海通国际预测，25 年 4 月重点跟踪的 8 个行业中 5 个保持正增长，2 个负增长，1 个持平。个位数增长的行业包括乳制品、餐饮、软饮料、调味品和速冻食品；下降的行业包括大众及以下白酒和次高端及以上白酒；啤酒行业持平。与上月相比，6 个行业增速改善，2 个增速变差。尽管整体需求未见明显增长，但是也未出现明显下降。结合 2024 年年报和 2025 年一季报，我们对部分数据进行了修正，各子行业 2024 年最大偏差不到 3%。

Coffee creamer is a cream substitute for milk or milk powder, which is used in coffee or tea extracts, chocolate beverages, and other food preparations. Coffee creamers are vastly available, as per consumers tastes and lactose tolerance abilities, in dairy and non-dairy versions. Dairy coffee creamers contain lactose, and non-dairy coffee creamers are lactose-free. In addition, they are low in calories, come in a variety of tastes, are plant-based, nutritious, and contain natural ingredients such as almond and soy.

An instant grocery is a physical supermarket or grocery store that accepts online orders, or a separate e￾commerce operation that sells groceries. This service normally comes with a delivery fee. instant grocers are traditional supermarkets that have created internet channels to better serve their customers. E-commerce websites or mobile apps are used for online ordering.

Jelly candies, commonly known as gummies, are a type of confectionery made from gelatin, sweeteners, flavorings, and colorings. These candies have a chewy texture and come in various shapes, sizes, and flavors. The gelatin provides the characteristic elasticity and chewiness, while the sweeteners and flavorings give them their distinct taste.

APC has two subsidiaries1 operating under it, KEMAPCO and Numeira Mixed Salts and Mud Company, wholly owned by APC. KEMAPCO was established to sell Potassium Nitrate (NOP) fertilizer and Nitric Acid for agricultural use. On the other hand, Numeira’s operations include purchasing and packaging carnallite as well as extracting mud from the Dead Sea to be used in cosmetics manufacturing

东南亚零食市场初探。东南亚人口基数大、成长动力足，出海空间可期。以人均 GDP 为参考值，泰国接近我国 2013 年水平，印尼、越南和菲律宾接近我国 2010 年水平，缅甸、柬埔寨和老挝等处于更早期阶段。聚焦到零食市场，2024 年东南亚九国零食市场规模为 208 亿美元，同口径下为中国市场规模的 32%，不同国家间成长性差异较大。分品类看，咸味零食（风味零食）占比较高，糖果类增速放缓。

外部不确定性增加+国内政策定调积极，行业重视度提升。近期外部 不确定性增加，提振内需或将成为推动国内经济增长的重要一环。叠 加国内消费定调积极，食品饮料业绩受海外市场影响较小，行业重视 度提升。

宠物食品行业：25年它博会中的产业趋势－宠物食品系列（4）