｜2025年5月29日星期四｜ NO.1前4月广东民营企业进出口增长5.6% 据"广东发布"微信公众号5月28日消息，今年前4个月，广东省民营企业进出口1.89万亿元，同比增长5.6%，占同期广东省进出口总值 的63.9%；民营企业进出口已连续3个月同比增长。 点评：民营企业是外贸稳增长的主力军，其进出口数据增长对稳定广东外贸基本盘发挥了作用，也体现了广东外贸在复杂形势下的韧 性。 NO.2 香港通过跨国企业最低税条例草案 5月28日，香港特区立法会通过《2024年税务（修订）（跨国企业集团的最低税）条例草案》。实施香港最低补足税后，特区政府对 在香港有效税率不足15%的受涵盖跨国企业集团实体，可以优先征收补足税，将它们的有效税率提升至15%。新机制预计可由2027至 2028年度起，每年为香港特区政府带来约150亿港元额外收入。 点评：实施全球最低税和香港最低补足税，反映出香港坚定支持国际合作以打击跨境逃税，并保障香港的税收收入。 NO.3 深圳"高考房"预订量进入全国前十 据"深圳新闻网"5月28日消息，去哪儿数据显示，截至5月27日，预订"高考房"（6月6日~8日入住）订单量较2023年上涨八成，深 圳 ...

天风证券（601162）发布研报称，上周白酒板块表现弱于食品饮料整体以及沪深300，或主要系新修订 后的《党政机关厉行节约反对浪费条例》明确工作餐不上酒，目前白酒消费中政务消费占比已很 低，"禁酒令"对行业基本面影响有限。此外，近日茅台、汾酒、泸州老窖（000568）均提及公司的年轻 化市场策略，年轻化在短期是白酒寻求需求增量的方向之一，在长期是防止白酒消费断层重要举措。端 午临近，建议关注酒企回款、批价表现等指标对板块的催化。 天风证券主要观点如下： 市场表现复盘 上周(5月19日-5月23日)食品饮料板块/沪深300涨跌幅分别-1.27%/-0.18%。具体板块来看，本周其他酒类 (+8.90%)、预加工食品(+3.41%)、调味发酵品(2.21%)、软饮料(1.97%)、乳品(+1.66%)、零食(+1.07%)、 啤酒(0.98%)、肉制品(+0.12%)、烘焙食品(-0.08%)、白酒(-2.82%)。 白酒：酒企重视年轻化培育新消费群，关注股东会反馈 上周白酒板块-2.82%，表现弱于食品饮料整体以及沪深300，或主要系上周新修订后的《党政机关厉行 节约反对浪费条例》明确工作餐不上酒，天风证券认为 ...

General Provisions - The company establishes rules to ensure the lawful exercise of shareholder rights in accordance with the Company Law, Securities Law, and relevant regulations [1][2] - The company must strictly follow legal and regulatory requirements when convening shareholder meetings, ensuring that all shareholders can exercise their rights [1][2] - Shareholder meetings are categorized into annual and temporary meetings, with annual meetings held within six months after the end of the previous fiscal year [1][2] Shareholder Meeting Authority - The shareholder meeting is the company's authority body, responsible for electing and replacing directors, approving remuneration, and making decisions on significant asset transactions exceeding 30% of the company's audited total assets [2][3] - The meeting can authorize the board to make decisions regarding bond issuance [2][3] - Certain transactions, such as investments and asset sales, must be submitted for shareholder approval if they meet specified thresholds [2][4] Meeting Procedures - The board must convene the shareholder meeting within the stipulated timeframe and must notify shareholders accordingly [6][7] - Independent directors can propose temporary meetings, and the board must respond within ten days [6][7] - Shareholders holding more than 10% of shares can request a temporary meeting, and the board must respond within ten days [6][7] Proposals and Notifications - Proposals must fall within the authority of the shareholder meeting and be clearly defined [18][19] - Shareholders holding at least 1% of shares can submit temporary proposals ten days before the meeting [18][19] - Notifications for annual meetings must be sent at least 20 days in advance, while temporary meetings require a 15-day notice [19][20] Meeting Conduct - The shareholder meeting must be held at the company's registered location, and provisions must be made for remote participation [11][12] - All shareholders registered by the record date have the right to attend and vote [11][12] - The meeting must be presided over by the chairman or a designated director, and all proceedings must be recorded accurately [13][14] Voting and Resolutions - Each share carries one vote, and shareholders must express their opinions on proposals [16][17] - Voting results must be announced immediately after the meeting, and resolutions must be disclosed promptly [17][18] - The company must implement resolutions regarding profit distribution or capital increases within two months after the meeting [19][20] Legal Compliance - Any resolutions that violate laws or regulations are deemed invalid, and shareholders can request annulment within 60 days [20][21] - The company must fulfill its obligations to disclose information regarding any legal disputes related to shareholder resolutions [20][21]

Core Insights - Suntory launched a concentrated beverage called "家庭饮料吧 百事可乐" (Home Drink Bar Pepsi Cola) in February 2025, allowing consumers to mix their own Pepsi at home by combining the concentrate with carbonated water at a 1:4 ratio [1][6] - The product is part of Suntory's "家庭饮料吧" series, which has seen sales exceed expectations, with the series' sales from April to December 2024 being more than double the forecast [8][20] - The concentrated liquid can be mixed with various other beverages, showcasing its versatility beyond just making traditional cola [3][10] Product Details - The 340ml bottle of concentrate can make approximately 10 cups of 170ml cola [1] - The concentrate contains artificial sweeteners, which differentiate its taste from the original bottled Pepsi, and it does not contain carbon dioxide, requiring consumers to add carbonated water for fizz [14][15] - The pricing of the concentrate is higher than that of bottled Pepsi when considering the cost of carbonated water, making it a less economical option [16] Market Strategy - Suntory's strategy focuses on localizing products to meet Japanese consumer preferences, as evidenced by their collaboration with Pepsi since 1997 [21][22] - The introduction of the concentrate aligns with a growing trend of at-home beverage preparation, which has gained popularity during the pandemic [18][25] - The product taps into the Japanese consumer's desire for customizable and engaging drinking experiences, similar to the enjoyment derived from making takoyaki at home [20][21] Competitive Landscape - The launch of the concentrate comes amid a competitive beverage market in Japan, where Coca-Cola and PepsiCo have been vying for market share [25] - Other brands have also introduced syrup-based products for home preparation, emphasizing health and premium ingredients, contrasting with Suntory's focus on fun and convenience [30][28] - PepsiCo has explored similar home beverage solutions through its acquisition of SodaStream, which offers a different approach to at-home soda making [33][35]

Core Viewpoint - The article highlights the contrasting dynamics in the gold market, where a significant drop in gold prices has led to increased consumer demand in China, reflecting a clash between short-term emotional buying and long-term investment philosophies, particularly those of Warren Buffett [2][3]. Group 1: Market Dynamics - On February 14, 2025, international gold prices fell nearly 1.8%, dropping below $2900 per ounce, yet there was a surge in consumer purchases in China, with long queues forming at gold stores [2]. - Factors driving this consumer behavior include a "buying the dip" mentality, increased demand for gold jewelry during the wedding season, and institutional forecasts predicting gold prices could exceed $3000 per ounce by 2026 [2][3]. - The volatility in gold prices has intensified speculative behavior in the market, with both hoarding by resellers and consumer trends contributing to heightened demand [2][3]. Group 2: Investment Philosophies - Warren Buffett maintains a cautious stance on gold investment, emphasizing that gold is a non-productive asset that does not generate cash flow or profits, unlike equities [2][3][6]. - Buffett argues that gold prices are primarily driven by market emotions rather than intrinsic value, suggesting that investing in productive assets is more beneficial for long-term wealth creation [2][3]. - The article contrasts Buffett's views with those of Robert Kiyosaki, who advocates for gold as a hedge against currency devaluation, illustrating the differing investment philosophies and the need for individual risk assessment [3]. Group 3: Risks and Considerations - The article warns of potential volatility traps in the gold market, highlighting historical price fluctuations that suggest blind chasing of rising prices could lead to significant losses [3]. - It notes the disparity in costs associated with gold purchases, such as the high premiums on jewelry compared to bank gold bars, indicating the importance of distinguishing between consumption and investment purposes [4]. - Additionally, macroeconomic factors, including changes in Federal Reserve interest rate expectations and trade policies, could lead to significant price volatility in the gold market [5].

食酒盛市｜积极求变，开拓新章——近期调研反馈 20250518 摘要 • 白酒行业正逐步探底，权重龙头企业配置价值提升，估值和股息率具吸引 力。推荐关注茅台、五粮液、汾酒、古井，以及区域受益标的今世缘和黄 酒领域的老窖、水井坊、舍得。 • 海天味业核心品类保持增长，通过产品迭代和新品类开发拓展渠道。重点 发力柔性化生产线改造，使用国产非转基因大豆，整体费用率预计平稳可 控，海外市场布局系统化。 • 统一企业中国无糖茶饮赛道回归理性增长，计划推出低糖无糖系列产品， 保持高个位数增速。调整红烧牛肉面及汤达人系列产品，实现双位数增长。 预期费用率下降，中长期净利率保持在 5%左右。 • 安德利果汁苹果汁成本在下游比例较低，涨价传导能力强。美国出口比例 高，全球需求刚性。行业格局良好，CR2 由安德利和国投中鲁主导，安德 利盈利能力突出。苹果价格持续上涨，资源紧缺带来更高溢价。 • 好想你主业红枣礼赠稳步推进，重点打造大单品如黑金枣，有望对标红枣 派。公司产品和渠道端成长性得到印证。目前估值基于资产定价，高分红 属性。重点发展大单品，推进沙漠渠道进驻门店，开发新产品。 Q&A 当前大众品行业有哪些值得关注的投资方向？ ...

投资小红书-第238期 受中美贸易谈判利好的推动，本周全球金融市场回暖，资金重新回流股市。 股市是理性投资人聚集财富的地方，巴菲特以1300亿美元的身家稳居全球富豪榜前五。但这富可 敌国的财富最初是来自小小的储蓄，他早年将每一分钱的收入积攒成最初的"小雪球"，然后沿着 长坡厚雪慢慢滚动，最终形成了复利奇迹。 储蓄和节俭是投资路上的起始点，社会美化了充满消费的生活方式，大多数人遵循这条道路，但 如果一个人不能量入为出，那就永远缺少初始资本为您的财富添砖加瓦。 "慢慢变富"是财富增值路上的护身法宝，而追求"一夜暴富"相当于给风险下了一份请帖，最终可 能落入财富陷阱之中。但当固定增长率逐年变大的时候，数字会发生爆炸性增长，这就是小钱变 成大钱的途径。 巴 菲 特 多 年 来 一 直 开 着 破 旧 的 大 众 牌 甲 壳 虫 汽 车 。 当 人 们 说 他 抠 门 儿 时 ， 他 并 未 生 气 ， 而 是 说："你看，一辆新车花掉我2万美元。30年后，它会一文不值。事实上，它甚至可能坚持不了30 年那么长。" "然而，如果我把2万美元以年复利的方式进行投资，那么10年后它就会变成大约15万美元。20年 后，它可能 ...

证券研究报告 食品饮料 报告日期：2025 年 05 月 15 日 白酒处于调整期，零食景气度较高 ——食品饮料行业 2024 年报和 2025 一季报综述 华龙证券研究所 投资评级：推荐（维持） 最近一年走势 执业证书编号：S0230520050001 邮箱：wangf@hlzq.com 复—食品饮料行业周报》2025.03.18 《政策积极，静待复苏—食品饮料行业 周报》2025.03.05 《促消费政策积极，关注需求修复边际 改善—食品饮料行业周报》2025.02.17 摘要： 请认真阅读文后免责条款 请认真阅读文后免责条款 1 公司研究报告 2025Q1 食品饮料行业营收和归母净利润增速较 2024 年趋缓。食 品饮料行业业绩分化加剧，子行业来看，白酒业绩实现稳健增长， 软饮料、零食行业上市公司营收和归母净利润同比增幅居前。 分析师：王芳 相关阅读 《育儿补贴政策催化，关注乳品估值修 白酒处于筑底阶段，零食行业延续较高景气度。2025Q1 白酒上 市公司整体营收和归母净利润实现小个位数增长，增速低于 2024 年。高端白酒盈利能力稳健，具备韧性；次高端价格带内部延续 分化趋势，山西汾酒表现较好；地产酒 ...

Board Meeting Summary - The first meeting of the seventh board of directors of Hebei Yangyuan Zhihui Beverage Co., Ltd. was held on May 16, 2025, with all nine directors present, confirming the legality and validity of the meeting [1] - The board elected Yao Kuizhang as the chairman and Fan Zhaolin as the vice chairman, both serving the same term as the seventh board [2] Committee Formation - The seventh board established several specialized committees, including: - Strategy and Sustainable Development Committee: Yao Kuizhang (Chairman), Fan Zhaolin, Li Hongbing, Deng Lifeng, Lu Min - Audit Committee: Yang Xiaozhou (Chairman), Zhang Limei, Xia Junxia - Nomination Committee: Jiang Lianzhou (Chairman), Yang Xiaozhou, Yao Kuizhang - Compensation and Assessment Committee: Zhang Limei (Chairman), Jiang Lianzhou, Deng Lifeng - All committee members serve the same term as the seventh board [2] Management Appointments - Fan Zhaolin was appointed as the General Manager, and Ma Yongli was appointed as the Chief Financial Officer, both serving the same term as the seventh board [2] - Ma Yongli was also appointed as the Secretary of the Board, with his contact information provided [3] - Yang Ruihong and Zu Pengfei were appointed as Securities Affairs Representatives, with their contact details included [4][7] Executive Profiles - Fan Zhaolin, born in September 1972, has a background in sales management and holds 163,253,660 shares in the company [5] - Ma Yongli, born in March 1976, has extensive experience in financial management and holds 7,774,859 shares in the company [6] - Yang Ruihong, born in November 1982, has a background in finance and does not hold any shares in the company [6] - Zu Pengfei, born in August 1992, has a legal background and does not hold any shares in the company [6]

业绩分化加大，经营战略重要性凸显 ——食饮 24 年与 25 年一季度业绩综述 [Table_Author] 易碧归 分析师 行业研究｜食品饮料 2025 年 05 月 16 日 证券研究报告 Email:yibigui@lczq.com 证书:S1320523020003 投资要点： 食饮行业的业绩分化加大，公司经营管理能力与业务战略重要性凸显。 2024 年食品饮料板块业绩实现个位数的稳健增长，但营收和归母净利润 增速均有放缓，显示需求下滑压力仍存。以饮料、零食子行业为代表的结 构性增长仍有亮点可寻，部分产品/渠道同比增速可超 30%。 投资建议：消费刺激政策值得期待，食饮消费结构升级仍具潜力，需求恢 复与结构调整后有望"年胜一年"。建议关注： ① 白酒：战略性投资地位相对减弱，但有望在顺周期、高毛利、控货管 理加强背景下的实现估值修复，后续行业发展的关键是需求培育，高端白 酒业绩增长确定性相对较强，卡位中档价格带的区域龙头或有亮眼表现； ② 调味品：可关注餐饮恢复和连锁化加快带来龙头公司的市场集中度提 升机会，功能性、复合性产品的研发和销售已显示出增长潜力，结构升级 正在进行中； ③ 乳品：强内需刺激（ ...