Group 1 - The core index of the CSI 1000 major consumer index reported at 7845.59 points, with a decline of 4.42% over the past month and 2.47% over the past three months, while it has increased by 0.26% year-to-date [1] - The CSI 1000 index consists of 10 industry indices selected based on liquidity and market representation, providing diverse investment targets for investors [1] - The top ten holdings in the CSI 1000 major consumer index include: Lao Baigan Wine (4.28%), Lianhua Holdings (3.75%), Biological Shares (3.1%), Zhongchong Shares (3.01%), Shunxin Agriculture (2.86%), Yanjinpuzi (2.81%), Jinhui Industry (2.79%), Shanghai Jahwa (2.53%), Miaokelan Duo (2.52%), and Tangrenshen (2.43%) [1] Group 2 - The market share of the CSI 1000 major consumer index is divided between the Shanghai Stock Exchange (51.18%) and the Shenzhen Stock Exchange (48.82%) [1] - The industry composition of the CSI 1000 major consumer index includes: Food (36.45%), Breeding (25.12%), Alcohol (12.51%), Household Products (10.76%), Planting (8.80%), Beauty Care (4.35%), and Soft Drinks (2.01%) [2] - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December, and can also be adjusted temporarily under special circumstances [2]

积梦智能 CEO、腾讯云 TVP 谢孟军 6月20日，由上海人工智能实验室、腾讯云TVP 、泸州老窖·国窖1573研究院联合主办的「智汇制造 创赢未来」腾 讯云TVP AI研讨会暨泸州老窖·国窖1573研究院智库研讨会在上海成功举办。在本次活动中，专家们现场参观全国 首个大模型创新生态社区"模速空间"，直观体验 AI 前沿技术与创新应用的碰撞。来自智能制造、数字化、AI 等 领域大咖，围绕AI技术、应用落地、行业实践心得等展开深入研讨。活动特设头脑风暴环节，各位专家畅所欲 言，进行精彩的观点碰撞，共同探讨AI的现在和未来。 主持人开场 主持人积梦智能 CEO、腾讯云 TVP 谢孟军在活动伊始时表示，我们处在一个变革之年，通用大模型加速落地， AI正从任务型算法迈向认知智能。与此同时，具身智能的崛起打破虚拟与物理世界的界限，推动行业进入生产力 革新阶段。今天，期待与各位专家老师共探大模型、具身智能的多元落地路径，为产业智能化升级提速助力。 主办方致辞 泸州老窖股份有限公司党委副书记、总经理、泸州老窖·国窖1573研究院执行院长 林锋 泸州老窖股份有限公司党委副书记、总经理、泸州老窖·国窖1573研究院执行院长 ...

Group 1 - The EU is facing significant challenges from the combined pressures of the US, China, and Russia, with France expressing concerns about being bullied by these powers [1][4] - The US has set a deadline of July 9 for tariff negotiations, with the Treasury Secretary threatening to impose tariffs on countries that do not reach an agreement, specifically mentioning the EU [1][4] - China has announced countermeasures against the EU, including anti-dumping duties on imported brandy and stainless steel billets, as well as restrictions on medical device imports [4][6] Group 2 - France's Finance Minister has criticized the situation, likening the global landscape to a game where the EU is being bullied by the US, Russia, and China, and has called for stronger tariff barriers [4][8] - The EU's actions against Chinese companies, such as imposing taxes on Chinese electric vehicles, have been cited as provocations that led to China's retaliatory measures [8][11] - The EU's reliance on the US for security, particularly in the context of the Ukraine conflict, has complicated its relationship with Russia and contributed to its current predicament [11][12]

证券之星食品饮料行业周报：2025年7月7日-2025年7月11日，沪深300指数上涨0.82%，申万食品饮料指 数上涨0.93%。前五大上涨个股分别为：国投中鲁、良品铺子、皇台酒业、海融科技、交大昂立。 机构观点 国元证券本周观点(含个股)： 白酒方面，当前白酒需求暂时承压，建议关注护城河宽阔，品牌、渠道力领先，韧性强的高端酒企，如 贵州茅台、五粮液、泸州老窖，以及竞争格局较好、势能向上的区域领先酒企。大众品方面，黄酒消费 热度渐起；啤酒消费逐渐进入旺季；休闲零食、能量饮料等细分赛道景气度高；餐饮供应链逐渐修复； 乳业上游供给端原奶价格底部企稳，龙头乳企韧性较强；健康趋势下，代糖概念迎来新机遇。建议关注 会稽山、古越龙山、青岛啤酒、重庆啤酒、东鹏饮料、三只松鼠、海天味业、伊利股份、新乳业、百龙 创园等。 东海证券本周建议(含个股)： 据南都•湾财社，泸州老窖年度股东大会上，董事长刘淼宣布已研发28度国窖1573，将适时投放市场， 公司还在研发更低度数白酒。此前五粮液也表示将推29度酒以抓住年轻群体。新修订的"禁酒令"下，政 白酒板块建议关注高端酒和区域龙头，个股建议关注贵州茅台、五粮液、泸州老窖、山西汾酒、 ...

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个别及连带责任。 重要内容提示： 在-480 万元至-720 万元之间，与上年同期相比减亏 1,080 万元到 840 万元。 间，与上年同期相比减亏 1,230.43 万元到 990.43 万元。 归属于上市公司股东的扣除非经常性损益的净利润：-1,800.43 万元。 缩减，营业收入下降。但公司通过组织机构调整、人员结构优化、加大内部协同、推 动集约化生产采购和技术革新等多项降本控费增效措施，努力改善经营绩效，与上年 同期相比，归属于上市公司股东的净利润大幅上升，亏损面收窄。 四、风险提示 证券代码：600616 证券简称：金枫酒业 编号：2025-020 上海金枫酒业股份有限公司 2025 年半年度业绩预告 二、 上年同期业绩情况 （一）利润总额：-2,153.49 万元。 归属于上市公司股东的净利润：-1,560.00 万元。 （二）每股收益：-0.02 元。 三、 本期业绩预亏的主要原因 五、其他说明事项 以上预告数据仅为初步核算数据，具体准确的财务数据以公司正式披露的 2025 ...

消费者服务行业 超配（维持） 消费者服务行业双周报（2025/6/27-2025/7/10） 暑期各地将举办约 3.9 万场次文旅消费活动 投资要点： 行 业 周 报 行 业 研 究 证 券 研 究 报 告 本报告的风险等级为中高风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 2025 年 7 月 11 日 分析师：邓升亮 SAC 执业证书编号： S0340523050001 电话：0769-22119410 邮箱： dengshengliang@dgzq.com.cn 消费者服务（中信）指数走势 资料来源：iFind，东莞证券研究所 相关报告 ◼ 行情回顾：2025年6月27日-2025年7月10日，中信消费者服务行业指数 整体上涨2.24%，跑赢同期沪深300指数约0.62个百分点。细分板块中， 旅游板块回升，但酒店餐饮板块仍下降。行业取得正收益的上市公司有 35家，涨幅前五分别是豆神教育、方直科技、凯撒旅业、米奥会展、博 瑞传播，取得负收益的有17家，其中跌幅前五的上市公司分别是曲江文 旅、天目湖、ST联合、君亭酒店、西域旅 ...

天风证券表示，今年夏季我国大部地区气温较常年同期要偏高，多地体感温度冲上40℃，有望带动啤酒消费。我们认为，中长期看，随着后续促消费政策落 地以及禁酒令的纠偏，进而带动啤酒&饮料销量、升级修复。 规模方面，主要消费ETF近1周规模增长112.25万元，实现显著增长，新增规模位居可比基金2/5。 截至7月10日，主要消费ETF近1年净值上涨5.19%。从收益能力看，截至2025年7月10日，主要消费ETF自成立以来，最高单月回报为24.35%，最长连涨月数 为4个月，最长连涨涨幅为5.70%，上涨月份平均收益率为4.87%。截至2025年7月10日，主要消费ETF近3个月超越基准年化收益为4.95%。 回撤方面，截至2025年7月10日，主要消费ETF今年以来最大回撤6.82%，相对基准回撤0.34%。 费率方面，主要消费ETF管理费率为0.50%，托管费率为0.10%，费率在可比基金中最低。 从估值层面来看，主要消费ETF跟踪的中证主要消费指数最新市盈率（PE-TTM）仅18.86倍，处于近1年7.51%的分位，即估值低于近1年92.49%以上的时 间，处于历史低位。 主要消费ETF紧密跟踪中证主要消费指数， ...

Core Viewpoint - The event of delivering the AITO M9 car to the first winner of the "City Koi" campaign, organized by Guizhou Zhenjiu, highlights the company's innovative marketing strategy and commitment to brand engagement through consumer interaction and rewards [1][9]. Group 1: Marketing Strategy - Guizhou Zhenjiu launched the "City Koi" campaign in April, allowing consumers to participate in a lottery by purchasing Zhen Thirty products, with a 100% winning rate for various prizes including the AITO M9 car and gold bars [9]. - The company appointed Yao Anna as the "Cultural Heritage Ambassador" for its brand, leveraging her influence among the younger generation to promote traditional culture [6]. - The "Wanshang Alliance Wealth Creation Forum" aims to build a national sales network for Zhenjiu, enhancing its market presence amid a challenging industry environment [6]. Group 2: Product Development - The newly launched "Da Zhen" product has gained consumer favor due to its quality, packaging design, anti-counterfeiting features, and cost-effectiveness, quickly becoming a focal point in the industry [8]. - The company plans to create more value for both the enterprise and consumers through personal IP development [8]. Group 3: Consumer Engagement - The winner of the AITO M9, Zou Jun, expressed his loyalty to Zhenjiu and plans to promote the brand further after winning the car through the campaign [3]. - Zou Jun participated in a factory tour and tasting event, which enhanced his trust in the quality of Zhenjiu products [8].

Core Viewpoint - Both Yanjing Beer and Zhujiang Beer reported positive growth in their performance for the first half of 2025, but foreign capital's attitudes towards them differ significantly, indicating varied investment signals [2][3]. Group 1: Performance Overview - Yanjing Beer is expected to see a net profit increase for the first half of 2025, with foreign capital increasing its holdings by 1,794.37 million shares in 2025 [3]. - Zhujiang Beer also reported growth, but foreign capital reduced its holdings by 1,776.49 million shares in the second quarter, a decrease of over 50% [3][4]. - Zhujiang Beer's stock price rose by 13.7% in the second quarter, outperforming Yanjing Beer, raising questions about the significant sell-off by foreign capital [4]. Group 2: Investment Behavior - Foreign capital's operations regarding Zhujiang Beer have been highly flexible, primarily engaging in wave trading, while maintaining stable holdings in Yanjing Beer [6]. - In the second quarter of 2023, after a year of declining stock prices, Zhujiang Beer experienced a rebound, prompting foreign capital to reduce holdings by 534 million shares [6]. - In the first quarter of 2024, foreign capital purchased 2,134 million shares of Zhujiang Beer, but chose to significantly reduce holdings in the second quarter as the stock price increased [8]. Group 3: Market Dynamics - Yanjing Beer's strong performance is driven by a more than 30% year-on-year increase in sales of its core product, U8, while Zhujiang Beer's growth is heavily reliant on the South China market, which accounts for over 90% of its sales [8]. - The overall beer industry has shown a recovery in demand, with domestic beer production increasing by 2.9% year-on-year from April to May 2025 [8]. - The smaller market capitalization of Zhujiang Beer leads to greater stock price volatility, resulting in a more agile investment approach from institutional funds [9]. Group 4: Institutional Interest - Following the release of Yanjing Beer's performance forecast for the first half of 2025, several securities firms and private equity funds showed strong interest, conducting consecutive days of research on the company [10][12]. - Notable institutions involved in the research include Shenwan Hongyuan, Northeast Securities, and various funds such as Huaxia Fund and E Fund [12][14]. Group 5: Strategic Initiatives - Yanjing Beer is implementing a large product strategy centered around U8, focusing on product innovation and brand influence to enhance market share [14]. - The company is also pursuing a "beer + beverage" marketing strategy to cater to younger consumers, leveraging synergies in production and supply chains [14]. - Analysts expect Yanjing Beer to maintain strong profit growth, driven by the expansion of U8 and operational efficiency improvements [15][16].

富时中国A50指数连续 光大银行 2564.31亿市值 12.56亿成交额 4.34 -0.10(-2.25%) 保险 中国太保 中国人保 中国平安 明 3750.19亿市值 3699.98亿市值 10509.13亿市值 23.20亿成交额 62.69亿成交额 14.31亿成交额 57.71 8.48 38.46 +0.84(+2.23%) +0.58(+1.02%) -0.11(-1.28%) 酿酒行业 贵州茅台 山西汾酒 五粮液 17925.94亿市值 2165.31亿市值 4824.84亿市值 82.39亿成交额 15.79亿成交额 35.63亿成交额 1427.00 177.49 124.30 -1.05(-0.59%) +0.50(+0.04%) +1.72(+1.40%) 米含体 海光信息 北方华创 寒武纪-U HYGON 2387.28亿市值 2317.58亿市值 3194.34亿市值 12.33亿成交额 28.81亿成交额 63.59亿成交额 330.83 553.98 137.43 +1.00(+0.30%) +30.48(+5.82%) +2.32(+1.72%) 铁路公路 石油行业 中国 ...