

Group 1 - The core viewpoint of the articles highlights the significant rebound in the consumer sector, particularly driven by the rising prices of premium liquor such as Moutai, which has seen substantial price increases recently [3][5][6] - The Consumer ETF (159928) has experienced a net inflow of over 700 million yuan in the last three days, indicating strong investor interest and confidence in the consumer sector [1][3] - The valuation of the Consumer ETF is currently at a TTM P/E ratio of 19.21, which is at a low point historically, suggesting high valuation attractiveness compared to the past decade [3][6] Group 2 - Moutai's price increase is attributed to the company's "quantity control" policy, which aims to reduce non-standard product quotas and enhance distributor confidence [5][6] - The demand for liquor has increased as the market enters a peak consumption season, leading to higher sales volumes for distributors [6][7] - Major liquor companies are focusing on maintaining price stability and channel profitability amid ongoing industry adjustments, with strategies aimed at developing new consumer segments and adapting to market changes [7][10] Group 3 - The articles discuss the broader recovery trends in the consumer sector, emphasizing the importance of Return on Assets (ROA) as a leading indicator for operational recovery [9][10] - The current market environment shows a shift from expansion to competition based on existing market shares, with companies focusing on operational efficiency and consumer demand [6][9] - The investment strategy suggests focusing on sectors with stabilizing ROA and potential for valuation recovery, particularly in traditional industries like liquor and dairy [10][11]

12月25日盘后，白酒板块直线拉升，食品饮料ETF(515170.SH)盘中涨超1%，权重股"茅五泸汾洋"齐齐 上涨超1%，水井坊（600779）涨停，酒鬼酒（000799）涨超4%。消息面上，12月24日，北京带头进一 步放宽住房限购政策，新一轮房地产提振措施，有望推动顺周期复苏。 整体上，食品饮料ETF(515170.SH)及其联接基金(华夏食品饮料ETF联接C：013126，联接A：013125)是 个人投资者低资金门槛、分散化把握行业底部贝塔修复机会的好工具。 截至12月25日收盘，2025年A股仅剩4个交易日。31个申万一级行业中，食品饮料行业表现最差，年初 至今跌幅超-7%，位列倒数第一，如果在剩下的6个交易日里不能弥补-7%的跌幅，这将是食品饮料行业 连续第5年收益为负。 食品饮料ETF(515170.SH)，标的指数为中证细分食品饮料产业主题指数(000815.CSI)，与纯酒类指数相 比，细分食品指数摒除三四线酒企，主要覆盖贵州茅台（600519）、五粮液（000858）、泸州老窖 （000568）、山西汾酒（600809）、洋河股份（002304）等一二线白酒龙头企业，合计权重近六成，同 ...

2025年末，食品饮料板块连续调整的第年，食品主题基金再度新发。 12月22~12月26日，食品ETF华夏（代码：159151）正在发行中。与2020年发行的食品饮料ETF（515170.SH）有所不同，食品ETF华夏（代码：159151） 跟踪中证全指食品指数（H30192.CSI），该指数剔除了白酒，更纯粹聚焦大众品，底部刚需韧性更强。其中调味发酵品（25.39%）、乳品（17.57%）、 肉制品（10.04%）、零食（6.60%）、预加工（5.69%）等细分行业，伊利股份为第一大权重股，其余权重股包括海天味业、双汇发展、安琪酵母、中粮 糖业、金龙鱼、安井食品、新诺威等。 从2025年前三季度来看，食品行业剔除白酒后收入、利润增速逐步平稳。其中，零食、软饮料、调味品三大细分子板块的收入增速居前，分别为 31.1%/10.8%/3.8%。 食品饮料行业及主要子板块收入及利润增速 | 板块 | | | 收入同比增速 | | | | | 图解膜系统的日 | | | | | 防承受因尽 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | -- ...

差异来源于行业供需、产业链结构等，共性体现在存量市场竞争是主流现象，企业提升销量以消化产 能、提升自身运营效率以适应市场变化是核心发展方向，认为ROA 是消费企业经营复苏前瞻指标，同 时对不同细分板块展开分析。 智通财经APP获悉，华源证券发布研报称，从食品饮料行业复苏节奏先后来看，当前时点软饮料、零食 ＞餐饮供应链＞调味品、乳制品、啤酒＞白酒。重视ROA 企稳的调整尾声、复苏起点板块，首先这些 板块可能存在估值修复的机会，其次在这类板块中寻找"价"或"量"仍景气的细分赛道，认为价仍是最优 选逻辑，量是次选。 华源证券主要观点如下： 复盘不同消费板块的复苏节奏，既有差异又有共性 透过ROA，结合企业与渠道的表现判断行业复苏节奏，该行总结企业与渠道调整的阶段分别为：①供 大于求→②企业及渠道存量竞争价格战→③渠道利润压缩甚至亏损，部分渠道库存高企→④渠道现金流 紧张→⑤企业协助渠道去库存、费效降低，企业或收入下滑、或净利率下降→⑥渠道利润好转，渠道供 需新平衡→⑦企业收入同比增速转正。从行业复苏节奏先后来看，当前时点软饮料、零食＞餐饮供应链 ＞调味品、乳制品、啤酒＞白酒。 通过对日本90年代消费分化的分析，对逆 ...

Core Viewpoint - The integration of intangible cultural heritage (ICH) into contemporary advertising has gained momentum, with advertising acting as a catalyst for the commercialization and industrialization of ICH, thereby promoting its protection and revitalization [2][3][4]. Research Background - Since 2019, there has been a notable rise in ICH-themed advertisements, reflecting a growing public interest and discussion around ICH, driven by the national trend of "Guochao" (national tide) [2][3]. - Advertising serves as a bridge between supply and demand, helping to clarify the needs of ICH and stimulate its market entry, thus facilitating the transition from products to commodities [4]. Literature Review - Research on the intersection of advertising and ICH is limited, primarily consisting of case studies that focus on specific cultural elements rather than a comprehensive analysis of ICH in advertising [5][6]. - The existing literature can be categorized into three main directions: marketing strategies for specific ICH projects, the role of advertising in ICH protection, and the practical implications of ICH in advertising education [6]. Research Methodology and Design - The study analyzes award-winning advertisements from the China Advertising Great Wall Awards and the Yellow River Awards from 2006 to 2021, focusing on the use of ICH elements [7]. - A total of 191 advertisements incorporating ICH elements were identified from a sample of 3,424 award-winning works, providing a comprehensive overview of ICH in advertising [7]. Trends in ICH Usage in Advertising - The proportion of advertisements using ICH elements has shown an upward trend, particularly from 2019 to 2021, coinciding with the rise of national cultural pride [9][10]. - In the Yellow River Awards, the use of ICH elements has remained relatively stable, maintaining a 10% to 20% share, with a focus on traditional festivals and cultural themes [10][12]. Categories of ICH Usage - Folk customs dominate the use of ICH in advertising, followed by traditional crafts, traditional arts, traditional drama, and folk literature [15]. - The advertising industry frequently utilizes folk customs related to traditional festivals, which serve as significant marketing opportunities [16]. - Traditional crafts are presented in various forms, emphasizing their cultural significance and craftsmanship in both commercial and public service advertisements [17]. Evolution of ICH Usage in Advertising - The use of ICH elements has diversified, transitioning from a focus on state-sponsored initiatives to a broader engagement by commercial brands across various sectors [19][20]. - The presentation of ICH in advertising has evolved from simple representation to innovative and interactive formats, reflecting changes in media and consumer engagement [21][22]. Forms of ICH Presentation in Advertising - ICH and brands are increasingly coexisting, with brands integrating ICH into their identity and marketing strategies [22]. - Commercial brands are leveraging ICH to enhance their image and appeal to modern consumers, often through collaborations and innovative product offerings [26][27]. - Short-term collaborations with non-profit organizations and commercial brands are becoming common, highlighting the cultural and social value of ICH [30][31]. Summary and Outlook - The increasing collaboration between brands and ICH is fostering a mutually beneficial relationship, enhancing brand identity while promoting the cultural significance of ICH [35][36]. - The future of advertising will likely see continued innovation in the integration of ICH, as brands recognize its economic potential and cultural value, leading to a more vibrant and sustainable ICH ecosystem [36].

Domestic Market Overview - The domestic market experienced a steady rise, with the Shanghai Composite Index closing at 3940.95 points, up 0.53%, and the Shenzhen Component Index closing at 13486.42 points, up 0.88% [1][9] - Among the 30 sectors tracked, 26 saw gains, with notable increases in construction materials, defense, and electronics, while agriculture, coal, and food and beverage sectors faced declines [1][9] - The total trading volume for the A-share market was 189.72 billion yuan, showing a slight decrease from the previous day [1][9] Overseas Market Overview - The U.S. stock market recorded five consecutive days of gains, with the S&P 500 index reaching a new historical high, closing up 0.32% [2] - The Dow Jones increased by 0.6%, while the Nasdaq rose by 0.22% [2] Key Drivers - The People's Bank of China held a quarterly monetary policy meeting, emphasizing the need for integrated effects of incremental and stock policies to maintain low financing costs and stabilize the capital market [10] - On the same day, 4128 stocks in the A-share market rose, with 306 stocks increasing by over 5% [10] Industry Developments - The Chinese government released a document to support the construction of the Western Land-Sea New Corridor, proposing 21 key measures to enhance financial cooperation and support high-quality development [11] - The Ministry of Commerce continues to encourage foreign investment in advanced manufacturing, with a focus on sectors such as nucleic acid drug development and smart energy management systems [11] - A new fund for the commercial aerospace industry was launched, with an initial scale of 1-2 billion yuan, targeting investments in low-orbit satellite constellations and reusable launch vehicles [14]

中国银河（601881）证券发布研报称，12月食品饮料指数有所回调，判断主要原因为中秋错期导致11月 度动销数据环比略有放缓，以及2026年春节备货期较晚或导致Q4报表端收入增速面临一定压力。板块 内部来看，零食、调味品与预加工食品指数实现小幅正收益。展望2026年，该行仍然维持此前判断，新 消费仍具持续性但内部将会轮动，而传统消费有望迎来底部改善。 头部酒企定调2026年战略，逆周期调节与长期变革并行 截至2025年12月23日，食品饮料行业跌幅3.1%，相对于全A指数的超额收益为-4.9%，在31个子行业中 排名第28，排名相较于11月有所下降。半数子板块上涨，其中零食、调味发酵品、预加工食品涨幅靠 前，分别为+3.6%、+3.0%、+2.6%。 1)逆周期调节，主要酒企均提到短期行业将持续面临周期下行的客观压力，因此将维护价格体系、稳定 渠道利润空间视为重点工作，具体措施包括大力发展高渠道利润率的大单品、加大费用投放提升经销商 积极性。2)推进长期变革，一是需求端继续培育新产业（300832）客群、年轻客群;二是产品端开发符 合新消费趋势的产品(例如茅台省属配方酒、五粮液（000858）低度酒、汾酒竹叶 ...

公司发布的三季报数据显示，前三季度公司共实现营业收入4.67亿元，同比增长3.00%，实现净利润 2321.70万元，同比增长8.95%，基本每股收益为0.1000元，加权平均净资产收益率4.01%。（数据宝） 证券时报·数据宝统计显示，安记食品所属的食品饮料行业，目前整体涨幅为0.34%，行业内，目前股价 上涨的有77只，涨幅居前的有安记食品、日辰股份、南侨食品等，涨幅分别为10.01%、3.35%、 2.64%。股价下跌的有38只，跌幅居前的有得利斯、皇氏集团、*ST椰岛等，跌幅分别为2.63%、 2.63%、1.23%。 两融数据显示，该股最新（12月24日）两融余额为2.52亿元，其中，融资余额为2.51亿元，近10日增加 1.35亿元，环比增长116.85%。 安记食品股价创出历史新高，截至9:38，该股上涨10.01%，股价报29.57元，成交量1755.36万股，成交 金额5.12亿元，换手率7.46%，该股最新A股总市值达69.55亿元，该股A股流通市值69.55亿元。 （文章来源：证券时报网） ...

后市展望： 周三，市场三大指数震荡拉升，沪指六连阳。三大指数集体高开，沪指高开 0.01%， 深成指高开 0.07%，创业板指高开 0.07%。随后指数震荡走弱，三大指数一度翻绿。截至 午盘收盘，三大指数窄幅震荡，三大指数集体翻红。盘面上，商业航天概念持续走强；福 建板块再度走强；半导体板块表现活跃。午后，指数震荡走强，最终三大指数均收红。总 体上个股涨多跌少，国防军工、电子、建筑材料、轻工制造和机械设备等行业表现靠前； 农林牧渔、煤炭、食品饮料、银行和传媒等行业表现靠后。概念指数方面，太赫兹、商业 航天、同花顺果指数、卫星导航和大飞机等板块表现靠前；乳业、动物疫苗、猪肉、养鸡 和芬太尼等板块表现靠后。 证券研究报告 2025 年 12 月 25 日 星期四 【A 股市场大势研判】 沪指六连阳 市场表现： | 指数名称 | 收盘点位 | 涨跌幅 | 涨跌 | 上证指数分时图 | | --- | --- | --- | --- | --- | | 上证指数 | 3940.95 | 0.53% | 20.97 | | | 深证成指 | 13486.42 | 0.88% | 117.43 | | | 沪深 300 ...