证券研究报告 轻工行业2025年中期投资策略 把握新型烟草潮玩布局节奏，重视传统轻工结构性机会 分析师：赵中平 执业编号：S1130524050003 分析师：张杨桓 执业编号：S1130522090001 分析师：尹新悦 执业编号：S1130522080004 2025年6月26日 投资要点：把握新型烟草潮玩布局节奏，重视传统轻工结构性机会 整体布局思路：2025年H1与新消费相关板块领涨，而传统轻工板块估值普遍处于历史底部。展望25H2布局方向，新消费板块整体景气度依然 较高，仍值关注，而在目前估值分位普遍相对较高的情况下，需优选布局方向，把握布局节奏。一方面根据我们提出的新消费筛选框架（结 合行业壁垒、发展成熟度等指标）选择赛道成长确定性强与天花板较高的板块，另一方面结合目前相关细分板块、龙头标的的估值分位，建 议H2依然优选新型烟草+潮玩板块，其次轻工个护、AI眼镜、宠物食品等。此外，我们建议Q3起逐步增加估值处于低位的传统轻工板块布局， 重点建议关注红利型与底部反转型标的布局机遇。 ➢ 新消费板块：新消费可划分成功能价值线和情绪价值线，结合筛选框架，25H2分别首选新型烟草和潮玩板块，其次关注轻工个 ...

Group 1: Stock Performance and Market Activity - 20 stocks had closing orders exceeding 100 million yuan, with New Tonglian leading at 621 million yuan [2] - New Tonglian achieved a five-day consecutive limit-up, while Jida Zhengyuan had four consecutive limit-ups [2] - The top four stocks by closing order volume were Aijian Group, Heli Tai, New Tonglian, and Cangzhou Mingzhu, with volumes of 505,600 hands, 469,600 hands, 454,300 hands, and 350,600 hands respectively [2] Group 2: Industry Insights - New Tonglian operates in the packaging and printing industry and confirmed no undisclosed major information, including asset restructuring or significant transactions [2] - The military industry saw stocks like Guorui Technology and Beifang Navigation experience limit-ups, with Beifang Navigation focusing on dual-use products in navigation control and ammunition information technology [3] - The marine economy is targeted for growth, with Shenzhen aiming for a marine industrial added value of 215 billion yuan by the end of the 14th Five-Year Plan, growing at an average of over 12% annually [5] Group 3: Investment Trends - The RWA (Real World Assets) sector is gaining attention, with companies like Jingbeifang and Ketech Information actively engaging in blockchain and data management technologies [4] - The top net buying stocks included Chutianlong, Nord Shares, and Hainan Huatie, with net purchases exceeding 1 billion yuan [6] - Institutional investors showed significant interest in stocks like Yuyin Shares and Hainan Huatie, with net purchases of approximately 76.56 million yuan and 76.42 million yuan respectively [6]

Core Viewpoint - The Jiangnan Mingquan natural soda mineral water product from Dongting Mountain Mineral Water Group has gained popularity on social media platforms like Xiaohongshu due to its high quality and aesthetic appeal, attracting health-conscious consumers and reshaping perceptions of healthy drinking water [1] Brand Strength - Dongting Mountain Mineral Water Group has established itself as a leading brand in China's drinking water industry, focusing on the philosophy of "natural healthy water" since its inception 28 years ago [3] - The company has consistently ranked first in market share across multiple cities in the Yangtze River Delta region, serving over 10 million households and businesses [3] - The brand has earned the reputation of "King of Jiangnan Water" and "One Barrel of Jiangnan," reflecting its deep-rooted trust among consumers [3] Product Quality - The company maintains strict standards for water source selection, ensuring that all sources are natural, high-quality, and healthy [5] - Water sources are located in ecologically pristine areas, such as Wawushan in Liyang and Longwang Mountain in Anji, which are free from industrial pollution [5] - Each water source undergoes extensive testing and analysis by expert teams to ensure superior quality [5] Production Standards - Dongting Mountain Mineral Water Group employs advanced production equipment and processes to ensure high-quality bottled water [7] - A comprehensive quality control system is in place, with a dedicated quality inspection center that monitors every batch of products from source to finished product [7] Innovation and Market Strategy - The company adopts a dual strategy of "deepening" existing business and "expanding" into new areas, allowing it to capture emerging trends in the bottled water market [8] - It has developed a diverse product matrix, including high-end water and functional water, to meet the evolving demands of health-conscious consumers [8] - The product range includes various types of natural mineral water and packaging options, catering to different consumer needs and preferences [8] Packaging and Design - The company integrates modern aesthetics with practical design in its packaging, enhancing the cultural attributes and emotional value of its products [10] - This innovative approach not only improves consumer experience but also positions the company as a leader in high-quality development within the industry [10] Commitment to Quality - Dongting Mountain Mineral Water Group's long-standing commitment to quality reflects its belief in "long-termism" and dedication to consumer health [10] - The company aims to continuously improve product quality while exploring new paths for industry development and expanding its brand narrative [10]

Core Viewpoint - The transformation of Shuanghui's chemical packaging industry, particularly in the production of PVDC (polyvinylidene chloride) casings, marks a significant advancement in China's food packaging sector, overcoming previous reliance on imported materials and establishing a leading position in the industry [1][2][3] Group 1: Industry Development - The PVDC casing film is crucial for the production of ham sausages, directly affecting product quality and safety, with stringent production standards [1] - In the 1990s, high-performance casing film technology was dominated by foreign companies, leading to high costs of up to 120,000 yuan per ton due to reliance on imports [1] - Shuanghui Group established a packaging technology research center and invested in the development of domestic production capabilities, leading to the establishment of nine production bases across China [1][2] Group 2: Technological Advancements - The company has implemented intelligent upgrades to production lines, resulting in over a 50% increase in hourly production capacity of PVDC films and significant improvements in labor efficiency [2] - Shuanghui has developed a comprehensive R&D and testing system, holding 143 valid patents, and has led the development of national standards for casing films [2] - The company has adopted solvent-free adhesive technology and is actively involved in revising national and industry standards, promoting environmentally friendly practices [2] Group 3: Market Expansion - Shuanghui's PVDC casing films and other products are now exported to over 10 countries, including Vietnam and Indonesia, with an annual export volume of 5,000 tons, enhancing international competitiveness [3] - The company's strategy of industrialization, diversification, internationalization, and digitalization has reshaped the food packaging industry, transitioning from "import substitution" to "global leadership" [3]

Core Viewpoint - The Jiangyin Lingang Economic Development Zone is emerging as a hub for innovation and technology integration, with various projects and collaborations between universities and enterprises driving advancements in multiple sectors. Group 1: Innovation Centers and Collaborations - The Nanjing University of Science and Technology Innovation Center in Jiangyin has 9 projects in operation, with over 30 researchers actively engaged [1] - Collaborative efforts in the renewable energy sector have led to the development of China's first in-situ detection device for power batteries [2] - The establishment of the "Civil Aviation Smart Security Engineering Technology Research Center" aims to enhance security technology in the aviation industry [2] Group 2: Industrial Upgrades and Automation - Jiangyin Precision CNC Co., Ltd. has implemented comprehensive automation, achieving a 30% reduction in labor costs through collaboration with academic institutions [3] - The Jiangyin Lingang Economic Development Zone has recognized 19 provincial-level smart workshops and 1 provincial-level smart factory, showcasing advancements in digital transformation [3] Group 3: Technological Advancements and New Materials - The integration of robotics and smart technologies is paving the way for breakthroughs in the robotics industry [4] - A collaborative effort in the biopharmaceutical sector is focused on developing new packaging materials for vaccines and antibodies [4] - The development zone has established nearly 1 million square meters of innovation space, housing 2 national-level enterprise technology centers and 80 provincial-level R&D institutions [4] Group 4: Investment and Economic Growth - Over 30 key projects have successfully settled in the Lingang area in the first quarter, with significant investments in energy and semiconductor sectors [5] - The total investment for five major projects, including a 1,000 MW ultra-supercritical generator set, amounts to 14.6 billion yuan [5] - The "123" industrial cluster, focusing on new materials, new energy, and high-end equipment, is rapidly developing and shaping the future of the region [5]

Group 1 - The core viewpoint of the articles emphasizes the importance of industrial chain construction for economic growth and high-quality development in Weinan City, with a focus on promoting key industrial enterprises and their products [1][2][5] - Weinan City has identified 20 key industrial chains and is implementing a "chain leader system" to drive structural upgrades towards intelligent and green development while exploring emerging industries [1][2] - The city has successfully signed 24 projects worth 24.9 billion yuan in the printing and packaging industry, showcasing its commitment to innovation and collaboration across the entire industrial chain [2] Group 2 - As of April, Weinan has completed investments of 21.45 billion yuan in 404 key municipal projects, achieving a completion rate of 33%, indicating steady progress in high-quality project construction [5] - The city aims to attract significant investments by requiring each district to introduce at least one industrial project with an investment of 1 to 3 billion yuan annually, with a total planned investment of 213 billion yuan by 2025 [5] - Weinan is actively promoting consumption through various initiatives, including a comprehensive plan for 2025 that includes 87 promotional events, which has already led to significant consumer engagement and transaction increases [6][7]

| | 一、 公司前十名股东持股情况 | | | | --- | --- | --- | --- | | 序 | | 持股数量 | 持股比例 | | | 股东名称 | | | | 号 | | （股） | （%） | | 序 | | 持股数量 | 持股比例 | | | 股东名称 | | | | 号 | | （股） | （%） | | | #和盛财富（北京）基金管理有限公司－和盛财富甄选 | | | | | 七号私募证券投资基金 | | | | | #上海磬晟私募基金管理有限公司－磬晟联盈五号私募 | | | | | 证券投资基金 | | | | | 二、 公司前十名无限售条件股东持股情况 | | | | 序 | | 持股数量 | 持股比例 | | | 股东名称 | | | | 号 | | （股） | （%） | | | #和盛财富（北京）基金管理有限公司－和盛财富甄选七 | | | | | 号私募证券投资基金 | | | | | #上海磬晟私募基金管理有限公司－磬晟联盈五号私募证 | | | 关于回购股份事项前十名股东和前十名无限售条件股东 持股情况的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完 ...

（原标题：上市公司动态 | 振石股份、林平发展IPO获受理，长川科技披露上半年业绩预告净利同比增 67.54%-95.46%） IPO发行动态 振石股份主板IPO获受理 上交所官网显示，浙江振石新材料股份有限公司主板IPO获受理。根据披露，公司是一家主要从事清洁 能源领域纤维增强材料研发、生产及销售的国家级高新技术企业。2022至2024年，公司分别实现营业收 入526,743.69 万元、512,395.29 万元、443,879.18 万元，经营规模较大；实现扣除非经常性损益后归属 于母公司所有者的净利润分别为 57,904.19 万元、70,370.41 万元、59,959.91 万元。此次融资金额39.81 亿元，保荐机构为中国国际金融股份有限公司。 林平发展主板IPO获受理 上交所官网显示，安徽林平循环发展股份有限公司主板IPO获受理。根据披露，公司主要从事包装用瓦 楞纸、箱板纸产品的研发、生产和销售，2022 年度-2024 年度，公司营业收入分别为28.79亿元、28亿 元、248,509.78 万元，净利润分别为15,447.07 万元、21,158.56 万元、1.53亿元，扣除非经常性损益 ...

6月24日，亚洲最具影响力的食品加工与包装行业盛会——上海国际食品加工与包装机械展览会（ProPak China2025）在上海国家会展中心盛大开幕。由意 大利对外贸易委员会（ITA）上海代表处与意大利包装机械制造商协会（UCIMA）联合组织的意大利展团再次以国家团形式亮相，成为展会首日焦点。 M DAILy 1 3 A madein . 4 p 请继续参观 More Exhibitors please visit E all x EARFLAS r 8 天 8 AMP 5 B EN THE MINIMENT - THIS INCELLER tt l 尤索贸易 ( 上海) 有限公司 1 0 主要求进出 Vio P A 4 ত CEARFLAP E FARELA ISTS TO (0.4) es 2 gogal All As 国际大 60H = csos L 1 I ya I I 意大利对外贸易委员会上海代表处副代表Velia Filippelli女士表示: 今年，意大利共有7家企业参展。他们不仅各具特色，且都秉承着对"意大利制造"卓越品质 的执着追求。 此外，意大利展团企业都擅长打造个性化定制产品——这正是该 ...

Core Insights - The article highlights the maturity of China's food packaging regulatory framework, emphasizing the importance of food-grade packaging standards and the high entry barriers in the industry [1][4] - It discusses the growth in profits for China's food industry, with a total profit of 643.17 billion yuan in 2024, marking a 5.2% increase from the previous year [6][8] - The article notes the significant increase in the production of specialty paper for food packaging, driven by the global push for green economy and plastic reduction policies [7][8] Regulatory Framework - China's food packaging regulatory system is well-established, with approximately 500 relevant laws and standards aimed at ensuring food safety [1] - The market access system for food packaging includes production licensing, mandatory inspection, market access marking, and supervision [4][5] - The regulations cover a wide range of materials used in food packaging, including plastics, paper, metals, and more [5] Industry Performance - In 2024, 43,163 large-scale food industry enterprises achieved a total profit of 643.17 billion yuan, with a growth rate of 5.2%, which is 8.5 percentage points higher than the overall industrial growth [6][8] - The food manufacturing sector saw a profit increase of 6.3%, while the beverage and refined tea manufacturing sector grew by 7.1% [6] Market Trends - The production of specialty paper for food packaging has been on the rise, with an estimated output of 2.868 million tons in 2024, up from 1.612 million tons in 2018 [8] - The article outlines future trends in food packaging, focusing on green and eco-friendly materials, smart technology integration, and personalized designs [9]