证券代码： 000523 证券简称：红棉股份 广州市红棉智汇科创股份有限公司 投资者关系活动记录表 | 投资者关系活动 □ | 特定对象调研 □ 分析师会议 | | | --- | --- | --- | | 类别 □ | 媒体采访 业绩说明会 ☑ | | | □ | 新闻发布会 路演活动 □ | | | □ | 现场参观 ☑ 其他 （2025 年广东辖区投资者集 | | | | 体接待日暨辖区上市公司中报业绩说明会） | | | 参与单位名称及 | 年广东辖区投资者集体接待日暨辖区上市公司中报业 2025 | 参加 | | 人员姓名 | 绩说明会的投资者 | | | 时间 | 年 9 月 19 日（周五）15：30-17：00 | 2025 | | 地点 | 公司通过全景网"投资者关系互动平台"（https://ir.p5w.net） | | | | 采用网络远程的方式召开业绩说明会 | | | 上市公司接待人 | 1、董事长 郑坚雄 | | | 员姓名 | 2、副总经理兼董事会秘书、总法律顾问 程默 | | | | 3、财务负责人兼财务总监 李艳媚 | | | | 4、证券事务代表 刘垚 1、大盘3900 ...

Group 1 - Shanxi Fenjiu held its ninth first board meeting on September 19, 2025, to discuss the appointment of the board secretary and other documents [1] - For the year 2024, Shanxi Fenjiu's revenue composition is 99.62% from the food industry and 0.38% from other businesses [1] - As of the report date, Shanxi Fenjiu's market capitalization is 244 billion yuan [2]

Core Insights - The report highlights the ongoing economic adjustments and policy responses from various government departments, indicating a focus on enhancing consumer living standards and stabilizing key industries [2][4][5]. Economic News - The Ministry of Commerce emphasizes the importance of maintaining principles in international negotiations, particularly regarding TikTok and EU tariffs on Chinese electric vehicles, advocating for the removal of market barriers [2]. - The Bank of Japan maintains its benchmark interest rate at 0.5%, with expectations of potential rate hikes later in the year amid economic uncertainties [2]. - The Ministry of Industry and Information Technology outlines a plan for the light industry to achieve stable growth from 2025 to 2026, focusing on optimizing supply, expanding consumption, and enhancing international competitiveness [2]. - The Ministry of Ecology and Environment reports significant progress in pollution control, with substantial reductions in PM2.5 levels in key regions by 2024 compared to 2020 [2]. - The National Taxation Administration reports positive growth in major tax categories, particularly in the financial sector, driven by increased capital market activity [2]. Company News - Qilu Bank's executives increased their shareholding by 20,000 shares, representing 0.0003% of the total share capital, despite a slight decline in stock price [3]. - Nanjing Public Utilities terminated its cash acquisition of a 68% stake in Hangzhou Yugu Technology, reflecting strategic adjustments [3]. - Tianpu Co. has faced unusual trading fluctuations, prompting warnings to investors about potential risks [3]. - Fengshan Group signed a technology development contract with Tsinghua University to enhance its competitive edge in battery technology [3]. - Fulian Precision signed a prepayment agreement with CATL for a total of 1.5 billion yuan to secure lithium iron phosphate supply [3]. Industry Insights - The report discusses the aviation industry, noting a cautious approach to capacity expansion among airlines due to low growth in supply and improved passenger load factors in August [14][15]. - Domestic airlines increased capacity by approximately 1.7% year-on-year in August, with a notable improvement in load factors compared to July [15][16]. - Internationally, airlines based in Shanghai saw significant increases in load factors, indicating strong demand in the region [17]. - The report highlights the impact of the "Self-Discipline Convention" in the aviation sector, which aims to curb market chaos and improve profitability [18].

Investment Rating - The report maintains a positive outlook on the consumer sector, particularly focusing on leading companies in the Hong Kong stock market [1]. Core Insights - The consumer sector's performance has shown a significant recovery, with a 55.8% increase over the past 12 months, indicating strong growth potential [3]. - The report highlights the importance of consumption support policies introduced recently, which are expected to stabilize consumption growth in the upcoming quarters [7]. - Key recommendations include focusing on undervalued leading companies and sectors with significant growth potential, such as snacks, beverages, and health products [8][9]. Industry Overview - The consumer sector comprises 1,214 listed companies, with a total market capitalization of 18,636.7 billion and a circulating market value of 17,056.8 billion [1]. - The retail sales growth rate for August was 3.4%, slightly lower than expected, but the overall trend is expected to improve due to upcoming holidays and promotional events [6][7]. - The beverage sector is highlighted for its strong performance, particularly companies like Nongfu Spring, which saw over 30% sales growth in August [8]. - The snack sector is also recommended, with companies like Wei Long benefiting from back-to-school stocking, showing a 20-25% increase in sales [8]. - The health product sector is projected to grow, with companies like H&H International Holdings expected to see an upward revision in profit forecasts [8][9]. Company Recommendations - The report recommends focusing on leading companies such as Nongfu Spring in the beverage sector and Wei Long in the snack sector, both of which are expected to perform well in the near term [8][9]. - Traditional consumer leaders like Haitian Flavoring and Li Du are also highlighted for their growth potential and strategic initiatives [9]. - In the electronics sector, companies like Yadi Holdings and Aima Technology are recommended due to their low valuation and growth prospects [12]. Market Trends - The report notes a shift in consumer preferences towards high-quality and innovative products, particularly in the health and wellness sectors [18]. - The overall market sentiment is cautiously optimistic, with expectations of gradual recovery in consumer spending supported by government policies [7][18].

海通国际研报指出，伊利股份25H1实现归属于上市公司股东的净利润72.00亿元，25Q2实现归属于上市 公司股东的净利润23.26亿元，同比增长44.65%。分业务看：液态乳收入361.26亿元，同比下滑2.1%， 常温酸奶、常温乳饮料及高端白奶市占率提升，低温白奶收入增速超过20%，产品创新与渠道下沉成效 显著；奶粉及奶制品收入165.78亿元，同比增长14.3%，其中婴幼儿配方奶粉市场份额达18.1%，位列全 国第一；成人粉市占率26.1%，稳居行业首位；冷饮收入82.29亿元，同比增长12.4%，线上线下零售份 额继续保持行业第一。海外业务亦快速扩张：海外冷饮和羊奶粉收入分别增长14.4%和65.7%。总体 看，公司在各主要品类均形成稳固优势，多元化结构保证了业绩的韧性。随着原奶供需逐步平衡、奶价 企稳回升，以及消费结构升级与健康需求提升，公司有望继续发挥龙头优势。参考可比公司估值，给予 公司2025年21xPE，目标价为36.6元，维持"优于大市"评级。 ...

美联储重启降息通道不仅提振全球风险偏好，更显著改善新兴市场流动性预期，预计A股与港股市场将迎来风险偏好修复与外资回流的双重利好。有专家认 为，从结构性机会看，科技成长、红利及部分景气度回升的板块值得关注，四季度市场或呈现"政策驱动+盈利改善"双向支撑下的震荡上行态势。 来源：智通财经 北京时间9月18日凌晨，美国联邦储备委员会宣布，将联邦基金利率目标区间下调25个基点到4.00%至4.25%之间。这是美联储2025年第一次降息，也是继 2024年三次降息后再次降息。 此时，攻守兼备的红利质量指数就显示出其特有优势：该指数由红利因子和质量因子复合作用，反映的是分红预期较高、盈利能力较强的上市公司证券的整 体表现，因此与传统红利指数，银行占比高不同，当前该指数银行股含量为0，权重第一和第二大板块是电子与医药生物，同时由于红利因子的存在，它也 有食品饮料和交通运输等行业高权重，因此整个指数有着"攻守兼备"的特性。 数据显示，杠杆资金持续布局中。红利质量ETF连续7天获杠杆资金净买入，最高单日获得686.49万元净买入，最新融资余额达2401.04万元。从估值层面来 看，红利质量ETF跟踪的中证红利质量指数最新市盈率 ...

相关热门ETF： 旅游ETF（562510）或受中秋国庆双节假期催化； 食品饮料ETF（515170）一键配置"吃喝板块"核心资产； 消费30ETF（510630）涵盖白酒、食品、美容护理、生物科技等细分板块； 港股消费ETF（513230）一键网罗港股互联网消费龙头。 9月19日，港股三大指数探底回升，截至午间收盘，恒指涨0.12%，国企指数涨0.35%，恒生科技指数涨 0.62%。港股消费板块震荡攀升，港股消费ETF（513230）现涨近1.5%。 随着国庆中秋长假临近，国内旅游市场即将迎来年度消费高峰。马蜂窝最新大数据显示，今年长假出行 需求呈现多元分化态势，赏秋游由北向南逐步升温、小众目的地备受青睐、自驾与户外热潮不减，同时 出境长线游市场显著复苏，AI工具则成为游客行程规划的重要助力，多重趋势共同勾勒出假期旅游消 费的新图景。 长江证券认为，未来港股或能创新高的三个方向：（1）AI科技与新消费未来仍有较大空间，有望带动 港股市场上涨。（2）南向资金持续流入港股，边际定价能力不断上升，若中债利率在ERP模型中权重 上升叠加国内低利率环境，将会有更多资金配置港股市场。（3）中国在宽货币到宽信用的传导中， ...

Core Viewpoint - The recent downturn in the segmented food index (H30016) is attributed to policy impacts, demand slowdown, and market sentiment, with the index's price-to-earnings (P/E) ratio at a low of 21.12, reflecting a 10.18% percentile over the past decade [1][3]. Market Performance - The white liquor industry is experiencing significant challenges, with a consumption index of 47.14 indicating weak demand in the first half of 2025, below the critical threshold of 50 [1]. - The retail sales growth rate for consumer goods in August 2025 has also declined, influenced by the diminishing effects of the "old-for-new" policy and slow recovery in consumer demand [2]. Valuation Insights - The current P/E ratio of 21.12 is not only at a historical low but also significantly below the long-term industry average, indicating that the valuation is cheaper than 90% of the time in the past [3]. - The food and beverage sector's market capitalization has decreased due to valuation contraction, with a P/E drop of 19.9% from the end of 2023, suggesting potential for future recovery [4]. Analyst Outlook - Several brokerage firms maintain a relatively optimistic outlook for the food and beverage sector, with suggestions that the white liquor sector may have entered a bottoming phase, particularly with the upcoming consumption peaks during the Mid-Autumn Festival and National Day [5]. - Analysts from various firms note that while the timing of demand recovery remains uncertain, there are signs of improvement in the industry, with normal social gatherings and events beginning to recover [5]. Long-term Perspective - The food and beverage sector is expected to gradually emerge from its low point in the latter half of the year, supported by policies aimed at boosting consumption and improving the macroeconomic environment [7]. - The upcoming festive seasons are seen as critical periods for assessing the strength of consumption recovery, with positive signals already emerging from the recovery of bottle sales driven by social events [7]. - The low valuation of the segmented food index reflects market pessimism, and any improvement in fundamentals could act as a catalyst for valuation recovery [7]. - Investors are advised to focus on low-valuation stocks with dividend growth potential, considering both economically cyclical stocks and sectors still benefiting from favorable conditions [7].

Market Overview - The Shanghai Composite Index decreased by 0.03% at the close, with a trading volume of 979.60 million shares and a turnover of 15,108.13 billion yuan, representing a 12.16% decrease from the previous trading day [1] Industry Performance - The coal industry showed the highest increase at 1.97%, with a transaction amount of 111.71 billion yuan, up 41.65% from the previous day, led by Huayang Co., which rose by 8.09% [1] - The defense and military industry increased by 1.66%, with a transaction amount of 431.15 billion yuan, up 6.87%, led by Guorui Technology, which rose by 9.99% [1] - The non-ferrous metals sector rose by 1.42%, with a transaction amount of 597.97 billion yuan, down 14.34%, led by Ganfeng Lithium, which increased by 10.00% [1] - The automotive sector experienced the largest decline at 1.63%, with a transaction amount of 1,040.70 billion yuan, down 7.43%, led by Haon Automotive, which fell by 11.48% [2] - The pharmaceutical and biological sector decreased by 1.04%, with a transaction amount of 682.17 billion yuan, down 8.78%, led by Saily Medical, which fell by 6.22% [2] - The real estate sector declined by 0.97%, with a transaction amount of 242.96 billion yuan, down 8.46%, led by Suning Universal, which decreased by 10.12% [2]

01 Nature's Fynd 图片来源：Nature's Fynd 今年3月，百事收购了益生元苏打水品牌Poppi，收购价格为19.5亿美元。Poppi最早就是通过美国天然食品和有机食品零售商全食超市（Whole Foods Market）的货架，走进消费者的视野，而后巨头收入囊中。 Poppi饮料 图片来源：Poppi 全食超市也确实成了创新产品的"大货架"。 蜂蜜柠檬水品牌Me & the Bees，创始人8岁时就参与了全食超市的研讨活动。在家门口摆柠檬水摊5年后，全食超市成为其入驻的首个大型零售商；当比 尔·盖茨投资的Nature's Fynd推出"世界首款"真菌蛋白酸奶时，他们和全食超市达成了独家合作协议，产品仅在全食超市出售；硅谷流行的无糖风味水 Hint，首发在全食超市，品牌在2021年估值突破2亿美元。 无论是最终被巨头收购的明星品牌，还是刚起步的创新产品，全食超市都在其发展关键期提供了不可替代的支持：它既是品牌触达精准消费者的"试验 场"，也为这些不具知名度的品牌提供了隐形"背书"。不经意间，全食超市承担了渠道之外的角色。 超市也能成为一个"孵化器"。 对彼时的Poppi来说，入驻全食超市 ...