每周一景： 云南玉龙雪山 点击右上角菜单，收听朗读版 【宏观 】 全球变局：锚定"确定性"——国泰海通2025年中期宏观展望 全球进入货币体系重构时代： 全球经济体系重构的根源在于信任基础的变化，基于国际关系变化的信任 下降，会导致整个全球货币体系继续分化，重塑资产价格。"去美元化"确实在缓慢进行，主要是非经济因 素主导，尤其是国际关系变化、各国信任度的下降。在这个背景下，黄金的长期牛市需要站在更长历史维 度看待。 各国之间信任度变化的趋势很难改变，这也决定了本轮黄金的牛市是长期的、历史性的变化。 长期来看，只有美国经济纠偏能力还在，美元也不会崩溃。 但 中短期，需要关注美元信用可能进一步下 降。 美债利率实际利率、通胀预期、名义利率存在上行风险， 美元存在继续贬值风险，黄金上涨会加 速，日元、欧元、英镑等国际货币不排除进一步升值。 国内宏观：求诸于内，自胜者强。 中长期来看，我国经济具有较大潜力，不过，短期经济的需求仍然需 要提振。 2025 年要完成 5% 左右的增长目标，仍需积极政策继续发力。 风险提示 ： 稳增长政策落地进度不及预期，国际贸易环境超预期恶化 。 我们认为下半年宏观政策继续边际加码，尤其 ...

投资建议：结构分化，重视成长。 大众品首选新消费、高成长，白酒周期寻底，配置价值凸显。 白酒：分化加剧，更加理性。 25Q2 产业景气度仍在寻底，头部公司淡季韧性凸显。 与 2012-14 年的 行业调整期相比，本轮周期需求和预期的调整烈度相对较小、但调整周期明显拉长。上一轮白酒行业调整 呈 V 型，行业出清速度快；本轮调整更像 U 型，调整幅度相对较小，目前仍在筑底阶段。 我们认为 短 期股价走势已基本反应市场悲观预期，伴随政策预期回暖白酒板块有望迎来一轮估值修复。 啤酒 & 饮料：啤酒有望修复，饮料结构繁荣。 啤酒旺季将至、经营环比改善； 饮料仍处于单品势能释放 阶段。 | 本文摘自：2025年6月1日发布的 换季消费及成长——食品饮料2025年中期策略 | | --- | | 訾 猛 ，资格证书编号： S0880513120002 | | 颜慧菁 ，资格证书编号： S0880525040022 | | 徐 洋 ，资格证书编 号： S0880520120008 | | 姚世佳 ，资格证书编号： S0880520070001 | | 李 耀 ，资格证书编号： S0880520090 001 | | 程碧升 ...

Core Insights - The rise of ice cups in China is driven by a combination of consumer demand for convenience and affordability, with sales increasing significantly compared to previous years [1][3][11] - The trend originated from South Korea and has been successfully adapted in China, where brands like Luckin Coffee and Heytea have introduced competitive pricing for ice cups [1][3] - The shift in consumer behavior towards ice drinks, particularly among younger generations, has transformed ice cups into a social currency and a staple in summer consumption [5][11] Industry Dynamics - Ice cup production has become highly industrialized, with factories like Guangzhou Ice Lida producing up to 200,000 cups daily at a low cost of 1.2 yuan per cup, making home ice production less competitive [3][9] - The market for ice cups is characterized by a supply chain competition, where leading manufacturers are establishing barriers through economies of scale, impacting smaller brands significantly [9][11] - The environmental impact of ice cup packaging is raising concerns, with projections indicating that packaging waste could reach 50,000 tons by 2024, prompting some companies to explore biodegradable materials and recycling initiatives [9][11] Consumer Behavior - The demand for ice cups is largely driven by the need for convenience, with 91% of orders being for immediate consumption, highlighting a shift towards "minute-level retail" [11][13] - Younger consumers, particularly those born in the 90s and 00s, are leading the charge in ice drink consumption, contributing to 85% of sales [5][11] - The perception of ice cups has evolved from a luxury item to a standard commodity, with prices making them accessible to a broader audience, thus reflecting a trend towards affordable indulgence [11][13]

Group 1 - The beverage industry in China is experiencing significant growth, with the market size exceeding 1 trillion yuan, but it faces challenges related to sustainable development due to high water consumption [1] - Water is a critical raw material in beverage production, and companies are exploring ways to reduce resource consumption and environmental pollution while ensuring production [1] - The Swire Coca-Cola Shanghai factory has implemented a water recycling system that processes 1,200 tons of wastewater daily, achieving a total reuse of approximately 1 million tons of water over the years, with a water resource utilization rate of 1.6 cubic meters per ton of beverage produced [1] Group 2 - Other beverage companies, such as Nongfu Spring and PepsiCo, are also advancing sustainable water management through various initiatives, including water footprint assessments and rainwater recovery [2] - Wahaha is focusing on packaging innovation by developing lightweight packaging technology to reduce plastic usage [2] - Digital technologies are being leveraged by beverage giants to enhance supply chain transparency and operational efficiency, with Wahaha implementing a data-driven production model in its intelligent beverage production base [2] Group 3 - Beverage companies are providing valuable experiences for the industry's green transformation through practices in water resource management, packaging innovation, and energy efficiency [3]

娃哈哈实业公司成立于 1993 年 2 月，注册资本约 9179 万元人民币，经营范围含初级食用农产品、水产 品、百货、针纺织品、服装、皮革制品等销售，洗车服务，摄影服务，健康管理服务，物业管理等。 近日，浙江娃哈哈实业股份有限公司（以下简称娃哈哈实业公司）发生工商变更，宗庆后卸任法定代表 人、董事长、总经理， 由宗馥莉接任法定代表人、董事长 。同时，公司多位主要人员均发生变更。 责编：王璐璐 校对：王锦程 百万用户都在看 香港，重磅利好！这个板块，集体飙涨！ 刚刚，直线跳水！美国，重磅发布！ 集体飙升！半导体，突传重磅！ 深夜！中国资产，全线爆发！ 午后！日本，重大突发！ 俄乌突发！刚刚，大规模袭击！特朗普"怒了" 违法和不良信息举报电话：0755-83514034 宗馥莉是娃哈哈创始人宗庆后之女， 1982 年 1 月 17 日出生于浙江杭州，毕业于美国佩珀代因大学，是 浙江省政协第十一、第十二、第十三届常务委员。 宗馥莉于 2004 年完成学业后归国，并加入娃哈哈。 2007 年，宗馥莉担任宏胜饮料集团总裁，通过对宏 胜集团改革整合，带领宏胜集团成为一家全产业链饮料生产企业。 2016 年，宗馥莉又带领 ...

六大音乐主题产品，承包年轻人的情绪标签 这个夏天，国民凉茶品牌加多宝正在掀起一场音乐风暴。近日，加多宝宣布与亚洲首档跨国歌手文化交流音乐综艺《亚洲新声》达成跨界合作，推出加多宝 亚洲新声联名系列产品。此次联名不仅以六大主题设计诠释Z世代个性态度，更通过"夺罐AI歌王"的科技互动玩法，打造从味觉到听觉的沉浸式体验，加多 宝作为《亚洲新声》独家冠名商，在推动亚洲音乐文化交融的同时，进一步展现出以非遗凉茶为代表的中华传统养生文化在新时代的传承与融合！ 此次加多宝亚洲新声系列联名产品以"嗨唱热辣一夏，燃动年轻力量"为核心理念，推出炽热之声、律动之声、天籁之声、欢乐之声、魅力之声、优美之声六 大主题。外观设计结合《亚洲新声》节目元素，采用手绘插画风格，将"邮轮舞台""麦克风"等音乐符号与加多宝经典外观融合，展现出新声代歌手沉浸演 唱、享受音乐的状态。 每一款联名产品都是旋律与情感的视觉化表达：呐喊姿态诠释Z世代沸腾生命力的"炽热之声"，演绎街头文化自由不设限的"律动之声"，沉浸演唱诉说理想 向往的"天籁之声"，明快色彩绽放快乐哲学的"欢乐之声"，悠然音波勾勒从容自信的"魅力之声"，传统与现代共鸣融合"优美之声"。六大主 ...

Core Insights - The 2025 ASEAN-China-GCC Economic Forum was held in Kuala Lumpur, where Guangzhou Wanglaoji Health Industry Co., Ltd. signed production cooperation agreements with Malaysian companies Baosteel Can Co., Ltd. and P.C.I. Professional Canning Co. to localize production in Southeast Asia [1][2] - The collaboration aims to establish a systematic overseas layout for Wanglaoji, integrating supply chain synergy, localized production, and deep distribution [1][2] Group 1 - Wanglaoji is accelerating its internationalization process and focusing on localizing its products, marketing, and supply chain to enhance market penetration [1] - Baosteel Can Co., Ltd. has an annual production capacity of 800 million cans and is a wholly-owned subsidiary of Shanghai Baosteel Packaging Co., Ltd. [1] - The partnership with Baosteel Can is the first tangible project under their global strategic cooperation, aiming to penetrate the Southeast Asian market, including Indonesia and Thailand [1] Group 2 - P.C.I. Professional Canning Co. has a wide business network and has achieved digital operations, intelligent production, and visual management [2] - The collaboration with both Baosteel Can and P.C.I. signifies a comprehensive and systematic approach for Wanglaoji in production and sales in Malaysia and Southeast Asia [2] - The company aims to enhance its overseas resource allocation, compliance management, and market expansion while promoting cultural recognition through its global brand [2]

Group 1 - Guangzhou Pharmaceutical Group is accelerating its internationalization strategy, participating in the ASEAN-GCC-China Economic Forum in Kuala Lumpur [1][2] - The company has signed production cooperation agreements with Malaysia's Baosteel Can and P.C.I. to establish localized production in Southeast Asia [1][3] - The chairman of Guangzhou Pharmaceutical Group, Li Xiaojun, emphasized the importance of adapting to international markets through localized branding and packaging innovations [2][3] Group 2 - The partnership with Baosteel Can, which has an annual production capacity of 800 million cans, marks the first project from a global strategic cooperation agreement signed in April [3] - The trade volume between China and Malaysia has increased from less than $200 million at the beginning of diplomatic relations to $212 billion, reflecting over a thousand-fold growth [3] - The company aims to enhance its operational capabilities in Southeast Asia through these partnerships, moving towards a comprehensive and systematic production and sales model [3]

Core Viewpoint - The recent signing of production cooperation agreements between Guangzhou Wanglaoji Health Industry Co., Ltd. and Malaysian companies marks a significant step in Wanglaoji's internationalization strategy, focusing on local production and supply chain collaboration in Southeast Asia [1][2]. Group 1: Company Developments - Guangzhou Wanglaoji Health Industry Co., Ltd. is set to initiate localized production in Southeast Asia, establishing a systematic overseas layout that includes supply chain collaboration, local production, and deep distribution [1]. - The partnership with Malaysia's Baosteel Can Co., Ltd. and P.C.I. is the first tangible project under the global strategic cooperation agreement signed in April, aimed at enhancing overseas supply chain collaboration and market expansion [1][2]. - Wanglaoji has established a channel network in Southeast Asia, Europe, America, and Africa, transitioning from merely exporting products to exporting entire industrial chains [2]. Group 2: Industry Context - The collaboration aligns with the recent joint declaration between China and Malaysia to implement a five-year economic cooperation plan (2024-2028), highlighting the significance of this partnership in the broader context of bilateral trade relations [2]. - The emphasis on localization and cultural resonance in marketing strategies reflects a growing trend in the industry where companies seek to connect with local consumers through tailored approaches [3].

Group 1 - The article discusses the evolution of consumer identity from "visible" individuals in local communities to "invisible" consumers in a mass society, emphasizing the need for brands to connect with consumers on a personal level [1] - It highlights the challenge brands face in understanding today's diverse and rapidly changing young consumers, suggesting that brands must adopt a more relatable and empathetic approach [2] Group 2 - Yuanqi Forest's campaign "Young is Sparkling" encourages young people to express their individuality and emotions, contrasting the traditional notion of being calm like water with being dynamic like sparkling water [3][4] - The campaign uses sound as a medium to resonate with young people's emotions, showcasing their desire to express themselves and break free from societal constraints [5][6] Group 3 - Meituan's "Go Classy" campaign reinterprets workplace jargon in a humorous way, connecting with consumers' feelings about work-life balance during holidays [10][12] - The campaign effectively combines humor with promotional content, allowing for a seamless integration of brand messaging without feeling forced [15][16] Group 4 - Sgato's marketing strategy focuses on abstract concepts and relatable humor, utilizing a catchy phrase structure to engage younger audiences [19][21] - The brand is expanding its casual footwear line, responding to changing consumer preferences for comfort and versatility in fashion [22][23]