当前机构目标均价为0.89港元，较2月23日收盘价0.39港元有约128%上行空间。仅1家机构覆盖，目标价 区间为0.89港元，静态看估值修复空间较大，但需关注行业分化和公司基本面压力。 以上内容基于公开资料整理，不构成投资建议。 近一周（2026年2月20日至23日）联华超市股价区间涨跌幅4.05%，振幅10.81%，2月23日收盘价0.39港 元（单日涨跌幅0.00%）。技术面显示MACD柱状图从0.003升至0.005，KDJ的J线从54.504升至60.635， 短期动能增强。资金流向方面，2月23日总净流入1.16万港元，散户资金净流入1.16万港元。 机构观点 经济观察网 2026年2月23日雪贝财经报道指出，中国线下零售行业呈现极端分化，联华超市2024年营收 同比下滑30%，其母公司嘉悦控股旗下世纪联华关闭门店达1009家，占全国超市关店总数（3037家）约 三分之一。行业整体向"哑铃型"格局演变，传统商超面临结构性出清压力。 股票近期走势 ...

Group 1 - The core viewpoint of the article is that Bailian Group emphasizes the independent operational capabilities of Lianhua Supermarket as a standalone listed company, which is expected to improve its performance through digital transformation and operational adjustments [1] Group 2 - Lianhua Supermarket will focus on digital transformation to enhance its business efficiency and performance [1] - The company plans to make adjustments to its business model and improve internal efficiencies as part of its strategy for gradual performance improvement [1]

公司结构与治理 经济观察网 根据联华超市已公开的信息，以下事件可能值得关注。 产业资源优势 近期事件 自2026年2月14日0点至2月21日24点，其"鲸选到家"服务的订单基础运费将上调1元，按6元/单收取，超 重部分按日常标准加收。这一运营策略的调整可能影响其线上业务的成本结构与客户体验。 公司于2025年修订了公司章程，取消了监事会。此类治理结构的调整通常意味着公司决策流程的优化， 后续需关注其公司治理效率的变化。 公司项目推进 公司计划在未来三年每年改造40-60家门店，并新开20-40家门店。同时，资料显示2025年前三季度已关 闭175家门店。这表明公司正处于积极的业态调整与网络优化周期。 以上内容基于公开资料整理，不构成投资建议。 2025年12月，公司与长春率鲜达食品科技有限公司签署了"吉字号"战略供应链协议，并举办了相关特产 展销活动。新的供应链合作可能有助于其商品力的提升。 品牌市场活动 公司近期推出了"邀吃节"等活动，旨在推动高端食材的日常化销售。这与公司"联结你我'他'"的品牌定 位相契合，是其回归零售本质、提升顾客体验的持续努力。 ...

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 公司名稱: 联华超市股份有限公司 呈交日期: 2026年2月2日 I. 法定/註冊股本變動 | 1. 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) | 00980 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 372,600,000 | RMB | | | 1 RMB | | 372,600,000 | | 增加 / 減少 (-) | | | | | | | RMB | | | | 本月底結存 | | | 372,600,000 | RMB | | | 1 RMB | | 372,600,000 | | 2. 股份分類 | 普通股 | 股份 ...

1月30日，2026"昆仑有礼·山海有信"联华年货节暨"昆仑菁萃"市场化阵地启动仪式在百联中环购物广场 举行。启动仪式现场，与会嘉宾将新疆、西藏、青海、云南等对口地区的特色商品依次放入象征市场通 道的购物车，现场大屏同步点亮各对口地区并汇聚成暖心启动画面，生动诠释了"山海情深"的协作内 涵，也意味着一批优质帮扶产品正式驶入上海主流消费市场。 启动仪式上，联华、Ole'、本来生活、光明惠惠、杨浦菜市场、蔬菜集团、华氏大药房、中通冷链、高 校后勤、大昌行等十大渠道代表联合发布倡议，以"昆仑菁萃"阵地的真实销售数据作为选品"信用背 书"，通过设立品牌专区、启动爆品盲盒、开辟产销通道等举措，推动帮扶产品从"阵地试销"走向"全渠 道广销"。联华表示，将深耕"昆仑菁萃"建设，依托产品品质赢得市场，搭建产地到终端的直达链路。 上海市援滇干部联络组组长、云南省人民政府副秘书长，云南省农业农村厅党组成员、副厅长，云南省 乡村振兴局副局长杨辛在活动中表示，借助上海消费协作平台，云南产品得以接受市场检验，收获颇 丰；上海市对口支援新疆工作前方指挥部总指挥、上海市人民政府驻新疆办事处主任、喀什地委副书记 孟庆源则表示，援疆指挥部带来 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不會就本公 告全部或任何部份內容而產生或因依賴該等內容而引致的任何損失承擔任何 責任。 （在中華人民共和國註冊成立的股份有限公司） 承董事會命 聯華超市股份有限公司 董事長 （股份代號：00980） 公告 委託管理協議最新進展 茲提述聯華超市股份有限公司（「本公司」）日期為二零二五年十一月五日及 十九日的公告（「該等公告」），內容有關（其中包括）與上海動燃擬訂立的委託 管理協議及其項下擬進行的持續關連交易。除本公告另有界定外，本公告所 用詞彙與該等公告所界定者具有相同涵義。 本公司董事會欣然宣佈，本公司已於二零二六年一月二十三日與上海動燃完 成委託管理協議的簽署，且該協議已生效並將於二零二八年十二月三十一日 到期。 1 除上文所披露者外，該等公告的所有其他資料維持不變。 濮韶華 中華人民共和國，上海，二零二六年一月二十三日 於本公告日期，本公司的董事為： 執行董事： 王曉琰及張慧勤； 非執行董事： 濮韶華、沈沉、曹海倫及楊琴； 獨立非執行董事： 夏大慰、李國明、陳瑋及趙歆晟。 2 ...

Group 1 - Hema has launched two new grain beverages, "Rice Drink" and "Millet Drink," aimed at providing healthy and convenient options for consumers, priced at 14.9 yuan for a pack of four 230g bottles [3] - Yuanqi Forest has officially entered the herbal tea market with its new product "Good Freezing Tea," which combines traditional efficacy with modern processes to revitalize the stagnant herbal tea market [6] - Nongfu Spring has released a limited edition glass bottle water for the Year of the Horse, with 160,000 sets available through a lottery system, emphasizing its collectible and commemorative value [8] - JDB has collaborated with TEAM WANG design to launch a new packaging for its herbal tea, integrating trendy elements to attract younger consumers while maintaining the original flavor [9] - Panpan has introduced two herbal teas, "Busy Shennong" series, using traditional brewing techniques to preserve the nutritional value and flavor of the ingredients [11] - Wei Chuan has launched "Horse to Success Water Chestnut Drink," featuring a limited edition design for the Year of the Horse, priced at 82.9 yuan for a pack of twelve 300ml bottles [14] - Panpan Beverage has released "See the Mountain Wild" NFC 100% Carrot Juice, utilizing a new carrot variety and non-concentrated processing to enhance flavor and nutrition [16] - Jianlingkong has launched a cocoa oat milkshake, combining high-quality ingredients from multiple regions to create a rich flavor experience [18] Group 2 - Lianhua Supermarket announced the resignation of its executive director and general manager, Zhu Dingping, effective January 5, 2026, with no disagreements reported [21] - "Grandpa's Farm," a leading brand in infant and toddler food, has submitted a listing application to the Hong Kong Stock Exchange, aiming to become a publicly traded company [23] - Panda Dairy has postponed the production start dates for two projects to ensure quality and effectiveness, with new deadlines set for June 30, 2027, and January 31, 2027, respectively [25] - Beihai Pasture has completed a shareholder adjustment and is now operating independently after being spun off from Yuanqi Forest, focusing on low-temperature yogurt [27] - Hunan Mingming Hen Mang has successfully passed the listing hearing and is set to become the first stock in the Hong Kong market for bulk snacks [28] - Unilever Indonesia plans to sell its "Sariwangi" tea business for 15 trillion Indonesian rupiah (approximately 624 million yuan), with the transaction expected to complete by March 2 [30] - The control dispute at Huiyuan Juice has escalated, with the original management team accused of misappropriating over 600 million yuan, leading to legal actions [33] - Yili's chairman, Pan Gang, has announced a plan to reduce his holdings by up to 62 million shares, valued at approximately 1.7 billion yuan, to repay financing loans [35] - Hou Xiaohai has resigned from China Resources Beer and joined Charoen Pokphand Group as COO for China, which is expected to bring new developments to the company's operations [37]

Core Insights - The company Lianhua is launching a marketing campaign titled "Full Throttle, Good Luck Continues" to stimulate consumer spending during the New Year period, aiming for steady growth in consumption [3][5] Group 1: Marketing Campaign Details - The campaign will feature nearly a thousand popular products for the New Year, including a selection of "Top 100 Popular Products" across various categories such as fresh food, baked goods, snacks, beverages, grains, and personal care [3] - The promotional activities began on New Year's Day and will continue until the eve of the Spring Festival, incorporating various interactive formats like "New Year Goods Market," "Points to Coupons," and "Red Packet Draws" [3][4] Group 2: Consumer Engagement and Offers - The first phase of the campaign, "Year of the Horse Prosperity, Red Packets Open the Way," ran from January 1 to January 13, allowing consumers to participate in a red packet draw with a minimum purchase of 88 yuan, with the chance to win up to 88.8 yuan [3] - From January 14, the campaign will enter a new phase offering discounts, where consumers can exchange 100 points for a coupon that provides 8 yuan off a purchase of 60 yuan, further lowering the threshold for New Year shopping [5] Group 3: Integration of Online and Offline Channels - Lianhua is integrating online and offline shopping experiences, allowing consumers to participate in activities and purchase products both in physical stores and through the iBailian app and WeChat mini-program [5] - The company plans to host several New Year-themed live broadcasts to enhance consumer engagement and storytelling, ensuring convenience and freshness from online to table [5] Group 4: Commitment to Consumer Quality - Lianhua aims to strengthen the quality of consumer goods through a solid supply chain and innovative service models, helping consumers easily stock up on New Year goods and contributing to the construction of Shanghai as an international consumption center [5]

Group 1 - The core viewpoint of the article is that Bailian Group indicates its subsidiary, Lianhua Supermarket, will improve its performance through digital transformation, adjustment of business formats, and enhancement of internal efficiency [2] Group 2 - Lianhua Supermarket is focusing on digital transformation as a key strategy for performance improvement [2] - The company plans to adjust its business formats to better align with market demands [2] - Internal efficiency improvements are also a priority for Lianhua Supermarket to support gradual performance enhancement [2]

14 Y 6,1956. vie -16 1:00 17 C P 1 e / apl E 7 7 Non 项目背景 宏观经济与政策环境 随着全球经济一体化进程的加速，农副产品市场与国际市场的联系愈发紧密，价格波动受国际供求关系、汇率变动、气候变化等多种因素影响。近年来，我 国积极推动农业供给侧结构性改革，鼓励金融机构加大对农业产业的支持力度，通过金融工具助力农产品生产、流通和销售环节的优化升级，稳定农产品价 格，保障农民收入，提升农业产业竞争力。这一良好的政策环境，为海证期货携手风险管理公司与联华超市开展苹果贸易合作项目奠定了坚实基础。 苹果产业面临的共性问题 价格波动风险：苹果生产受自然条件影响较大，如自然灾害、天气变化等因素会导致苹果产量和品质波动，进而引起价格波动。此外，市场供求关系、信息 不对称等问题加剧了价格的不稳定性。价格的频繁波动使得果农面临收入不确定性，同时也给贸易企业带来了较大的经营风险。 果农销售渠道单一：在传统苹果销售模式中，果农主要依赖批发商、经销商等中间环节进行销售，销售渠道较为狭窄，且信息在流通环节易出现滞后、失真 等问题。果农在产业链中处于弱势地位，缺乏直接对接终端市场的能力，无 ...