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 | ...

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 March 2026, eight essential consumer goods sectors showed mixed performance, with four sectors experiencing growth and four facing declines. The sectors with positive growth included frozen foods, condiments, food services, and soft drinks, while mid-to-high-end baijiu, mass-market baijiu, dairy products, and beer saw negative growth. The overall performance is attributed to the fading of the Spring Festival consumption boost and a weakening recovery in the food service sector [20]. Summary by Sector Baijiu (Mid-to-Premium and Above) - In March, the mid-to-high-end and premium baijiu sector generated revenue of 29.5 billion yuan, a year-on-year decrease of 14.5%. Cumulative revenue for January–March reached 120.5 billion yuan, down 14.3% year-on-year. The sector is facing pressure on both volume and price due to slower-than-expected recovery in business consumption scenarios [21]. Baijiu (Mass-Market and Below) - The mass-market and lower-tier baijiu sector generated revenue of 20.2 billion yuan in March, down 1.0% year-on-year. Cumulative revenue from January to March was 60.5 billion yuan, down 1.5% year-on-year. Demand remains robust, supported by daily personal consumption and family gatherings [22]. Beer - The beer industry generated revenue of 14.0 billion yuan in March, down 1.4% year-on-year. Cumulative revenue for January–March was 46.2 billion yuan, down 1.5% year-on-year. Terminal demand was weak, but the sector is entering a peak season stockpiling cycle as temperatures rise [22]. Condiments - The condiments industry generated revenue of 35.5 billion yuan in March, a 3.0% year-on-year increase. Cumulative revenue for January–March reached 123.9 billion yuan, a 4.0% year-on-year increase. The growth rate slowed due to waning peak season effects and increased discounts [23]. Dairy Products - The dairy industry generated revenue of 33.9 billion yuan in March, down 0.9% year-on-year. Cumulative revenue for January–March reached 118.9 billion yuan, down 1.9% year-on-year. The liquid milk market is in a period of adjustment, with household consumption remaining robust [24]. Frozen Foods - The frozen food sector generated revenue of 10.3 billion yuan in March, up 6.3% year-on-year. Cumulative revenue for January–March reached 39.3 billion yuan, up 7.9% year-on-year. Demand for dining out has improved, significantly boosting the sector [25]. Soft Drinks - The soft drink industry generated revenue of 48 billion yuan in March, up 3.2% year-on-year. Cumulative revenue for January–March reached 194 billion yuan, up 1.9% year-on-year. Discounts in the soft drink market have widened, reflecting intensified competition [27]. Catering - The food service industry generated revenue of 13.8 billion yuan in March, up 3.8% year-on-year. Cumulative revenue for January–March reached 44 billion yuan, up 3.6% year-on-year. The sector has benefited from the recovery of consumption scenarios and policy support [28].

| 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 ...