盖世食品(920826)12月22日披露的投资者关系活动记录表显示，公司于12月17日至12月18日召开分析师 会议，开源证券、博道基金、国联民生（601456）证券等多家机构投资者及5位个人投资者参会。 盖世食品主营业务为标准化凉菜的研发、生产和销售，致力于打造中国预制凉菜领导品牌。公司使用海 藻、食用菌、蔬菜和海珍品等优势食材，以定制开发和自主创新相结合为研究开发模式，开展标准化的 凉菜研发，具备较强的研发能力。 盖世食品在本次活动中回答投资者提问时介绍，大连和江苏两个工厂靠近不同产品的主要原料产区，依 据各自原料优势开展生产。与此同时，结合大连、江苏两地的地理位置优势及交通便捷性，大连工厂重 点聚焦国际市场布局生产，江苏工厂则主要面向国内市场统筹产能配置。 "公司设立江苏工厂最主要的原因是大连工厂产能已经饱和，需要新的产能满足公司发展。"盖世食品表 示，江苏工厂周边有丰富的食用菌、蔬菜原料资源，为公司该类产品提供原料优势，同时依托其交通便 利性也能更好地服务国内市场。江苏工厂于2025年5月开业，目前仍处于产能爬坡期，未来也将继续通 过提升设备利用率提升产能。另外公司也在积极推进江苏工厂二期即"年产70 ...

Market Performance - As of November 21, 2025, the North Exchange 50 Index fell by 9.04% compared to the previous week, while the Shanghai and Shenzhen 300 Index decreased by 3.77%[15] - The average market capitalization of North Exchange A-shares is 2.902 billion yuan, with a daily average trading volume of approximately 17.915 billion yuan, down 16.21% from the previous week[15] - The turnover rate for North Exchange A-shares is 4.31%, a decrease of 0.21 percentage points from the previous week, indicating better liquidity compared to other major markets[15] Industry Insights - The Ministry of Finance reported that the stamp duty revenue from securities transactions reached 162.9 billion yuan in the first ten months of 2025, a year-on-year increase of 88.1%[9] - Fixed asset investment in the automotive manufacturing industry grew by 17.5% year-on-year in the first ten months of 2025, reflecting strong production demand and a 19.3% increase in new energy vehicle production in October[10] Investment Recommendations - The report suggests focusing on high-quality, scarce leading stocks and sectors with high growth potential, particularly in robotics, commercial aerospace, low-altitude economy, energy storage, lithium battery materials, and solid-state batteries[25] - The price-to-earnings (PE) ratios for North Exchange A-shares, ChiNext, Shanghai Main Board, Shenzhen Main Board, and Sci-Tech Innovation Board are 68.20, 66.81, 13.57, 38.19, and 186.34 respectively, indicating significant valuation disparities across markets[25] Risk Factors - Policy risks may affect the sustainability of market trends, with potential delays in policy implementation leading to market volatility[26] - Liquidity risks persist, as the North Exchange's overall liquidity remains lower than that of the main boards, which could impact market sentiment during shifts[26] - External environmental fluctuations, including U.S. interest rate policies and geopolitical risks, may disrupt market sentiment and capital flows[26]