Core Viewpoint - The A-share market experienced a collective decline, with the Consumption ETF (159928) dropping by 0.88% and achieving a trading volume exceeding 200 million yuan, leading its category with a total scale of over 12.2 billion yuan [1][3]. Group 1: Market Performance - The Consumption ETF (159928) saw most of its top ten constituent stocks decline, including Haidilao falling over 3% and Dongpeng Beverage dropping over 1% [3]. - The top ten constituent stocks of the Consumption ETF account for over 67% of its weight, with four leading liquor stocks making up 31% and a major pig farming company accounting for 14% [4]. Group 2: Industry Insights - Zheshang Securities suggests that recent policies may have a temporary impact on liquor consumption, predicting a slowdown in the expected recovery for Q2, with the liquor sector still in a bottoming phase [4]. - Western Securities notes that the food and beverage sector has seen significant declines, primarily due to falling liquor prices and negative sentiment spreading to other alcoholic beverages and the restaurant supply chain [4]. - CITIC Securities emphasizes the importance of boosting consumption as a key driver for economic growth, highlighting four sectors to watch: liquor, snacks and beverages, dairy products, and the restaurant chain and beer sectors [4].

Core Viewpoint - The youth innovation team at Wuxue Tobacco is driving digital transformation and high-quality development through various initiatives, including QC improvements, low-code platform development, and AI technology exploration [1]. Group 1: QC Improvements - The "Smart Shield QC Team" is focused on enhancing safety risk prevention in the workplace by addressing issues such as responsibility ambiguity and regulatory delays [2]. - The team has successfully implemented a "project leaderboard" mechanism, allowing young employees to form QC teams to tackle operational challenges using data-driven approaches [2]. - In 2024, two QC achievements from the team received awards from the municipal bureau, showcasing the effectiveness of their innovative efforts [2]. Group 2: Low-Code Development - Employees at Wuxue Tobacco have utilized a low-code platform to create a "Safety Grid Management Platform" in just a few weeks, demonstrating the efficiency of this approach [3]. - The low-code initiative has transformed the development process, allowing frontline employees to prototype solutions before collaborating with technical staff for optimization [3]. - The implementation of low-code digital dashboards has significantly improved data visualization and the dynamic presentation of key performance indicators [3]. Group 3: Innovation Ecosystem - Wuxue Tobacco has established a comprehensive talent development mechanism for young employees, including an "innovation points system" and a "dual mentor system" [4]. - Many young employees have been selected for the industry technology talent pool over the past three years, highlighting the effectiveness of the training programs [4]. - The youth team is seen as a driving force behind the digital transformation of the industry, contributing to initiatives like "smart retail" and "digital marketing" [4].

Core Insights - The event organized by the Wuhan Tobacco Jianghan District Marketing Department focused on enhancing the understanding of cigar culture and brand cultivation capabilities [1] - A three-dimensional teaching model was employed, combining live explanations, practical operations, and immersive tasting experiences to educate attendees about the history, construction, and care of cigars [1][2] - The marketing team conducted thorough market research to identify local cigar market dynamics and consumer profiles, aiming to create tailored and actionable brand cultivation and market expansion strategies [1] Strategy and Implementation - The combination of cultural promotion, market research, and exemplary leadership is designed to inject cultural vitality into the local cigar market and establish a new model for brand cultivation [2] - The initiative emphasizes the importance of identifying consumer needs, scientifically formulating plans, and effectively replicating successful experiences [2] - The marketing department aims to continue deepening the dual tracks of cigar culture dissemination and terminal capability building, fostering the growth of cigar culture and brand development in a broader consumer landscape [2]

Group 1 - The A-share market showed mixed results, with the leading consumption ETF (159928) rising by 0.25% and achieving a trading volume of over 220 million CNY, with a total scale exceeding 12.3 billion CNY [1] - The top ten constituent stocks of the consumption ETF experienced varied performance, with Dongpeng Beverage rising over 3% and Shanxi Fenjiu increasing over 1%, while Muyuan Foods and Yili fell by over 1% [1] - The "618" shopping festival has significantly boosted consumer spending, with platforms like JD and Tmall reporting over 200% growth in transaction volume and order numbers [2] Group 2 - The white liquor sector is facing challenges due to the implementation of "prohibition orders," leading to a decline in demand and price fluctuations, but it is suggested that the sector may present investment opportunities as valuations are at a low point [2][3] - The white liquor industry is undergoing a transformation, with a shift from inventory reduction to capacity reduction, influenced by external policies and market conditions [3] - The beer sector is expected to recover as the peak consumption season approaches, supported by improved sales data and promotional activities during the "618" festival [4] Group 3 - The snack sector is experiencing high growth, driven by strong product categories and new distribution channels, with specific products like konjac and quail eggs showing promising sales performance [6] - The restaurant supply chain is anticipated to benefit from policy stimuli, with a long-term growth outlook due to increasing demand for cost control among restaurant businesses [6] - The dairy sector is seeing improvements in the raw milk supply-demand balance, with expectations for a cyclical turnaround [6] Group 4 - The consumption ETF (159928) includes essential consumer sectors, demonstrating resilience across economic cycles, with over 67% of the top ten constituent stocks being key players in the white liquor and pork industries [6][7] - The ETF's major holdings include leading companies such as Yili (10.11%), Kweichow Moutai (9.96%), and Wuliangye (9.77%), indicating a strong focus on the food and beverage sector [7]

在当今时代，人才是推动发展的核心动力，是决定一个地区、一个单位能否在竞争中脱颖而出的关键因 素。浠水烟草将人才培养视为"关键变量"，致力于将其转化为推动发展的"最大增量"。为此，该局不断 创新人才评价机制，精心构建了"5+1"青年人才积分量化评价标准，为青年人才的成长与发展搭建了科 学、全面的平台。 强化能力培养，锻造"多面手"人才队伍 "5+1"青年人才积分量化评价标准涵盖了"基础、创新、创优、宣传、技能"五大关键维度，以及一个负 面清单。这一评价体系的建立，旨在全方位、多角度地评估青年人才的综合素质与潜力，激励他们在各 自的岗位上发光发热，为单位发展贡献智慧与力量。 激发创新活力，营造"勇争先"浓厚氛围 在创新争优方面，浠水县局健全了人才激励机制，强化了"勇创新、走前列"的组织领导、政策支持和激 励保障。该局通过这些措施，让人才队伍真正"强起来"，让创新氛围真正"活起来"。同时，该局积极激 发青年员工投身创新实践的热情，鼓励他们发扬敢于超越、敢于突破的工匠精神。青年员工们被鼓励在 揭榜领题科创项目、QC课题以及参加各类竞赛评选中开拓进取、磨砺意志、展现风采。这种对创新的 高度重视与积极引导，让创新创造、干 ...

Group 1 - Tianhong Fund launched the Tianhong CSI A100 ETF on June 17, which is a passive index fund managed by Zhang Ge [1][3] - The fund aims to track the CSI A100 Index, which includes 100 large-cap, liquid, and representative companies, with a target tracking deviation of 0.2% and an annualized tracking error of 2% [3] - The fund has a minimum fundraising target of 200 million shares and an annual management fee of 0.15% based on the previous day's net asset value [3][4] Group 2 - Zhang Ge, the proposed fund manager, has 9 years of experience in the securities industry and currently manages 8 funds with a total scale exceeding 2 billion yuan [5][6] - The largest fund currently managed by Zhang Ge is the Tianhong Shanghai Stock Exchange Science and Technology Innovation Board Comprehensive ETF, which has seen a decline of 6.75% since its inception on February 2025 [7] - The Tianhong North Securities 50 Component Index A, managed by Zhang Ge, achieved a year-to-date return of 29.57%, underperforming its benchmark by over 3 percentage points [8]

中烟香港 20250617 摘要 中烟香港 2024 年收入达 130 亿港元，同比增长 10%，毛利增长 26.6%至近 14 亿港元，每股盈利增长 42%。公司计划增加每股派息， 2024 年已达 0.46 港元，并增加中期派息频率，提升股东回报。 疫情后，中烟香港卷烟出口表现强劲，尤其在泰国、新加坡、港澳及中 国境内关外免税店。公司通过拓展免税雪茄市场和提升卷烟出口自营比 例（目前约为 0.5%），持续优化盈利水平。 中烟巴西公司负责巴西业务，涵盖烟叶种植、采购、加工和销售，面向 中国及全球市场。2024 年进口中国的 11.1 万吨烟叶数据已包含巴西进 口部分，其余销售给当地卷烟厂或非中国客户。 中美关税政策变化对公司影响有限，仅烟叶进口业务涉及美国市场，出 口影响较小。计划从美国进口约 2 万吨烟叶，部分已到货，剩余部分仍 在沟通中，将及时与市场交流。 雪茄烟叶主要从多米尼加和赞比亚采购，不受中美关税影响。公司重点 是确保现有 2 万吨雪茄烟叶的质量稳定性，目前供应商提供的质量尚未 完全达到满意度，暂未增加采购量。 Q&A 中烟香港公司目前的业务概况及未来战略规划是什么？ 中烟香港公司自 2019 ...

从传统烟草到新型烟草 - 菲莫国际发展历程揭示的全球烟 草产业趋势 20250617 摘要 传统香烟在美国市场曾经历快速增长，1,900 年至 1,960 年人均吸烟量 年均复合增长率达 8%，万宝路通过品牌定位转型成为美国最大香烟公 司。但 1975 年至 1994 年，受控烟运动影响，美国卷烟销量下滑 20%。 菲莫国际通过全球化扩张成为全球最大烟草公司，并积极转型新型烟草， 特别是加热不燃烧产品。截至 2024 年，菲莫国际无烟产品覆盖近 4,000 万人，IQOS 用户达 3,200 万人，全球市场占有率达 77%。 菲莫国际预计 2025 年无烟产品全年销量增长 12%-14%，其中加热不 燃烧产品增长 10%-12%，尼古丁替代品增长 38%-45%。 英美烟草和日本烟草也在加大新型烟草的推广力度，计划到 2035 年新 型烟草占比达到 50%，但截至 2024 年底，其新型制品占比分别为 13%和 3%，与菲莫国际超过 40%的占比相比，仍有较大发展空间。 中国卷烟销量占全球市场接近 40%，新型烟草市场潜力巨大。虽然目前 国内加热不燃烧产品与国际龙头相比还有提升空间，但考虑到美国市场 今年首次 ...

黄金珠宝：从渠道时代迈向品牌和产品时代 医美行业具备高壁垒(技术、医药监管、获证审批等)，是典型的产品/牌照驱动型赛道，通常由上游厂商 供给端创新和变革，引领下游医美机构和求美者医美需求，目前正从玻尿酸→再生材料→胶原蛋白材料 更迭，一方面可以挖掘消费潜力、另一方面可对于老产品进行替换。以重组胶原蛋白医美赛道纯正标的 锦波生物为例，2021年全行业首张重组胶原蛋白注射三类证获批后开启增长曲线,公司目前手握市场唯 三重组人源化胶原蛋白植入剂产品(冻干纤维-水光、至真(10mg，主打韧带滋养)、凝胶-填充)、竞争格 局良好，并不断通过新的打法和加强机构深耕带动产品放量。25年4月主打面中部增容的重组胶原蛋白 低温凝胶获批，打开填充市场，后续有望替代部分动物源胶原蛋白和再生材料市场。 新型烟草：产品创新推动新型烟草对传统烟草的快速替代 2016年足金国标的变化为黄金饰品的产品力提升带来更多可能，随着3D、5G、金镶钻等工艺革新和国 潮崛起趋势，黄金珠宝行业迎来从渠道时代向品牌和产品时代的转变。老铺黄金作为古法黄金第一品 牌，是古法黄金、足金镶钻、足金烧蓝等品类的开创者，产品设计融合了传统文化元素和现代国际审 美，引 ...

行 华福证券 轻工制造 2025 年 06 月 15 日 业 研 究 轻工制造 5 月个护抖音高增延续，Glo Hilo 日本发售 投资要点： 行 业 定 期 报 告 【周观点】5 月个护电商平台表现分化，卫生巾品类天猫 5 月同比-18%、 抖音同比+32%延续较快增长；牙膏品类天猫同比-7%、抖音同比+31%； 布鲁可 6 月更新新品包括小黄人、英雄无限、圣斗士等 IP；英美烟草最新 加热烟草设备 glo Hilo 于 6 月 9 日在日本宫城县试点发售，关注思摩尔国 际。 团队成员 | 分析师： | 李宏鹏(S0210524050017) | | --- | --- | | lhp30568@hfzq.com.cn | | | 分析师： | 汪浚哲(S0210524050024) | | wjz30579@hfzq.com.cn | | | 分析师： | 李含稚(S0210524060005) | | lhz30597@hfzq.com.cn | | 相关报告 1、轻工纺服行业周报： 英美烟草 H2 预期提速， 618 大促看好国牌突围——2025.06.08 2、轻工纺服行业周报：618 大促看好个护 ...