当一瓶饮料既能满足提神需求、又能兼顾口感和健康，能量饮料的全新形态是否已经出现？ 一直以来，消费者与能量饮料的关系总是若即若离。人们既依赖它来对抗疲劳，却又常常因口感、成分 或健康顾虑，而将其归于"不得已的选择"。这种矛盾的心态，恰恰揭示了能量饮料市场在口感与健康维 度上的空白。 传统能量饮料以高糖、高咖啡因和牛磺酸构成的"铁三角"配方，与当前"低糖""清洁标签""天然成分"的 主流消费诉求，产生了显著的空档。市场不再仅仅满足于"提神抗疲劳"的单一功能，消费者期待提神的 过程是愉悦的、无心理负担的，甚至是对身体有益的。 康师傅冰红茶Energy的登场，恰逢其时。它没有选择在红牛、东鹏固守的经典赛道上正面交锋，而是敏 锐地切入了一个更具潜力的交叉地带：将拥有国民级口感认知与消费基础的冰红茶，与具有功能性刚需 的能量饮料相结合。这并非简单的品类叠加，而是旨在开创一个兼具庞大用户基本盘与高增长潜力的全 新品类，实现对能量饮料赛道的差异化卡位。 二、产品创新：满足三重期待重新定义能量饮料 近日，康师傅在抖音高能上线一款新品——康师傅冰红茶Energy，以蝉联抖音商城「功能饮料新品榜」 榜首10天的亮眼成绩，正式进军能 ...

Investment Rating - The investment rating for the consumer staples sector in China is "Outperform" for multiple companies including Moutai, Wuliangye, and others [1]. Core Insights - Premium baijiu wholesale prices have rebounded month-on-month, while discounts on liquid milk and condiments have narrowed [1][11]. - The report highlights the resilience of consumer stocks amidst a volatile market, emphasizing their value [3]. Summary by Relevant Sections Baijiu Pricing - Moutai's wholesale prices for Feitian (case and single bottle) are 1700 and 1650 yuan respectively, with month-on-month increases of +100 and +70 yuan. Year-to-date changes are +100 and +60 yuan, but year-on-year changes are -530 and -560 yuan [10][40]. - Wuliangye's eighth-generation price remains stable at 830 yuan, with a year-to-date increase of +10 yuan and a year-on-year decrease of -105 yuan [4][40]. - Luzhou Laojiao's Guojiao 1573 price is 870 yuan, up by +20 yuan month-on-month and +20 yuan year-to-date, with a year-on-year increase of +10 yuan [4][40]. - Other notable prices include Shanxi Fenjiu and various products from Yanghe and Gujing Gongjiu, showing mixed trends in pricing [10][40]. Discounts on Consumer Products - Discounts on liquid milk products have decreased from an average of 62.8% to 61.4% and from 63.4% to 61.7% for median values [19][37]. - Discounts on condiments have also narrowed from 87.1% to 85.0% (average) and from 88.2% to 84.9% (median) [19][37]. - Conversely, discounts on convenience foods have slightly increased, with average discounts moving from 94.8% to 94.6% [20][37]. - Beer, soft drinks, and infant formula discounts have remained stable, with slight variations in average and median rates [21][38].

内容概要：面条作为中式主食的核心品类，深度绑定中式饮食文化、根植于各地域长期形成的饮食习 惯，且拥有刚性的日常消费频次，是我国居民的基础饮食选择，面条品类不易受短期消费潮流的大幅冲 击，行业底层需求具备长期稳定的核心特质，不存在核心消费群体萎缩的底层风险，属于民生刚需型赛 道，同时，面条行业实现全年龄段人群、全消费场景覆盖，既可满足家庭日常自烹、街边便捷快餐需 求，也适配正餐餐饮门店、便携速食等多元场景，能够精准匹配不同群体的饮食诉求，消费渗透无显著 盲区，行业基本盘稳固，据统计，2025年我国面条行业市场规模达2162亿元，同比增长3.6%，其中， 方便面终端占比最大，超50%，其次为挂面终端，约占31.55%。 相关上市企业：康师傅控股（00322.HK）、金龙鱼（300999）、安井食品（603345）、千味央厨 （001215）、统一企业中国（00220.HK）、三全食品（002216）、克明食品（002661） 相关企业：今麦郎食品股份有限公司、白象食品股份有限公司、河南厨香传奇食品有限公司、金沙河集 团有限公司、想念食品股份有限公司、沈阳香雪面粉股份有限公司、博大面业集团有限公司、湖南裕湘 食品有 ...

智通财经APP获悉，大和发布研报称，农历新年假期消费表现鼓舞，餐饮旅游需求强劲。 建议优先配 置餐饮旅游需求受惠股，首选古茗(01364)、百胜中国(09987)、农夫山泉(09633)、康师傅控股(00322) 、 华润啤酒(00291)及贵州茅台(600519.SH)。 报告指，注意到中国经济出现复通胀的初步迹象，主要由服务消费驱动，体现于餐饮、旅游、交通及住 宿领域的价格上涨与促销活动减少。 2026年农历新年期间餐饮销售表现优于市场预期，节日首四日日 均营收同比增长8.6%，而2025年同期增幅仅为4.1%。 自百胜中国2025年11月指出消费者信心初现改善 迹象以来，需求复苏步伐持续加快。 该行继续将古茗与百胜中国列为餐饮业首选股，并指出若餐饮复苏范围扩大，餐饮场所酒精消费复苏表 现可能优于市场所担忧。 同时看好农夫山泉与康师傅，两者将成为强劲国内旅游需求的关键受益者。 ...

该行继续将古茗与百胜中国列为餐饮业首选股，并指出若餐饮复苏范围扩大，餐饮场所酒精消费复苏表 现可能优于市场所担忧。同时看好农夫山泉与康师傅，两者将成为强劲国内旅游需求的关键受益者。 报告指，注意到中国经济出现复通胀的初步迹象，主要由服务消费驱动，体现于餐饮、旅游、交通及住 宿领域的价格上涨与促销活动减少。2026年农历新年期间餐饮销售表现优于市场预期，节日首四日日均 营收同比增长8.6%，而2025年同期增幅仅为4.1%。自百胜中国2025年11月指出消费者信心初现改善迹 象以来，需求复苏步伐持续加快。 大和发布研报称，农历新年假期消费表现鼓舞，餐饮旅游需求强劲。建议优先配置餐饮旅游需求受惠 股，首选古茗(01364)、百胜中国(09987)、农夫山泉(09633)、康师傅控股(00322)、华润啤酒(00291)及贵 州茅台（600519）(600519.SH)。 ...

大和发表报告指，农历新年假期消费表现鼓舞，餐饮旅游需求强劲，建议优先配置餐饮旅游需求受惠 股，首选古茗、百胜中国、农夫山泉、康师傅、华润啤酒及茅台。该行继续将古茗与百胜中国列为餐饮 业首选股，并指出若餐饮复苏范围扩大，餐饮场所酒精消费复苏表现可能优于市场所担忧。该行同时看 好农夫山泉与康师傅，两者将成为强劲国内旅游需求的关键受益者。 ...

24 February 2026 | 12:16AM HKT Equity Research China Consumer Staples: LNY expert calls: Spirits: Moutai/Wuliangye pivoting to recovery path; Dairy saw disciplined pricing yet unexciting On Feb 23, we hosted an expert call with a large spirits and F&B distributor located in Hunan province. Key highlights: 1) Spirits: Feitian Moutai volume/pricing topped expectations during the CNY period in the expert's region, with Feitian Moutai spirits retail sales volume up >20% yoy offsetting shipment control on non-st ...

#板块涨跌幅：春节前一周上证指数上涨0.4%，家电（申万）指数上涨0.2%，白电板块下跌0.7%，厨电板块下跌 2.6%，黑电板块上涨3.5%，小家电板块下跌1.2%。 华创家电周观点（20260223） #周度动态更新：本周我们重点就【春节期间港股家电动态】、【美国关税政策】展开讨论。 #板块涨跌幅：春节前一周上证指数上涨0.4%，家电（申万）指数上涨0.2%，白电板块下跌0.7%，厨电板块下跌 2.6%，黑电板块上涨3.5%，小家电板块下跌1.2%。 #周度动态更新：本周我们重点就【春节期间港股家电动态】、【美国关税政策】展开讨论。 #春节期间港股家电龙头股价表现亮眼：2月16~2月23日，港股家电股涨跌幅，美的集团+3.6%，海尔智家+2.8%， 海信家电+2.6%，奥克斯电气- 华创家电周观点（20260223） #春节期间港股家电龙头股价表现亮眼：2月16~2月23日，港股家电股涨跌幅，美的集团+3.6%，海尔智家+2.8%， 海信家电+2.6%，奥克斯电气-11.6%，TCL电子+1.3%，三花智控+6.2%，雅迪控股+4.4%，创科实业+4.5%，JS环 球生活-2.2%（恒生指数+1.9%，恒 ...

转自：新华财经 近日，康师傅在上海首批两处"1m²暖心面馆"正式启用，分别位于闵行虹桥万象商圈与交心驿·进博站司机之家。这方寸之间的温馨角落，旨在为外卖骑手、 网约车司机等辛勤奔波的新就业群体，提供一个可以歇脚、饮水、免费吃上一碗热汤面的休憩驿站。未来，康师傅计划深化与地方政府常态化党建公益平台 的合作，在沪上更多区域建设长期运营的暖心站点，将这份实实在在的温暖传递给更多需要的人。 康师傅上海地区董事长苏立荣表示："我们以'热汤、暖食'的老母鸡汤面为核心，搭配这1平米的温馨空间，打造公益面馆，希望能精准服务新就业群体。作 为扎根民生的企业，康师傅始终心怀责任，用心守护这个'暖心小家'，也期待更多社会力量加入，让关爱持续传递。" 紧随其后，2月10日，第二个暖心面馆落户"交心驿·进博站司机之家"，为穿梭城市的"摆渡人"提供了又一个享用可口热食、短暂放松的港湾。 "1m²暖心面馆"公益项目始于2025年9月，最初多以快闪形式出现，为深夜劳作者提供一个短暂的能量补给站。项目因其精准的关怀与独特的体验，已累计服 务超过六千位劳动者，收获广泛好评。此次落地虹桥，项目依托属地政府的常态化公益平台，实现了从"临时快闪"到" ...

Core Insights - The younger generation's consumption logic has shifted from price-performance ratio to emotional resonance, indicating a new trend in consumer behavior [2][4][20] - The collaboration between Kang Shifu's "Crispy Noodles" and My Little Pony exemplifies the successful integration of emotional value into marketing strategies, moving beyond traditional branding [22][25] Group 1: Emotional Economy - The emotional economy is characterized by consumers seeking products that provide comfort, joy, or understanding, which often outweighs the physical functionality of the product [4][20] - The marketing strategy must capture the attention of young consumers within a short time frame, utilizing abstract and visually impactful elements to engage them [7][9] Group 2: Marketing Strategies - The "Explosive Head" campaign by Kang Shifu effectively utilized AIGC videos to create a viral marketing effect, transforming a simple product experience into a visually engaging phenomenon [7][9][13] - Offline events, such as the "My Little Pony Friendship Magic Spring Garden" held in February, serve as interactive experiences that enhance consumer engagement and retention [11][15] Group 3: Consumer Engagement - The campaign's success is attributed to its ability to create social currency through innovative ideas and interactive experiences, leading to organic participation and viral spread [17][20] - The collaboration with My Little Pony is not merely a branding exercise but a deeper emotional connection, allowing consumers to feel part of a community and engage in ongoing interactions [24][25] Group 4: Market Trends - The emotional economy market in China has reached a scale of 2.3 trillion yuan, with projections to exceed 4.5 trillion yuan by 2029, indicating a significant growth opportunity for brands that can tap into emotional consumer needs [31] - The partnership between Kang Shifu and My Little Pony serves as a case study for future marketing strategies in the fast-moving consumer goods sector, emphasizing the importance of emotional value over traditional pricing and distribution methods [29][31]