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天风证券晨会集萃-20250915
Tianfeng Securities· 2025-09-14 23:43
证券研究报告 | 2025 年 09 月 15 日 晨会集萃 制作:产品中心 重点推荐 《策略|牛市的下一程:大类资产联动的信号》 1、如何理解近期大类资产波动?1)由于美国数据弱于预期等原因,美联 储降息预期升温,对应贵金属近期表现强势;另外油价供给端方面出现放 量预期,叠加累库超预期,油价低位震荡;2)国内商品方面由于反内卷 政策处于观察期,近两个月处于调整的态势,这也表现为国内商品与债券 收益率和股票指数相关性均回落到历史极值的低位,近期商品市场有所企 稳,相关性指标在低位出现回升。3)股债仍然呈现跷跷板效应。本周 A 股权益市场的部分指数在高位波动中继续创新高,成长仍是领涨风格,而 债券收益率也继续创下阶段新高。结合 8 月的金融数据来看,目前信贷周 期表现仍然低迷,且往后回升仍然取决于政策落地和内生动能的修复情 况。2、国内:8 月 PPI 边际好转;国际:8 月美国通胀数据增速符合预期。 行业配置建议:赛点 2.0 第三阶段攻坚不易,波折难免,重视恒生互联网。 根据经济复苏与市场流动性,可以把投资主线降维为三个方向:1) Deepseek 突破与开源引领的科技 AI,2)内外共振,经济逐步修复,牛 ...
香飘飘:2025年上半年营收10.35亿元,下半年将加大新品推出的力度
Cai Jing Wang· 2025-08-26 09:45
Core Insights - In the first half of 2025, the company reported a revenue of 1.035 billion yuan, a year-on-year decrease of 12.21%, and a net loss of 97 million yuan [1] - The company’s brewing business generated a revenue of 423 million yuan, while the ready-to-drink business achieved a revenue of 591 million yuan, reflecting a year-on-year growth of 8.03% [1] - The company is committed to a "dual-drive" strategy focusing on "stability, progress, and transformation" to navigate the changing external consumption environment [1] Financial Performance - Revenue for the first half of 2025 was 1.035 billion yuan, down 12.21% year-on-year [1] - Net loss for the same period was 97 million yuan [1] - The brewing business revenue was 423 million yuan, while the ready-to-drink segment saw an increase to 591 million yuan, up 8.03% year-on-year [1] Strategic Initiatives - The company plans to continue its "dual-drive" strategy in the second half of the year, focusing on "stabilizing brewing and strengthening ready-to-drink" operations [1] - In Q3, the company will enter the peak season for brewing business, emphasizing channel stocking and inventory management [1] - The company aims to enhance the gift market by developing upgraded gift packaging products to meet consumer demand [1] Product Development - The company will increase the launch of new products in the second half of the year to build momentum for market expansion [2] - The brewing business will introduce new flavors and "functional" health products for trial sales [2] - The ready-to-drink segment plans to continue launching more cup-based products and explore new market segments to enhance growth potential [2]
新茶饮猛攻,香飘飘预亏上亿
Zheng Quan Zhi Xing· 2025-07-25 21:09
Group 1 - The core viewpoint of the article highlights that the traditional milk tea brand Xiangpiaopiao is facing significant losses of nearly 100 million yuan amid the rapid rise of new tea beverage brands [1][2]. - Xiangpiaopiao's half-year performance report for 2025 indicates a projected revenue of approximately 1.035 billion yuan, a decrease of about 144 million yuan or 12.21% year-on-year [2]. - The decline in Xiangpiaopiao's performance is attributed to changes in external consumer environments, habits, and demands, which have pressured sales of traditional brewing products during peak seasons [2]. Group 2 - Since its listing in 2017, Xiangpiaopiao has experienced four years of year-on-year revenue and net profit declines out of eight years [2]. - The company's revenue growth rate has been declining since 2018, with a notable drop to -5.46% in 2020, marking a turning point in its performance [2]. - The traditional brewed milk tea market has seen a significant contraction, with its market size decreasing from 11.3 billion yuan in 2012 to 7.6 billion yuan in 2023, a decline of 32.7% [2]. Group 3 - Industry analysts indicate that the fast-moving consumer goods sector has entered a new phase where product strength is paramount, and reliance on marketing-driven growth is becoming less effective [3]. - Xiangpiaopiao is exploring new growth avenues by launching ready-to-drink products and conducting pop-up store events in various cities, although the impact on its core brewing business remains limited [3]. - The company is also increasing marketing efforts and resource support for its Meco juice tea and Lan Fang Yuan series to capture a share of the new tea beverage market [3].