我国零食行业容量大，但供需两端分散，整体呈现"品类丰富、品牌不足"，竞争门槛低、产品生命周期 较短以及消费者品牌粘性不高等特点。相较零食行业整体，我国辣味零食市场增长更快；其中，细分类 目辣条对比其他零食品类口味独特，消费者复购率高，尤其行业重塑后呈现品牌化、高端化发展，进一 步延长产品生命周期；而魔芋零食更是凭借健康低卡、稳定可塑等特征，成为近年行业现象级爆品，且 借鉴日本等成熟市场，未来魔芋成长空间广阔。 辣条、魔芋零食市场集中度相对较高，卫龙品类&品牌&渠道等综合优势明显 对比竞争对手，公司在辣条、魔芋领域具备明显的品类先发优势，研发创新端更注重厚积薄发；而大单 品规模效应、年轻化的品牌运营进一步巩固卫龙在两大品类的品牌优势；公司全渠道布局，市场覆盖广 度、产品铺设陈列面优于同业对手。 多品类大单品驱动成长，高盈利有望延续 智通财经APP获悉，华源证券发布研报称，预计卫龙美味(09985)2025-2027年归母净利润分别为 13.84/16.96/20.12亿元，同比增速分别为29.53%/22.52%/18.65%，当前股价对应的PE分别约20/16/13倍。 参考相似业态公司盐津铺子、万辰集团、劲 ...

Group 1: Transportation Industry - The express delivery sector shows resilient demand, with a "反内卷" (anti-involution) trend driving up prices and releasing profit elasticity for companies, indicating a favorable long-term competitive environment for e-commerce logistics [17] - The civil aviation sector is experiencing a significant recovery, with major airlines like China Southern and Hainan Airlines expected to turn profitable in 2025, while others like China Eastern and Air China are projected to reduce losses, setting a solid foundation for 2026 [8][9] - The shipping market is witnessing a "strong off-season" for dry bulk freight rates due to a combination of concentrated cargo volumes and tight capacity, with the Baltic Dry Index (BDI) showing a notable increase [13][14] Group 2: Energy Storage Industry - The National Development and Reform Commission and the National Energy Administration have issued a notice to improve the capacity pricing mechanism for power generation, which is expected to enhance the energy storage sector's growth [21] - By the end of 2025, China's cumulative installed capacity for energy storage is projected to reach 213.3 GW, a 54% year-on-year increase, with new energy storage technologies, particularly lithium-ion batteries, experiencing rapid growth [21] - A total of 13 core companies in the energy storage industry have been identified, including Changhong Energy and Haixi Communications, which are positioned to benefit from the expanding market [21] Group 3: Media and Internet Industry - Google's Project Genie has launched, allowing users to create and edit interactive 3D environments, indicating a significant advancement in AI applications within the media sector [25] - The AI gaming creation tool "TapTap Manufacturing" has been introduced, enabling creators to develop games without leaving the chat interface, showcasing the integration of AI in game development [25] - The competition for AI entry points is expected to continue evolving, with major platforms like WeChat and Douyin playing crucial roles in user education and ecosystem integration [25][28] Group 4: Food and Beverage Industry - Weidong Delicious is recognized as a leading player in the spicy snack sector, capitalizing on the trend of health-conscious consumption and maintaining a strong brand presence [4] - The company has established a robust multi-category product strategy, which is expected to drive growth and sustain high profitability [4] Group 5: Real Estate Industry - China Merchants Shekou is focusing on core cities and leveraging its state-owned enterprise advantages to optimize its asset structure and enhance its competitive position [4] - The company has proactively addressed historical burdens by writing down approximately 22.6 billion yuan in asset and credit impairments since 2020, positioning itself for future growth [4]

证券研究报告 食品饮料 | 休闲食品 港股|首次覆盖报告 hyzqdatemark 2026 年 02 月 02 日 证券分析师 张东雪 SAC：S1350525060001 zhangdongxue@huayuanstock.com 周翔 SAC：S1350525070003 zhouxiang@huayuanstock.com 市场表现： | 基本数据 | 2026 | 年 | 01 | 月 30 | 日 | | --- | --- | --- | --- | --- | --- | | 收盘价（港元） | | | | 12.29 | | | 一年内最高/最低（港 | | | | 18.10/7.05 | | | 元） | | | | | | | 总市值（百万港元） | | | | 29,878.78 | | | 流通市值（百万港元） | | | | 29,878.78 | | | 资产负债率（%） | | | | 26.08 | | | 资料来源：聚源数据 | | | | | | 卫龙美味(09985.HK) 投资评级： 买入（首次） 辣味零食品类龙头，平台化发展强者恒强 投资要点： 坚守品质、深耕品类 ...

Investment Rating - The industry rating is maintained as "Positive" [5] Core Views - The liquor sector is gaining attention, with strong sales performance from Guizhou Moutai, which has seen its batch price rise to 1700 yuan, reflecting positive sales momentum despite existing inventory risks [2][11] - The consumer goods sector is experiencing overall weakness, but there are opportunities in the "snack/meal supply/dairy beverage" segments due to the upcoming Spring Festival [3][12] Market Performance Review - The food and beverage sector saw a weekly increase of 1.56%, outperforming the Shanghai Composite Index, which decreased by 0.44%, and the CSI 300 Index, which increased by 0.08% [1][17] - Specific performance highlights include a 3.86% increase in the liquor sector, while other segments like snacks and health products saw declines of 6.07% and 5.59%, respectively [1][17] Sector Investment Recommendations - **Liquor Sector**: The report recommends focusing on leading brands such as Guizhou Moutai, Luzhou Laojiao, Shanxi Fenjiu, and Guxi Gongjiu, anticipating strong sales during the Spring Festival [3] - **Consumer Goods**: Emphasis is placed on the Spring Festival stocking opportunities in snacks, meal supplies, and dairy beverages, with specific recommendations for companies like East Peak, Weilong, and New Dairy [3][12][14] Sector and Stock Performance - The report details stock performance, with top gainers in the liquor sector including Huangtai Liquor (+22.92%) and Luzhou Laojiao (+9.10%), while major losers included Haoxiangni (-20.89%) and Yanghe Distillery (-11.56%) [19][22] - The dynamic price-to-earnings ratio for the food and beverage sector is reported at 20.9 times, with liquor at 18.47 times, indicating a favorable valuation environment for liquor stocks [24]

投资评级：看好（维持） 行业走势图 数据来源：聚源 -10% 0% 10% 19% 29% 2025-02 2025-06 2025-10 食品饮料 沪深300 相关研究报告 《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 《黄酒复兴趋势持续，期待 2026 年有 新突破—行业点评报告》-2026.1.30 《预制菜国家标准待出台，市场集中 度有望加速提升—行业点评报告》 -2026.1.29 茅台春节需求韧性超预期，大众品底部改善趋势明确 食品饮料 2026 年 02 月 01 日 ——行业周报 | 张宇光（分析师） | 张思敏（分析师） | | --- | --- | | zhangyuguang@kysec.cn | zhangsimin@kysec.cn | | 证书编号：S0790520030003 | 证书编号：S0790525080001 | zhangsimin@kysec.cn 证书编号：S0790525080001 核心观点：茅台春节需求韧性超预期，大众品底部改善趋势明确 1 月 26 日-1 月 30 日，食品饮料指数涨幅为 1.6%，一级子行业排名第 5 ...

智通财经APP获悉，开源证券发布研报称，维持卫龙美味(09985)"增持"评级。公司2026年春节旺季备货 从一月开始，新春佳节是居民食品饮料消费重要场景，礼品采购、家庭团聚等活动带动大众品备货需求 集中释放。2026年春节落在二月中旬，叠加扩内需促消费的宏观政策背景，预计年初旺季备货有望催化 业绩。另外公司魔芋新口味产品储备充足，面制品导入明星代言，预计为销售贡献更多增量，该行维持 盈利预测，预计公司2025-2027年归母净利润分别为13.8、17.0、20.6亿元，同比分别增长29.2%、 23.1%、21.1%。当前股价对应PE分别为19.6、15.9、13.1倍。 开源证券主要观点如下： 辣条新品导入明星代言，魔芋新口味提升势能 公司是国内辣味零食龙头品牌，大单品策略助力公司高速增长。公司在面制品方面聚焦核心产品线，包 括大小辣棒、麻辣麻辣、亲嘴烧等，2025年新上市小龙虾、麻辣牛肉等新风味，导入流量明星代言，期 待稳健增长。魔芋品类景气度高，卫龙魔芋爽品牌力经过多年沉淀深入人心，公司2025年下半年推出高 纤牛肝菌、傣味舂鸡脚等全新口味，丰富品类矩阵，预计公司魔芋品类在产品矩阵更加丰富的背景下， ...

#20260126卫龙美味更新推荐：春节备货节奏正常，当前仍为26年极佳布局位置 今日股价早盘回调较多我们认为主要系资金面扰动，基本面春节备货如常推进，#回调为较好布局点位。 #魔芋（类薯片品类）有望成为百亿级的单品：魔芋品类"Q弹爽"+"低热量特性突出"，与其他零食品类具备足够的 区隔性，奠定百亿大单品的基础。 公司创新性开创该品类，消费心智强，魔芋口味矩阵完善且持续创新口味，26年魔芋品类红利有望持续强兑现。 #市场担忧魔芋竞争+渠道对上游议价：我们认为魔芋作为深加工商品，且公司逐步推新完善魔芋口味矩阵，零食 不会无限价格战（商品有差异度），竞争问题可更乐观看待。 产业链话语权的核心在于消费者的认知，消费者对于卫龙品牌认知深，头部品牌预计受到下游议价的影响小。 今日股价早盘回调较多我们认为主要系资金面扰动，基本面春节备货如常推进，#回调为较好布局点位。 26年辣条有望企稳+魔芋品类有望强兑现+新品类期权，26年业绩增速有望超20%，当前股价对应26年17.5亿净利润 为15XPE，#兼具成长性+低估值，看好26年估值修复至20X+。 #26年辣条有望企稳：公司23年推出麻辣麻辣进一步完善辣条口味矩阵，前期 ...

1月23日，郑州市平江商会换届大会暨2026年新春年会隆重举行，来自豫湘两地的政府领导、商会会员企业代表、各界嘉宾400余人齐聚一堂，共同见证商会 发展史上的重要时刻。大会严格遵循法定程序完成换届选举，卫龙美味董事长刘卫平当选第三届理事会会长，为商会注入全新发展动能。 会上，第二届理事会会长唐明辉代表上一届理事会作工作报告，全面回顾了商会成立以来在凝聚会员力量、规范行业发展、推动豫湘经济交流、参与公益事 业等方面取得的显著成就——会员企业从最初的作坊式经营逐步发展为年产值超300亿元的产业集群，3万余名平江人在豫就业创业，商会更深度参与制定了 中华人民共和国轻工行业标准《调味面制品》(QB/T5729-2022)，让"调味面制品"走向全国乃至海外，让世界人人爱上中国味。 刘卫平发表就职讲话时表示。将秉承商会"团结、交流、服务、共赢"的宗旨，搭建更广阔的政企对接、资源共享平台，推动会员企业抱团发展，助力调味面 制品产业向标准化、品牌化、国际化迈进。 为进一步加强政企沟通合作，促进豫平食品产业链协同发展，平江高新技术产业开发区与郑州市平江商会签订《产业链协同发展合作协议》，平江县人民政 府与卫龙美味全球控股有限公 ...

Investment Rating - The report maintains an "Accumulate" rating for the food and beverage industry [5] Core Insights - The upcoming Spring Festival is expected to boost sales in the liquor sector, with Moutai leading the industry towards an unexpected improvement. Short-term focus should be on the demand for the Spring Festival, while medium-term investments should target leading brands across various price segments [1] - In the beer segment, new product launches are being prepared, with a focus on high-growth channels and consumer trends towards personalized and diversified consumption [2] - The baking sector is showing stable performance, with companies like Lihigh Foods preparing for the sales peak and benefiting from favorable policies regarding cream products [3] Summary by Relevant Sections Liquor Sector - The Spring Festival is driving demand, with Moutai expected to lead the market. Key short-term stocks include Guizhou Moutai, Guo Jiu Gong Jiu, and others, while medium-term focus should be on Wuliangye and Shanxi Fenjiu [1] Beer Sector - Current beer sales are in a low season, but new product launches and high growth in instant retail channels are promising. Companies like Chongqing Beer are launching new 1L cans to meet consumer preferences [2] Food Sector - Lihigh Foods is preparing for the sales peak with a focus on quality over quantity, while Anqi Yeast is benefiting from declining sugarcane prices, enhancing profit margins [3] - Yizhi Konjac is experiencing rapid demand growth, with a stable supply chain and product innovation driving its market position [4]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The food and beverage sector is currently at a low position in terms of fundamentals and valuations, presenting significant investment opportunities as the peak season approaches [4][12] - The food and beverage index experienced a decline of 1.4% from January 19 to January 23, ranking 25th among 28 sectors, underperforming the CSI 300 by approximately 0.8 percentage points [12][13] - The Consumer Price Index (CPI) rose by 0.8% year-on-year in December 2025, indicating a mild recovery trend, and has returned to relatively high levels compared to recent years [4][12] - The upcoming Spring Festival is expected to catalyze performance in the sector, with strong demand for consumer goods, particularly in the snack segment, which continues to show upward momentum [4][12] Summary by Sections Weekly Insights - The food and beverage sector is positioned for a recovery as it approaches the peak season, with a notable increase in demand expected during the Spring Festival [4][12] - The sector's current valuation aligns with policy support aimed at boosting consumption, providing a safety margin for investments [4][12] Market Performance - The food and beverage index's performance was weaker than the broader market, with specific sub-sectors like snacks (+6.1%), processed foods (+4.9%), and baked goods (+4.3%) showing relative strength [12][13] Upstream Data - Recent data indicates a decline in some upstream raw material prices, with whole milk powder prices down 13.5% year-on-year as of January 20, 2026 [19][21] - The price of fresh milk was reported at 3.03 CNY per kilogram, reflecting a year-on-year decrease of 2.6% [19][21] Alcohol Industry Data - In December 2025, the production of liquor (65-degree equivalent) decreased by 12.1% year-on-year, with a total production of 354.9 million liters for the year [42][43] Recommended Investment Targets - Key investment opportunities identified include raw milk/dairy products, the snack sector, and the restaurant supply chain, with specific companies highlighted for their growth potential [4][5][12]