分析师：黄冬祎 SAC 执业证书编号： S0340523020001 电话：0769-22119410 邮箱： huangdongyi@dgzq.com.cn 食品饮料行业指数走势 资料来源：东莞证券研究所，同花顺 相关报告 投资要点： 食品饮料行业 超配（维持） BC 端共振，期待改善 调味品行业深度报告 2026 年 1 月 28 日 行 业 研 究 证 券 研 究 报 告 本报告的风险等级为中风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 深 度 研 究 ◼ 我国调味品行业市场规模稳步扩张。作为生活必需品，调味品具有典 型的"小产品、大市场"的特点，近几年我国调味品行业市场规模稳 步扩张。2019-2024年，我国调味品行业的市场规模从4081亿元增加 至4981亿元，年均复合增速为4.07%。 ◼ 我国调味品行业形成一超多强的竞争格局，市场集中度有望提高。受 不同区域口味偏好、消费者饮食习惯等因素影响，我国调味品行业形 成了以海天味业为首的一超多强的局面。与美国、日本相比，我国调 味品行业的集中度存在一定差距。在调味品产品 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 ● 回购股份用途：用于注销并减少公司注册资本 ● 回购股份价格：不超过人民币26元/股 ● 回购股份方式：集中竞价交易方式 ● 回购股份期限：自公司股东会审议通过回购方案之日起不超过12个月 证券代码：600872 证券简称：中炬高新 公告编号：2026-007 中炬高新技术实业（集团）股份有限公司关于以集中竞价方式回购股份的回购报告书 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性依法承担法律责任。 重要内容提示： ● 回购股份金额：中炬高新技术实业（集团）股份有限公司（以下简称：公司）本次拟回购股份的资金 总额不低于人民币3亿元（含），不超过人民币6亿元（含）。 ● 回购股份资金来源：公司自有资金及银行股票回购专项贷款。公司已经取得招商银行股份有限公司佛 山分行出具的《贷款承诺函》，该行同意为公司回购股份提供专项贷款支持，承诺向公司提供金额最高 不超过人民5.4亿元且不超过回购实际使用金额的90%的股票回购专项贷款，具体贷款事宜将以双方签 订的贷款合同为准。 ● 相关股东是否存在减持计划 ...

每经AI快讯，1月27日，中炬高新（600872）公告称，公司拟以集中竞价方式回购股份，资金总额不低 于3亿元、不超6亿元，回购价不超26元/股，预计回购1153.85万股至2307.69万股，占总股本1.48%至 2.96%，回购股份将用于注销并减少注册资本。 ...

证券代码：600872 证券简称：中炬高新 公告编号：2026-007 中炬高新技术实业（集团）股份有限公司 本次回购方案的风险； 关于以集中竞价方式回购股份的回购报告书 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： ● 回购股份金额：中炬高新技术实业（集团）股份有限公司（以下简称：公 司）本次拟回购股份的资金总额不低于人民币 3 亿元（含），不超过人民币 6 亿元 （含）。 ● 回购股份资金来源：公司自有资金及银行股票回购专项贷款。公司已经取 得招商银行股份有限公司佛山分行出具的《贷款承诺函》，该行同意为公司回购股 份提供专项贷款支持，承诺向公司提供金额最高不超过人民 5.4 亿元且不超过回购 实际使用金额的 90%的股票回购专项贷款，具体贷款事宜将以双方签订的贷款合 同为准。 ● 相关股东是否存在减持计划：截至公司回购方案披露日，公司董事、高级 管理人员、持股 5%以上股东未来 3 个月、未来 6 个月均无股份减持计划。若上述 主体后续拟实施股份减持计划，公司将按照相关规定及时履行信息披露义务。 ● ...

证券之星消息，1月27日调味发酵品板块较上一交易日下跌1.2%，天味食品领跌。当日上证指数报收于 4139.9，上涨0.18%。深证成指报收于14329.91，上涨0.09%。调味发酵品板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 603317 | 天味食品 | 12.56 | -3.98% | 9.06万 | | 1.15亿 | | 603170 | 宝立食品 | 14.04 | -3.44% | 5.98万 | | 8421.45万 | | 603027 | 千禾味业 | 9.89 | -2.47% | 20.64万 | | 2.04亿 | | 600186 | 连花控股 | 6.10 | -2.40% | ﯾﺎ 57.11万 | | 3.49亿 | | 002507 | 洁陵榨菜 | 13.02 | -1.96% | 16.39万 | | 2.14亿 | | 600305 | 恒顺醋业 | 8.02 | -1.60% | 11.92万 | | 958 ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 002507 | 浩陵梓菜 | 13.28 | 0.53% | 20.82万 | 2.75 Z | | 300908 | 仲景食品 | 29.31 | 0.21% | 1.50万 | 4375.96万 | | 600305 | 恒顺醋V | 8.15 | 0.12% | 14.43万 | 1.17亿 | | 002495 | 佳隆股份 | 2.73 | 0.00% | 27.79万 | 7540.72万 | | 603027 | 千禾味业 | 10.14 | -0.10% | 19.02万 | 1.92亿 | | 603288 | 海天味业 | 35.68 | -0.45% | 23.56万 | 8.40亿 | | 600872 | 中炬高新 | 17.84 | -0.72% | 12.27万 | 2.19亿 | | 603317 | 天味食品 | 13.08 | -1.21% | 6.39万 | 8360.51万 | | 603170 | 宝立食 ...

Summary of Key Points from the Conference Call Industry Overview - **Sector**: China Consumer Sector - **Key Insights**: The sector shows signs of consumption recovery despite a near-term property market downturn. Valuation remains attractive, approximately 1 standard deviation below 10-year averages, indicating that a consumption recovery is not yet priced in [2][21]. Consumer Staples - **Baijiu**: Anticipated demand support for mid-end baijiu due to easing alcohol bans and private consumption growth. Companies are expected to accelerate channel transformations for sustainable EPS growth [3][8]. - **Beer**: Premiumization continues through product diversification and in-home channel expansion, despite on-trade softness. CR Beer expects low-single-digit volume growth in 2025, with Heineken volumes projected to grow by 20% YoY [3][8]. - **Dairy**: Liquid milk sales are expected to recover modestly in 2026, driven by marketing and innovation, despite a weak 2025. Fresh milk shows resilience with double-digit growth [3][8]. - **Freshly-Made Beverages (FMB)**: Guming is expected to maintain steady SSSG in 2026 through category expansion and dine-in growth, despite the phase-out of delivery subsidies [3][8][19]. - **Condiments**: Sequentially improving demand is expected, with Haitian focusing on multi-product categories and Jonjee anticipating a cleaner 2026 after a weak 4Q25 [3][8]. Consumer Discretionary - **Home Appliances**: Companies like Midea and Haier expect higher overseas growth compared to domestic markets in 2026. Strategies include price hikes and operational efficiencies [4][10]. - **Jewelry**: Brands with unique designs may consolidate post-VAT reform. Laopu is expected to achieve strong sales growth due to increased focus on value-added services [4][10]. - **Restaurants**: Intense competition leads to divergent strategies, with some companies lowering prices while others upgrade offerings. DPC Dash is on track for expansion despite market uncertainties [4][10]. Stock Implications - **Most Preferred Stocks**: CR Beer, Guming, MIXUE, China Foods, YUM China, among others, are highlighted as preferred investments due to their growth potential [5]. - **Least Preferred Stocks**: Companies like Swellfun, Nongfu, and Gree are noted as less favorable due to various challenges [5]. Key Risks - Risks include demand recovery uncertainties, cost inflation or deflation, and changes in the competitive landscape. These factors could significantly impact the consumer sector's performance [21]. Additional Insights - **Pet Food**: The industry is shifting towards online sales, with over 85% of sales occurring digitally. Competition is intensifying, pushing brands towards innovation and product differentiation [13]. - **Snack Sector**: Rapid category diversification and channel restructuring are creating growth opportunities, particularly through snack discounters [9][12]. This summary encapsulates the essential insights and projections from the conference call, providing a comprehensive overview of the current state and future outlook of the China consumer sector.

Group 1 - The seasoning and fermentation sector saw a slight increase of 0.11% on January 20, with Tianwei Food leading the gains [1] - The Shanghai Composite Index closed at 4113.65, down 0.01%, while the Shenzhen Component Index closed at 14155.63, down 0.97% [1] - Key stocks in the seasoning and fermentation sector showed varied performance, with Tianwei Food closing at 13.51, up 2.66%, and other notable stocks like ST Jiajia and Jialong Co. also experiencing gains [1] Group 2 - The sector experienced a net outflow of 47.02 million yuan from institutional investors, while retail investors saw a net inflow of 41.85 million yuan [2] - The individual stock performance indicated that Hai Tian Wei Ye had a significant net outflow of 35.27 million yuan from institutional investors, while retail investors contributed a net inflow of 30.45 million yuan [3] - Other stocks like Jialong Co. and ST Jiajia had mixed net inflows and outflows from different investor categories, reflecting varied investor sentiment within the sector [3]

Group 1 - The National Development and Reform Commission emphasizes the need to enhance the synergy between reform and consumption investment policies, focusing on easing access and optimizing regulation in the consumption sector [1] - Wanlian Securities notes that the dairy product costs are stabilizing and demand is recovering, with low-temperature and deep-processed dairy products experiencing healthy growth [1] - The condiment industry is seeing customized development driven by chain restaurants and strong terminal growth, while raw material costs are stabilizing at low absolute price levels, supporting profit release [1] - The frozen food sector is witnessing a slowdown in price wars, leading to profit recovery and a return to positive growth [1] - The beverage sector is experiencing "structural upgrades" that contribute to incremental growth, particularly in the functional beverage segment, which is considered a high-growth area [1] - The snack industry is facing "increased revenue without increased profit," with platform-type and health-focused single-product companies being worthy of attention [1] - By 2026, leading volume retailers are expected to continue improving profitability, while the profitability of snack companies will need to be monitored based on raw material costs, efficiency optimization, sustainability of major products, and category expansion capabilities [1] Group 2 - As of January 20, 2026, the CSI All Food Index (H30192) has increased by 0.07%, with notable stock performances including Hongmian Co. up 10.13% and Bailong Chuangyuan up 5.46% [2] - The Penghua Food ETF (560130) has risen by 0.20%, currently priced at 1.01 yuan, closely tracking the CSI All Food Index [2] - The CSI All Food Index is structured to reflect the overall performance of different industry companies within its sample, categorized into 11 primary industries, 35 secondary industries, over 90 tertiary industries, and more than 200 quaternary industries [2] - As of December 31, 2025, the top ten weighted stocks in the CSI All Food Index include Haitian Flavoring, Yili, Shuanghui Development, and Angel Yeast, collectively accounting for 49.88% of the index [2]

Group 1 - The National Development and Reform Commission will hold a press conference to discuss the implementation of the Central Economic Work Conference's spirit and promote a good start for the "14th Five-Year Plan" [1] - The Ministry of Finance will also hold a press conference to elaborate on the role of proactive fiscal policy in promoting high-quality economic and social development [1] Group 2 - The Loan Prime Rate (LPR) for one-year and five-year terms will be announced on January 20 [2] Group 3 - Domestic refined oil prices are expected to see their first increase of the year, with consumer fuel costs projected to rise slightly [3] - The current oil price adjustment pattern has been "zero increase, zero decrease, one suspension" since the beginning of the year [3] Group 4 - A total of 10.44 billion shares will be unlocked today, with a combined market value of 7.206 billion yuan [4] - Shanxi Coking Coal, Kexin New Materials, and Shenyu Co., Ltd. have the highest unlock volumes, with 1.037 billion shares, 3.3315 million shares, and 2.706 million shares respectively [4] - The highest unlock market value is from Shanxi Coking Coal at 7.03 billion yuan [4] Group 5 - Four companies have disclosed stock repurchase progress, with one company proposing a repurchase amount exceeding 100 million yuan [5] - The highest proposed repurchase amount is from Aotai Biology, not exceeding 200 million yuan [5] - Two companies have had their repurchase plans approved by shareholders, with the highest amounts being 600 million yuan and 5.6307 million yuan respectively [5] Group 6 - Five companies have announced progress on private placements, with the highest fundraising amount proposed by Huashi Technology at not exceeding 446 million yuan [6] - Changhua Chemical has completed its private placement with a total fundraising amount of 155 million yuan [6] Group 7 - Two A-shares will undergo equity registration today, with dividend distributions planned [7] - The highest dividend payouts are from Youfa Group and Huangshan Tourism, with 3.00 yuan and 0.70 yuan per 10 shares respectively [7]