Investment Rating - The report rates the food and beverage industry as "Overweight" [1] Core Insights - The report highlights that the CPI (Consumer Price Index) has shown signs of recovery, with a year-on-year increase of 1.3% in February 2026, marking the highest growth since January 2023. This recovery is expected to benefit companies with strong pricing power in the food and beverage sector [2][15] - The report emphasizes the importance of companies that can effectively pass on costs to consumers, particularly in the condiment and restaurant supply chain sectors, as the industry transitions from a cost dividend phase to an initial stage of price increases [3][40] Summary by Sections CPI and Economic Recovery - The CPI has rebounded, indicating a shift towards moderate inflation, with the government targeting a CPI growth of around 2% for 2026. This is supported by fiscal policies aimed at stabilizing economic growth and reasonable price increases [6][15] - The service sector has become a key driver of growth, with significant increases in service prices contributing to the overall CPI rise [20][23] CPI-PPI Dynamics - The report discusses the narrowing of the CPI-PPI (Producer Price Index) gap, which is currently at 2.2 percentage points. This gap indicates that consumer prices are rising faster than production costs, benefiting companies with strong pricing power [28][30] - The report notes that the PPI has shown signs of improvement, with a year-on-year decline of 0.9% in February 2026, suggesting a stabilization in raw material prices [27][29] Cost Transmission and Pricing Power - The report identifies key raw materials that constitute 65%-85% of the operating costs for leading companies in the food and beverage sector, including soybeans, sugar, and dairy products. The ability to manage these costs effectively will be crucial for maintaining profitability [41][44] - Companies in the condiment and restaurant supply chain are highlighted as having strong pricing power, with expectations for a new round of price increases due to rising costs and improved demand conditions [3][40] Investment Recommendations - The report recommends focusing on leading companies with strong channel and product capabilities, clear price increase expectations, and high dividend attributes, such as Haidilao, Anjoy Foods, and Mengniu Dairy [3][40] - It also suggests investing in leading beer companies and high-growth regional leaders, as well as companies in the dairy and snack sectors that possess category and channel advantages [3][40]

Investment Rating - The report maintains a "Positive" outlook for the food and beverage industry, indicating a strong performance relative to market benchmarks [9]. Core Insights - The report emphasizes the importance of upstream supply chain dynamics, highlighting that the core logic of performance in the upstream sector revolves around "cost" and "supply-demand" factors, exhibiting clear cyclical characteristics [9]. - It identifies two main drivers for the current uptrend in the upstream food and beverage sector: the rising prices of bulk agricultural products and the ability of companies to directly pass on costs to consumers [9]. - The report suggests prioritizing investments based on geographical and supply-demand logic, with a focus on corn and soybean chains due to their strong price increase expectations [9]. Summary by Sections Upstream Investment Focus - Recommended upstream investment targets include: 1. Agricultural processing: COFCO Technology (000930), Crown Agricultural (600251), Andeli (605198), Jinlongyu (300999), and Zunming (003030) [4]. 2. Food raw material suppliers: Huakang (605077), Morning Light Bio (300138), and Fufeng Group (00546) [4]. 3. Livestock: Recommended Yuran Livestock (09858) and Modern Animal Husbandry (01117) [4]. Downstream Investment Focus - Recommended downstream investment targets include: 1. Baijiu: Shanxi Fenjiu (600809), Kweichow Moutai (600519), Jinshiyuan (603369), and Shede Liquor (600702) [4]. 2. Catering supply chain: Yihai International (01579) and Qianwei Central Kitchen (001215) [4]. 3. Snack foods: Recommended Yanjinpuzi (002847), Qiaqia Food (002557), and Miaokelando (600882) [4]. 4. Health products: Focus on valuation, with related targets including Minsheng Health (301507) and H&H International Holdings (01112) [4].

中國優然牧業集團有限公司 （於 開 曼 群 島 註 冊 成 立 的 有 限 公 司） （股 份 代 號：9858） 董事會會議通告 中國優然牧業集團有限公司（「本公司」）董事會（「董事會」）謹 此 宣 佈，本 公 司 將 於2026 年3月27日（星 期 五）舉 行 董 事 會 會 議，藉 以（其 中 包 括）考慮及批准本公司及其附屬公 司截至2025年12月31日 止 年 度 的 年 度 業 績 及 其 發 佈，並 考 慮 派 發 末 期 股 息（如 有）。 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之內容概不負責， 對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全 部 或 任 何 部 分 內 容 而 產 生 或 因 倚 賴 該 等 內 容 而 引 致 之 任 何 損 失 承 擔 任 何 責 任。 China Youran Dairy Group Limited 呼 和 浩 特，2026年3月10日 於 本 公 告 日 期，執 行 董 事 為 郝 海 軍 先 生、董 計 平 先 生 及 孟 一 蘭 女 士；非 執 行 董 事 ...

Investment Rating - The industry rating is maintained as "Positive" [5] Core Insights - The food and beverage sector experienced a decline of 2.48% during the week from March 2 to March 6, 2026, compared to a drop of 0.93% in the Shanghai Composite Index and 1.07% in the CSI 300 Index [1][16] - The report highlights the performance of various segments, with meat products (+1.10%) and beer (+0.91%) showing positive growth, while categories like snacks (-3.88%) and health products (-4.01%) faced significant declines [1][16] - The report emphasizes the importance of upcoming events, such as the sugar and wine fair, which may influence market sentiment and consumer behavior in the high-end liquor segment [2][10] Summary by Sections Weekly Market Review - The food and beverage sector's performance was notably weak, with the white liquor segment declining by 3.32% [1][10] - Key stocks in the liquor sector, such as Shanxi Fenjiu and Wuliangye, saw declines of 0.3% and 1.6%, respectively [2][10] Sector Insights - In the liquor segment, the report suggests that the high-end liquor prices remain stable during the off-season, with a focus on potential catalysts such as the upcoming sugar and wine fair [2][10] - The report recommends stocks with strong alpha characteristics in the consumer goods sector, particularly in the meat, beer, and seasoning categories, highlighting companies like New Dairy, Chongqing Beer, and Shuanghui [11][12] Investment Recommendations - For the liquor sector, the report recommends Guizhou Moutai and suggests monitoring brands with strong beta attributes like Luzhou Laojiao and Yingjia Gongjiu [3][10] - In the consumer goods sector, the report highlights the potential for growth in snack foods and functional beverages, recommending companies such as Weilong and Yuyuan Group [3][11] - The dairy segment is expected to benefit from favorable supply and demand dynamics, with recommendations for New Dairy and Yili Group [3][14] Valuation Metrics - As of March 6, 2026, the dynamic price-to-earnings ratio for the food and beverage sector is 20.37, with specific segments like liquor at 17.91 and dairy at 23.15 [23][24]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The food and beverage sector is entering a favorable layout window supported by dual policy initiatives from the government, focusing on expanding domestic demand and boosting consumption as top priorities in the 2026 government work report [3][10] - The food and beverage index experienced a decline of 2.5% from March 2 to March 6, 2026, ranking 12th among primary sub-industries and underperforming the CSI 300 by approximately 1.4 percentage points [10][11] - Key sub-industries such as meat products (+1.1%), beer (+0.9%), and dairy products (+0.1%) showed relatively strong performance during this period [10][11] Summary by Sections Market Performance - The food and beverage index's decline of 2.5% places it 12th out of 28 industries, underperforming the CSI 300 by about 1.4 percentage points [10][11] - Notable individual stock performances included significant gains from companies like Zhongxin Niya, New Dairy, and Chongqing Beer, while companies such as Jiu Gui Jiu, Qian Wei Yang, and Youyou Food faced notable declines [11][12] Policy Impact - The dual policy framework aims to stimulate demand and expand supply, which is expected to drive recovery in the food and beverage industry [3][10] - Demand-side improvements are anticipated through increased disposable income and enhanced social security, while supply-side benefits will arise from the concentration of leading companies and support for new consumption models [10] Recommendations - Recommended stocks include leading companies in the liquor sector such as Guizhou Moutai, Luzhou Laojiao, and Shanxi Fenjiu, as well as consumer goods companies like Ximai Food, Weilong Delicious, and Ganyuan Food [4][10] - The report suggests focusing on three main lines for consumer goods: the upward trend in the snack sector, stabilization in raw milk prices benefiting dairy processing companies, and the recovery of the restaurant supply chain [10] Upstream Data - Recent data indicates a decline in certain upstream raw material prices, with whole milk powder auction prices showing a year-on-year decrease of 4.9% and fresh milk prices down by 1.9% [16][19] - The pork price has decreased by 28.7% year-on-year, reflecting significant market adjustments [21][26]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The dual policy support from the Two Sessions creates a window for layout in the food and beverage sector. The food and beverage index fell by 2.5% from March 2 to March 6, ranking 12th among primary sub-industries, underperforming the CSI 300 by approximately 1.4 percentage points. The meat products (+1.1%), beer (+0.9%), and dairy products (+0.1%) sectors performed relatively well. The government work report for 2026 prioritizes expanding domestic demand and boosting consumption, implementing special actions to enhance consumption recovery. The dual policy framework of "demand-side boost + supply-side expansion" is expected to drive the recovery of the food and beverage industry significantly [3][10][11]. Summary by Sections Weekly Viewpoints - The food and beverage index underperformed the market, with a decline of 2.5% and ranking 12th out of 28 industries. The meat products, beer, and dairy sectors showed relative strength [10][11]. Supply Chain Data - The report indicates a recovery in consumer spending and service consumption, with government initiatives aimed at increasing disposable income and enhancing social security. This is expected to benefit essential consumption categories such as liquor, snacks, and the catering supply chain [3][10]. Recommendations - Recommended stocks include: - Guizhou Moutai: Focused on sustainable development amidst shifting demand [4]. - Shanxi Fenjiu: Expected to grow despite short-term demand pressures [4]. - Ximai Foods: Anticipated steady growth in the oatmeal sector [4]. - Weilong: Projected to maintain growth in the konjac product line [4]. - Ganyuan Foods: Expected to benefit from a turnaround in trends [4]. Market Performance - The food and beverage sector's performance was below the market average, with specific stocks like Zhongxin Niya, New Dairy, and Chongqing Beer showing gains, while others like Jiugui Liquor and Youyou Foods faced declines [11][12]. Upstream Data - Recent data shows a decline in some upstream raw material prices, with whole milk powder prices down by 4.9% year-on-year, and fresh milk prices down by 1.9% year-on-year [16][19].

Investment Rating - The industry investment rating is maintained as "Positive" [9] Core Viewpoints - The report emphasizes the importance of understanding the nature of raw material price increases, suggesting that upstream sectors in the consumer goods chain are likely to benefit from these changes. It distinguishes between price increases driven by economic factors, which can lead to sustained profitability, and those driven by geopolitical factors, which may have a more limited impact [9] - The report maintains a positive outlook on the upstream segments of the food and beverage industry, particularly in agricultural processing and food raw material suppliers, while also highlighting the need for companies to demonstrate profit recovery or elasticity in response to rising raw material prices [9] - The report suggests a focus on the restaurant supply chain and the liquor sector, indicating that the liquor industry is approaching a turning point, with expectations for performance recovery [9] Summary by Relevant Sections Upstream Main Line - Agricultural processing is highlighted, with recommendations for companies such as COFCO Sugar (600737, Buy) and Yurun Agriculture (09858, Buy) [4] - Food raw material suppliers are also emphasized, with potential investments in companies like Huabao International (00336, Not Rated) and Chenguang Biotech (300138, Not Rated) [4] Downstream Main Line - In the liquor sector, companies such as Shanxi Fenjiu (600809, Buy) and Kweichow Moutai (600519, Buy) are recommended [4] - For the restaurant supply chain and beer, the report suggests monitoring performance post-valuation increase, with a recommendation for Yihai International (01579, Buy) [4] - In the beverage and snack food sectors, companies like Yanjinpuzi (002847, Buy) and Qiaqia Food (002557, Buy) are highlighted for their performance certainty [4]

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之內容概不負責， 對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全 部 或 任 何 部 分 內 容 而 產 生 或 因 倚 賴 該 等 內 容 而 引 致 之 任 何 損 失 承 擔 任 何 責 任。 本 公 告 僅 供 參 考，並 不 構 成 接 納、購 買 或 認 購 本 公 司 任 何 證 券 的 邀 請 或 要 約。 China Youran Dairy Group Limited 中國優然牧業集團有限公司 （於 開 曼 群 島 註 冊 成 立 的 有 限 公 司） （股 份 代 號：9858） 進一步延遲寄發通函 (1)有 關 根 據 特 別 授 權 認 購 新 股 份 之 關 連 交 易； 及 (2)申請清洗豁免 本公司關於特別授權認購事項之財務顧問 獨立財務顧問 如 延 遲 公 告 所 披 露，本 公 司 已 提 出 申 請，且 執 行 人 員 已 表 示 其 有 意 授 出 其 同 意，將 寄發通函的最後期限延後至2026年3月6日。 由於需要額外時間編製及落實將載入通 ...

Group 1: Food and Beverage Industry - The restaurant sector is showing signs of recovery, with a notable increase in consumer demand. During the Spring Festival, restaurant revenue grew by 31.2% year-on-year, with dine-in services up by 26.5% and snack services up by 42.1% [4][5] - The average daily sales of key retail and restaurant enterprises during the Spring Festival increased by 5.7% year-on-year, indicating strong terminal demand. It is expected that revenue for restaurant supply companies will see rapid growth in January and February [4] - The price of raw milk is stabilizing at a low level, with fresh milk averaging 3.03 yuan per kilogram, down 2.3% year-on-year. However, the price of culling cows has risen by 25.2% year-on-year, indicating an upward trend in the beef market [5] - The snack sector performed well during the Spring Festival, benefiting from the return home and "red envelope economy," with significant sales growth in bulk snacks and nut gift boxes [5] - The food and beverage sector saw a decline of 1.54% last week, underperforming the CSI 300 index by 1.63 percentage points, ranking 29th among 31 first-level sectors [6] Group 2: Electronic Industry - Nvidia's performance continues to exceed market expectations, with Q4 revenue reaching $68.127 billion, up 73.21% year-on-year, and net profit of $42.96 billion, up 94.47% year-on-year. The data center segment remains a core growth driver [11][12] - The upcoming GTC conference from March 16-19 is expected to showcase Nvidia's new Feynman platform and a new inference chip integrated with Groq LPU technology, indicating a strong focus on AI and inference computing [12] - The electronic sector is experiencing a recovery in demand, with effective supply clearing and rising prices for storage chips. There is a strong emphasis on domestic production capabilities [10][14] - The electronic industry index rose by 4.07%, outperforming the CSI 300 index by 2.99 percentage points, with semiconductor and electronic components showing significant gains [13]

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2月28日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中國優然牧業集團有限公司 呈交日期: 2026年3月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 09858 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 10,000,000,000 | USD | | 0.00001 | USD | | 100,000 | | 增加 / 減少 (-) | | | | | | | USD | | | | 本月底結存 | | | 10,000,000,000 | USD | | 0.00001 | USD | | 100,000 | 本月底法定/ ...