7月31日主力资金净流出942.41万元，占流通市值比例为0.1%。 风险提示：投资有风险，入市需谨慎。 承德露露7月31日报收8.75元，较前一交易日下跌0.17元，跌幅1.91%。当日成交量为161285手，成交额 达1.42亿元。 承德露露属于食品饮料板块，主要从事植物蛋白饮料的生产与销售。公司主要产品包括杏仁露系列、果 仁核桃系列等，其中杏仁露产品占营收比重超过96%。公司成立于1997年，同年11月在深交所挂牌上 市，是国内饮料行业首批上市公司之一。 7月28日公司公告显示，总经理梁启朝因个人原因辞职，由副总经理丁兴贤接任。2025年第一季度公司 营收10.02亿元，同比下降18.36%；净利润2.15亿元，同比下降12.53%。公司近期推出露露草本系列新 品，包括枇杷秋梨饮、陈皮乌梅饮等产品。 ...

以下文章来源于有数DataVision ，作者严张攀 有数DataVision . 数据表象与商业真相 来源丨有 数DataVision（ycsypl） 这篇文章，我们会结合娃哈哈的发展经历，以及旗下公司复杂的股权结构，尝试回答这三个问题： （1）娃哈哈的"核心资产"都有哪些？它们由谁掌控？ （2）娃哈哈复杂的股权结构和利益分配体系如何形成？ 作者丨 严张攀 编辑丨李墨天 图源丨Midjourney （3）宗馥莉和杜建英的矛盾因何而来？ 娃哈哈的宗庆后时代 两年后，上城区国资委进一步放权，将5%股权转至集团工会，在事实上完成了"交班"，将娃哈哈的 实际控制权交给了以宗庆后为核心的管理层手里 [1] 。 此后20年间，娃哈哈成为了一个涉及200多家公司主体，拥有80多个生产基地，资产规模400多亿， 年营收近700亿的庞大集团。其利益主体可以大致分为三块： （1）地方国资参与的娃哈哈集团 （2）宗庆后与核心管理团队的持股平台 （娃哈哈集团工会） （3）宗庆后家族管理的各个主体 其中 （1）娃哈哈集团 目前掌握着 娃哈哈商标 ，娃哈哈集团直接投资的公司只有16家，成立时间都 在"交班"之前。 同时，娃哈哈集团对旗 ...

以下文章来源于DT商业观察 ，作者DT商业观察 DT商业观察 . 第一财经旗下年轻态财经商业媒体。关注消费、互联网、电商、文娱、科技、城市等领域，融合媒体和 研究机构的禀赋，厘清趋势和商业间的关系，用年轻化的视角认识商业世界。 来源丨 DT商业观察（ID：DTcaijing） 作者丨张晨阳 编辑丨郑晓慧 图源丨Midjourney 靠着能量饮料打天下的东鹏，业绩又又又增长了。 7月26日，东鹏饮料发布2025年半年报，半年营业收入破百亿元，同比增长36.37%，其中大单 品"东鹏特饮"连续5年增长，今年上半年，已经卖出了83.6亿元。 无独有偶，老对手红牛也在过去一年迎来新的增长。根据《小食代》报道，2024年华彬集团的红牛 营收重回210亿元，超额完成年初定下的目标。 5月，美国能量饮料公司魔爪（Monster Beverage Corporation）全球高层也表示： "今年一季度魔 爪在中国市场的净销售额按美元计算同比增长40.1%，剔除汇率因素后同比增长更达到了43.2%。" 不同品牌狂飙的业绩，让笔者把目光聚焦到能量饮料这个品类。 因为添加了牛磺酸、咖啡因等成分，能量饮料能快速缓解疲劳、提高神经兴奋 ...

| | | 我们组新来了个同事，叫小董。那天茶水间正热议"饮料帝国继承人之战"，众说纷纭时，他淡淡来一句： "我研究过。" 紧接着，一份图文并茂的八卦研报震撼登场：股权结构分析、父女发言梳理、媒体立场对比，甚至还有一 张"家族企业宫斗模型图"。全组瞬间安静了。 从那以后，小董成了我们的"懂王"。不是那种张嘴就来的"伪懂王"，而是热点一出，他就像专业分析师一 样，稳稳甩来一份逻辑清晰、有图有据的解读。 "为什么Manus撤了？"几分钟后，小董展开讲解——"从融资结构、产品短板到本土化困境，这更像是一 种防守式收缩……" 我们逐渐养成习惯： 有瓜先等等，看小董研究过没。 别人还在嗑瓜子，他已经看穿局势。 1 理智吃瓜，从喧嚣中洞穿本质 娃哈哈"宫斗"风波中，当大家还在为宗馥莉的"大女主"接班剧情津津乐道时，小董已经把吃瓜当成研报在 做： 整理出娃哈哈管理层的变化与媒体舆情节点 分析品牌年轻化转型中的代际冲突和组织惯性 结合家族企业的股权架构和新品的市场份额波动，还原出遗产风波背后的商业本质 行业分析，透视商业战略棋局 Manus暂停中国业务，别人在群里转发"逃离中国""产品不行"，小董注意到这家公司4月份完成了7 ...

证券研究报告 | 2025年07月31日 | 晨会纪要 | | --- | | 数据日期:2025-07-30 | 上证综指 | 深证成指沪深 | 300 指数 | 中小板综指 | 创业板综指 | 科创 50 | | --- | --- | --- | --- | --- | --- | --- | | 收盘指数（点） | 3615.71 | 11203.02 | 4151.23 | 12658.69 | 3239.44 | 1058.57 | | 涨跌幅度（%） | 0.16 | -0.76 | -0.01 | -0.48 | -1.23 | -1.10 | | 成交金额（亿元） | 8196.27 | 10246.51 | 4451.68 | 3578.92 | 4998.72 | 353.23 | 【重点推荐】 行业与公司 农夫山泉(09633.HK) 海外公司深度报告:包装水龙头，稀缺的饮料平台 型企业 【常规内容】 宏观与策略 宏观快评:7 月政治局会议解读-财政"蓄水池"成为下半程的关键 宏观周报:政府债周报-土地收储项目规模超五千亿 固定收益投资策略:债海观潮，大势研判——关注"反内卷" 的走向 ...

Core Viewpoint - The white birch juice market is rapidly expanding, driven by increasing consumer interest and marketing efforts, but faces challenges related to standardization and sustainability [4][20][22]. Group 1: Market Dynamics - Sales of white birch juice are booming, with both online and offline channels experiencing significant growth, aided by influencer marketing [5][9]. - The product is marketed as a premium beverage, often referred to as "liquid gold," with prices significantly higher than alternatives like coconut water, with a 50% price premium noted [2][17]. - Major beverage companies, including Nongfu Spring and Huiyuan, are entering the white birch juice market, indicating strong commercial interest [4][20]. Group 2: Product Characteristics and Consumer Perception - White birch juice is promoted for various health benefits, including detoxification and fatigue relief, although scientific validation of these claims is lacking [12][16]. - The taste and quality of white birch juice vary significantly due to differences in processing methods, which can affect consumer satisfaction [18][21]. - Consumers are drawn to the product due to its unique flavor and perceived health benefits, with some becoming loyal customers after initial trials [13][14]. Group 3: Industry Standards and Regulations - There is currently no unified national standard for white birch juice, leading to inconsistencies in product quality and labeling [20][21]. - A new group standard for natural white birch juice has been proposed, emphasizing the prohibition of additives and the preservation of natural components, but compliance is voluntary [20]. - The lack of stringent regulations allows for potential dilution and mislabeling of products, raising concerns among consumers and industry experts [19][21]. Group 4: Environmental Concerns - The increasing demand for white birch juice raises concerns about the sustainability of white birch resources, particularly in the context of climate change [22][25]. - Current studies indicate that climate change may threaten the long-term sustainability of white birch forests, with rising temperatures and changing precipitation patterns affecting growth rates [25][28]. - Regulatory measures are being implemented to ensure sustainable harvesting practices, including restrictions on private collection of birch sap [28][29].

Core Viewpoint - Wahaha is a complex and sophisticated system of interest creation and distribution, with its core assets and control intricately managed by the family of founder Zong Qinghou, and the transition of power to his daughter Zong Fuli brings new challenges and shifts in the balance of power within the company [6][62]. Group 1: Core Assets and Control - Wahaha's core assets include over 200 companies and 80 production bases, with an asset scale exceeding 40 billion and annual revenue nearing 70 billion [9]. - The main stakeholders in Wahaha can be categorized into three groups: local state-owned assets, Zong Qinghou and the core management team's holding platforms, and Zong Qinghou's family-managed entities [9]. - Wahaha Group holds the Wahaha trademark but has less than 51% voting rights in its subsidiaries, indicating a lack of decisive control over operations [11]. Group 2: Shareholding Structure and Distribution - The shareholding structure is complex, with Zong Qinghou utilizing offshore companies and holding platforms to maintain control while allowing for profit distribution among various stakeholders [39]. - The establishment of holding platforms, such as Hongsheng Group and Hongzhen Investment, has allowed Zong Qinghou to consolidate control over production and investment while distributing profits [16][32]. - The creation of Sanjie Investment, which operates outside Wahaha's core business, reflects a potential "family division" strategy, allowing Zong Fuli to manage Wahaha while providing resources to Du Jianying for external investments [34][36]. Group 3: Conflicts and Power Dynamics - The conflict between Zong Fuli and Du Jianying stems from the shifting power dynamics following Zong Qinghou's death, with Zong Fuli consolidating control and making significant personnel changes [62][64]. - Zong Fuli's leadership has led to increased salaries for employees but also significant layoffs among Wahaha's senior management, indicating a shift in the company's operational focus [64][65]. - The transition has resulted in a reduction of investment platforms and a reallocation of production orders from Du Jianying's companies to those controlled by Zong Fuli, further centralizing control [75][78].

Investment Rating - The report provides a positive investment outlook for the medical equipment sector, highlighting potential growth opportunities due to recent procurement trends and market recovery [1]. Core Insights - The medical equipment sector has shown a significant recovery in procurement since Q4 2024, with expectations for financial performance to reflect this recovery by Q3 2025 [1]. - The technology sector is expected to benefit from the commercialization of tier 1 generative models, which could lead to a revaluation of core business segments [1]. - The beverage industry, particularly Dongpeng Beverage, is experiencing strong sales growth, driven by new product launches and market expansion [1]. - The semiconductor equipment sector is seeing increased demand, with a focus on expanding production capabilities and meeting the needs of major clients [1]. - The aerospace and defense sector is positioned for growth as it aligns with national strategic goals, despite facing some operational challenges [1]. - The chemical sector is witnessing a recovery in performance, supported by favorable domestic policies and improving pricing power [1]. - The rare earth industry is expected to see significant growth due to rising demand in high-growth areas such as electric vehicles and robotics [1]. Summary by Category Medical Equipment - The report emphasizes the strong bidding performance of companies in the ultrasound and endoscopy segments, with notable growth in market share expected in 2025 [1]. Technology - The report highlights the potential for revenue growth driven by the deepening of platform capabilities and international expansion strategies [1]. Beverage - Dongpeng Beverage is noted for its rapid sales growth, with new product lines contributing to a more robust revenue stream [1]. Semiconductor Equipment - The report indicates that the company is transitioning from a focus on panel testing to semiconductor equipment, with expectations for significant revenue growth in this area [1]. Aerospace and Defense - The report outlines the strategic importance of the aerospace sector in national planning, with a focus on achieving operational goals despite regulatory challenges [1]. Chemicals - The report discusses the positive outlook for the chemical sector, driven by improved pricing and demand recovery [1]. Rare Earth - The report notes a substantial increase in production and sales in the rare earth sector, driven by strong demand in emerging technologies [1].

中国饮料工业协会理事长张金泽表示，2024年饮料行业总产量达1.88亿吨，销售收入5300亿元，再创历 史新高，生动展现了行业的强大韧性与蓬勃活力。在此背景下，科教中心的成立是协会引领行业守正创 新的重要实践，其使命在于通过技术创新提升品质，强化食品安全风险管控，并以科普教育增强公众饮 料消费安全意识。 未来，科教中心将依托协会平台与企业资源，凝聚发展合力，为构建"健康、安全、创新"的饮料行业生 态提供持续动力。"随着科教中心的正式运营，中国饮料行业将以科技赋能质量安全，以文化厚植品牌 价值，在满足消费者对美好生活需求的同时，向全球展现中国饮料产业的责任担当与文化自信。"张金 泽说。 本报讯 （记者 解 磊）近日，中国饮料行业质量安全科教中心（以下简称"科教中心"）揭牌仪式在上海 举行。科教中心由中国饮料工业协会与康师傅饮品投资（中国）有限公司共建，旨在搭建面向行业及公 众的非营利性科普教育平台，通过开展教育培训、公众科普等活动，强化食品安全体系建设，推动饮料 行业高质量发展。 据了解，作为面向行业及公众的非营利性科普教育平台，科教中心的成立具有多重战略价值。从行业发 展看，通过系统性教育培训与公众科普活动， ...

Core Viewpoint - KKR is set to acquire 85% of Yuanjing International, the parent company of the domestic beverage brand "Dayao," which has seen significant growth in the Chinese market, raising questions about consumer acceptance of foreign ownership [2][4][7]. Company Overview - Dayao, founded in the 1980s, achieved a revenue of 3.2 billion yuan in 2023, positioning itself as a leading domestic soda brand in China [2][12]. - The brand has a strong market presence, with operations in 31 provinces and over a thousand distributors, focusing heavily on the restaurant channel, which accounts for over 85% of its sales [14][16]. Market Position and Performance - Dayao's market share has increased from 2.28% in 2023 to 2.64% in the first half of 2024, indicating a positive growth trajectory despite facing competition from established brands like "Liangle" and local sodas [18][19]. - The brand's sales strategy includes competitive pricing, with a wholesale price of approximately 3 yuan per bottle, allowing for significant profit margins for restaurant partners [16]. Challenges and Strategic Direction - Dayao's growth has been primarily reliant on the restaurant channel and a limited product range, with a noted lack of penetration in southern markets [3][23]. - The company is exploring national and potential international expansion post-acquisition, while maintaining its focus on brand development and consumer service [8][28]. Investment Implications - KKR's involvement is expected to enhance Dayao's operational capabilities through financial support, supply chain improvements, and management expertise, addressing existing weaknesses in production and market reach [11][28]. - The acquisition is viewed as a potential pathway to a "backdoor listing," reflecting the growing interest in the Chinese beverage market and the strategic positioning of Dayao as a leading player [28][29].