Investment Rating - The investment rating for the essential consumer goods sector in China is "Outperform" for multiple companies including Guizhou Moutai, Wuliangye, and Yili [1]. Core Insights - In February 2026, five out of eight tracked essential consumer goods sectors showed positive growth, while two experienced negative growth and one remained flat. The sectors with growth included frozen food, condiments, beer, catering, and soft drinks, while premium and above baijiu and dairy products saw declines. The improvement in data is attributed to the extended Spring Festival holiday and increased travel enthusiasm, which boosted demand for catering and related supply chain products [3][18]. Summary by Sector Baijiu Sector - **Premium and Above Baijiu**: Revenue reached RMB 44.0 billion in February, down 14.6% year-on-year. Cumulative revenue for January-February was RMB 91.0 billion, a decrease of 14.2% year-on-year. The sector faced pressure on both volume and price due to reliance on business consumption and numerous brands affecting price control [4][19]. - **Mass-Market and Below Baijiu**: Revenue was RMB 17.4 billion in February, flat year-on-year. Cumulative revenue for January-February was RMB 40.3 billion, down 1.7% year-on-year. The prices of mass-market baijiu showed signs of stabilization, attributed to its inelastic demand and balanced producer-distributor relationships [20]. Beer Sector - Revenue in the beer sector was RMB 15.2 billion in February, up 5.6% year-on-year. Cumulative revenue for January-February was RMB 32.2 billion, down 1.5% year-on-year. The sector benefited from seasonal factors and increased demand in lower-tier markets, with the RMB 8-10 price segment driving revenue growth [21]. Condiments Sector - Revenue in the condiments sector was RMB 41.5 billion in February, up 5.6% year-on-year, marking the third consecutive month of growth. Cumulative revenue for January-February was RMB 88.4 billion, up 4.5% year-on-year. The recovery in catering channels and increased inventory replenishment contributed to this growth [22]. Dairy Products Sector - Revenue in the dairy sector was RMB 41.5 billion in February, down 1.2% year-on-year. Cumulative revenue for January-February was RMB 85.0 billion, flat year-on-year. Despite ongoing pressure, there was a noticeable recovery in catering consumption and gifting needs during the Spring Festival [23]. Frozen Food Sector - Revenue in the frozen food sector was RMB 14.0 billion in February, up 8.9% year-on-year, also marking the third consecutive month of growth. Cumulative revenue for January-February was RMB 29.0 billion, up 8.5% year-on-year. The sector's performance was supported by Spring Festival stockpiling and increased demand from small B-end clients [24]. Soft Drinks Sector - Revenue in the soft drinks sector was RMB 49.8 billion in February, up 2.3% year-on-year. Cumulative revenue for January-February was RMB 146.0 billion, up 1.5% year-on-year. The sector faced intensifying market competition, reflected in the discount rates for products [26]. Catering Sector - Revenue in the catering sector was RMB 14.0 billion in February, up 4.9% year-on-year, achieving its third consecutive month of growth. Cumulative revenue for January-February was RMB 30.2 billion, up 3.6% year-on-year. The sector benefited from the extended Spring Festival holiday, although profitability remained under pressure [27].

证券研究报告 食品饮料 | 白酒Ⅱ 非金融|首次覆盖报告 hyzqdatemark 2026 年 03 月 02 日 证券分析师 张东雪 SAC：S1350525060001 zhangdongxue@huayuanstock.com 林若尧 SAC：S1350525070002 linruoyao@huayuanstock.com 周翔 SAC：S1350525070003 zhouxiang@huayuanstock.com 市场表现： | 基本数据 | | | 2026 | 02 | 月 | 27 | 年 | 日 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | 1455.02 | | | | | | 一 年 内 / 最 低 | 最 | 高 | | | | | | | 1,657.99/1,322.0 | | | （元） | | | | | | | | | | 1 | | 总市值（百万元） | | | | | 1,822,078.21 | | | | | | | 流 ...

证券研究报告 证券分析师 行业研究 / 行业点评 2026 年 03 月 02 日 行业及产业 食品饮料 强于大市 投资要点： 一年内行业指数与沪深 300 指数对比走势： -20% -10% 0% 10% 20% 30% 03-03 04-03 05-03 06-03 07-03 08-03 09-03 10-03 11-03 12-03 01-03 02-03 食品饮料 沪深300 (收益率) 资料来源：聚源数据，爱建证券研究所 相关研究 《食品饮料行业跟踪报告：线上 i 茅台数据亮 眼，线下茅台量价超预期》2026-02-09 《食品饮料行业跟踪报告：茅台春节需求韧性 超预期，批价加速修复》2026-02-02 《食品饮料行业跟踪报告：茅台批价回暖，关 注春节动销催化》2026-01-26 《食品饮料行业跟踪报告：茅台重塑价格体 系，推进市场化改革》2026-01-19 《食品饮料行业跟踪报告：i 茅台抢购热度 高，C 端触达效果显著》2026-01-12 范林泉 S0820525020001 021-32229888-25516 fanlinquan@ajzq.com 联系人 朱振浩 S0820125 ...

白酒行业 ESG 白皮书 第一章 白酒行业概览 -1/ 0 白酒行业 ESG 白皮书 第一章 白酒行业概览 1/ 2 | Kh | ਾਉਂ | | | --- | --- | --- | | 刘 柯 佚 | | | | 眉 | 部 | 高级注册ESG分析 | | 宋远飞 | | CFAESG证书:10 | | | | 国际通用ESG策略 | | H | 榴 | 碳交易员 | | 理 | 新 | 高级注册ESG分析 | | | | 碳管理师:CHINA | | 刘 | 湘 | 中级注册ESG分析 | | 刘 | 車 | CFAESG证书:11 | | 张文张 | | 高级注册ESG分析 高级注册ESG分析 CFAESG证书:12 | | 第一章 白酒行业概览 | | --- | | 07 白酒行业简介 | | 11 白酒行业的价值链 | | 20 | | 24 自酒行业的发展趋势 | | 第二章 白酒行业的ESG发展 | 第三章 | | --- | --- | | 29 自酒行业的ESG信息披露 | 43 | | 33 白酒行业的ESG核心议题 | 44 | | | 51 | | | 56 | | | 58 | ...

餐饮复苏，价格企稳 [Table_Industry] 食品饮料 ——食品饮料行业周报 2026 年第 7 期 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 訾猛(分析师) | 021-38676442 | zimeng@gtht.com | S0880513120002 | | 颜慧菁(分析师) | 021-23183952 | yanhuijing@gtht.com | S0880525040022 | | 徐洋(分析师) | 021-38032032 | xuyang6@gtht.com | S0880520120008 | | 李美仪(分析师) | 021-38038667 | limeiyi@gtht.com | S0880524080002 | 本报告导读： 白酒分化加剧，大众品关注成长及 CPI 回升带来改善标的，糖税预计短期对含糖 饮料影响有限。 投资要点： 化》2026.02.24 食品饮料《顺周期预期企稳，消费价值凸显》 2026.02.08 食品饮料《高端白酒引领，提振市场信心》 2026.02.07 ...

每日晨报│2026 年 3 月 2 日 | | 汇率 | 1M 升跌 | 6M 升跌 | | --- | --- | --- | --- | | 人民币指数 | 97.810 | -0.74% | +1.84% | | 美汇指数 | 97.744 | +1.58% | -0.50% | | 港币/人民币 | 0.877 | +1.71% | +4.80% | | 人民币/美元 | 0.146 | -1.38% | -4.09% | | 欧元/美元 | 1.181 | -1.96% | +1.43% | | 美元/日元 | 156.200 | -2.55% | -5.62% | | 英镑/美元 | 1.349 | -2.59% | -0.05% | | 美元/瑞士法郎 | 0.773 | -1.53% | +3.79% | 主要商品表 | (货币：美元) | 最新价 | 1M 升跌 | 6M 升跌 | | --- | --- | --- | --- | | 布伦特原油(桶) | 71.390 | +7.21% | +7.92% | | 天然气(1mnBtu) | 2.832 | -22.83% | -17.00 ...

如何看待茅台估值修复机会？ | [Tabl 分析师： | 符蓉 | 分析师： | 周源 | | --- | --- | --- | --- | | e_Author] | SAC 执证号：S0260523120002 | | SAC 执证号：S0260525040003 | | | SFC CE.no: BWC944 | | | | | 021-38003552 | | fzzhouyuan@gf.com.cn | | | furong@gf.com.cn | | | [Table_Summary] 核心观点： | [Table_Report] 相关研究： | | | --- | --- | | 食品饮料行业:春节走访：五省白酒动销跟踪反馈 | 2026-02-24 | | 食品饮料行业:春节走访：成都市场跟踪 | 2026-02-13 | | 食品饮料行业:乳品深加工：广阔天地，龙头领航 | 2026-02-13 | [Table_Page] 行业专题研究|食品饮料 2026 年 3 月 2 日 证券研究报告 [Table_Title] 食品饮料行业 识别风险，发现价值 请务必阅读末页的免责声明 1 / 2 ...

| 指数 | 收盘 | | 涨跌（％） | | | --- | --- | --- | --- | --- | | 名称 | （点） | 1 日 | 5 日 | 1 月 | | 上证指数 | 4163 | 0.39 | 0.56 | 1.98 | | 深证综指 | 2764 | 0.3 | 1.67 | 3.1 | | 风格指数 (％) | 昨日 | 近 1 个月 | 近 6 个月 | | --- | --- | --- | --- | | 大盘指数 | -0.49 | -0.24 | 6.25 | | 中盘指数 | 0.95 | 1.7 | 25.16 | | 小盘指数 | 0.95 | 1.92 | 18.74 | | 涨幅居前 行业(％) | 昨日 | 近 1 个月 | 近 6 个月 | | --- | --- | --- | --- | | 小金属Ⅱ | 7.69 | 16.7 | 74.62 | | 焦炭Ⅱ | 4.86 | 12.97 | 28.07 | | 普钢Ⅱ | 4.11 | 9.76 | 12.59 | | 酒店餐饮 | 3.92 | 2.52 | 11.1 | | 燃气Ⅱ | 3.14 ...

食品饮料行业 行业研究 | 行业周报 食品饮料：继续强调上游主线 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：先上游，再下游。 上游主线一：农产品加工。1）泛糖加工：推荐中粮糖业(600737，买入)、相关标的冠农 股份(600251，未评级)；2）果汁加工：相关标的安德利(605198，未评级)、安德利果汁 (02218，未评级)；3）牧业：推荐优然牧业(09858，买入)、相关标的现代牧业(01117， 未评级)； 上游主线二：食品原料供应商。生物提取：推荐安琪酵母(600298，买入)、百润股份 (002568，买入)，相关标的晨光生物(300138，未评级)、华宝国际(00336，未评级)、阜 丰集团(00546，未评级)；2）功能糖：相关标的华康股份(605077，未评级)、保龄宝 (002286，未评级)、三元生物(301206，未评级)、百龙创园(605016，未评级)； 下游主线：1）白酒，推荐山西汾酒(600809，买入)、贵州茅台(600519，买入)、今世缘 (603369，买入)、舍得酒业(600702，买入)；2）餐饮供应链、啤酒：关注估值抬升后业 绩兑现情况，推荐港股 ...

食品饮 2026 年 03 月 01 日 时代小说书 风险提示： 食品安全问题， 经济下行影响白酒及大众品需求。 《25Q4 白酒报表出清 食品分化改善- 食品饮料 2025 年报业绩前瞻》 2026/02/09 《春节茅台旺销验证观点 重申白酒进入战 略布局期——食品饮料行业周报 20260202-20260206》 2026/02/08 证券分析师 吕昌 A0230516010001 lvchang@swsresearch.com 周缘 A0230519090004 zhouyuan@swsresearch.com 王子昂 A0230525040003 wangza@swsresearch.com 联系人 王子昂 A0230525040003 wangza@swsresearch.com 申万宏源研究微信服务号 本期投资后示 投资分析意见：我们看好食品饮料板块 2026 年投资机会，核心方向是顺周期的白酒和餐饮供应 O 键，核心指标看 CPI。白酒板块维持判断，春节白酒行业整体好于预期，我们认为茅台价格一季度 筑底，行业迎本轮周期拐点，春节后茅台批价将保持坚挺。行业未来的趋势是缩量集中，从大鱼 吃小鱼到大 ...