31 March 2026 | 1:46AM HKT Equity Research China Consumer Staples: Spirits/F&B expert calls: sequential on-trade recovery with Moutai leading recovery; remain cautious on other spirits On Mar 30, we hosted an expert call with a large spirits and F&B distributor located in Central China. Key highlights: 1) Spirits recent updates and 2026 outlook: the expert saw c.15%+ decline post LNY and sequential narrowing in decline magnitude in Mar without a significant drop in mass consumption/banquets post LNY peak se ...

30 March 2026 | 11:31PM HKT Equity Research Kweichow Moutai (600519.SS) Unexpected ex-factory and suggested retail price hike of Feitian effective immediately; Buy 600519.SS 12m Price Target: Rmb1,592.00 Price: Rmb1,420.00 Upside: 12.1% | GS Forecast __________________________________ | | | | | | --- | --- | --- | --- | --- | | | 12/24 | 12/25E | 12/26E | 12/27E | | Revenue (Rmb mn) New | 174,144.1 171,827.1 | | 173,219.5 | 185,398.9 | | Revenue (Rmb mn) Old | 174,144.1 171,827.1 | | 170,063.6 | 181,956.9 | ...

数据来源：聚源 -20% -10% 0% 10% 20% 30% 2025-03 2025-07 2025-11 2026-03 贵州茅台 沪深300 投资评级：买入（维持） | 日期 | 2026/3/31 | | --- | --- | | 当前股价(元) | 1,450.00 | | 一年最高最低(元) | 1,645.00/1,322.0 | | | 1 | | 总市值(亿元) | 18,157.92 | | 流通市值(亿元) | 18,157.92 | | 总股本(亿股) | 12.52 | | 流通股本(亿股) | 12.52 | | 近 3 个月换手率(%) | 22.35 | 股价走势图 食品饮料/白酒Ⅱ 贵州茅台（600519.SH） 提振行业信心，增强业绩保障 2026 年 4 月 01 日 《三季度收入放缓，蓄力健康长远— 公司信息更新报告》-2025.11.3 《收入业绩略超预期，彰显龙头韧性 —公司信息更新报告》-2025.5.5 《2024 年营收利润高增，2025 年定调 合 理 积 极 — 公 司 信 息 更 新 报 告 》 -2025.4.7 张宇光（分析师） 逄晓娟（分析师 ...

Core Insights - The domestic fundamental and liquidity environment is expected to support the A-share market, with short-term influences from the Middle East situation and control over the Taiwan Strait [2][4] - The A-share market may face a decisive period in April, with potential recovery in earnings as the financial reporting window opens [2][4] - Investment opportunities in the new energy sector are highlighted, particularly in solar and wind power, which are less affected by geopolitical conflicts and fossil fuel prices [2][4] Real Estate Sector: Poly Real Estate Group - Poly Real Estate Group's sales ranking improved to 12th in January 2026, with a sales amount of 3.7 billion yuan, despite a year-on-year decline of 22.9% [8] - The company achieved a sales area of 150,000 square meters in January 2026, down 6.8% year-on-year, with an average sales price of 24,800 yuan per square meter, a decrease of 16.5% [8] - The company has a strong backing from its parent company, Poly Group, which holds 48.09% of its shares, providing stability and growth potential [11] Transportation Sector: COSCO Shipping Specialized Carriers - COSCO Shipping Specialized Carriers reported a revenue of 16.611 billion yuan in the first three quarters of 2025, a year-on-year increase of 37.92% [13] - The company’s net profit reached 1.329 billion yuan, up 10.54% year-on-year, with a significant increase in cash flow from operating activities [13] - The expansion of the fleet and increased shipping business revenue are key drivers of growth, despite rising operational costs [13][14] Transportation Sector: Jitu Express - Jitu Express achieved a total revenue of 5.499 billion USD in the first half of 2025, a year-on-year increase of 13.1%, with significant growth in the Southeast Asian market [15][16] - The company’s Southeast Asian market revenue grew by 29.6%, reaching 1.970 billion USD, with an adjusted EBITDA of 313 million USD [15][16] - The company is focusing on cost optimization and pricing strategies to enhance market share in a competitive environment [17] Chemical Sector: Satellite Chemical - Satellite Chemical reported a gross margin of 22.31% in 2025, with a net margin of 11.52%, despite a slight decline in both metrics [18] - The company’s asset-liability ratio decreased to 51.74%, indicating improved financial stability [18] - The company plans to distribute a cash dividend of 1.678 billion yuan, reflecting a commitment to shareholder returns [18] Chemical Sector: Yake Technology - Yake Technology's revenue grew significantly due to increased sales in LNG and electronic materials, although net profit growth lagged behind revenue growth due to foreign exchange losses [21][22] - The company is focusing on developing advanced semiconductor materials and has established a dual R&D department in China and South Korea [22] - The company’s gross margin was 31.82%, with a net margin of 13.29%, indicating stable profitability despite rising R&D costs [21] New Energy Sector: CATL - CATL reported a revenue of 423.702 billion yuan in 2025, a year-on-year increase of 17.04%, with a net profit growth of 42.28% [25] - The company maintained its leading position in the global battery market, achieving a market share of 39.2% in 2025 [25][26] - CATL's energy storage battery sales grew by 29.13%, with ongoing expansion of production capacity to meet market demand [26] Pharmaceutical Sector: Tasly Pharmaceutical - Tasly Pharmaceutical's revenue was 8.236 billion yuan in 2025, a slight decline of 3.08%, with core products showing stable sales [27][28] - The company is focusing on innovation and has a robust pipeline of new drug projects, with significant R&D investment [29] - The integration with China Resources has strengthened the company's market position and operational efficiency [27] Food and Beverage Sector: Kweichow Moutai - Kweichow Moutai's revenue for Q3 2025 was 39.06 billion yuan, with a slight year-on-year increase of 0.6%, indicating a strategic adjustment in growth [33] - The company is focusing on maintaining quality and long-term value, with plans for internationalization and brand enhancement [32][33] - The company announced a cash dividend of 23.957 yuan per share, reflecting its commitment to shareholder returns [33] Staffing Sector: Core International - Core International expects a steady increase in revenue and net profit in 2025, driven by technological advancements and operational efficiency [35] - The company is leveraging its data and technology capabilities to enhance its service offerings and market presence [35] - The integration of various business lines is expected to drive growth and improve profitability [35] Electronics Sector: Haixing Co., Ltd. - Haixing Co., Ltd. is positioned to benefit from the growing demand for AI server capacitors, with a projected market size increase in the coming years [37][38] - The company is enhancing its production capabilities to meet the rising demand for high-end aluminum electrolytic capacitors [38] - The company holds a leading market share in the aluminum foil sector, with ongoing improvements in technology and production processes [37]

证券研究报告 公司研究 / 首次覆盖 2026 年 04 月 01 日 推进市场化改革，龙头持续变革转型 一年内股价与沪深 300 指数对比走势： 资料来源：聚源数据 相关研究 ——贵州茅台（600519.SH）首次覆盖报告 投资要点： 食品饮料 | 报告原因： | | --- | | | | | 收盘价（元） | 1,450.00 | | --- | --- | | 一年内最高/最低（元） | 1,634.99/1322.01 | | 市净率 | 7.1 | | 股息率（分红/股价） | 3.56 | | 流通 A 股市值（百万元） | 1,815,792 | | 上证指数/深证成指 | 3,892/13,478 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据： | 09 | 月 | | | 30 | | | 日 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 每股净资产（元） | | | | | | | | | | | 204.6 | | 资产负债率% | | | ...

——贵州茅台（600519.SH）首次覆盖报告 投资要点： 食品饮料 | 报告原因： | | --- | | | | 证券研究报告 公司研究 / 首次覆盖 2026 年 04 月 01 日 推进市场化改革，龙头持续变革转型 | 收盘价（元） | 1,450.00 | | --- | --- | | 一年内最高/最低（元） | 1,634.99/1322.01 | | 市净率 | 7.1 | | 股息率（分红/股价） | 3.56 | | 流通 A 股市值（百万元） | 1,815,792 | | 上证指数/深证成指 | 3,892/13,478 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据： | 09 | 月 | | | 30 | | | 日 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 每股净资产（元） | | | | | | | | | | | 204.6 | | 资产负债率% | | | | | 12.81 | | | | | | | | 总股本/流通 A | ...

研究报告 ResearchReport 1 Apr 2026 中国必需消费 China (A-share) Staples 中国必选消费品 3 月需求报告：春节红利消退，餐饮链修复放缓 As the Spring Festival Boost Fades, the Recovery of the Restaurant Industry is Slowing Down [Table_yemei1] Investment Focus | [Table_Info] | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 股票名称 | 评级 股票名称 | 评级 | | | | | | | 贵州茅台 | | | Outperform 古井贡酒 Outperform | | | | | | 贵州茅台 | Outperform 燕京啤酒 | Outperform | | | | | | | 五粮液 | | | | Outperform 安琪酵母 Outperform | | | | | 五粮液 | | | | | Outperform 今世缘 ...

| 华泰研究 | | | 深度研究 | 投资评级(维持): | 买入 | | --- | --- | --- | --- | --- | --- | | 2026 年 | 3 月 | 31 日│中国内地 | 饮料 | 目标价(人民币): | 1,824.00 | 证券研究报告 贵州茅台 (600519 CH) 营销改革筑牢茅台长期护城河 2026 年 3 月 31 日│中国内地 饮料 吕若晨 研究员 SAC No. S0570525050002 SFC No. BEE828 lvruochen@htsc.com +(86) 755 8249 2388 宋英男 研究员 SAC No. S0570523100004 SFC No. BVO704 songyingnan@htsc.com +(86) 21 2897 2228 基本数据 | 收盘价 (人民币 截至 3 月 31 日) | 1,450 | | --- | --- | | 市值 (人民币百万) | 1,815,792 | | 6 个月平均日成交额 (人民币百万) | 5,750 | | | 1,323.69-1,634. | 52 周价格范围 (人民币) ...

客服解释称"地球使用 费"相当于"在店铺下单不包邮了。" 整理 ｜何雨婷 点击上方【36氪随声听】，一键收听大公司热门新闻。听完音频记得添加进入 【我的小程序】 中哟！ Patagonia客服回应收取"地球使用费"：属实，计划试行一个月 近日，户外运动品牌Patagonia近期因在天猫旗舰店推出"地球使用费"政策引发热议，该政策要求消费者在购物时预付一笔物流包装费（首件15元，每加一件 5元），收货后不退货可退还费用，若退货则扣除费用并捐赠给环保项目，品牌称其目的是减少网购对环境的影响。3月31日下午，记者就此事咨询了 Patagonia天猫旗舰店官方客服，对方表示，"地球使用费"政策属实，预计4月1日开始，但不确定是一直施行还是只施行一段时间。 客服还解释，"地球使用费"相当于"在店铺下单不包邮了，如果发生退换货，流程和之前一样"，如果收货后未退货，那么下单时支付的邮费可以退还。目 前，Patagonia天猫旗舰店只是在牵头开展这项不包邮费的举措。此外，对于"地球使用费"在网上引起的争议，客服表示关注到了，但未作出其他回应。（钱 江视频） 美国佛罗里达州一机场更名为"唐纳德·特朗普国际机场" 美国佛罗里达州 ...

今日早参 2026 年 4 月 01 日 易峘 首席宏观经济学家 邮箱：evayi@htsc.com 免责声明和披露以及分析师声明是报告的一部分，请务必一起阅读。 1 易峘 首席宏观经济学家 邮箱：evayi@htsc.com 今日热点 宏观：中东冲突抬升全球通胀预期 受中东战争导致的能源供给冲击影响，3 月美欧日 Markit 综合 PMI 普遍走 弱，高油价对实体经济的扰动或开始显现，全球经济增长动能短期承压。2 月美日欧通胀指标表现温和，但在地缘风险升温与霍尔木兹海峡管控的背景 下，原油价格大幅走高，推动全球通胀预期上行，市场对美联储 2026 年货 币政策路径预期由降息 61bp 收窄至 5bp。本月权益及大宗商品市场大幅波 动，全球主要国家国债收益率显著上行，避险情绪升温驱使美元指数走强。 全月来看，美国三大股指均下跌，原油大幅上涨，工业金属普遍下跌。 风险提示：中东冲突持续恶化，长端通胀预期失锚。 研报发布日期：2026-03-31 研究员 易峘 SAC:S0570520100005 SFC:AMH263 胡李鹏 SAC:S0570525010001 SFC:BWA860 王子琳 SAC:S057 ...