Group 1 - The article emphasizes the implementation of digital tools to enhance market supervision in the tobacco industry, specifically in Xishui County, to maintain market stability and improve regulatory efficiency [1][3] - The Xishui Tobacco Monopoly Bureau has conducted training on the "Golden Leaf Five Intelligence" digital regulatory system, focusing on practical applications such as "reasonable capacity model," "license verification assistant," and "smart quality inspection" [1][3] - The bureau has optimized data analysis and monitoring mechanisms, utilizing the "Palm Golden Leaf" mobile platform to enhance data collection and analysis, thereby improving the precision and effectiveness of market regulation [1][3] Group 2 - The bureau has established a digital market supervision closed-loop process that includes data-driven early warning, precise target identification, and efficient enforcement against illegal activities, resulting in the detection of 10 related cases since the promotion of the "Golden Leaf Five Intelligence" system [3] - Future plans include deepening data integration applications and further exploring the functionalities of the "Golden Leaf Five Intelligence" system to strengthen market defenses and enhance regulatory precision and effectiveness [3]

多维分析，数据赋能精准研判 在黄州区烟草专卖局的数据分析室里，大屏幕上实时跳动着各类市场数据。市管员小孙紧盯 "掌上金 叶" 移动端平台，兴奋地对同事说:"你看，通过这个平台整合的零售户销售数据、物流信息和投诉举报 线索，我们能从多个维度分析市场动态。上周系统就通过异常销售数据，精准定位到某区域高档卷烟销 量激增的问题，为我们锁定可疑目标提供了关键线索。" 依托平台强大的数据处理能力，区局将分析维 度从以往的 3 个拓展到 8 个，精准梳理出重点监管对象和区域，让市场监管告别 "大海捞针"，真正实 现有的放矢。 为筑牢卷烟市场秩序防线，黄州区烟草专卖局以数字化转型为抓手，深度运用 133 工程"金叶五智"数字 化应用场景，从分析研判、监测预警、应急处置三方面发力，实现市场监管从传统模式向智慧化、精准 化的跨越升级。 智能预警，动态监测防患未然 (图为掌上金叶移动端操作界面) 5 月 26 日，"掌上金叶" 平台突然推送一条紧急线索:一辆可疑货车可能运输非法卷烟，正途经黄州区某 路段。执法人员迅速响应，根据平台提供的车辆行驶轨迹和实时定位，在高速路口成功拦截该车辆，当 场查获违法卷烟价值近 30 万元。这起案件 ...

证券研究报告 | 2025年06月23日 轻工制造行业周报（25 年第 25 周） 优于大市 5 月轻工出口延续走弱，Meta 发布 AI 运动眼镜新品 本周研究跟踪与投资思考：5 月轻工出口降幅扩大，美国家具零售额同比 +8.8%，海外需求相对具备韧性；5 月我国家具零售额同比+25.6%，全年以旧 换新资金进度 54%，随着下半年资金有序下达有望继续释放家居需求；近期 Meta 发布 AI 运动眼镜 Oakley Meta HSTN，关注行业新品催化。 5 月轻工出口延续走弱，美国家具类零售额同比+8.8%。根据海关总署，以美 元口径计，5 月我国家具类产品出口额同比-9.4%，降幅较 4 月扩大 2.2pct。 中美于 5 月 12 日达成 90 天关税豁免协议，5 月数据尚未完全反映关税降级 影响，出口仍受美国拖累，此外预计也与产能加速外移有关。分品类看，5 月床垫出口额同比+1.5%，床架、保温瓶、升降桌类与陶瓷器具出口额同比 -5.1%/-8.7%/-9.1%/-9.6%，办公椅、人造草皮、PVC 地板、电子烟与木框架 沙发出口额同比-11.8%/-15.7%/-17.8%/-19.5%/-23. ...

Investment Rating - The report maintains a "Recommend" rating for the food and beverage industry, indicating that the industry index is expected to outperform the benchmark index by more than 10% [58]. Core Insights - The food and beverage sector in A-shares has seen a decline of 4.49% over the past two weeks, underperforming the Shanghai Composite Index by 3.73 percentage points [2][12]. - The retail sales in May showed a year-on-year growth of 6.4%, with total retail sales amounting to 41,326 billion yuan [4][55]. - The report highlights a significant increase in online alcohol sales during the 618 shopping festival, with a 40% year-on-year growth [4][55]. Summary by Sections Market Review - The A-share food and beverage industry has underperformed compared to major indices, with a year-to-date decline of 6.94% [12]. - Within the sector, all sub-industries experienced declines, with snacks and seasoning products showing the largest drops [2][12]. Key Data Tracking - The average price of fresh milk in major production areas is 3.04 yuan/kg, down 7.9% year-on-year [35]. - The price of pork is reported at 25.26 yuan/kg, reflecting an 11.1% decrease year-on-year [39]. Key Events Tracking - The report notes that the sales of Kweichow Moutai increased by 60% during the 618 shopping festival, indicating strong consumer demand [4][55]. - The total sales of Kuaijishan Shaoxing wine reached 50 million yuan during the same period, marking a 400% increase [4][55]. Investment Recommendations - The report suggests focusing on high-end liquor companies with strong brand and channel capabilities, such as Kweichow Moutai and Wuliangye [8][56]. - It also highlights the growing consumption of yellow wine and the seasonal increase in beer consumption, recommending companies like Qingdao Beer and Chongqing Beer [8][56].

行业观点更新： 投资建议 风险因素 地产竣工恢复速度低于预期；原材料价格大幅上涨；新品推广不及预期；汇率大幅波动。 敬请参阅最后一页特别声明 1 家居板块：内销方面，5 月中国家具类社零同比+25.6%，1-5 月累计同比+21.4%。而根据渠道调研反馈，6 月以来 整体接单情况相对偏弱，国补对需求的刺激作用有一定疲软，或因部分刚性需求前期有所提前释放。其中软体家 居产品由于更新周期相对较快并且更新难度较低，Q2 软体家居企业预计多数有望同比实现增长，而定制家居企业 由于大宗渠道等影响，预计业绩相对仍有承压。外销维度，部分企业预计由于 Q2 抢出口，整体业绩表现相对较 优，而在关税风险仍存的背景下，重点仍关注后续具备自身较强成长逻辑或者具备海外产能优势，盈利有望底部 反转的企业。整体来看，建议重点关注 25 年业绩增长确定性高并且具备相对高股息支撑的内销龙头企业，此外 建议关注部分具备自身α或相关盈利底部反转型外销企业。 新型烟草：HNB 方面，6 月 9 日，glo hilo 正式在日本宫城县上市销售，从渠道调研来看，产品铺货速度较快并 且 BAT 渠道端已对 glo hilo 倾斜较多营销资源，整体产品陈 ...

5月份，全省社会消费品零售总额2352.21亿元、同比增长8.5%，比上月加快0.4个百分点，今年以来呈 逐月加快态势，高于全国2.1个百分点；其中，限额以上单位消费品零售额增长16.2%，比上月加快1.3 个百分点，高于全国8.2个百分点。1-5月，全省社会消费品零售总额11820.14亿元、增长7.5%，比上月 加快0.3个百分点，高于全国2.5个百分点；其中，限额以上单位消费品零售额增长14.3%，比1-4月加快 0.4个百分点，高于全国8.0个百分点。超八成商品零售保持增长。5月份，在限额以上单位的23类商品 中，有19类商品零售额实现同比增长，增长面达82.6%、与上月持平。两新政策效应持续释放。5月 份，在大规模设备更新等政策措施带动下，全省限额以上单位机电产品及设备类商品零售额增长 46.1%；在消费品以旧换新等政策措施带动下，全省限额以上单位计算机及其配套产品、智能手机、可 穿戴智能设备、家用电器和音像器材类、新能源汽车零售额分别增长1.7倍、1.6倍、86.1%、47.3%、 27.0%，对全省限额以上单位零售额增长贡献率达56.8%、同比提高23.6个百分点。基本生活消费品增长 较快。5月 ...

为提高市场监管质效，十堰丹江口市烟草专卖局（营销部）立足监管工作实际，积极探索创新举措，通 过强化零售许可证后续监管，有效规范市场经营秩序，坚持问题导向，重点围绕异常经营线索摸排、部 门协同联动、人员考核管理等方面精准发力，推动形成全链条、多维度的监管格局，为维护辖区烟草市 场健康发展提供了有力保障。 强化协同联动 构建多元共治格局 从源头入手，依托信息化监管平台，建立零售户动态档案，通过数据比对和实地核查相结合的方式，及 时发现异常经营线索。同时，加强与市场监管、公安等部门的协作配合，定期开展联合执法行动，形成 跨部门监管合力。此外，通过完善专卖人员考核机制，将许可证监管成效纳入绩效考核，进一步激发队 伍活力，确保各项监管措施落实到位。 针对监管力量单一、执法难度大等问题，丹江口市烟草专卖局积极构建"1+N"协同监管模式，发挥专销 互通，依托两大子系统，分析包含零售户进销存数据、经营异常记录等信息，通过物流四员管理平台异 常线索提报，掌握辖区内经营异常的零售户信息，实施动态管理方式，及时组织市管员开展入户核查， 精准打击异常经营行为，完善市场监督闭环管理举措。 "现在我们小组长发现异常情况都会第一时间向专卖 ...

截至14:33，消费ETF（159928）标的指数前十大成分股多数飘红：山西汾酒涨超3%，泸州老窖涨超 2%，五粮液、海大集团涨超1%，伊利股份、贵州茅台、海天味业微涨。下跌方面，牧原股份、温氏股 份、东鹏饮料微跌。 【机构：白酒或迎估值与业绩"双底"】 今日（6.20）A股再度冲高回落，多数回调，超3500只个股下跌，消费板块逆市崛起，消费ETF （159928）涨近1%，盘中成交额超2亿元，最新规模超121亿元同类领先！ 20250618《食品饮料行业2025年中期投资策略》 广发证券认为，从基本面角度来看，白酒历经四年调整期，2025年有望迎来"估值+业绩"双底，目前板 块已经进入中周期买点，板块股息率与十年期国债收益率比值较高，配置性价比显现，看好行业出清后 需求面的恢复。（来源：广发证券20250619《白酒或迎估值与业绩"双底"》） 广发证券表示，白酒五年跑输，2025拖累食饮板块。2025上半年（截止2025/6/15）申万白酒行业涨跌 幅为-9%，跑输全A指数15pct，同期美容护理、医药生物、传媒等消费类资产均跑赢全A，食品饮料在 消费类中涨跌幅垫底，股价显著"脱离"消费行业走势。从估值的角 ...

03 分组加工 特色工艺生产的技术 分组加工，正如其名，是根据烟叶的特性进行分开加工。这一技术打破了传统所有原材料 "一锅加工" 的模式，如同将 "大锅饭" 变为 "特色小炒"，针对不同特性的烟叶采用更适宜的加工方式，进一步提升 了卷烟产品的品质和独特性。真正实现卷烟精细化设计，柔性化加工，智能化控制，保证了产品品质， 充分彰显了中式卷烟特征和"清醇香润"风格特点。 这些隐藏在卷烟背后的高科技，从微生物技术叫醒烟草原香到文丘里滤棒物理去杂，再到分组加工的特 色加工技术，共同构成了陕西中烟卷烟品质的核心支撑。它们不仅展现了卷烟行业在科技应用上的创新 能力，也为消费者带来了更优质的吸烟体验，推动着卷烟行业在科技与品质的道路上不断前行。 微生物发酵工业生产技术是陕西中烟公司联合国内多所知名院校研发的一项先进卷烟生产技术。该技术 巧妙利用微生物的发酵转化功能，对烟叶中的化学成分进行深度改造。一方面，它能有效去除烟叶燃烧 时产生不良气息的物质，另一方面，可使烟叶中化学成分比例更加协调，并生成天然致香成分，其中， 以"天下长安""青绿延安"等规格为代表的高端产品实现了卷烟生产全过程 0 香精添加。若将卷烟调香过 程比作通 ...

Core Viewpoint - The article discusses the tax deduction policy for research and development (R&D) expenses, highlighting the eligibility criteria, benefits, and specific conditions for various industries and activities [2][5][20]. Group 1: Eligible Entities - Resident enterprises with sound accounting practices that can accurately collect R&D expenses are eligible for the tax deduction, excluding industries such as tobacco manufacturing, accommodation and catering, wholesale and retail, real estate, leasing and business services, and entertainment [4][9]. Group 2: Benefits of the Policy - R&D expenses that do not form intangible assets can be deducted at 100% of the actual amount incurred starting from January 1, 2023. For expenses that form intangible assets, they can be amortized at 200% of the cost [6][7]. - For integrated circuit and industrial mother machine enterprises, R&D expenses that do not form intangible assets can be deducted at 120% of the actual amount incurred from January 1, 2023, to December 31, 2027. For expenses that form intangible assets, they can be amortized at 220% of the cost during the same period [7]. Group 3: Conditions for Enjoying Benefits - R&D activities must be systematic and aimed at acquiring new scientific and technological knowledge or significantly improving technology, products, or processes. Certain activities, such as routine upgrades or direct applications of existing research, do not qualify for the tax deduction [9][10]. - Enterprises must maintain accurate accounting records for R&D expenses and set up auxiliary accounts for each R&D project to track deductible expenses [9]. Group 4: Special Cases - For commissioned R&D activities, expenses incurred by domestic external institutions can be included at 80% of the actual amount for tax deduction purposes. For commissioned overseas R&D, the same percentage applies, but the total cannot exceed two-thirds of the eligible domestic R&D expenses [11][12]. - In collaborative R&D projects, each party can determine the allocation of R&D expenses based on their actual contributions [13][16]. Group 5: Reporting and Compliance - Taxpayers can choose to enjoy the tax deduction for R&D expenses incurred in the first half of the year or the first three quarters during the prepayment declaration periods in July and October. If not chosen, they can still opt for the deduction during the annual tax settlement [19]. Group 6: Policy References - The article references several official documents that outline the tax deduction policy for R&D expenses, including notifications and announcements from the Ministry of Finance and the State Taxation Administration [21][22].