Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The January e-commerce data shows a significant increase in sales and promotional heat, driven by the successful New Year shopping festival, which has injected strong momentum into the market [5][58] - Various product categories, particularly in food and beverages, have experienced high growth rates, indicating a robust consumer demand during the festive season [14][27] Summary by Sections January E-commerce Data Review - The sales heat increased by 1.87% and promotional heat by 0.91% compared to December [5] - The New Year shopping festival, starting on January 15, successfully stimulated consumer purchasing behavior, leading to multiple sales peaks throughout the month [5] Industry Marketing Situation - The food and beverage sector saw a surge in consumer interest, with gift box products becoming a market focal point [14] - Key high-growth categories included snacks, beverages, and alcoholic drinks, with specific products like nuts and chocolates leading the sales [10][25][29] January Category Sales Overview - The sales heat for nuts and snacks grew by 286.58%, with promotional heat increasing by 32.96% [20] - The beverage category saw substantial growth, particularly in fruit juices and carbonated drinks, with some segments experiencing over 600% growth [27] February E-commerce Trend Forecast - Key marketing dates for February include Valentine's Day and the Spring Festival, with brands encouraged to launch themed products and promotions [41][45] - The report highlights the importance of targeting family gatherings and gifting needs during the festive season to drive sales [48] Monthly Rankings - The report includes a sales ranking of brands across various categories, with notable mentions in jewelry, clothing, and food products, indicating strong market competition [62][64][66]

作者｜酒high 方圆 编者按：随着酒业调整的持续深入，市场竞争愈发激烈，精准把握市场趋势已成为酒企发展的必备技能。酒讯将携飞瓜数据周期性观察部分电商平台酒类 消费数据，对市场需求进行及时洞察，以期为企业发展战略、销售策略调整提供数据参考和事实依据。 春节倒计时，酒水销售"黄金档"却弥漫着复杂的气息。 一方面，商务宴请、过节送礼、团圆欢聚等饮酒场景集中性爆发，是酒水需求增长的绝佳时机；但另一方面，酒水行业数据反复印证着"旺季不旺"的共 识：终端库存审慎，渠道利润稀薄，高端酒的价格光环趋于理性。 然而，在线上，这一共识却被一股截然不同的消费力量重新定义。酒讯携手飞瓜数据对1月快手酒水销售情况进行梳理了解到，区域名酒正在这里以一种 更亲民、更灵活的姿态"站起来"。 白酒：区域名酒起立 2026年1月的白酒消费市场，正清晰地演绎着行业深度调整的典型症候。 受高库存和低利润的双重压力，一瓶千元名酒的渠道利润被压缩至30-50元，"增量不增利"成为渠道商的普遍困局。以至于，终端零售商只能采用"订单 式"补货，维系最低安全库存。 线下渠道的战战兢兢，一度让人产生"高端酒不香了"的错觉。然而，当我们把视线转向快手，这一认知 ...

食品饮料 2026 年 02 月 08 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -12% 0% 12% 24% 36% 2025-02 2025-06 2025-10 食品饮料 沪深300 相关研究报告 《修复趋势确立，坚定板块布局—行 业点评报告》-2026.2.5 《茅台春节需求韧性超预期，大众品 底 部 改 善 趋 势 明 确 — 行 业 周 报 》 -2026.2.1 《白酒持仓环比降低，茅台需求超韧 性超预期—行业点评报告》-2026.1.30 复苏态势明朗，板块预期乐观 ——行业周报 张宇光（分析师） 张思敏（分析师） zhangyuguang@kysec.cn 证书编号：S0790520030003 zhangsimin@kysec.cn 证书编号：S0790525080001 核心观点：多因素共振，板块有上行动力 2 月 2 日-2 月 6 日，食品饮料指数涨幅为 4.3%，一级子行业排名第 1，跑赢沪深 300 约 5.6pct，子行业中白酒（+5.3%）、软饮料（+4.7%）、啤酒（+4.5%）表 现相对领先。食品饮料板块行情持续上行，核心驱动力源于政策、交易、基本面 及外 ...

责任编辑：卢昱君 香港联交所最新资料显示，1月29日，摩根大通增持青岛啤酒股份（00168）128.5412万股，每股作价 50.5129港元，总金额约为6492.99万港元。增持后最新持股数目约为3317.1万股，最新持股比例为 5.06%。 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 责任编辑：卢昱君 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 香港联交所最新资料显示，1月29日，摩根大通增持青岛啤酒股份（00168）128.5412万股，每股作价 50.5129港元，总金额约为6492.99万港元。增持后最新持股数目约为3317.1万股，最新持股比例为 5.06%。 ...

智通财经APP获悉，香港联交所最新资料显示，1月29日，摩根大通增持青岛啤酒股份(00168)128.5412 万股，每股作价50.5129港元，总金额约为6492.99万港元。增持后最新持股数目约为3317.1万股，最新 持股比例为5.06%。 ...

香港联交所最新资料显示，1月29日，摩根大通增持青岛啤酒（600600）股份(00168)128.5412万股，每 股作价50.5129港元，总金额约为6492.99万港元。增持后最新持股数目约为3317.1万股，最新持股比例 为5.06%。 ...

Investment Focus - The report highlights the value of consumer stocks in a volatile market, recommending a focus on companies like Guizhou Moutai, Eastroc Beverage, and Yili Group, all rated as "Outperform" [1]. Industry Overview - In January 2026, four out of eight tracked essential consumer sectors showed positive growth, including condiments, frozen foods, soft drinks, and dining, while four sectors, such as mid-to-high-end baijiu, dairy products, and beer, experienced declines [3][9]. - The overall consumer industry is characterized by a recovery in basic demand while hedonic consumption remains under pressure, indicating a shift in consumer spending towards essential goods [9]. Revenue and Growth Analysis - The revenue for the mid-to-high-end baijiu sector in January was 470 billion yuan, down 14.0% year-on-year, while the revenue for the mass-market baijiu sector was 229 billion yuan, down 3.0% year-on-year [10][11]. - The soft drink sector reported a revenue of 962 billion yuan in January, with a year-on-year growth of 1.1%, indicating a cautious recovery in demand [17]. - The frozen food sector saw a revenue of 150 billion yuan, with a year-on-year increase of 8.0%, driven by pre-Spring Festival stocking and low temperatures [16]. Price Trends - The report notes that the wholesale prices of major baijiu brands like Guizhou Moutai remained stable, while some brands faced downward price pressures due to high inventory levels [4][21]. - The average discount rates for liquid milk and condiments increased compared to the previous month, reflecting intensified market competition [35][37]. Market Dynamics - The report identifies four favorable funding factors for the essential consumer sector, including significant volatility in global capital markets, declining risk-free interest rates, increased foreign capital allocation to China, and low institutional allocation levels [6]. - The report suggests focusing on companies that align with both domestic and foreign institutional preferences, as well as those showing improvements in fundamentals and dividend yields [6].

年味渐浓，神州大地沉浸在"忙年"的热闹里——扫屋除尘、备置年货、挑选礼赠，每一份忙碌都藏着对新年的期待。而在今年的年货清单上，青岛啤酒鸿运 当头马年生肖版格外亮眼，这款承载着十二生肖IP积淀的新年信物，以文化巧思、过硬品质与多元场景适配性，成为家家户户忙年时的必选项，让醇厚酒香 与吉祥寓意，填满新春的每一个重要时刻。 年货C位：一抹中国红，适配忙年多需求 走进全国各大商超，年货专区的核心位置早已被青岛啤酒鸿运当头马年生肖版占据。红底金纹的铝瓶礼盒整齐码放，瓶身同样以象征喜庆、欢乐和吉祥色彩 的中国红为底色，搭配"立马"造型，赋予"马到成功"的吉祥寓意。昂首奋蹄的"立马"造型栩栩如生，绿（象征品牌生机与品质）、金（呼应酒液收获与欢 庆）、紫（取自"紫气东来"祥瑞）三色线条交织其间，既复刻了唐代色彩美学的典雅，又透着国潮设计的鲜活，远远望去便年味十足。 除了鸿运当头马年生肖版，青岛啤酒经典、纯生等产品也换上马年新春节庆装，融入红色节庆元素，摆上餐桌便成了氛围担当，这种国民级品质+亲民价格 的组合，让团圆时刻举杯欢庆。 礼赠佳品：文创融心意，文化味里传真情 忙年时节，走亲访友的伴手礼最显心意。今年，青岛啤酒博物馆推 ...

【招商食品】啤酒板块观点更新及跟踪20260202： 当前行业股息率较高且龙头分红仍处于提升趋势中，为股价提供支撑，关注26年在服务消费回暖的拉动、及通胀 预期下行业量、价的修复性增长。 推荐龙头地位凸显、高端化持续推进的# 华润啤酒。 经营触底回升、股息率（4.8%）支撑的# 重啤。 大单品放量驱动增长、盈利能力有望持续提升的#燕京。 估值回落低位 【招商食品】啤酒板块观点更新及跟踪20260202： 推荐龙头地位凸显、高端化持续推进的# 华润啤酒。 经营触底回升、股息率（4.8%）支撑的# 重啤。 大单品放量驱动增长、盈利能力有望持续提升的#燕京。 估值回落低位，股息率（A：4.0%H:5.5%）支撑的 预计2025年收入/利润391亿/58亿（未考虑减值）。 重啤：#Q4趋势优于同期，核心因25年严控库存节奏，24年同期去库存折扣下吨酒价下滑，预计全年销量持平微 增、乌苏疆内外均增长（超预期）、嘉士伯、风花雪月双位数增长。 华润：# 25年啤酒量增小个位数、价格平稳、H2略弱于H1，全年利润高单到两位数增长；白酒业务下滑30-40%， 不宜将减值作为影响股价的关键因素。 当前行业股息率较高且龙头分红仍处 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年1月31日 狀態: 新提交 致：香港交易及結算所有限公司 | 2. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | 是 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00168 | 說明 | H 股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 655,069,178 | RMB | | 1 RMB | | | 655,069,178 | | 增加 / 減少 (-) | | | | | | RMB | | | | | 本月底結存 | | | 655,069,178 | RMB | | 1 RMB | | | 655,069,178 | 本月底法定/註冊股本總額： RMB 1,364,195,121 FF301 第 1 頁 共 10 頁 v 1.2.0 FF3 ...