投资建议： 新消费与价值成长并行，大众品首选成长，重视换季消费机会，白酒绝对价值显现。 报告导读： 新消费与价值成长并行，把握换季机会，估值提升。白酒短期受政策影响，长 期绝对价值凸显。大众品啤酒饮料旺季催化，大单品新渠道成长性凸出。 新消费与价值成长并行，标的分化和估值提升。 一方面， 新渠道和新品类创新驱动新消费结构性红利， 主要体现在零食、保健品、食品添加剂赛道；另一方面，传统食品饮料龙头依赖强大的产品创新能力、渠 道拓展能力实现大单品的稳健强劲增长，主要体现在啤酒、饮料赛道。我们预计新消费与价值成长并行， 龙头间或将逐步出现分化，新消费标的估值有望创新高，传统消费估值或将提升。 白酒：短期受政策影响，长期绝对价值凸显。 近期中共中央、国务院印发修订后的《党政机关厉行节约反 对浪费条例》，其中涉及用酒部分我们认为属于纪律的再度强调，我们预计白酒行业龙头或将持续挖掘新 场景和潜在增量，加速白酒商品属性重塑和消费结构转型。对于白酒板块，我们延续前期观点，行业 2025Q2 产业景气度环比角度仍在寻底，价格端压力大于量的压力，大部分企业短期业绩表现愈发依赖于 核心市场的市占率提升，且愈发依赖于腰部及以下单品驱 ...

食品饮料 分析师：刘冉 登记编码：S0730516010001 liuran@ccnew.com 021-50586281 食饮行情延续，多数子板块表现优异 ——食品饮料行业 5 月月报 发布日期：2025 年 06 月 06 日 证券研究报告-行业月报 同步大市(维持) 食品饮料相对沪深 300 指数表现 相关报告 《食品饮料行业月报：食饮行情延续，零食、 乳品领衔》 2025-05-14 《食品饮料行业月报：食饮行情回暖，要素价 格延续回落态势——食品饮料行业 3 月月报》 2025-04-09 《食品饮料行业点评报告：提振消费政策有望 持续催化板块行情》 2025-03-18 联系人：李智 本报告版权属于中原证券股份有限公司 www.ccnew.com 请阅读最后一页各项声明 第1页 / 共15页 投资要点： -23% -17% -11% -5% 1% 7% 13% 18% 2024.06 2024.10 2025.02 2025.06 食品饮料 沪深300 资料来源：中原证券 ⚫ 食品饮料板块微涨，受白酒拖累较大。主力资金净流出，小单资金净流入。成 交量有所回落，但仍高上年同期。2025 年 5 月， ...

Core Viewpoint - The controversy surrounding ergothioneine, a compound linked to anti-aging, has intensified following accusations of it being a "fake drug" due to lack of sufficient evidence for its approval as a medicine. Companies like Kelun Pharmaceutical and its subsidiary have defended ergothioneine's classification as a health management tool rather than a drug, citing international studies that support its potential benefits [1][2][4]. Industry Overview - The global market for ergothioneine is projected to exceed $810.4 million by 2027, with a compound annual growth rate (CAGR) of 36.17% from 2021 to 2027. The raw material market for ergothioneine is also expected to grow from $6.3 million in 2024 to $16.1 million by 2031 [1]. - Companies such as Huaxi Biological and Chuaning Biological are accelerating their production capabilities through synthetic biology to meet the rising demand for high-purity ergothioneine [2][8]. Product Positioning and Pricing - Ergothioneine is marketed as a dietary supplement rather than a drug, with Kelun's product priced at 1499 yuan for 60 capsules, while competitors like Jinsan Biological offer similar products at 539 yuan. Kelun justifies its pricing based on Japanese market standards and production costs [4][5]. - The compound is recognized as a fifth-generation antioxidant and is used in both topical and oral applications, often combined with other ingredients like hyaluronic acid and collagen peptides [3][6]. Scientific Research and Development - Despite claims of ergothioneine's anti-aging effects, there are gaps in scientific understanding regarding its mechanisms and clinical validation. Research indicates that while ergothioneine shows promise, further studies are needed to explore its effects and applications in medicine [2][8]. - Companies are investing in research to better understand ergothioneine's potential, with Huaxi Biological planning to invest 1.35 million yuan in related projects [7]. Production and Supply Chain - The production of ergothioneine has historically faced challenges due to low yields from natural sources, but advancements in synthetic biology are enabling domestic companies to increase production capacity. For instance, Chuaning Biological plans to establish a facility capable of producing 0.5 tons of ergothioneine annually [6][8]. - The majority of ergothioneine is produced through microbial fermentation or enzyme catalysis, with domestic firms achieving over 99% purity in their products [8].

Core Insights - The probiotic market in China is projected to exceed 200 billion yuan by 2025, with billion-level live bacteria products becoming the core growth category [2] - The understanding of gut microbiota's role in health is expanding, linking it to digestion, immunity, inflammation, and even mental health [2] Group 1: Definition and Characteristics of Healthy Gut Microbiota - There is currently no fixed standard to define what constitutes a "healthy" gut microbiota [4] - Healthy gut microbiota typically exhibits high diversity, the ability to produce short-chain fatty acids, and stability against external disturbances [6][20] - The ideal composition of gut microbiota remains undetermined, as research is still ongoing [7] Group 2: Probiotic Testing and Its Reliability - The accuracy of gut microbiota testing is generally reliable, with most companies capable of providing accurate reports based on fecal samples [8][10] - However, these tests do not provide comprehensive guidance on optimizing gut health, especially in healthy individuals [10] - Testing can be particularly beneficial for diagnosing specific diseases like inflammatory bowel disease [11] Group 3: Dietary Influences on Gut Health - Different dietary practices, such as consuming fermented foods and high-fiber diets, can positively influence gut microbiota [15][24] - Long-term studies indicate that high-fiber and fermented food diets can enhance microbial diversity and reduce inflammation [26] - The consumption of probiotics may yield short-term benefits, but maintaining a diverse diet is more effective for long-term gut health [23][28] Group 4: Lifestyle Factors Affecting Gut Microbiota - Regular exercise has been shown to improve gut health by enhancing the production of short-chain fatty acids [32][33] - Sleep quality also plays a role, with evidence suggesting that sleep deprivation can temporarily disrupt gut microbiota diversity [35] - Close living conditions, such as with pets or family, can lead to microbiota similarities due to shared environments [36][37] Group 5: Probiotic Supplementation and Selection - The effectiveness of probiotic supplements depends on the viability of the bacteria, with live bacteria being essential for health benefits [43] - When selecting probiotics, factors such as the number of live bacteria and the specific strains should be considered [44][45] - The market for probiotics is large, but regulatory oversight is limited, leading to potential misinformation about health benefits [51][52]

Core Concept - The article emphasizes the importance of "Chinese Meridian Health Preservation Eight Principles" which includes "Meridian, Nourishing Essence, Moving Body, and Calming Mind" as a comprehensive approach to health management, particularly for fathers on Father's Day [1][2][5] Group 1: Meridian Health Preservation - "Meridian" is considered the foundation of health preservation, where unobstructed meridians allow for the smooth flow of Qi and blood, nourishing the body's organs [2][3] - Lifestyle habits such as prolonged sitting, stress, and irregular diet can lead to meridian blockage, which is associated with various diseases like stroke and diabetes [2][3] - Recommendations for maintaining meridian health include balanced diet, regular routines, seasonal adjustments, and practices like moxibustion and foot baths [2][3] Group 2: Nourishing Essence - "Nourishing Essence" focuses on kidney essence, which is crucial for vitality, immunity, and disease resistance [3][4] - Symptoms of kidney essence deficiency include fatigue, hair loss, and frequent urination, indicating the need for dietary adjustments [3][4] - Foods such as black sesame, goji berries, and deer antler are suggested for nourishing kidney essence, along with lifestyle changes to reduce stress and avoid overexertion [3][4] Group 3: Moving Body - "Moving Body" highlights the importance of moderate exercise to enhance physical vitality without overexertion [3][4] - Gentle exercises like Tai Chi and walking are recommended to improve meridian flow and blood circulation, contributing to overall health [3][4] Group 4: Calming Mind - "Calming Mind" reflects the wisdom of traditional Chinese medicine in managing mental health, emphasizing the need for emotional regulation and stress relief [4][5] - Activities such as meditation and reading are suggested to promote mental relaxation and improve sleep quality [4][5] Group 5: Practical Application - The article discusses how the principles of "Meridian, Nourishing Essence, Moving Body, and Calming Mind" can be translated into daily practices and health products [5][7] - The company has developed a range of health products based on these principles, including herbal drinks and supplements aimed at improving blood circulation, enhancing immunity, and promoting better sleep [5][7] - These products are designed to make the ancient wisdom of health preservation accessible and practical for modern lifestyles [5][7]

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：603102 证券简称：百合股份 公告编号：2025-021 威海百合生物技术股份有限公司 关于以集中竞价交易方式回购公司股份 的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 重要内容提示： ■ 一、回购股份的基本情况 公司于2024年8月8日召开第四届董事会第九次会议，审议通过了《关于以集中竞价交易方式回购公司股 份方案的议案》，同意公司以自有或自筹资金以集中竞价交易方式回购部分公司股份，本次回购股份将 在未来适宜时机全部用于员工持股计划或股权激励，回购价格不超过人民币42元/股（含），回购资金 总额不低于人民币3,000万元（含），不超过人民币6,000万元（含），回购期限为自董事会审议通过本 次回购方案之日起12个月内，具体内容详见公司在上海证券交易所网站（www.sse.com.cn）披露的《关 于以集中竞价交易方式回购公司股份方案的公告》（公告编号：2024-025）和《关于以集中竞价交易方 式回购公司股份的回购报告书》（公告编号：2024-02 ...

一、行情回顾 市场全天低开反弹，三大指数小幅上涨。创新药概念股再度大涨，舒泰神、华纳药厂、北陆药业、海南海药等10余股涨停。新消费概念反复活跃，曼卡龙、 萃华珠宝、金陵体育、均瑶健康等封板。银行等金融股继续走强，沪农商行涨停，杭州银行、中信银行刷新历史高点。下跌方面，汽车整车股走低，江淮汽 车、上汽集团跌超5%。个股涨多跌少，沪深京三市超3200股飘红，今日成交1.16万亿。 二、当日热点 1.医药 医药板块今日继续大涨，联化科技4板，万邦德、海南海药等多股涨停。 5月29日，国家药监局（NMPA）披露了近期获批上市的11款创新药物。 | 股票名称 | | 最新价 = | 涨跌幅 = | 涨停时间 = | 换手率 = | 流通市值 = | | | --- | --- | --- | --- | --- | --- | --- | --- | | 联化科技 | 4天4板 | 10.12 | +10.00% | 10:38:03 | 13.17% | 91.74亿 | 国内农药中间体定 (台州)、联化昂 | | 002250.SZ | | | | | | | CRO+CDMO 服务 | | | | | | | | ...

Core Viewpoint - The article emphasizes that simply supplementing calcium is insufficient for maintaining adult bone health, highlighting the importance of collagen in preventing calcium loss and promoting bone strength [1][3][4]. Group 1: Bone Health Insights - Experts indicate that public perception often equates calcium supplementation with bone health, but collagen is crucial for maintaining bone structure and preventing osteoporosis [3][4]. - Bone composition consists of 65% calcium and 35% collagen, where collagen enhances bone resilience and helps retain calcium within the bone matrix [3][4]. - As individuals age, collagen levels decrease, leading to increased calcium loss and a higher risk of osteoporosis, necessitating a dual approach of calcium and collagen supplementation for effective bone health [4][5]. Group 2: Product Innovation - The German nutrition brand inne has launched the world's first collagen liquid calcium, addressing the limitations of traditional calcium supplements that often lead to gastrointestinal issues [6][8]. - The inne product combines liquid organic calcium, vitamin D3/K2, and unique collagen components, creating a synergistic formula that enhances calcium absorption and retention [8]. - Clinical studies have shown that the proprietary formula can significantly alleviate joint pain and improve bone density within eight weeks, targeting calcium loss in individuals over 35 [6][8]. Group 3: Holistic Approach to Bone Health - Experts advocate for a comprehensive approach to bone health, which includes balanced nutrition, regular exercise, and proper lifestyle habits alongside supplementation [8]. - A "four-dimensional protection" system is recommended, focusing on nutritional foundations, physical activity, balanced diet, and maintaining a healthy routine to support bone repair mechanisms [8].

Core Viewpoint - The Chinese health supplement industry is expected to experience long-term growth potential driven by increased consumer spending and the aging population, with a projected compound annual growth rate (CAGR) of 4.8%-8.8% from 2024 to 2035 [1] Group 1: Historical Review - The health supplement market in China began in the 1980s, characterized by a focus on creating blockbuster products and aggressive marketing, which led to potential risks in the industry [1] - The early 2000s saw rapid growth with the entry of international brands and the emergence of domestic brands, but safety incidents post-2013 led to increased regulatory scrutiny [1] - Since 2020, the industry has entered a new growth cycle driven by health trends and e-commerce, although competition has intensified [1] Group 2: Channels - The three main channels for health supplements in China are direct sales, pharmacies, and e-commerce, with e-commerce accounting for 56% of the market share in 2023 [2] - E-commerce is expected to continue being the primary growth driver, while the pharmacy channel stabilizes and direct sales may face downward pressure [2] - Douyin (TikTok) is projected to become the largest e-commerce channel for health supplements by August 2024, with growth rates surpassing traditional e-commerce [2] Group 3: Products - Health supplements can be categorized into mature markets and new consumer markets, with the former steadily expanding and the latter requiring faster product iteration and supply chain responsiveness [3] - The industry is witnessing two main trends: the foodification of products and the development of strong functional products, catering to both older and younger demographics [3] - There is a K-shaped price differentiation in health supplements, where high-functionality premium products are expected to see significant growth [3] Group 4: Industry Chain - The penetration rate of contract manufacturing in the domestic market exceeds 65%, with both brand owners and manufacturers demonstrating high profitability [4] - Brand owners face intense competition with low market concentration, as the top 10 e-commerce platforms hold only 16.7% market share, making e-commerce operational capability a key competitive advantage [4] - Contract manufacturers are achieving high profitability even with low fees, and leading firms are enhancing their product development, supply chain management, and customer service capabilities, leading to increased concentration in the industry [4]

Group 1: Market Outlook - Citic Securities emphasizes the importance of core assets and suggests continuous low-position layouts due to increased external uncertainties and a shift in market preferences towards certainty [1] - Galaxy Securities predicts a volatile upward trend in the A-share market for June, recommending a balanced investment strategy focusing on consumption, technology, and dividend stocks [2] - Zhongtai Securities maintains a "high-low switch" viewpoint, remaining optimistic about the technology sector while advising investors to buy on dips rather than chase highs [3] Group 2: Sector Insights - Citic Securities highlights four key themes to focus on: edge AI, military industry, mergers and acquisitions, and public funds underweighting, driven by domestic stimulus policies and global geopolitical changes [1] - Galaxy Securities identifies growth opportunities in the technology sector supported by policy and industry development, alongside consumer sectors benefiting from domestic consumption policies and the expected appreciation of the RMB [2] - Zhongtai Securities notes the ongoing high demand for AI upstream computing power and servers, with expectations of continued strong performance into the second half of the year [3] Group 3: Health and Consumer Trends - Citic Jiantou reports a structural transformation in the domestic health product market, driven by new consumption characteristics, with online channels expanding rapidly while traditional pharmacies decline [4] - The health product market is seeing significant growth in anti-aging and beauty-related categories, with younger and more diverse consumer groups emerging as key drivers [4] - Brands and manufacturers with new consumption genes and cross-border strategies are expected to benefit significantly from the evolving health product landscape [4]