Investment Rating - The industry investment rating is "Recommended" (maintained) [4][35] Core Insights - The food and beverage industry is experiencing a steady expansion in domestic demand, with a 2.8% year-on-year growth in social retail sales for January and February 2026, indicating a recovery in consumer confidence and spending [4][35] - The report highlights that the current valuation of the consumption sector is at historically low levels, reflecting market expectations. With the implementation of more consumer-promoting policies, the sector is expected to see valuation recovery [4][35] - The report suggests focusing on leading companies with good growth potential and low valuations within the sector [4][35] Summary by Sections Recent Trends - From March 9 to March 20, 2026, the Shenwan Food and Beverage Index had a slight increase of 0.09%, ranking 6th among Shenwan's primary industries. The sub-industry performance varied, with meat products (+2.11%) and liquor (+1.12%) showing positive growth, while snacks (-5.59%) and prepared foods (-8.47%) faced declines [4][34] Industry News - The National Bureau of Statistics reported a significant impact from the extended Spring Festival holiday on domestic demand, with a notable increase in consumer confidence and retail sales growth [27][35] - The report mentions the trend of younger consumers (ages 18-30) driving the growth of lower-priced liquor, with 43% of liquor sales being below 300 yuan [28][30] Key Company Announcements - Wanchen Group reported a revenue of 51.459 billion yuan for 2025, a year-on-year increase of 59.17%, with a significant expansion in its store network [37] - Jinhuijiu reported a revenue of 2.918 billion yuan for 2025, a decline of 3.4%, indicating challenges in the competitive liquor market [36] Focus on Key Companies - The report emphasizes the importance of companies like Guizhou Moutai and Wuliangye in the high-end liquor segment, suggesting they are resilient amid market adjustments [36][37] - It also highlights the potential in the dairy sector, particularly for companies like Yili and New Dairy, which may benefit from favorable cycles in raw milk and beef [37]

证券研究报告 食品饮料 报告日期：2026 年 03 月 23 日 1-2 月社零总额同比增长 2.8%，国内需求稳步扩大 ——食品饮料行业双周报 最近一年走势 分析师：王芳 执业证书编号：S0230520050001 邮箱：wangf@hlzq.com 《茅台发布《市场化运营方案》，大众品 关注细分板块龙头 —食品饮料行业观 点更新报告》2026.01.22 《低位蓄能，向新破局—食品饮料行业 2026 年度投资策略报告》2025.12.28 《白酒筑底，关注餐饮链复苏—食品饮 料行业周报》2025.12.02 华龙证券研究所 摘要： 请认真阅读文后免责条款 投资评级：推荐（维持） 2026 年 03 月 09 日-03 月 20 日，申万食品饮料指数涨跌幅为 +0.09%，在申万一级行业中排名第 6 位，全部子行业涨跌幅分别 为，肉制品（+2.11%）、白酒（+1.12%）、调味品（+0.03%）、啤 酒（-0.38%）、乳品（-1.43%）、保健品（-2.65%）、软饮料（-3.21%）、 零食（-5.59%）、其他酒类（-6.02%）、烘焙食品（-6.46%）、预加 工食品（-8.47%）、熟食（-1 ...

1-2 月社零总额同比增长 2.8%，国内需求稳步扩大 ——食品饮料行业双周报 最近一年走势 分析师：王芳 执业证书编号：S0230520050001 邮箱：wangf@hlzq.com 《茅台发布《市场化运营方案》，大众品 关注细分板块龙头 —食品饮料行业观 点更新报告》2026.01.22 《低位蓄能，向新破局—食品饮料行业 2026 年度投资策略报告》2025.12.28 《白酒筑底，关注餐饮链复苏—食品饮 料行业周报》2025.12.02 华龙证券研究所 摘要： 请认真阅读文后免责条款 证券研究报告 食品饮料 报告日期：2026 年 03 月 23 日 请认真阅读文后免责条款 投资评级：推荐（维持） 2026 年 03 月 09 日-03 月 20 日，申万食品饮料指数涨跌幅为 +0.09%，在申万一级行业中排名第 6 位，全部子行业涨跌幅分别 为，肉制品（+2.11%）、白酒（+1.12%）、调味品（+0.03%）、啤 酒（-0.38%）、乳品（-1.43%）、保健品（-2.65%）、软饮料（-3.21%）、 零食（-5.59%）、其他酒类（-6.02%）、烘焙食品（-6.46%）、预加 工食品（- ...

Investment Rating - The report maintains an "Accumulate" rating for the food and beverage industry [5] Core Insights - The retail sales growth has accelerated, with a focus on feedback from the Spring Sugar Festival. The report suggests that the overall rhythm of the liquor industry is expected to improve on a month-on-month basis, with key recommendations including leading companies like Kweichow Moutai and others focusing on supply clearance [1][2] - The beer sector is witnessing a recovery, with a notable increase in beer production and the launch of new products, indicating a positive trend in consumer demand [3] - The food sector shows a recovery in retail sales, particularly in the restaurant segment, which is expected to drive opportunities in related supply chains [4][7] Summary by Sections Liquor Industry - Jinhuijiu reported a revenue of 2.918 billion yuan for 2025, a year-on-year decrease of 3.4%, while Shide Jiuye reported a revenue of 4.42 billion yuan, down 17.5% year-on-year. The report highlights a significant divergence in performance among liquor companies, with Kweichow Moutai leading the recovery through reforms [2] - Jinhuijiu's product structure upgrade is notable, with high-end products (above 300 yuan) increasing by 25.21% year-on-year, while low-end products (below 100 yuan) decreased by 36.88% [2] Beer and Beverage Sector - In the beer segment, the cumulative production of major enterprises reached 5.797 million kiloliters in January-February 2026, reflecting a year-on-year growth of 6.5%. The launch of the new Yanjing A10 product is expected to enhance market presence [3] - The beverage sector is characterized by intense competition, with companies launching new products to capture market share. Notable new releases include flavored waters and teas targeting specific consumer scenarios [3] Food Sector - Retail sales in the food sector increased by 2.8% year-on-year in January-February 2026, with restaurant income growing by 4.8%. This growth is attributed to the recovery of consumer spending and seasonal factors [4][7] - Wanchen Group reported a record high net profit margin of 5.7% in Q4 2025, indicating strong profitability and market expansion potential [7]

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 ...

Summary of the Conference Call for Yili Group Company Overview - **Company**: Yili Group - **Industry**: Dairy Products Key Points Industry and Company Performance - In Q1 2026, the inventory of ambient liquid milk was reduced as expected, with inventory days controlled within 30 days, leading to an anticipated year-on-year revenue growth for the company [2][3] - The overall revenue target for 2026 is set for low single-digit to mid-single-digit growth, with ambient liquid milk aiming for stabilization or positive growth, and adult nutrition products and cheese expected to maintain double-digit growth [2][5] - The competitive landscape shows that major brands like Yili performed better than smaller brands during the Spring Festival gifting season, while the infant formula segment is benefiting from increased industry concentration, offsetting risks from declining birth rates [2][4] Cost and Impairment - It is expected that milk prices will stabilize and recover in the second half of 2026, with supply chain financial impairments being a result of proactive provisioning rather than actual defaults [2][3][16] Long-term Strategy - The company plans to focus on deep processing over the next five years, transitioning from primary products to high-value-added products like whey protein and lactose to enhance profitability in the ToB business [2][13] Q1 2026 Business Performance - The adult nutrition segment saw significant growth, achieving over double-digit growth, with gifting scenarios contributing approximately half of the sales in this category [4] - Other categories, including infant formula and cheese, maintained growth consistent with 2025, with overall Q1 revenue expected to show year-on-year growth [4][5] Product Strategy - To achieve growth in the liquid milk segment, the company will continue to implement effective strategies from 2025, focusing on introducing value-for-money products and promoting high-end innovations like "Classic Fresh" [6][9] - The "Classic Fresh" product utilizes a rapid sterilization technique, aiming to compete with low-temperature milk in taste and has received positive market feedback [6][9] Market Dynamics - The company acknowledges that the demand for liquid milk may improve compared to 2025, but achieving overall industry growth remains uncertain [4][11] - The introduction of value-for-money products is a strategic response to the current oversupply of raw milk, aiming to capture market opportunities despite potential short-term profit impacts [8][9] Financial Outlook - The overall expense ratio for 2026 is still under evaluation, with expectations of increased brand investments due to major sporting events [10] - The company is cautious about the sustainability of growth momentum into the second quarter, indicating that if demand does not meet expectations, they will not force revenue growth in the liquid milk segment [11] Supply Chain and Risk Management - The supply chain financial services primarily cater to upstream and downstream enterprises, with low risk due to collateral from biological assets and goods [15] - The company has proactively increased provisions for credit impairment based on the poor profitability of upstream suppliers, which does not indicate an inability to repay loans [15] Market Trends - The industry is witnessing a significant investment in deep processing capacities, particularly in the northwest region, which is seen as a positive development for the market [17][18] - The overall demand for packaged liquid milk has declined due to structural shifts towards B2B channels, such as baking and catering, which has diverted some consumer demand [12][21] Future Projections - The company expects milk prices to stabilize and potentially rise slightly in the second half of 2026, with a focus on maintaining a balance between costs and pricing [19][20] - The infant formula segment is projected to continue growing despite declining birth rates, driven by increased market concentration and brand loyalty [14] This summary encapsulates the key insights and strategic directions discussed during the conference call, providing a comprehensive overview of Yili Group's current performance and future outlook in the dairy industry.

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 ...

Investment Rating - The report rates the food and beverage industry as "Overweight" [1] Core Insights - The report highlights that the CPI (Consumer Price Index) has shown signs of recovery, with a year-on-year increase of 1.3% in February 2026, marking the highest growth since January 2023. This recovery is expected to benefit companies with strong pricing power in the food and beverage sector [2][15] - The report emphasizes the importance of companies that can effectively pass on costs to consumers, particularly in the condiment and restaurant supply chain sectors, as the industry transitions from a cost dividend phase to an initial stage of price increases [3][40] Summary by Sections CPI and Economic Recovery - The CPI has rebounded, indicating a shift towards moderate inflation, with the government targeting a CPI growth of around 2% for 2026. This is supported by fiscal policies aimed at stabilizing economic growth and reasonable price increases [6][15] - The service sector has become a key driver of growth, with significant increases in service prices contributing to the overall CPI rise [20][23] CPI-PPI Dynamics - The report discusses the narrowing of the CPI-PPI (Producer Price Index) gap, which is currently at 2.2 percentage points. This gap indicates that consumer prices are rising faster than production costs, benefiting companies with strong pricing power [28][30] - The report notes that the PPI has shown signs of improvement, with a year-on-year decline of 0.9% in February 2026, suggesting a stabilization in raw material prices [27][29] Cost Transmission and Pricing Power - The report identifies key raw materials that constitute 65%-85% of the operating costs for leading companies in the food and beverage sector, including soybeans, sugar, and dairy products. The ability to manage these costs effectively will be crucial for maintaining profitability [41][44] - Companies in the condiment and restaurant supply chain are highlighted as having strong pricing power, with expectations for a new round of price increases due to rising costs and improved demand conditions [3][40] Investment Recommendations - The report recommends focusing on leading companies with strong channel and product capabilities, clear price increase expectations, and high dividend attributes, such as Haidilao, Anjoy Foods, and Mengniu Dairy [3][40] - It also suggests investing in leading beer companies and high-growth regional leaders, as well as companies in the dairy and snack sectors that possess category and channel advantages [3][40]

证券代码：600887 证券简称：伊利股份 公告编号：临 2026-012 内蒙古伊利实业集团股份有限公司 董事兼高级管理人员减持股份结果公告 本公司董事会、全体董事及相关股东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、准确性和完整性承担法律责任。 重要内容提示： 董事兼高级管理人员持股的基本情况 本次减持计划实施前，内蒙古伊利实业集团股份有限公司（简称"公 司"）董事长兼总裁潘刚先生持有公司股份 286,746,628 股，占公司总股 本的 4.53%。 减持计划的实施结果情况 公司于 2026 年 1 月 8 日披露了《公司董事兼高级管理人员减持股份 计划公告》（公告编号：临 2026-002），董事长兼总裁潘刚先生计划于 2026 年 1 月 29 日～2026 年 4 月 14 日，通过大宗交易、集中竞价方式减持其 所持有公司股份不超过 62,000,000 股，占公司总股本的 0.98%。潘刚先 生本次减持股份资金将用于偿还已到期的因认购股权激励股份及二级市 场以市场价购买股票向华泰证券（上海）资产管理有限公司等金融机构 的股票质押融资借款。减持股份所有资金全部用 ...