2025上海国际碳中和博览会 绿色出海平行论坛 2025 Shanghai International Carbon Neutrality Expo Parallel Forum on Green Global Expansion 2025年6月5日 上海新国际博览会中心N3馆 13:30-16:10 同期活动区 1 主办单位 联合主办 海市国际贸易促进委员会 支持单位 承办单位 13:30-13:35 开场 主持人 蒋岚 上海市国际展览(集团)有限公司副总裁 上海国际展览管理有限公司总经理 13:35-13:50 开幕致辞 顾春霆 上海市国际贸易促进委员会副会长 毕舜杰 安永大中华区业务主管合伙人 13:50-14:00 主旨演讲 低碳能源国际合作促进全球经济可持续发展 苗红 世界资源研究所 可持续转型中心主任、高级能源专家 B E 苗红女士是世界资源研究所北京代表处可持续转型中心主任、高级 能源专家,领导中心项目开发与发展,以及与核心项目相关方在项 目长期影响方面的战略合作。苗女士有长达20多年能源领域工作经 验,在政策研究、项目开发、项目投融资,特别是国际合作项目方 面经验颇丰。 14:00-14:05 ...

Core Viewpoint - The beverage and alcohol industries are experiencing a significant crossover, with companies like Three Squirrels launching alcoholic beverages and traditional alcohol brands entering the beverage market, reflecting a blurred boundary and a collective anxiety for growth in a saturated market [4][5][6]. Group 1: Industry Trends - Three Squirrels has introduced three alcoholic brands: "Sun Wukong" craft beer, "Huxi" fruit wine, and "Orange Cat" red wine, aiming to diversify its product matrix for various drinking scenarios [5][6]. - Beverage giants are leveraging their existing consumer bases and distribution networks to penetrate the alcohol market, as seen with Yuanqi Forest's low-alcohol sparkling wine and Fulu's fresh beer business modeled after milk tea [5][9]. - Traditional alcohol companies are also expanding into non-alcoholic beverages, with brands like Moutai and Chongqing Beer launching products such as blueberry juice and orange-flavored soda, respectively [6][9]. Group 2: Strategic Insights - The crossover strategy is driven by the need to optimize resources and create greater boundary efficiency, allowing companies to share costs and enhance value from existing consumer bases [7][11]. - Beverage companies are capitalizing on their high-frequency consumption patterns and established user connections to introduce low-alcohol products, effectively extending their market reach [9][11]. - Alcohol companies are focusing on maximizing their distribution networks by introducing non-alcoholic products, which helps stabilize revenue during seasonal fluctuations in alcohol consumption [11][12]. Group 3: Challenges and Considerations - The success of these crossovers hinges on the ability to build consumer trust in new product categories, as seen with Three Squirrels' wine and Fulu's beer [14][15]. - Companies must redefine the boundaries of "scene integration" and "professional barriers" to ensure that crossovers are not merely superficial but resonate with consumer needs and preferences [15][16]. - Both beverage and alcohol sectors face growth challenges, necessitating a return to core business principles focused on deep consumer insights and effective market positioning rather than blind pursuit of trends [16].

Investment Strategy - The report suggests gradually increasing risk appetite for thematic trading as June approaches, noting that thematic trading often performs well in June, with high market attention on sectors like innovative pharmaceuticals and IP economy [2][8] - The trading strategy is shifting from focusing on individual stocks with unexpected performance to high-growth industries, recommending attention to sectors such as feed, motorcycles, plastics, animal health, and batteries [2][8] June Stock Recommendations 1. **Yinlong Co., Ltd. (603969.SH)**: Expected to achieve over 30% compound annual growth in profits over the next 2-3 years due to the high-end trend in prestressed materials and strong order visibility [9][10] 2. **Cambricon Technologies (688256.SH)**: Anticipated to enter a profit explosion phase, with significant increases in inventory and cash flow indicating strong demand for main chips [11][12] 3. **Yanjing Beer (000729.SH)**: The main product U8 is expected to maintain over 30% growth, supported by seasonal demand and improved market conditions [17][18] 4. **Xintian Green Energy (600956.SH)**: Projected revenue growth driven by stable wind power generation and ongoing expansion in natural gas operations [19][20] 5. **Huaneng International (600011.SH)**: Expected profit growth due to reduced fuel costs and ongoing expansion in renewable energy capacity [23][24] 6. **Salted Fish (002847.SZ)**: Anticipated revenue growth from successful product launches in the konjac category and effective channel expansion strategies [14][15]

Group 1 - The core viewpoint of the news is that Guangzhou Wanglaoji Health Industry Co., Ltd., a subsidiary of Guangzhou Pharmaceutical Group, has signed a cooperation agreement with Nepal's Chobari Trading Company to enter the South Asian market, marking a significant step in the company's international expansion [2][3] - The trade value between China and Nepal is projected to exceed 55 billion RMB from 2019 to 2024, with an annual growth rate of 11.7%, highlighting the strengthening economic ties between the two countries [3] - The cooperation is seen not only as a business opportunity but also as a bridge for cultural exchange between China and Nepal, with both parties emphasizing the importance of effective distribution networks to reach the South Asian market [3] Group 2 - During the visit, the delegation from Guangzhou Pharmaceutical Group met with Nepal's former Deputy Prime Minister and discussed the global expansion strategy of the Wanglaoji brand [4] - The delegation also visited Nepal's first listed pharmaceutical company, Om Mega Shree Pharmaceuticals, to explore collaboration opportunities in pharmaceuticals and traditional Chinese medicine [4] - Wanglaoji has already entered over 100 countries and regions globally, with accelerated international expansion efforts, including the launch of the English brand identity WALOVI in Kuala Lumpur [4]

（文/朱道义 编辑/张广凯） 当再次拿下集团又一核心板块的控制权后，宗馥莉几近补全了娃哈哈权力版图的最后一块拼图。 | 序号 | 企业名称 | 持股比例 | 注册资本 | 成立日期 | mk≥ | | --- | --- | --- | --- | --- | --- | | 1 | ● 娃哈哈商业股份有限公司 | | 170000万人民币 | 2011-12-09 | | | 2 | 特哈" 杭州娃哈哈集团有限公司 | 29.4% | 52637.47万人民币 | 1993-02-03 | | | 3 | 1245 杭州娃哈哈启力食品集团有限公司 | - | 50000万人民币 | 2008-03-31 | | | র্ব | *** 杭州娃哈哈食品有限公司 | | 24211.2万人民币 | 1992-10-28 | | | ર્ | 세�� 康有利 杭州娃哈哈电子商务有限公司 | - | 20000万人民币 | 2020-03-24 | | | 6 | 启力 浙江启力投资有限公司 | 100% | 20000万人民币 | 2007-06-04 | | | 7 | 服 浙江真宗投资有限公司 | 100% ...

| 发布机构： | 太和县市场监督管理局 | 组配分类： | 由县级组织的食品安全抽检 | | --- | --- | --- | --- | | 政策咨询机关： | 食品药品安全抽检股 | 政策咨询电话 : | 05582933682 | | 标题： | 太和县市场监督管理局发布2025年第四期食品安全监 督抽检信息通告 | 文号： | 元 | | 信息来源： | 太和县市场监督管理局 | 有效性： | 有效 | | 发布日期： | 2025-05-28 | | | 太和县市场监督管理局发布2025年第四期食品安全监督抽检信息通告 为切实保证广大消费者的消费知情权，太和县市场监督管理局现对2025年食品安全监督抽检信息进行通告。抽检实施单位：太和县市场监督管理局，检验依 据：根据食品安全国家标准、产品明示标准和质量要求检验和判定，承检机构：安徽国泰众信检测技术有限公司。本次组织食品安全监督抽检289批次样 品，其中抽样检验项目合格样品284批次，不合格样品5批次。 | 化食 | 县/ | 品 | 县 | | | | | | | | | | | | | | | | | --- | --- | --- | -- ...

Group 1: Semiconductor Sector - The semiconductor sector has recently gained attention from institutions, with companies like Zhongwei Semiconductor, Weicai Technology, and Naxin Micro being upgraded from "hold" to "buy" due to accelerated domestic substitution and surging AI demand [3] - Weicai Technology turned profitable in Q1, attracting positive ratings as it focuses on high-performance chip testing, indicating strong order backlogs [3] - Dinglong Co., a leader in polishing pads, reported over 70% profit growth in Q1, leading to a "buy" recommendation from Zhongyin Securities, highlighting the long-term logic of domestic semiconductor material substitution [3] Group 2: Food and Beverage Sector - The food and beverage sector, particularly liquor stocks, has seen increased institutional interest, with companies like Kweichow Moutai, Jinshiyuan, and Qingdao Beer being heavily researched [3] - Kweichow Moutai's recent shareholder meeting announced a dividend of 34.6 billion, showcasing its strategic resilience and ecosystem [3] - CITIC Securities has suggested focusing on segments like snacks and beverages, driven by consumer recovery and high earnings certainty, with companies like Dongpeng Beverage and Bairun Co. receiving rating upgrades based on consumption upgrades and channel innovation [3] Group 3: Investment Strategy - The core strategy behind recent institutional upgrades is betting on domestic substitution and consumer recovery, with a focus on selecting companies with technological breakthroughs in semiconductors and leading firms in the food and beverage sector [5] - Investors are advised to consider buying on dips rather than chasing high valuations, especially in the semiconductor sector where valuations are already high, with leading stocks like SMIC and Cambrian having P/E ratios above 70 [4][5] - In the food and beverage sector, competition remains fierce, particularly in the liquor industry, necessitating a focus on companies with solid dividends and low inventory pressure [4][5]

Summary of Key Points from Conference Call Records Industry Overview: Beverage and Low-Alcohol Drinks - The beverage industry is expected to see single-digit revenue growth and double-digit profit growth in 2024, with tea and functional drinks leading the way while carbonated drinks experience slowed growth [1][5] - Raw material cost advantages are becoming apparent, leading to a 1-2 percentage point increase in industry gross margins and a 1 percentage point increase in profit margins, with an improved competitive landscape [1][5] Company-Specific Insights Chengde Lululemon - Chengde Lululemon has a stable foundation with steady demand in the catering channel and potential for expansion in southern markets [1] - The company plans to invest 100 million in advertising for its health water product over the next two years and is adding PET production lines, expecting a profit of 700 million from its main business and 200-300 million from health water sales [1][18] - The stock is currently valued at 15 times earnings, lower than the industry average of 20 times, indicating potential for growth [18] Dongpeng Beverage - Dongpeng's energy drink business has maintained over 20% growth, with a target to surpass Huabin Red Bull by 2026 [1][10] - Rapid growth in water products is expected to generate 1.5 billion in revenue in 2024, with juice tea products achieving over 100 million in monthly sales as of May [1][11] - Revenue growth is projected at 35% and profit growth at 43% for 2025, with a current PE ratio of 35 times [15] Liziyuan - Liziyuan is in a low base period for Q2, with new vitamin water products contributing to growth, and a projected 10% decrease in costs for 2025 [1][7] - The company aims for 100 million in revenue from vitamin water in 2025, with an overall revenue growth forecast of 8% and profit growth of 15% [9] Bairun Co. - Bairun has seen nearly double-digit declines in April and May, leading to a cancellation of credit policies for distributors and a focus on inventory digestion [1][19] - The company plans to launch new products in its RTD series and has set a revenue target of 500 million for its whiskey business [19][20] Kuaijishan - Kuaijishan has shifted to a deep distribution model, with mid-to-high-end products now making up 67% of sales and gross margins increasing to 52% [3][23] - The company has seen significant growth in its Lanting series and 1,743 products, with sales targets set for 2025 [23][24] Xiangpiaopiao - Xiangpiaopiao is in a year of adjustment, focusing on inventory consumption in its brewing business while promoting Miko juice tea in its ready-to-drink segment [3][32] - The company plans to expand into new channels such as dining and snacks, with Miko juice tea achieving 800 million in revenue in 2024 [32][37] Market Dynamics and Future Outlook - The beverage industry is expected to continue benefiting from new product launches and seasonal demand peaks, particularly during promotional events like 618 [2] - Companies are focusing on cost control and channel expansion, with a notable shift towards online sales and deep distribution strategies [29][36] - The overall sentiment in the beverage sector remains optimistic, with several companies poised for growth despite current high valuations [4][31]

Summary of the Conference Call for Junyao Health Company Overview - **Company**: Junyao Health - **Industry**: Beverage and Dairy Products Key Points and Arguments Channel Strategy and Market Adaptation - Junyao Health is actively shifting its channel strategy from traditional small stores to a nationwide chain model, collaborating with UBS and Fanyuan to unify supply chain, production configuration, and sales strategies to meet new market demands [2][5] - The company aims to enhance supply chain efficiency and cost structure through the integration of new products into a triadic supply chain management system [4][15] New Product Strategy - The new beverage strategy focuses on validating product channels and new R&D logic, with an emphasis on data analysis and digital operations to achieve market breakthroughs [2][6] - The target revenue for new products in their first year is approximately 50 million yuan, which will serve as a benchmark for future growth [2][7] Product Launch and Market Performance - New products launched this year include a low-temperature digestive drink and a health series, with plans for nationwide distribution by June to July [3][12] - The company is focusing on filling market gaps in lower-tier cities and enhancing daily consumption through modern chain channels [8] Seasonal Marketing and Sales Strategy - Junyao Health plans to complete nationwide distribution in major credit channels by July, aiming for strong performance during summer and the Mid-Autumn Festival [12] - The marketing strategy includes a centralized approach to improve cost efficiency and achieve a gross margin target of 40% to 45% [13] Profitability and Financial Goals - The company aims to maintain a high gross margin and avoid losses, particularly in the beverage sector, with a focus on stabilizing profitability before considering further growth [14][20] - The overall strategy is to ensure that new products do not compromise profitability, with plans to gradually increase gross margins as products establish themselves in the market [20] Supply Chain and Cost Management - Collaboration with Fanyuan is expected to enhance operational efficiency and cost optimization, particularly in low-temperature logistics and marketing strategies [16][17] - The company is transitioning from a model that primarily profits from distributors to becoming a national health product distributor, aiming for better gross margins and net profits [17] Competitive Landscape and Market Challenges - The company acknowledges challenges in the four to five-tier markets, where competitors are adopting low-price strategies, while Junyao Health maintains a focus on higher margins [19] - The emphasis is on developing unique products with proprietary strains and formulas to maintain brand strength and avoid price competition [23] Future Outlook and Strategic Planning - Junyao Health is focused on leveraging its new product lines and supply chain capabilities to drive growth, with a particular emphasis on the beverage sector [22] - The company is also looking to optimize its operational model and product offerings to ensure sustainable growth and profitability in the long term [30] Additional Important Insights - The integration of various departments into a unified team under a centralized model is aimed at enhancing the development of new products [21] - The company is closely monitoring the performance of its new products and adjusting strategies based on market feedback to ensure alignment with consumer demands [9][12]

每周一景： 云南玉龙雪山 点击右上角菜单，收听朗读版 【宏观 】 全球变局：锚定"确定性"——国泰海通2025年中期宏观展望 全球进入货币体系重构时代： 全球经济体系重构的根源在于信任基础的变化，基于国际关系变化的信任 下降，会导致整个全球货币体系继续分化，重塑资产价格。"去美元化"确实在缓慢进行，主要是非经济因 素主导，尤其是国际关系变化、各国信任度的下降。在这个背景下，黄金的长期牛市需要站在更长历史维 度看待。 各国之间信任度变化的趋势很难改变，这也决定了本轮黄金的牛市是长期的、历史性的变化。 长期来看，只有美国经济纠偏能力还在，美元也不会崩溃。 但 中短期，需要关注美元信用可能进一步下 降。 美债利率实际利率、通胀预期、名义利率存在上行风险， 美元存在继续贬值风险，黄金上涨会加 速，日元、欧元、英镑等国际货币不排除进一步升值。 国内宏观：求诸于内，自胜者强。 中长期来看，我国经济具有较大潜力，不过，短期经济的需求仍然需 要提振。 2025 年要完成 5% 左右的增长目标，仍需积极政策继续发力。 风险提示 ： 稳增长政策落地进度不及预期，国际贸易环境超预期恶化 。 我们认为下半年宏观政策继续边际加码，尤其 ...