Investment Rating - The report assigns an "Accumulate" rating for the food and beverage industry [1] Core Insights - Recent policies have strengthened consumer expectations, leading to marginal improvements in consumption during the Spring Festival peak season. The performance of high-end liquor, particularly Moutai, has rebounded, and the stability in pricing has improved market sentiment [3][4] - The report highlights the potential for recovery in the food and beverage sector, driven by improved domestic demand and consumption patterns as the Spring Festival approaches [4][7] Summary by Sections Investment Recommendations - The report suggests focusing on high-end liquor stocks with price elasticity, recommending companies such as Guizhou Moutai, Wuliangye, and Luzhou Laojiao. It also identifies potential stocks for gradual clearance, including Yingjia Gongjiu and Gujing Gongjiu [7] - Beverage companies are expected to benefit from favorable travel conditions, with recommendations for Dongpeng Beverage and Nongfu Spring. Low valuation and high dividend stocks like China Foods and Master Kong are also highlighted [7] - For snacks and food raw materials, recommended stocks include Bailong Chuangyuan and Weilong [7] - Beer recommendations include Qingdao Beer and Zhujiang Beer, while condiment and catering sectors are expected to recover, with recommendations for Qianhe Flavor Industry and Baoli Food [7] Liquor Sector Insights - The high-end liquor sector is leading market sentiment, with Moutai's sales data boosting confidence. The report notes that Moutai's monthly active users exceeded 15.31 million, with over 2.12 million orders in January [8][9] - The liquor industry is currently at a cyclical bottom, with expectations for recovery in sales and pricing as the Spring Festival approaches. Positive trends in inventory and demand could catalyze stock prices further [9] Consumer Goods Insights - The approval of D-allohexose-3-epimerase as a food additive is expected to expand the market for this product, benefiting leading companies like Bailong Chuangyuan. The report anticipates significant growth potential for this company [10][11] - The catering supply chain is expected to recover, with companies like Baobi Food showing promising growth driven by new store formats. The report notes Baobi's revenue of 1.859 billion in 2025, a year-on-year increase of 11.22% [11]

上面图例显示的第一阶段都非常规整，最大回撤幅度20%左右，很标准的结构。如果后面几只最近也出现超量突破，则表明强势扩 散，板块联动效应有可能跑出来。 历史牛股是最好的教科书，而当下的牛股正在按相似的步调行进， 这是因为人性不变 。它们的基本特征是：主线脉络清晰，走势结 构紧凑，反复突破平台上行。 郑重声明：本文股票案例仅供学习交流使用，既无推荐之意，也不能作为买卖参考。 更多精彩内容，请关注同名公众号：猛兽派选股 最近，茅台连续抬升，是否在传递什么信息，还是仅仅因为春节消费的预期？不过从图形上看，似乎味业更好一些： | 分时 1分钟 5分钟 15分钟 30分钟 60分钟 日线 周线 月线 10分钟 45日线 季线 安琪酵母 安琪酵母(日线.等比前复权.对数) ◎ M6(8,20,50,200,13) WMA20: 43.7 VWA50: 43.3 VWA2 0.0 RSRHY: 31.9 44.29 财务数据(单季同比) 250426 HOME 8.95% 11.19% 250815 : 250815 : 251030 阶梯爬升 5 -26.81 WOL 收益三 交易壮 14:55 14:55 14.55 I ...

| 安琪酵母(普洱)有限公司AEO颁证仪式 高级认定企业在 安琪酵母（普洱）作为普洱市的重点外贸企业之一，2025年，市商务局积极指导其申报外贸稳进提质政策和出口退税事宜，成功指导其申报成为云南 省"外贸领跑者"企业之一；同时市商务局积极联动海关部门成立专门工作组，推出"精准培育+定制服务"，通过开展认证政策解读、一对一指导、模拟 AEO认证等创新培育模式指导其开展认证，成功助力该企业跻身高级认证企业行列。2025年，安琪酵母（普洱）出口酵母2.1万吨，出口量值同比均呈现 大幅增长；外贸额1.6亿元，同比增长56.3%，通过AEO认证恰逢其时。 近日，安琪酵母（普洱）有限公司通过海关AEO高级认证，成为云南省第26家AEO企业，也是普洱市首家通过AEO认证的企业。 "我们出口的智利、澳大利亚、泰国等核心市场均是与我国实施AEO互认的国家，通过AEO认证后，将帮助我们进一步拓展国际市场份额。"安琪酵母（普 洱）有限公司关务负责人介绍。AEO即"经认证的经营者"，是中国海关赋予企业的最高信用等级，被誉为国际贸易的"金字招牌"，成为AEO企业不仅可以 享受中国海关给予的优先通关、优先查验、降低查验率等45项通关便利 ...

在三峡大学任教多年的托马斯·拉姆齐（Thomas Ramsey），是一位头发花白、笑容温煦的美国人。大家 都习惯叫他汤姆叔叔。这几天，他正在准备自己在宜昌的第16个春节。 在山水相依的峡江边，在日渐浓郁的年味中，一群外国人正体验着"此城是吾乡、此乡年味长"。 刚刚结束的2026年湖北省两会提出，湖北正以高水平开放全面融入世界经济循环，我们愿与海内外朋友 共享机遇、共赢未来。 在宜昌打造联结长江中上游的区域性中心城市、冲刺万亿级的开局之年，我们跟随生活在宜昌的外国友 人，看峡江新气象、新发展，品中华传统文化的国际魅力。 汤姆叔叔的第16个春节 1月28日，腊月初十，汤姆叔叔提着大包小包，从宜昌市城东大道雅思超市走出来。袋子里，有春联、 腊肉、宜昌泡菜……"这是我的年货。"汤姆叔叔说。 汤姆叔叔与孩子们写"福"字。 （湖北日报全媒记者 张泽牧 实习生 朱芸乐 摄） 01 从"李小龙"到"李江龙" "李江龙——我这中文名字不错吧？"汤姆叔叔眼角漾起笑纹。"姓李，因为李小龙，我特意取了他的 姓。'江'是长江的江，'龙'是因为我属龙。" 出生在美国纽约的汤姆，是李小龙的粉丝。银幕上的中国功夫让他着迷，后来，他决定将汉语 ...

证券之星消息，2月4日调味发酵品板块较上一交易日上涨0.83%，中炬高新领涨。当日上证指数报收于 4102.2，上涨0.85%。深证成指报收于14156.27，上涨0.21%。调味发酵品板块个股涨跌见下表： 从资金流向上来看，当日调味发酵品板块主力资金净流入2436.57万元，游资资金净流出1068.59万元，散 户资金净流出1367.98万元。调味发酵品板块个股资金流向见下表： | 代码 | 名称 | 主力净流入(元) | | 主力净占比 游资净流入(元) | | 游资净占比 散户净流入(元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 603288 海天味业 | | | 5630.06万 | 9.41% | -2675.38万 | -4.47% | -2954.67万 | -4.94% | | 002507 | 浩陵棒菜 | | 2877.35万 | 8.57% | -3456.31万 | -10.30% | 578.96万 | 1.72% | | 600298 | 安頂酵母 | | 1829.30万 | 5. ...

Investment Rating - The report maintains a "Strong Buy" rating for Angel Yeast (600298) [1][10]. Core Insights - The report emphasizes the significant decline in molasses prices, which is expected to enhance profitability and operational stability for Angel Yeast. The company is positioned to benefit from cost advantages and growth opportunities in both domestic and international markets [1][10]. Summary by Sections Cost Elasticity: Significant Decline in Molasses Prices - The molasses price has dropped significantly, with current prices around 700 RMB per ton, a decrease of 33.8% year-on-year. This decline is attributed to an oversupply situation and a mismatch in market timing [2][19]. - The supply of molasses is expected to reach approximately 3.5 million tons in the 25/26 season, marking a 10-year high, driven by increased sugar production and stable demand for molasses [25][29]. - Angel Yeast's strategy includes using hydrolyzed sugar to replace molasses, which could contribute an estimated profit increase of 290-350 million RMB if molasses prices rise above 900 RMB [19][34]. Mid-term Growth Potential: Sufficient Growth Drivers - The company is expected to maintain a compound annual growth rate (CAGR) of over 10% in domestic revenue, driven by the expansion of downstream products such as yeast protein and food ingredients [10][19]. - Internationally, Angel Yeast's overseas operations have shown robust growth, with expectations of maintaining over 15% CAGR during the "14th Five-Year Plan" period, positioning the company to become the global leader in yeast production [10][19]. Investment Recommendations - The report suggests that the recent stock price correction presents a good opportunity for investment, with revised earnings forecasts for 2025-2027 set at 1.56 billion, 2.01 billion, and 2.32 billion RMB, respectively [10][19]. - The target price has been adjusted to 58 RMB, reflecting a price-to-earnings (PE) ratio of 25 for 2026, indicating strong long-term growth potential alongside improved profitability [10][19].

Investment Rating - The report maintains a "Strong Buy" rating for Angel Yeast (600298) [1][10]. Core Insights - The report emphasizes the significant decline in molasses prices, which is expected to enhance profitability and operational stability for Angel Yeast. The company is positioned to benefit from cost advantages and growth opportunities in both domestic and international markets [1][10]. Summary by Sections Cost Elasticity: Significant Decline in Molasses Prices - The molasses price has dropped significantly, with current prices around 700 RMB per ton, a decrease of 33.8% year-on-year. This decline is attributed to an oversupply situation and a mismatch in market timing [2][19]. - The supply of molasses is expected to reach approximately 3.5 million tons in the 25/26 season, marking a 10-year high, driven by increased sugar production [25][29]. - Angel Yeast's strategy includes using hydrolyzed sugar to replace molasses, which could contribute an estimated profit increase of 300-350 million RMB if molasses prices rise above 900 RMB per ton [19][34]. Mid-term Growth Potential: Sufficient Growth Drivers - The company is expected to maintain a compound annual growth rate (CAGR) of over 10% in domestic revenue over the next five years, driven by the expansion of its product lines, including yeast protein and food ingredients [10][19]. - Internationally, Angel Yeast's overseas operations have shown robust growth, with a projected CAGR of over 15% during the "14th Five-Year Plan" period, as the company seeks to solidify its position as a global leader in yeast production [10][19]. Investment Recommendations - The report suggests that the recent stock price correction presents a good opportunity for investment, with revised earnings forecasts for 2025-2027 set at 1.56 billion, 2.01 billion, and 2.32 billion RMB, respectively [10][19]. - The target price has been adjusted to 58 RMB, reflecting a price-to-earnings (PE) ratio of 25 for 2026, indicating strong long-term growth potential [10][19].

食饮出海征途：从模式探索到价值突围 ——聚焦"供应链出海"路径的深度解析 必选消费（强于大市） 周悦琅 彭琦茹 研究助理 yuelang.zhou@nomuraoi-sec.com SAC执证编号： qiru.peng@nomuraoi-sec.com S1720524030001 2026/01/29 STRICTLY PRIVATE AND CONFIDENTIAL © Nomura 证券研究报告 请务必阅读报告正文后各项声明 ▍从产品输出到价值输出的四阶段出海模型 第一阶段：产品试探 ▍出海价值维度分析：企业出海的是什么？ ▍增长驱动力拆解与标的推荐 目录 第二阶段：本地化深耕 第三阶段：品牌并购与整合 第四阶段：构建全球价值网络 类型1：效率优势出海 类型2：产品与品类创新出海 类型3：文化赋能与品牌价值出海 类型4：供应链专业化与生态协同出海 安琪酵母：酵母龙头的全球扩张 仙乐健康：营养健康CDMO的全球化征途 投资建议与标的推荐 核心摘要 中国食品饮料行业正经历从"增量竞争"向"存量博弈"的转变。国内市场渗透率见顶、同质化竞争加剧以及渠道成本高企， 共同构成了企业增长的核心瓶颈。在此背景下，出海已 ...

分析师 1: 好的。尊敬各位投资人，大家下午好，非常感谢大家百忙之中抽出时间聆听我们电话会议 那今天，我们是主要就出海这个主题做一些深度的讨论。我们其实列举了非常多行业，总 结出一些整体上的一些出海的规律。我们觉得总体上，大概分成四个阶段。第一个是产品 第二个是本地化的扩张。第三，在本地化之后进行进一步的品牌并购与整合，最终是构建 一个全球的价值战略。那以此来看，我们觉得中国企业的出海其实是有非常多的一些创新 和效率上的领先优势的。 那从这几个方面来讲，我们觉得有以下几类这个公司，其实比较适合去出海的。比如说以 安琪酵母为主要内，为主要内容的这种产品相对比较有竞争力的。或者说是像新乐健康这 种，就是整体的制造能力，或者说它的发展的一个针对 B 端的水平是比较高的，一种加工 能力比较高。也包括，比如说像泡泡玛特的就是以这种 IP 文化出海的形式来打全国化的一 个路径的。好，那首先我们来看，首先我们看到有很多的食品要出海，现在市场其实分歧 是比较大的。 中国的内需相对来说很多的总量其实已经到顶了，那这个出海到底是不得已而为之？还是 说是一个成长当中的必然路径？那我们去看，就是整体来看，其实现在很多的中国的公司 海 ...

证券之星消息，2月3日调味发酵品板块较上一交易日上涨1.39%，安琪酵母领涨。当日上证指数报收于 4067.74，上涨1.29%。深证成指报收于14127.1，上涨2.19%。调味发酵品板块个股涨跌见下表： | 代码 | 名称 | 主力净流入(元) | | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 600186 莲花控股 | | | -2722.62万 | 6.15% | -2437.96万 | -5.51% | -284.67万 | -0.64% | | 002507 | 涪陵榨菜 | | 1643.31万 | 6.60% | 1171.74万 | 4.70% | -2815.04万 | -11.30% | | 603027 | 千禾味业 | | 1045.00万 | 4.26% | -2442.78万 | -9.96% | 1397.77万 | 5.70% | | 603170 宝立食品 | | | 819.12万 | 12.02% | ...