序号股东名称持股比例1昆明星启眼科医院有限责任公司100% 天眼查显示，近日，昆明星启润瞳医疗服务有限公司成立，法定代表人为槐艺华，注册资本300万人民 币，由昆明星启眼科医院有限责任公司全资持股。 企业名称昆明星启润瞳医疗服务有限公司法定代表人槐艺华注册资本300万人民币国标行业卫生和社会 工作>卫生>医院地址云南省昆明市五华区龙翔街道办事处龙翔街135号宸祥苑地下室-1层S04-S09号商铺 企业类型有限责任公司（法人独资）营业期限2026-1-14至无固定期限登记机关五华区市场监督管理局 来源：市场资讯 经营范围含许可项目：医疗服务；第三类医疗器械经营。（依法须经批准的项目，经相关部门批准后方 可开展经营活动，具体经营项目以相关部门批准文件或许可证件为准）眼镜销售（不含隐形眼镜）；电 子产品销售；第二类医疗器械销售；健康咨询服务（不含诊疗服务）；远程健康管理服务；保健食品 （预包装）销售；消毒剂销售（不含危险化学品）；信息技术咨询服务；技术服务、技术开发、技术咨 询、技术交流、技术转让、技术推广。（除依法须经批准的项目外，凭营业执照依法自主开展经营活 动） ...

Core Insights - Guangdong's manufacturing sector is showcasing its diverse capabilities, from smart home appliances to high-end mobile phones, fashion apparel, gourmet food, and modern agriculture, emphasizing innovation and quality development [1][2][6][9][21] Group 1: Food Industry - Guangdong's food industry is projected to achieve a revenue of 896.87 billion yuan in 2024, with soy sauce production accounting for over 60% of the national output and mooncake exports representing 90% of the total [2] - The food sector is characterized by a "smart brewing" approach, integrating traditional flavors with modern technology, leading to a "delicious revolution" driven by digitalization and biotechnology [2][3] - The province has established several billion-yuan sub-clusters in various food categories, including sauces, health foods, and traditional snacks, showcasing its strong industrial foundation [2] Group 2: Home Appliances - Guangdong's home appliance exports account for nearly 50% of the national total, with the Greater Bay Area's smart appliance industry representing about 30% of the global market [6][8] - The industry employs a "combination of strengths" strategy, integrating research, manufacturing, and branding while localizing production to penetrate global markets [6][8] - Major companies like Midea and Hisense are expanding their global footprint with numerous R&D centers and manufacturing bases, enhancing their competitiveness [6][8] Group 3: Agriculture - Guangdong's agricultural output is robust, with grain production capacity increasing from 12.38 million tons in 2021 to 12.98 million tons in 2025, achieving a record high in yield per unit area [9][10] - The province leads the nation in the production of lychees and pomelos, with the lychee industry alone generating over 9 billion yuan in value [12] - The agricultural sector is supported by a modernized marine ranching initiative, positioning Guangdong as a leader in fishery production and output [10][12] Group 4: Textile and Apparel - Guangdong's textile and apparel industry boasts the highest number of enterprises in the country, with 4,240 registered companies and a production output of 3.44 billion garments in 2024 [21][23] - The industry employs a "fast response and flexible attack" strategy, utilizing data-driven customization and intelligent production to enhance efficiency [21][23] - Significant advancements in digital transformation are evident, with companies adopting AI and big data to streamline operations and reduce production times [23][24] Group 5: Cultural and Tourism - Guangdong's cultural tourism sector is leveraging traditional customs and modern marketing strategies to attract visitors, particularly during the Spring Festival [17][19] - The "Please Come to Guangdong for the New Year" campaign aims to enhance the province's appeal as a travel destination through various cultural events and activities [19][20] - The integration of local culture, food, and entertainment is designed to create immersive experiences for tourists, showcasing Guangdong's rich heritage [17][21]

2024年，公司境外业务收入同比增长47.33%，达25.50亿元，占总营收比例超过六成；反观境内业务，其收入同比下降10.28%。2025年上半年，这一"外热 内冷"的态势仍在延续。 境外业务成增长主引擎 汇率风险隐现 1月12日，仙乐健康（300791.SZ）密集发布40余份公告，正式宣布启动发行H股并在香港联交所主板上市的计划，标志着这家A股营养健康食品CDMO （合同研发生产）头部企业正式开启"A+H"双平台战略布局。 "为深化公司全球化战略布局，利用国际资本市场优势，打造多元化资本运作平台，进一步提高公司资本实力和综合竞争力，以加快海外业务发展，完善 境内外双循环格局，巩固行业地位，公司拟发行境外上市外资股（H股）股票并申请在香港联交所主板挂牌上市。"仙乐健康在公告中系统阐述了此次资 本运作的战略意图。 从财务数据看，这一战略选择背后是公司境内外业务的明显分化。有市场观点认为，仙乐健康此番计划赴港上市的直接动因，是应对境内市场增长乏力、 强化海外业务布局的务实之举。 又一家A股上市公司启动赴港上市计划。 1月12日，仙乐健康发布公告称，公司已于2026年1月8日召开董事会审议通过了拟发行H股股票并在 ...

证券研究报告 东吴证券晨会纪要 东吴证券晨会纪要 2026-01-13 宏观策略 [Table_MacroStrategy] 宏观量化宏观指数周报 20260111：2025 年末新增贷款或季节性冲量 晨会编辑 曾朵红 执业证书：S0600516080001 021-60199793 zengdh@dwzq.com.cn 请务必阅读正文之后的免责声明部分 海外周报 20260111：海外宏观与交易复盘：非农无增量，迎接 25Q1 开 门红 核心观点：本周美国经济数据喜忧参半，一度压制美股风险情绪，但 周五公布的美国失业率意外回落，部分打消了市场对于就业非线性恶化 的担忧，叠加 AI 科技企业需求预期的提振，带动美股全周震荡上涨。与 此同时，地缘冲突的持续发酵、特朗普关税案悬而未决令政策不确定性升 温，大宗商品在短暂下挫后延续涨势。下周关注 12 月美国 CPI 和或有的 特朗普关税案判决结果，我们预计 12 月核心 CPI 环比维持 0.3%左右黏 性，关税案对市场的影响预计有限。向前看，受益于政府停摆结束带来的 宽财政脉冲、25Q3 以来 75bps 降息的宽货币脉冲、一季度经济数据较强 的季节性，我们预期 ...

风险提示：国际贸易摩擦、汇率波动、资产减值、剥离失败的风险。 新零售客户重要性提升。2024Q3 以来加大新零售拓客力度，东方甄选、养能健订单贡献近亿元，同时 积极寻求新场景合作。截至2025Q3，新零售在国内市场占比已超五成，增速超40%，对收入利润均存 正面提振。 盈利预测与投资评级：考虑到BFPC 业务亏损放大，我们调整2025-2027年公司营收分别为 45.22/50.44/56.36 亿元（ 2025-2027 年原值45.72/51.34/57.74 亿元），同比增速分别为7%/12%/12%； 2025-2027 年归母净利润为2.53/4.05/4.77 亿元（2025-2027 年原值3.67/4.59/5.27 亿元），同比增速 为-22%/60%/18%，EPS 分0.82/1.32/1.55 元，对应当前PE为30x、19x、16x，考虑到公司海外市场空间 较大，且研发及供应链端具备明显竞争力，我们认为当下估值具备性价比，维持"买入"评级。 以全球视野为格局，欧洲稳健增长，美洲改善在途。①欧洲工厂Ayanda经营平稳，在RTG（ready to go，提供成熟配方清单供客户参考）以及 ...

两节期间，米面油、肉蛋奶等民生商品供应充足，餐饮消费、年货采购等消费需求同步增长。为切实维 护消费者合法权益，引导理性安全消费，额敏县市场监督管理局结合节日消费特点与监管重点，发布以 下消费提示，提醒广大消费者提高风险防范意识，依法维护自身权益。 此外，要自觉抵制过度包装商品，选购礼盒类商品时留意是否存在缺斤少两现象，践行绿色消费理念。 二、餐饮消费：细化消费约定，防范隐形消费 外出就餐应选择卫生条件良好、食品安全管理规范的餐饮单位，查看后厨环境卫生与从业人员健康证 明。预订年夜饭时，务必提前确认菜品内容、价格、退改规则及服务细节，明确"定金"与"订金"区别， 将口头承诺以书面形式确认，避免后续纠纷。 （一）警惕价格猫腻，拒绝虚假促销 节日期间促销活动密集，消费者需警惕"先涨后降""虚构原价"等价格欺诈行为，部分商家可能在折价前 临时显著提高标价，再以"特价""清仓"等名义诱导消费。购买前可通过比价工具或多平台对比，核实商 品价格真实性，不盲目轻信"全网最低价""限时秒杀"等夸大宣传。对于粮油肉蛋菜奶等民生商品，若发 现捏造涨价信息、哄抬价格等行为，可及时举报。 同时，要避开复杂促销规则的"卡券迷阵"，仔细阅 ...

Core Viewpoint - The article highlights the proactive measures taken by the Jiyu County Market Supervision Administration to regulate advertising and live marketing practices ahead of the Spring Festival, ensuring a safe and reliable consumer environment for the public [1][4]. Group 1: Regulatory Actions - A special campaign has been launched focusing on key areas of online transactions and offline consumption, enhancing regulatory efforts [3]. - The campaign includes strengthening oversight of online trading platforms, requiring them to implement compliance responsibilities and ensure the legality of operations and advertising from the source [3]. - Specific product categories such as food, pharmaceuticals, clothing, and consumer electronics are prioritized for quality control and monitoring of promotional activities to prevent price fraud and false comparisons [3]. Group 2: Enforcement and Compliance - The initiative also targets advertising regulations in real estate, pharmaceuticals, and health foods, with a focus on both online and offline inspections to address false advertising and exaggerated claims [3]. - The campaign aims to tackle issues in the live-streaming sales sector, including fraudulent practices and unlicensed operations, ensuring that violations are identified and addressed promptly [3]. Group 3: Outcomes - The special inspection has effectively regulated advertising and live marketing practices during the holiday period, significantly curbing illegal business activities [4]. - These efforts have established a secure and orderly environment for holiday consumption, enhancing consumer confidence in the marketplace [4].

Core Viewpoint - The newly released "Live E-commerce Supervision Management Measures" aims to enhance supervision and management of live e-commerce, protect the legal rights of consumers and operators, and promote healthy development in the industry, effective from February 1, 2026 [1]. Group 1: Responsibilities and Regulations - The measures clarify the legal responsibilities of four key entities: platform operators, live room operators, live marketing personnel, and service agencies, forming a closed-loop regulatory framework [2]. - Platforms are assigned a crucial role, with responsibilities including qualification verification, credit evaluation, and complaint mechanisms, thereby establishing a comprehensive responsibility system [2]. - The regulation includes private domain live streaming under legal supervision, addressing the challenges of monitoring this area due to its hidden nature [2]. Group 2: Blacklist System and Compliance - A blacklist system is established, requiring platforms to list operators and personnel who severely violate laws, with provisions for appeals and re-evaluation [3]. - The measures prohibit individuals on the blacklist from circumventing penalties by changing accounts and encourage information sharing between platforms for joint punitive actions [3]. - Clear behavioral boundaries are set for operators and marketing personnel, including prohibitions on providing illegal goods or services and false advertising [3]. Group 3: Artificial Intelligence and New Risks - The measures proactively include AI-generated content in regulatory oversight, mandating clear identification of digital personas used in live e-commerce to prevent misuse of technology as a shield for illegal activities [4][6]. - A case involving AI-generated advertisements misleading consumers highlights the necessity for such regulations [6]. Group 4: Collaborative Governance - The measures emphasize the need for a cross-departmental and cross-platform collaborative governance mechanism to address the complexities of live e-commerce [7]. - The regulation aims to enhance cooperation between market supervision and internet information departments, focusing on issues like false advertising and deceptive practices targeting vulnerable groups [7]. - Major platforms are already taking action against violations, with initiatives to combat fraudulent activities and ensure compliance [7]. Group 5: Industry Impact - Experts believe the measures will significantly promote industry standards, eliminate non-compliant entities, and guide the sector from chaotic growth to a focus on quality, fostering long-term healthy development in live e-commerce [8].

Core Viewpoint - Jilin Aodong's stock price has shown fluctuations, with a recent decline of 2.04%, while the company has reported a significant increase in net profit year-on-year despite a decrease in revenue [1][2]. Group 1: Stock Performance - As of January 8, Jilin Aodong's stock price was 20.13 yuan per share, with a market capitalization of 24.073 billion yuan [1]. - The stock has increased by 3.07% year-to-date, with a 2.60% rise over the last five trading days and a 4.19% increase over the last 20 days, but has decreased by 1.00% over the last 60 days [1]. Group 2: Financial Performance - For the period from January to September 2025, Jilin Aodong reported operating revenue of 1.640 billion yuan, a year-on-year decrease of 14.10%, while net profit attributable to shareholders was 2.260 billion yuan, reflecting an increase of 81.70% [2]. Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders for Jilin Aodong was 61,200, a decrease of 7.18% from the previous period, with an average of 19,456 circulating shares per shareholder, an increase of 7.73% [2]. - The company has distributed a total of 4.664 billion yuan in dividends since its A-share listing, with 1.881 billion yuan distributed over the last three years [3]. Group 4: Institutional Holdings - Among the top ten circulating shareholders as of September 30, 2025, the Southern CSI 500 ETF held 13.93 million shares, a decrease of 317,900 shares from the previous period, while the Hong Kong Central Clearing Limited held 11.82 million shares, down by 3.1962 million shares [3].

Core Viewpoint - Tianyu Bio's chairman, Luo Weiguo, has resigned from multiple positions following a notice from the China Securities Regulatory Commission (CSRC) regarding an investigation into his alleged illegal stock reduction activities [1][3]. Group 1: Company Leadership Changes - Luo Weiguo submitted a resignation report to the board, stepping down as chairman, director, and member of various committees due to work adjustments [1]. - Luo will continue to serve as a director and manager at the company's subsidiary, Sichuan Zhongtai Qihang New Energy Technology Co., Ltd., and at Shanghai Tianyu New Energy Technology Co., Ltd. [1]. Group 2: Business Overview - Tianyu Bio is based in Chongqing and operates in diverse sectors, including ecological agriculture and energy, with a focus on pig farming and distributed photovoltaic power generation [2]. - The company employs a self-breeding and "company + farmer" model for pig farming, primarily concentrating its operations in Hubei Province [2]. - In the energy sector, Tianyu Bio invests in distributed photovoltaic projects, generating stable income from power generation and potential profits from selling power stations [2]. Group 3: Financial Performance - The company has reported continuous losses over the past five years, with total losses amounting to 1.57 billion yuan, 2.15 billion yuan, 3.12 billion yuan, 4.62 billion yuan, and 1.07 billion yuan from 2020 to 2024 [3]. - In the first three quarters of 2025, the company approached breakeven, aided by a 24 million yuan gain from the disposal of non-current assets, although the net profit excluding non-recurring items was -34.16 million yuan [3]. Group 4: Recent Developments - Prior to the investigation, Tianyu Bio's 4.65 billion yuan private placement application was accepted by the Shanghai Stock Exchange, aiming to raise funds for working capital and debt repayment [4]. - The private placement involves issuing up to 71.0282 million shares at a price of 6.55 yuan per share, fully subscribed by an entity controlled by Luo Weiguo, which may enhance his control over the company [4].