Investment Rating - The report rates multiple companies in the consumer staples sector as "Outperform," including Guizhou Moutai, Wuliangye, and Yili [1]. Core Insights - The consumer staples industry in January 2026 shows a recovery in basic demand while hedonic consumption remains under pressure, indicating a divergence in performance across different segments [3][29]. - Among the eight key consumer industries tracked, four are experiencing positive growth (condiments, frozen food, soft drinks, and catering), while four are facing declines (high-end and above Baijiu, mass-market Baijiu, dairy products, and beer) [29]. Summary by Segment Baijiu (High-end and Above) - In January, the revenue for high-end Baijiu reached 47 billion yuan, a year-on-year decline of 14.0%. The price pressure is significant, with expectations of over a 10% price drop throughout the year due to high inventory levels [11]. Baijiu (Mass-market and Below) - The mass-market Baijiu segment generated 22.9 billion yuan in January, down 3.0% year-on-year. Despite the decline, the segment shows resilience due to rigid demand and adaptability to consumption scenarios [13]. Beer - The beer industry reported revenues of 17 billion yuan in January, a decrease of 7.1% year-on-year. The demand was affected by adverse weather and the delayed Spring Festival, leading to a cautious inventory approach by distributors [15]. Condiments - The condiment sector achieved revenues of 46.9 billion yuan in January, reflecting a year-on-year growth of 3.5%. The recovery in the catering channel and increased demand from small and medium-sized businesses are key drivers [17]. Dairy Products - The dairy sector's revenue was 43.5 billion yuan in January, down 3.3% year-on-year. The demand remains under pressure, but a potential recovery is anticipated in the coming months due to low base effects [19]. Frozen Food - The frozen food segment saw revenues of 14.99 billion yuan in January, with a year-on-year increase of 8%. The demand is supported by pre-Spring Festival stocking and favorable weather conditions [21]. Soft Drinks - The soft drink industry generated 96.2 billion yuan in January, with a modest growth of 1.1% year-on-year. Increased promotional activities indicate heightened market competition [24]. Catering - The catering sector reported revenues of 16.2 billion yuan in January, up 2.5% year-on-year. The demand is gradually improving, particularly in small and medium-sized restaurants [26].

行业名称 行业研究 | 行业周报 "涨"声雷动，力争"上游" 食品饮料行业周报 核心观点 投资建议与投资标的 投资建议： 我们认为，优先选择靠近产业链上游的 B 端供应商标的： 1）糖、番茄酱、果汁供应商，相关标的中粮糖业(600737，未评级)、冠农股 份 (600251，未评级)、安德利(605198，未评级)； 2）添加剂及食品原料供应商，推荐安琪酵母(600298，买入)，相关标的梅花生物 (600873，未评级)、爱普股份(603020，未评级)、晨光生物(300138，未评级)、保龄宝 (002286，未评级)、百龙创园(605016，未评级)、三元生物(301206，未评级)； 3） 豆 类 制 品 相 关 标 的 金 龙 鱼(300999， 未 评 级)、 祖 名 股 份(003030， 未 评 级)； 另外，看好具备品牌力及功能化标签标的的提价能力： 4）白酒、保健品，推荐贵州茅台(600519，买入)、山西汾酒(600809，买入)，相关标的 民生健康(301507，未评级)； 风险提示 | 证券 | 公司 | 股价 | | EPS | | | PE | | 投资 | | --- | -- ...

Core Viewpoint - The seasoning and fermentation sector experienced a decline of 1.2% on January 27, with Tianwei Food leading the drop, while the overall stock market showed slight gains in the Shanghai and Shenzhen indices [1][2]. Group 1: Market Performance - The Shanghai Composite Index closed at 4139.9, up 0.18%, and the Shenzhen Component Index closed at 14329.91, up 0.09% [1]. - The seasoning and fermentation sector saw individual stock performances with notable declines, particularly Tianwei Food, which dropped by 3.98% [2]. Group 2: Stock Performance Details - Key stocks in the seasoning and fermentation sector included: - ST Jiajia (002650) closed at 6.49, up 0.62% - Zhu Laoliu (920726) closed at 23.10, up 0.04% - Hai Tian Wei Ye (603288) closed at 35.41, down 0.76% - Anji Food (603696) closed at 19.54, down 1.06% - Tianwei Food (603317) closed at 12.56, down 3.98% [1][2]. Group 3: Capital Flow Analysis - The seasoning and fermentation sector experienced a net outflow of 197 million yuan from institutional investors, while retail investors saw a net inflow of 27.25 million yuan [2][3]. - Individual stock capital flows indicated: - Tianwei Food had a net outflow of 12.27 million yuan from institutional investors, while retail investors contributed a net inflow of 1.46 million yuan [3]. - Hai Tian Wei Ye faced a net outflow of 11.33 million yuan from institutional investors [3].

证券日报网讯 1月26日，安琪酵母在互动平台回答投资者提问时表示，公司作为全球化运营企业，存在 对欧盟成员国的销售业务。截至2025年9月30日，公司境外收入占比超过40%，公司未单独披露欧盟地 区的具体收入占比，该部分业务包含在其整体境外收入中。对欧盟市场的销售主要通过多元化渠道实 现，包括由国内直接出口及通过德国等国外子公司进行市场运营与销售。 （文章来源：证券日报） ...

Investment Rating - The food and beverage industry maintains an "Outperform" rating [4][5]. Core Insights - The food and beverage sector's fund holding ratio is 4.48%, with a slight decrease of 0.25 percentage points from the previous quarter, ranking eighth among Shenwan's primary industries. The sector continues to be overweight, with an overweight ratio increasing by 0.02 percentage points [1][11]. - The white liquor sector remains the most heavily weighted, but its overweight ratio has decreased. Conversely, the dairy, snacks, and seasoning sectors have seen an increase in fund holding ratios [2][16]. - Key individual stocks such as Kweichow Moutai and Wuliangye have seen a decrease in their heavy holding ratios, while Yuran Dairy and Angel Yeast have received increased allocations [3][27]. Summary by Sections Fund Holdings Analysis - The food and beverage industry has a fund holding ratio of 4.48%, with a total heavy holding market value of approximately 117.8 billion yuan. The sector's overweight ratio is 0.64%, indicating a maintained overweight status [1][11]. Subsector Analysis - The white liquor sector's fund holding ratio is 3.32%, with an overweight ratio of 0.84%. Excluding Kweichow Moutai, the ratio drops to 1.84% with an overweight ratio of 0.85%. The dairy sector's fund holding ratio has increased to 0.25%, ranking third among subsectors [2][16][17]. Individual Stock Analysis - Kweichow Moutai's heavy holding ratio has decreased to 1.47%, despite an increase in the number of funds holding it to 296. Other major stocks in the white liquor sector, such as Wuliangye and Shanxi Fenjiu, have also seen declines in their heavy holding ratios [3][27][28].

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 report maintains a cautious outlook on the liquor industry, particularly on high-end liquor such as Moutai, with expectations of gradual recovery in sales and pricing stability post-Spring Festival [10][11][12]. Core Insights - The high-end liquor segment, especially Moutai, is experiencing a sales boost as the Spring Festival approaches, with expectations of price recovery due to increased demand driven by wealth effects [10][11]. - The report suggests that the market's concerns about post-festival price drops for Moutai are likely to be unfounded, predicting only minor seasonal fluctuations [10][12]. - The overall sentiment in the liquor industry is shifting from a pessimistic outlook to a more stable one, with expectations of improved sales dynamics as external constraints on consumption ease [11][12]. Summary by Sections Liquor Industry - The report highlights that Moutai's sales are performing better than previously cautious expectations, leading to a price recovery for both Moutai and newer Moutai products [10]. - It is noted that the market is still wary of potential price declines after the Spring Festival, but historical patterns suggest only minor adjustments are likely [10][11]. - The report emphasizes the importance of brand strength and market positioning for high-end liquor companies, recommending investments in brands with strong market presence and growth potential [12]. Beer Industry - The beer sector is seeing a steady recovery in on-premise consumption, with companies diversifying into non-drink channels and soft drinks [12]. - The report suggests that the beer industry's performance is expected to stabilize, with a focus on maintaining competitive pricing and improving dividend yields [12]. Snack Industry - The snack sector is benefiting from pre-Spring Festival stocking and product innovation, with companies like Qiaqia and Ganyuan expected to show significant profit elasticity due to low comparative bases [14]. - The report recommends focusing on leading snack companies that are expanding their store presence and adapting their product offerings [14]. Beverage Industry - The soft drink sector is currently facing challenges due to seasonal demand fluctuations and competition from ready-to-drink tea brands, leading to a slight decline in overall sales growth [14]. - Despite these challenges, leading brands like Dongpeng and Nongfu are expected to maintain double-digit growth through brand strength and market share consolidation [14]. Seasoning Industry - The seasoning sector is stabilizing as restaurant demand begins to recover, with expectations of improved performance in 2026 driven by seasonal effects [15]. - The report highlights companies like Angel Yeast and Qianhe Condiments as having strong growth potential due to favorable market conditions and dividend yields [15].

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：600298 证券简称：安琪酵母 公告编号：2026-005号 安琪酵母股份有限公司 关于普洱公司实施年产1.2万吨酵母制品绿色制造项目的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 重要内容提示： ● 投资标的名称：安琪酵母（普洱）有限公司（以下简称普洱公司）年产1.2万吨酵母制品绿色制造项 目（以下简称项目）。 ● 投资金额：22,207.56万元。 ● 交易实施尚需履行的审批及其他相关程序 本次交易尚需提交安琪酵母股份有限公司（以下简称公司）股东会审议及有关部门批准。 ● 其它需要提醒投资者重点关注的风险事项 上述项目可能存在市场销售不及预期等风险，敬请广大投资者注意投资风险。 为满足海外市场对烘焙酵母持续增长的需求，普洱公司拟实施年产1.2万吨酵母制品绿色制造项目。 2、本次交易的交易要素 ■ （二）审议情况 本次交易已经公司第十届八次董事会战略与可持续发展委员会及十届十次董事会审议通过，尚需提交公 司股东会审议及有关部门批准。 （三）是否属于关联交易 ...

Group 1 - Teruid (特锐德) plans to issue H-shares and list on the Hong Kong Stock Exchange [1] - Aotwei (奥特维) states that "space photovoltaic" is still in the early exploration and R&D stage [1] Group 2 - Anqi Yeast (安琪酵母) intends to invest 222 million yuan in a green manufacturing project for an annual production of 12,000 tons of yeast products [1] - Beiqi Blue Valley (北汽蓝谷) plans to invest 1.991 billion yuan to build a high-end platform model industrialization and digital upgrade project [1] Group 3 - Jingzhida (精智达) signed a contract worth 1.311 billion yuan for semiconductor testing equipment and supporting fixtures [1] - Qiaoyin Co. (侨银股份) is expected to win a pre-bid of approximately 61 million yuan for integrated sanitation and landscaping services [1] - Chengdi Xiangjiang (城地香江) won the EPC general contracting procurement project for China Mobile's data center [1] Group 4 - Shannon Chip (香农芯创) expects a net profit growth of 81.77% to 134.78% year-on-year for 2025 [1] - Zhongwei Company (中微公司) anticipates a net profit growth of approximately 28.74% to 34.93% for 2025 [1] Group 5 - Shenghong Technology (胜宏科技) plans to acquire 100% equity of SPMY, enhancing its FPC/PCB production capacity in Southeast Asia [1] Group 6 - Jinkai New Energy (金开新能) intends to repurchase shares with an investment of 500 million to 600 million yuan [1] - Wenzhou Hongfeng (温州宏丰) actual controller Chen Xiao plans to reduce his stake by no more than 3% [2] - Guohang (国货航) Innovation Fund plans to reduce its stake by no more than 1.02% [2] - Zhongqi New Materials (中旗新材) plans to reduce its stake by no more than 3% [2] - Pengling Co. (鹏翎股份) actual controller plans to increase his stake by 20 million to 40 million yuan [2] Group 7 - Jinlei Co. (金雷股份) plans to raise no more than 1.55 billion yuan through a private placement [2] - Huashen Technology (华神科技) intends to raise no more than 450 million yuan through a private placement [2]

Group 1 - Aotewei is currently in the early exploration and research phase of "space photovoltaic" technology [2] - Teruid plans to issue H-shares and list on the Hong Kong Stock Exchange [2] - Anqi Yeast's Puer company intends to invest 222 million yuan in a green manufacturing project for an annual production of 12,000 tons of yeast products [2] Group 2 - Jingzhida has signed a contract worth 1.311 billion yuan for semiconductor testing equipment and supporting fixtures [2] - Xiangnong Xinchuan expects a net profit growth of 81.77% to 134.78% year-on-year for 2025 [2] - Zhongwei Company anticipates a net profit growth of approximately 28.74% to 34.93% for 2025 [2] Group 3 - Shenghong Technology's subsidiary plans to acquire 100% equity of SPMY, enhancing the company's FPC/PCB production capacity in Southeast Asia [2] - Jinkai New Energy intends to repurchase shares worth 500 million to 600 million yuan [2] - Wenzhou Hongfeng's actual controller plans to reduce holdings by no more than 3% [2] Group 4 - Jinlei Co. plans to raise no more than 1.55 billion yuan through a private placement [2] - Huashen Technology intends to raise no more than 450 million yuan through a private placement to Yuanhong Bio [2]