Investment Rating - The report maintains a positive outlook on the food and beverage sector for 2026, particularly focusing on cyclical opportunities in the liquor and restaurant supply chain [5][9]. Core Insights - The report indicates a recovery in demand for the food and beverage sector, with January-February retail sales in the restaurant sector growing by 4.8% year-on-year, and a notable increase in tobacco and alcohol sales by 19.1% [5][9]. - The white liquor sector is expected to stabilize, with Moutai prices maintaining above 1500 RMB, indicating a potential turning point in the industry cycle [5][10]. - The report highlights a trend towards consolidation in the industry, favoring large companies capable of nationwide distribution and those with regional integration potential [5][9]. - Key recommendations include Moutai, Luzhou Laojiao, Shanxi Fenjiu, and Wuliangye in the liquor sector, and companies like Anjuke Foods, Haitian Flavoring, and Yili in the consumer goods sector [5][12]. Summary by Sections Food and Beverage Sector Overview - The food and beverage sector outperformed the market, with a 0.48% decline compared to a 3.38% drop in the Shanghai Composite Index, ranking third among 31 sub-sectors [8][32]. - The report notes structural improvements in the consumer goods sub-sector, with competition shifting from price to quality, leading to a gradual balance in supply and demand [5][12]. White Liquor Sector - As of March 21, Moutai's bottle price is 1560 RMB, with a slight weekly decrease, while the case price increased by 35 RMB to 1640 RMB, indicating price stability [10][18]. - Moutai's new consignment policy aims to enhance price stability and reduce financial pressure on distributors, transitioning to a model that encourages sales volume growth [10][11]. Consumer Goods Sector - The consumer goods sub-sector is expected to recover, with a focus on supply chain-related products such as condiments and frozen foods, alongside structural opportunities in the dairy sector [12][5]. - The report anticipates a recovery in demand for convenience foods driven by tourism during the Spring Festival, recommending companies like Shuanghui Development and New Dairy [12][5].

行 业 及 产 业 食品饮料 2026 年 03 月 21 日 相关研究 《茅台代售政策落地 坚定看好公司市场化 改革——食品饮料行业周报 20260309- 20260313》 2026/03/16 《批价维持合理 估值吸引力提升——食品 饮料行业周报 20260302-20260306》 2026/03/07 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 茅台批价坚挺 关注糖酒会反馈 看好 —— 食品饮料行业周报 20260316-20260320 本期投资提示： ⚫ 风险提示：食品安全问题，经济下行影响白酒及大众品需求。 报 告 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 博时基金 博时基金管理有限公司(researchreport@bosera.com) 使用。1 《节后茅台批价 ...

食品饮料 2026 年 03 月 18 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -19% -10% 0% 10% 19% 29% 2025-03 2025-07 2025-11 食品饮料 沪深300 相关研究报告 《白酒底部逐步夯实，重视龙头配置 价值—行业点评报告》-2026.3.17 《政策定调树立信心，白酒复苏趋势 明确—行业点评报告》-2026.3.17 《餐饮修复叠加通胀预期，调味品板 块值得重视—行业周报》-2026.3.15 春节提振消费表现，1-2 月社零增速环比提升 ——行业点评报告 张宇光（分析师） 张恒玮（分析师） zhangyuguang@kysec.cn 证书编号：S0790520030003 zhanghengwei@kysec.cn 证书编号：S0790122020008 投资建议：春节消费集中释放，社零数据增长较好，建议关注头部企业 2026 年 1-2 月社零数据呈现稳步复苏态势，增速环比 2025 年 12 月实现较好回升， 其中粮油食品、烟酒类消费实现双位数高增，主要受益于春节错期下，假期消费 集中在 1-2 月释放。食品饮料板块市场预期以及估值均处于低位 ...

证券研究报告 白酒：改革中寻找底部价值 食品饮料行业 强于大市（维持） 证券分析师 2026年3月17日 请务必阅读正文后免责条款 张晋溢 投资咨询资格编号：S1060521030001 韦 毓 投资咨询资格编号：S1060525120002 核心观点 风险提示：1）宏观经济波动影响；2）消费复苏不及预期；3）行业竞争加剧风险。 上一轮白酒周期与地产投资相关度较高 0 1,000 2,000 3,000 4,000 5,000 6,000 0 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 18,000 12/01 12/04 12/07 12/10 13/01 13/04 13/07 13/10 14/01 14/04 14/07 14/10 15/01 15/04 15/07 15/10 16/01 16/04 16/07 16/10 17/01 白酒(中信) 沪深300 八项规定+酒鬼塑 化剂，白酒跑输行 业，但仅维持1年 白酒跟随大盘涨跌 白酒开始 跑出超额 (5) 0 5 10 15 20 25 30 35 40 11/02 11/06 11/ ...

Investment Rating - The report maintains a positive outlook on the food and beverage sector for 2026, particularly focusing on cyclical opportunities in the liquor and restaurant supply chain [3][7]. Core Insights - The report indicates a recovery in demand for various sub-sectors including liquor, restaurant chains, dairy, convenience foods, and meat products during January and February, with a cautious optimism for sustained recovery [3][7]. - The liquor sector is expected to see a price stabilization for Moutai, with a forecasted price floor in Q1, indicating a turning point in the current cycle [3][7]. - The industry is anticipated to undergo consolidation, with a shift from "big fish eating small fish" to "big fish eating big fish," leading to significant differentiation among listed companies [3][7]. - The report highlights two types of companies to watch: those capable of deep national expansion and those with regional consolidation potential [3][7]. - The food and beverage sector is projected to experience a valuation and performance rebound by the end of 2026 and into 2027, with premium liquor companies positioned for strategic allocation [3][7]. Summary by Sections Food and Beverage Weekly Insights - The food and beverage sector saw a 0.27% increase last week, with liquor stocks outperforming the market [6]. - The report notes that the liquor sector, particularly Moutai, is maintaining stable prices above 1500 yuan, confirming previous assessments [8]. Liquor Sector - As of March 15, Moutai's price for loose bottles is 1570 yuan, with a weekly decrease of 10 yuan, while the price for whole boxes is 1605 yuan, showing a slight increase [8]. - Moutai's new consignment policy aims to stabilize prices and reduce financial pressure on distributors, enhancing overall channel efficiency [8]. Consumer Goods Sector - The consumer goods sub-sector is showing structural improvements, with a shift in competition from price to quality, leading to a gradual balance in supply and demand [3][7]. - The report recommends focusing on companies with cyclical attributes and long-term growth potential, particularly in the restaurant supply chain and dairy sectors [3][7].

SÃO PAULO, March 15, 2026 (GLOBE NEWSWIRE) -- Um grande evento de promoção de marcas, o “Tour Global das Marcas Chinesas - América do Sul” 2026, organizado pelo Global Times, foi realizado em São Paulo, Brasil, no dia 10 de março. Com o tema “Nova Qualidade Lidera, Marcas Rumo ao Mundo”, o evento reuniu diplomatas e líderes empresariais da China e do Brasil para discutir caminhos de crescimento sustentável e novas oportunidades de cooperação na região. ambos os países para explorar caminhos de crescimento s ...

Core Viewpoint - The "Chinese Brands Going Global · Worldwide Tour" event in São Paulo aims to enhance the presence of Chinese brands in South America and foster mutual development between Chinese and Brazilian enterprises [1][3]. Group 1: Event Overview - The event was held on March 10, 2026, and was themed "New Quality Leads, Brands Set Sail," focusing on sustainable growth pathways in the region [1]. - It was organized by the Global Times and included participation from diplomatic envoys and business leaders from both China and Brazil [1][10]. Group 2: Importance of Chinese Brands - Zhang Xi, deputy consul general of the Chinese Consulate General in São Paulo, highlighted the event as a platform for showcasing Chinese brands and building mutual trust [3]. - Li Liushen, deputy general manager of Global Times Online, noted that the outlet has over 330 million global users, serving as a bridge for Chinese brands to engage with international markets [4]. Group 3: Market Engagement Strategies - Li Dongcheng from the China Council for the Promotion of International Trade emphasized the need for Chinese brands to establish local supply chains and understand consumer psychology in Brazil [5]. - Fenjiu, a prominent Baijiu producer, showcased its new product line in Brazil, reflecting its long-standing relationship with the Americas [6]. Group 4: Local Insights - Brazilian CEO Admar Pereira expressed optimism about the entry of more Chinese brands into the market, urging them to better understand local consumer needs [9].

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The restaurant recovery is significant, with inflation presenting opportunities, and the condiment sector is expected to continue benefiting [4][12] - The food and beverage index increased by 0.3% from March 9 to March 13, outperforming the CSI 300 by approximately 0.1 percentage points, with meat products (+2.3%), beer (+1.2%), and dairy products (+1.0%) leading the sub-industry performance [11][13] - Rising geopolitical factors are driving global energy prices up, which may lead to cost transmission in the supply chain and create inflation expectations. Segments within the food and beverage industry that can pass on costs will benefit [11][12] Summary by Sections Weekly Insights - The restaurant recovery is evident, and inflation is creating opportunities, particularly for the condiment sector, which is closely tied to restaurant demand [11][12] - The food and beverage index's performance indicates a positive trend, with specific sub-sectors like meat products and beer showing strong growth [11][13] Market Performance - The food and beverage index rose by 0.3%, ranking 9th among 28 sectors, and outperformed the CSI 300 by about 0.1 percentage points [11][13] - Leading individual stocks include Jinzi Ham, Aipu Co., and Laiyifen, while ST Chuntian, New Dairy, and Ximai Foods experienced declines [13][15] Upstream Data - Some upstream raw material prices are declining, with whole milk powder auction prices at $3,863 per ton, down 4.9% year-on-year, and fresh milk prices at 3.03 yuan per kilogram, down 1.6% year-on-year [17][19] - As of March 13, pork prices were 16.9 yuan per kilogram, down 30.9% year-on-year, while white strip chicken prices were stable at 17.4 yuan per kilogram, up 0.4% year-on-year [19][20] Recommendations - Recommended stocks include Guizhou Moutai, Shanxi Fenjiu, Ximai Foods, Haitian Flavoring, and Ganyuan Foods, with a focus on companies that can leverage market recovery and inflationary pressures [5][12]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The restaurant recovery is significant, with inflation presenting opportunities, and the seasoning sector will continue to benefit [4][12] - From March 9 to March 13, the food and beverage index increased by 0.3%, ranking 9th among primary sub-industries, outperforming the CSI 300 by approximately 0.1 percentage points [11][13] - Rising geopolitical factors are driving global energy prices up, which may lead to cost transmission in the supply chain and create inflation expectations. Segments within the food and beverage industry that can pass on price increases will benefit [11][12] Summary by Sections Weekly Insights - The restaurant recovery is evident, and inflation is creating opportunities, particularly for the seasoning sector [11] - The food and beverage index outperformed the market, with meat products (+2.3%), beer (+1.2%), and dairy (+1.0%) leading the performance [13] Market Performance - The food and beverage index rose by 0.3% from March 9 to March 13, ranking 9th out of 28 industries, and outperformed the CSI 300 by about 0.1 percentage points [11][13] Upstream Data - Some upstream raw material prices are declining, with the price of fresh milk at 3.03 yuan/kg, down 1.6% year-on-year [17] - As of March 13, the price of pork was 16.9 yuan/kg, down 18.7% year-on-year [19] Recommendations - Recommended stocks include Guizhou Moutai, Shanxi Fenjiu, Ximai Food, Haitian Flavoring, and Ganyuan Food, with a focus on companies that can leverage the recovery in demand and inflationary pressures [5][12]

Core Insights - The report emphasizes that the white liquor sector is entering a demand off-season, suggesting a focus on undervalued stocks with strong alpha potential [1] - It highlights the gradual recovery of domestic demand, with expectations for a mild rebound in sales due to supportive government policies [2] - The report recommends monitoring the price trends of Feitian Moutai as a key indicator of industry health, with expectations for price declines to stabilize [3] Industry Overview - Post-Spring Festival, consumer demand for white liquor has decreased, leading to performance pressure in Q1, with anticipated year-on-year declines in earnings [2] - The report notes that major liquor companies are focusing on maintaining market order during the off-season, with some firms adjusting their delivery schedules to manage inventory and pricing health [2] - The government has reiterated the importance of expanding domestic demand, which is expected to support the sector's recovery [2] Company-Specific Insights Guizhou Moutai - Guizhou Moutai's reform efforts are showing positive results, with sales performance exceeding market expectations, particularly among younger consumers [2] - The company is expected to maintain stable performance in Q1 2026, with a focus on cultivating independent consumption scenarios through non-standard product sales [2] - The report projects Moutai's revenue for 2026 to be approximately 1758.8 billion yuan, with a net profit of around 870.9 billion yuan, reflecting a slight year-on-year increase [19] Wuliangye - Wuliangye is expected to see a decline in revenue and net profit in 2026, with projections of 758.2 billion yuan in revenue and 256.6 billion yuan in net profit, reflecting a decrease of 15% and 19.4% respectively [20] - The company has improved its channel management during the Spring Festival, which has helped restore distributor confidence [20] - The report indicates that Wuliangye's price remains stable at around 810 yuan, with actual trading prices between 780-790 yuan [20] Luzhou Laojiao - Luzhou Laojiao's 38-degree Guojiao is performing steadily, with expectations for revenue and net profit to remain flat in 2026 at approximately 272.2 billion yuan and 113.4 billion yuan respectively [22] - The company plans to enhance its digital tools for management, aiming to maximize efficiency in its operations [22] - The report notes that the performance of lower-end products is improving, particularly in key consumption areas [22] Shanxi Fenjiu - Shanxi Fenjiu is projected to achieve revenue growth in the single digits for 2025 and 2026, with a focus on maintaining market order and enhancing channel profitability [24] - The company is expected to increase its operational pace post-Spring Festival, with a strategy to boost sales without overstocking [24] - The report highlights that Fenjiu's pricing for its Qinghua 20 product is expected to stabilize around 360-370 yuan [24]