环比前一周，上周蔬菜批发市场日均交易量3620.71吨，下跌0.61%。17个蔬菜品种上周批发价"16涨1 平"，整体均价4.32元/公斤，上涨8%。批发价涨幅较大的为：包心菜2.11元/公斤，上涨18.54%；菠菜 11.71元/公斤，上涨18.16%；芹菜6.16元/公斤，上涨12.61%。与前一周相比，纳入监测的28个蔬菜品种 上周零售价"20涨1平7跌"，整体均价10.16元/公斤，上涨2.83%。零售价涨幅较大的为：丝瓜11.24元/公 斤，上涨18.07%；花菜11.01元/公斤，上涨9.99%；莴苣笋8.57元/公斤，上涨9.87%。跌幅较大的为：四 季豆14.05元/公斤，下跌2.70%；土豆4.76元/公斤，下跌2.06%；生姜18.38元/公斤，下跌2.03%。 另从明康汇获悉，从嘉陵江畔直抵钱塘江畔，来自四川省广元市朝天区的曾家山蔬近日登上了"杭州餐 桌"，市民买菜的选择又多了一个。曾家山平均海拔1300米，夏季平均气温仅23℃，是四川省最大的高 山露地绿色蔬菜生产基地，获评全国绿色农业示范区、中国高山生态蔬菜之乡，主打产品包括辣椒、甘 蓝等。想要品尝曾家山蔬的市民可以前往明康汇门店选购 ...

ab公le_司Su发m布ma2r0y]2 5Q2业绩： 25Q2：营业总收入14.03 亿元（+13.54%），归母净利润1.95 亿元（+21.75%），扣非归母净利润1.78 亿元（+31.78%）。 25H1：营业总收入29.41 亿元（+19.58%），归母净利润3.73 亿元（+16.70%），扣非归母净利润3.34 亿元（+22.50%）。 25Q2 符合市场预期。 收入：魔芋高增，海外/定量流通/量贩持续突破 分产品：25H1 公司魔芋/蛋类分别同比+155%/+30%， 贡献主要增量。 25Q2 公司毛利率31.0%，同比/环比分别-2.0/+2.5pct。其中，毛利率同比下降主因魔芋价格上升+渠道/ 产品结构调整，环比上升主因公司品类品牌战略见效+供应链提效。25Q2 公司毛销差21.1%，同比/环比 分别+1.7/+3.9pct，改善效果明显。同期，公司销售/管理/财务/研发费率分别同比-3.7/-1.1/+0.3/-0.6pct， 公司费率优化效果明显。 综上，25Q2 公司归母净利率达13.9%，同比+0.9pct。 投资建议：维持"买入" 我们的观点： 25H2 展望看，产品端，在魔 ...

公司点评 品类渠道两开花，费率优化兑现 ——盐津铺子 2025Q2 点评 | 投资评级：买入（维持） [Table_Rank] | | | --- | --- | | 报告日期： | 2025-08-22 | | [Table_BaseData] 收盘价（元） | 71.65 | | 近 12 个月最高/最低（元） | 98.73/36.79 | 盐津铺子（ [Table_StockNameRptType] 002847） | 总股本（百万股） | 273 | | --- | --- | | 流通股本（百万股） | 246 | | 流通股比例（%） | 90.08 | | 总市值（亿元） | 195 | | 流通市值（亿元） | 176 | [公司价格与沪深 Table_Chart] 300 走势比较 -15% 31% 77% 123% 169% 8/24 11/24 2/25 5/25 8/25 盐津铺子 沪深300 [Table_Author] 分析师：邓欣 执业证书号：S0010524010001 邮箱：dengxin@hazq.com 联系人：郑少轩 执业证书号：S0010124040001 主要观点 ...

上周蛋类批发日均交易量1035吨，环比持平。 水产品上周批发交易总量3678.3吨，日均交易量525.47吨，上涨13.48%。与前一周相比，纳入监测的11 个水产品上周零售价"8涨3跌"，涨幅较大的有草鱼32.28元/公斤，上涨16.12%；鲳鱼48.67元/公斤，上 涨5.14%。 环比前一周，上周蔬菜批发市场日均交易量3642.86吨，下跌2.71%。与前一周相比，纳入监测的28个蔬 菜品种上周零售价"20涨8跌"，零售价涨幅较大的为：莴苣笋8.04元/公斤，上涨16.02%；菠菜14.49元/ 公斤，上涨15%；花菜10.01元/公斤，上涨10.73%。跌幅较大的如茭白13.46元/公斤，下跌5.81%。 据杭州市菜篮子重点商品保供运行平台统计，8月11日—8月17日全市猪肉（含生猪）和蔬菜交易量略 降，水产交易量上涨；猪肉批发价略降，蔬菜和水产品整体批发均价小幅上升。 上周猪肉日均交易量8513头（653.15吨），环比减少2.75%；猪肉批发价日均18.87元/公斤，下跌 1.31%。 ...

Summary of Key Points Core Viewpoint - The overall trading volume of pork and vegetables in Hangzhou has slightly decreased, while the trading volume of aquatic products has increased during the period from August 11 to August 17. Pork wholesale prices have slightly decreased, while the overall wholesale prices of vegetables and aquatic products have seen a minor increase [1]. Group 1: Pork Market - The average daily trading volume of pork was 8,513 heads (653.15 tons), a decrease of 2.75% compared to the previous week [1]. - The average daily wholesale price of pork was 18.87 yuan/kg, down by 1.31% [1]. Group 2: Vegetable Market - The average daily trading volume of vegetables in the wholesale market was 3,642.86 tons, a decrease of 2.71% compared to the previous week [1]. - Among the 28 monitored vegetable varieties, 20 saw price increases while 8 experienced price declines. Notable price increases included: - Lettuce at 8.04 yuan/kg, up by 16.02% - Spinach at 14.49 yuan/kg, up by 15% - Cauliflower at 10.01 yuan/kg, up by 10.73% - The largest price decrease was for water bamboo at 13.46 yuan/kg, down by 5.81% [1]. Group 3: Egg and Aquatic Product Market - The average daily trading volume of eggs remained stable at 1,035 tons [1]. - The total wholesale trading volume of aquatic products was 3,678.3 tons, with an average daily trading volume of 525.47 tons, an increase of 13.48% compared to the previous week [1]. - Among the 11 monitored aquatic products, 8 saw price increases while 3 experienced price declines. Significant price increases included: - Grass carp at 32.28 yuan/kg, up by 16.12% - Pomfret at 48.67 yuan/kg, up by 5.14% [1].

Core Viewpoint - In July 2025, the national consumer price index (CPI) remained flat year-on-year, with urban prices unchanged and rural prices decreasing by 0.3% [1]. Group 1: Year-on-Year Price Changes - In July, food and tobacco prices decreased by 0.8%, contributing approximately 0.21 percentage points to the CPI decline [3]. - Specific food items saw significant price changes: egg prices fell by 11.2% (impacting CPI by -0.07 percentage points), fresh vegetable prices dropped by 7.6% (-0.16), and pork prices decreased by 9.5% (-0.13) [3]. - Other categories showed price increases: other goods and services rose by 8.0%, clothing by 1.7%, and living goods and services by 1.2% [3]. Group 2: Month-on-Month Price Changes - In July, food and tobacco prices decreased by 0.1%, leading to a CPI decline of about 0.04 percentage points [7]. - Fresh fruit prices fell by 3.4% (-0.07), while fresh vegetable prices increased by 1.3% (+0.03) [7]. - Other categories experienced price increases: transportation and communication rose by 1.5%, education and culture by 1.3%, and other goods and services by 0.9% [7].

Group 1 - In July 2025, the national consumer price index (CPI) remained flat year-on-year, with urban prices unchanged and rural prices down by 0.3% [1] - Food prices decreased by 1.6% year-on-year, while non-food prices increased by 0.3% [1] - The average CPI from January to July 2025 decreased by 0.1% compared to the same period last year [1] Group 2 - In July 2025, the CPI increased by 0.4% month-on-month, with urban prices up by 0.4% and rural prices up by 0.3% [1] - Food prices decreased by 0.2% month-on-month, while non-food prices increased by 0.5% [1] - Service prices rose by 0.6% month-on-month, contributing to the overall CPI increase [1] Group 3 - In July 2025, the prices of food, tobacco, and alcohol decreased by 0.8% year-on-year, impacting the CPI by approximately 0.21 percentage points [3] - Key contributors to the decline in food prices included eggs (down 11.2%), fresh vegetables (down 7.6%), and pork (down 9.5%) [3] - Other categories showed price increases, with other goods and services up by 8.0%, clothing by 1.7%, and living goods and services by 1.2% [3] Group 4 - Month-on-month, food, tobacco, and alcohol prices decreased by 0.1%, affecting the CPI by about 0.04 percentage points [7] - Fresh fruit prices fell by 3.4% month-on-month, while fresh vegetables rose by 1.3% [7] - Other categories saw price increases, with transportation and communication up by 1.5%, education and culture by 1.3%, and other goods and services by 0.9% [7]

Core Insights - The report by OECD and FAO forecasts growth in global agricultural and fishery markets over the next decade, although the growth rate is expected to slow down [1][2] Consumption Trends - Agricultural and fish consumption will continue to rise, driven by urbanization and increased income levels in low and middle-income countries, leading to more diverse and nutritious diets [1] - By 2034, the total caloric intake from animal-source foods is projected to increase by 6%, with chicken consumption growing the fastest, followed by beef and pork [1] Production Trends - Agricultural and fishery production is expected to grow, primarily due to productivity improvements, especially in low and middle-income countries [2] - The report anticipates a 16% increase in livestock production and a 12% increase in fishery production over the next decade, with aquaculture being a significant driver [2] International Trade - International trade will play a crucial role in the agricultural and fishery markets, with an expected increase in trade volume to balance global supply and demand [3] - Major meat-exporting countries identified include Brazil, the USA, Argentina, India, Thailand, and Turkey, while China, India, Vietnam, Bangladesh, Thailand, and Turkey are expected to be significant importers [3] Challenges and Opportunities - The report highlights the need for policymakers to ensure food security and nutrition, promote sustainable agricultural practices, and enhance international cooperation [4] - Addressing risks such as climate change and geopolitical tensions is essential for maintaining stability in agricultural and fishery production [4]

Core Viewpoint - In June 2025, the national consumer price index (CPI) showed a year-on-year increase of 0.1%, with urban prices rising by 0.1% and rural prices declining by 0.2% [1] Group 1: Year-on-Year Price Changes - In June, the prices of food, tobacco, and alcohol increased by 0.1%, contributing approximately 0.03 percentage points to the CPI [2] - Fresh fruit prices rose by 6.1%, impacting the CPI by approximately 0.12 percentage points; aquatic product prices increased by 3.4%, contributing about 0.07 percentage points [2] - Egg prices decreased by 7.7%, negatively affecting the CPI by about 0.05 percentage points; meat prices fell by 4.2%, leading to a 0.13 percentage point decline in the CPI, with pork prices down by 8.5% [2] - Grain prices decreased by 1.2%, impacting the CPI by approximately 0.02 percentage points; fresh vegetable prices fell by 0.4%, contributing a 0.01 percentage point decline [2] - Other categories saw price increases, with other goods and services, clothing, and education/culture/entertainment rising by 8.1%, 1.6%, and 1.0% respectively [2] Group 2: Month-on-Month Price Changes - In June, food, tobacco, and alcohol prices decreased by 0.3%, contributing approximately 0.09 percentage points to the CPI decline [4] - Fresh fruit prices fell by 3.3%, impacting the CPI by about 0.07 percentage points; egg prices decreased by 2.9%, contributing a 0.02 percentage point decline [4] - Meat prices saw a slight decrease of 0.6%, affecting the CPI by approximately 0.02 percentage points, with pork prices down by 1.2% [5] - Fresh vegetable prices increased by 0.7%, contributing approximately 0.01 percentage points to the CPI [5] - Other categories showed mixed results, with other goods and services, daily necessities, and healthcare prices rising by 0.5%, 0.2%, and 0.1% respectively [5]

Group 1: CPI Analysis - In June, China's CPI showed a year-on-year increase of 0.1%, up by 0.2 percentage points from the previous value[1] - The food item CPI recorded a year-on-year decrease of 0.3%, while non-food items increased by 0.1%, both showing a 0.1 percentage point rise from prior values[2] - Core CPI, excluding food and energy, rose to 0.7%, also an increase of 0.1 percentage points from the previous month[6] Group 2: PPI Analysis - The PPI in June decreased by 3.6% year-on-year, a further decline of 0.3 percentage points compared to the previous month[14] - The PPI's month-on-month change was a decrease of 0.4%, consistent with the prior value[14] - Factors contributing to PPI pressure include falling raw material prices, increased green electricity leading to lower energy prices, and tariffs affecting global trade[16] Group 3: Investment Recommendations - The divergence in CPI and PPI trends suggests a need for stimulus policies to boost domestic demand and sustain inflation recovery[4] - The upcoming Politburo meeting in Q3 may present an opportunity for new policies, though the impact is expected to be limited[4] - CPI is projected to maintain positive growth in Q3, while the likelihood of PPI turning positive within the year remains low[4] Group 4: Risk Factors - Risks include weaker-than-expected consumer recovery, potential economic recession, and unforeseen impacts from tariffs on related industries[19]