（编辑 楚丽君） 证券日报网讯 1月14日，安琪酵母在互动平台回答投资者提问时表示，公司有油条膨松剂、泡打粉等产 品，利用品牌、技术、渠道及规模化服务等优势，与客户建立了长期稳定的合作关系，目前，相关产品 销售情况正常，市场表现稳健。公司将继续专注主业，持续创新和优化服务，推动业务健康发展。 ...

证券日报网讯1月14日，安琪酵母（600298）在互动平台回答投资者提问时表示，公司海外业务涉及多 种结算货币，美元为主，但具体结算比例涉及商业细节，不便披露。 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 55.55 RMB, reflecting a 24x PE for 2026 [6][8]. Core Insights - The company is a leading player in the global yeast industry, holding a market share of 55% in China and 22% globally as of 2024, ranking first and second respectively by capacity [17]. - The report addresses concerns regarding revenue stability and profit volatility, indicating that domestic demand remains resilient while overseas markets present significant growth opportunities [17][18]. - Short-term profit margins are expected to improve as the company is currently at a cyclical low, with a projected net profit margin of 8.7% for 2024, below the historical average of 11.1% since 2000 [20]. Revenue Analysis - The company's revenue distribution for Q1-Q3 2025 shows a split of 56% domestic and 44% overseas, with traditional yeast demand in China expected to grow steadily due to the expansion of the baking industry [18]. - Yeast extract (YE) products are anticipated to replace traditional chemical flavor enhancers, with a theoretical demand space in China nearing 400,000 tons, indicating substantial growth potential [18]. - The overseas market is characterized by competitive advantages in differentiated dry yeast products, with successful penetration into major clients like Nestlé and Unilever [18]. Profit Analysis - The company is positioned for short-term profit elasticity and long-term reduction in profit volatility, driven by factors such as declining molasses prices and improved cost control capabilities [20]. - The anticipated procurement price for molasses in the new season is expected to be around 800-900 RMB per ton, a decrease of 250-350 RMB per ton year-on-year, which is likely to enhance profit margins in 2026 [20]. - Long-term profit stability is expected to be supported by enhanced pricing power, reduced capital expenditure impacts, and cost savings from overseas market expansions [20][21]. Market Position and Competitive Advantages - The company has established strong barriers to entry in the yeast production sector due to the high capital investment required and the complexity of cultivating high-quality strains [2]. - The demand side shows strong customer loyalty, particularly in B2B segments, supported by a vast distribution network and brand recognition [2]. - The company is actively expanding its production capacity, with plans to reach over 600,000 tons by 2030, which will help alleviate supply-demand imbalances and support market share growth [19].

Market Overview - The seasoning and fermentation sector experienced a decline of 0.65% on January 13, with Zhu Laoliu leading the drop [1] - The Shanghai Composite Index closed at 4138.76, down 0.64%, while the Shenzhen Component Index closed at 14169.4, down 1.37% [1] Stock Performance - Notable stock performances include: - Richen Co., Ltd. (603755) closed at 38.78, up 2.46% with a trading volume of 43,400 shares and a transaction value of 170 million yuan [1] - Angel Yeast Co., Ltd. (600298) closed at 44.22, up 0.45% with a trading volume of 68,600 shares and a transaction value of 303 million yuan [1] - Zhu Laoliu (920726) closed at 22.45, down 4.47% with a trading volume of 99,900 shares and a transaction value of 236 million yuan [2] Capital Flow - The seasoning and fermentation sector saw a net outflow of 257 million yuan from main funds, while retail investors contributed a net inflow of 215 million yuan [2] - The capital flow for individual stocks shows: - Hai Tian Flavoring (603288) had a main fund net inflow of 22.56 million yuan, but a net outflow from retail investors of 13.91 million yuan [3] - Angel Yeast (600298) experienced a main fund net inflow of 10.74 million yuan, with a net outflow from retail investors of 16.68 million yuan [3]

Investment Rating - The industry investment rating is "Positive" and is maintained [8] Core Viewpoints - The liquor sector is currently experiencing a phase of "supply optimization and weak demand recovery," with inventory destocking ongoing in Q4. Short-term price recovery is expected due to controlled supply from Moutai, with attention on Spring Festival sales and inventory movement [2][5] - The demand for mass-market products is expected to show marginal improvement, with January anticipated to see a strong start due to delayed Spring Festival stocking [2][5] - The report recommends focusing on products with strong seasonal effects and high performance realization, particularly in sectors like leisure snacks, restaurant supply chains, condiments, soft drinks, and dairy products [4][26] Summary by Sections Spring Festival Stocking Strategy - The Spring Festival stocking strategy should focus on products with strong seasonal effects and high performance realization. The timing of the Spring Festival can impact the performance of listed companies, especially in years when it falls later in the calendar [4][15] - Products with clear gifting scenarios and positive market sentiment in specific segments are prioritized for opportunity selection. The continuation of the post-Spring Festival market will depend on actual sales and positive Q1 performance feedback [4][26] CPI Trends - The food CPI has been strengthening since December, surpassing service and overall CPI. This trend is supported by supply clearing in certain items and seasonal demand recovery, which together bolster price improvements [32][34] - The CPI-PPI differential remains positive, supporting the continued improvement in profitability for food manufacturing companies [37] Market Performance Review - Since the beginning of 2026, the food and beverage index has increased by 2.21%, lagging behind the CSI 300, which rose by 2.79%. The performance of the liquor sector has remained stable, while the dairy sector has seen declines [6][40] - Soft drinks and leisure snacks have led the market in terms of growth related to Spring Festival stocking, while dairy and meat products have experienced declines [6][40] Industry Dynamics - The industry is increasingly focused on value deepening and structural optimization. Companies are prioritizing supply-demand balance, healthy pricing systems, and profit structure improvements rather than merely pursuing sales growth [7][46] - Food safety and supply chain resilience remain foundational to brand trust, highlighted by recent global recalls and supply chain disruptions [7][46]

Investment Rating - The report maintains a "Recommendation" rating for the food and beverage industry, indicating an expected increase in the industry index exceeding the benchmark index by more than 5% in the next 3-6 months [26]. Core Insights - The report emphasizes that the remaining brands in the sauce liquor sector will thrive, while mass-market products are expected to benefit from the upcoming Spring Festival [2][8]. - The dairy sector is showing signs of improvement, with a potential rebound in raw milk prices and a narrowing supply-demand gap, which could lead to increased demand for processed dairy products [6]. - The beverage and snack categories are experiencing sustained growth, with specific segments like energy drinks and konjac snacks showing remarkable sales increases despite overall declines in the snack market [6]. - The report highlights a significant shift in the sauce liquor industry, where pricing strategies are becoming more pragmatic, with a new growth level emerging around the 200 yuan price point as lower-tier brands face market exit pressures [6][8]. - The report suggests that leading liquor companies should maintain operational stability during this industry downturn, focusing on balanced investments in base liquor to prepare for future market recovery [8]. Summary by Sections Industry Overview - The food and beverage sector consists of 126 listed companies with a total market capitalization of 44,935.30 billion yuan, representing 3.54% of the market [3]. - The circulating market value stands at 43,859.19 billion yuan, accounting for 4.28% of the total market [3]. Performance Metrics - The absolute performance of the industry over the past month is 1.3%, with a relative performance decline of 2.2% compared to the benchmark [4]. - Over the past 12 months, the industry has seen a relative performance decline of 25.2% [4]. Sector-Specific Insights - Dairy products are expected to benefit from a favorable pricing environment and improved supply dynamics, with major companies actively preparing for the Spring Festival [6]. - The beverage sector is witnessing growth in specific categories, with leading brands launching targeted marketing campaigns for the holiday season [6]. - The sauce liquor market is undergoing a consolidation phase, with a focus on brand strength and market share recovery among leading companies [6][8].

Core Viewpoint - As of January 12, a total of 427 stocks in the Shanghai and Shenzhen markets have experienced net outflows of main funds for five consecutive days or more, indicating a significant trend of capital withdrawal from these stocks [1]. Group 1: Stocks with Longest Net Outflow - Anqi Yeast has the longest net outflow duration at 19 days, followed by Spring Airlines with 17 days [1]. - The largest total net outflow amount is from China Ping An, with a cumulative outflow of 7.961 billion yuan over five days [1]. - Industrial Fulian follows with a net outflow of 4.782 billion yuan over the same period [1]. Group 2: Stocks with Significant Net Outflow - The top stocks by net outflow amount include: - China Ping An: 7.961 billion yuan, 14.10% of trading volume, with a cumulative decline of 6.65% [1]. - Industrial Fulian: 4.782 billion yuan, 8.66% of trading volume, with a cumulative decline of 4.30% [1]. - Huadian Co.: 3.729 billion yuan, 15.05% of trading volume, with a cumulative decline of 8.99% [1]. Group 3: Stocks with Notable Price Changes - ST Tongmai has the highest percentage of net outflow relative to trading volume at 17.72% over the past 10 days [1]. - Other notable stocks with significant price changes include: - Anqi Yeast: 19 days of net outflow, with a cumulative increase of 7.92% [2]. - Spring Airlines: 17 days of net outflow, with a cumulative increase of 9.49% [3].

Core Viewpoint - The report highlights a significant outflow of main capital from various stocks in the Shanghai and Shenzhen markets, with 387 stocks experiencing net outflows for five consecutive days or more, indicating potential investment risks in these companies [1][2][3][4]. Group 1: Main Capital Outflow Statistics - The stock with the longest continuous net outflow is Dameng Data, with 23 days of outflows [1]. - Daqin Railway follows with 20 days of net outflows, totaling 2.711 billion yuan [1]. - The total net outflow for Daqin Railway over 20 days is the highest at 2.711 billion yuan, while Xiechuang Data has a net outflow of 1.914 billion yuan over five days [1][2]. Group 2: Stocks with Significant Outflows - The top stocks by net outflow duration include: - Daqin Railway: 20 days, 2.711 billion yuan, 18.68% of trading volume, -6.22% cumulative change [1]. - Dameng Data: 23 days, 0.503 billion yuan, 7.58% of trading volume, 14.15% cumulative change [2]. - Haima Automobile: 12 days, 1.626 billion yuan, 8.26% of trading volume, -18.59% cumulative change [1]. Group 3: Other Notable Stocks - Other stocks with notable outflows include: - Wuzhou Xinchun: 5 days, 1.574 billion yuan, 5.24% of trading volume, 11.62% cumulative change [1]. - Dongshan Precision: 6 days, 1.512 billion yuan, 6.91% of trading volume, -6.80% cumulative change [1]. - Shengtai Electronics: 10 days, 1.377 billion yuan, 8.47% of trading volume, -8.71% cumulative change [1].

Market Overview - The seasoning and fermentation sector experienced a slight decline of 0.14% on January 8, with Day Chen Co. leading the drop [1] - The Shanghai Composite Index closed at 4082.98, down 0.07%, while the Shenzhen Component Index closed at 13959.48, down 0.51% [1] Stock Performance - Anji Food (603696) saw a significant increase of 10.02%, closing at 23.16 with a trading volume of 406,400 shares and a transaction value of 889 million [1] - Other notable performers included ST Jiajia (002650) with a rise of 2.87% and Zhu Laoliu (920726) with an increase of 1.94% [1] - Conversely, Day Chen Co. (603755) led the decline with a drop of 1.62%, closing at 37.10 [2] Capital Flow - The seasoning and fermentation sector had a net inflow of 40.61 million from institutional investors, while retail investors saw a net inflow of 8.55 million [2] - However, speculative funds experienced a net outflow of 49.16 million [2] Individual Stock Capital Flow - Anji Food (603696) had a net inflow of 109 million from institutional investors, but a net outflow of 49.45 million from speculative funds [3] - ST Jiajia (002650) reported a net inflow of 7.21 million from institutional investors, while experiencing a net outflow of 4.04 million from speculative funds [3] - Other stocks like Fuling Pickles (002507) and Tianwei Food (603317) also showed varied capital flows, with Fuling Pickles having a net inflow of 5.12 million from institutional investors [3]

Core Insights - Hubei Province's consumer goods manufacturing industry is projected to exceed 2 trillion yuan in revenue by 2025, with durable goods like automobiles and home appliances generating over 1 trillion yuan, food exceeding 500 billion yuan, and clothing and daily necessities each surpassing 200 billion yuan [1] Group 1: Industry Overview - Hubei's consumer goods manufacturing system has been actively implementing policies to boost consumption, focusing on the "51020" advanced manufacturing cluster construction [1] - The supply of consumer goods in Hubei is characterized by diversity, completeness, and quality, covering four major categories: food, clothing, daily necessities, and durable goods, with 25 subcategories [1] - The reputation of Hubei manufacturing brands, such as Lantu Automobile and Pansheng Computer, is continuously improving, with five cities recognized as national-level demonstration cities for the "Three Products" strategy in consumer goods manufacturing [1] Group 2: Supply Chain and Market Adaptation - The next steps involve enhancing the quality of the supply system to better meet and create market demand, leveraging the Hubei Spring Consumption Season to strengthen supply-demand adaptation [2] - Continuous efforts will be made in demand adaptation by utilizing technologies like artificial intelligence and bio-manufacturing to innovate in emerging consumer fields such as smart connected vehicles and smart home products [2] - The production and sales adaptation will focus on flexible and customized production models, promoting the "Thousand Factories, Thousand Faces" transformation plan to support innovation in production modes [2] - The ecological adaptation will aim to rejuvenate industrial capacity and create new scenarios that integrate artificial intelligence with consumer products [2]