登录新浪财经APP 搜索【信披】查看更多考评等级 对食品饮料行业而言，这五年更是ESG理念深度扎根、"双碳"目标从宏观口号转化为实践行动的关键时 期。作为ESG报告的支柱与灵魂，"双碳"相关披露已不再是边缘章节，而是贯穿环境（E）、社会 （S）、治理（G）的核心主线，通过标准化框架成为监管与投资者评价企业绿色转型决心的关键依 据。 按照同花顺数据库统计分类，目前A股市场共有130家食品饮料行业上市公司，主要涵盖白酒、啤酒、 肉制品、调味品、乳制品等多个细分领域。 如今，"双碳"目标提出已逾五载，在不断完善的顶层设计引领下，从能源绿色低碳转型、自然生态环境 治理到产业结构优化、绿色生活方式推广，绿色发展的底色愈发鲜明。 近年来，食品饮料行业上市公司可持续信息披露比例持续上升，整体水平高于全行业平均水平。据长江 商报资本战略研究院统计，2024年，A股食品饮料上市公司共有73家独立发布ESG报告（或社会责任报 告），披露率为56.15%，创下近六年新高。 此前的2019年至2023年，A股食品饮料行业上市公司的ESG报告披露率分别为29.29%、34.55%、 40.98%、48.44%、50.77%，呈现逐年上 ...

2025年的中国奶粉市场，在多重变量交织中绘就了一幅"冰与火"的行业图景：一边是新生儿数量持续承 压、存量竞争日益激烈，另一边却是多家主流乳企业绩逆势回升，高端与超高端奶粉赛道增长强劲。 随着国家层面生育补贴政策首次以现金形式落地，以及消费升级趋势在低线市场持续渗透，奶粉行业在 深度调整后迎来结构性复苏。系统复盘2025年中国奶粉行业的变革与突围可以看到，奶粉销售回暖并非 偶然，而是乳企多年深耕产品、渠道与品牌的结果。 多家乳企业绩逆势回暖 高端赛道成增长引擎 2025年上半年，国内奶粉市场呈现出显著的业绩分化与整体回暖态势。以健合集团、澳优乳业、伊利等 为代表的多家乳企，在婴幼儿配方奶粉板块实现营收与利润双增，扭转了此前行业整体增速放缓甚至下 滑的局面。 伊利奶粉及奶制品业务收入同比增长14.26%，婴幼儿奶粉零售额实现双位数增长，市场份额达到 18.1%，首次跃居中国市场第一；蒙牛奶粉业务也实现2.46%的增长。 健合集团半年报显示，公司上半年营收同比增长5.2%至70.2亿元，其中婴幼儿营养与护理业务（BNC） 营收25.0亿元，同比增长2.9%。尽管BNC增速在集团三大业务中居末，但标志着该业务成功止 ...

2025年的中国奶粉市场，在多重变量交织中绘就了一幅"冰与火"的行业图景：一边是新生儿数量持续承压、存量 竞争日益激烈，另一边却是多家主流乳企业绩逆势回升，高端与超高端奶粉赛道增长强劲。 随着国家层面生育补贴政策首次以现金形式落地，以及消费升级趋势在低线市场持续渗透，奶粉行业在深度调整 后迎来结构性复苏。系统复盘2025年中国奶粉行业的变革与突围可以看到，奶粉销售回暖并非偶然，而是乳企多 年深耕产品、渠道与品牌的结果。 外资品牌方面，达能中国专业特殊营养业务销售同比增长12.9%，a2牛奶、菲仕兰等也录得正向增长。然而，市 场并非全面繁荣——飞鹤、贝因美等部分头部企业上半年业绩仍面临压力，显示出行业在复苏过程中结构性分化 的特征。 高端赛道成增长引擎 2025年上半年，国内奶粉市场呈现出显著的业绩分化与整体回暖态势。以健合集团、澳优乳业、伊利等为代表的 多家乳企，在婴幼儿配方奶粉板块实现营收与利润双增，扭转了此前行业整体增速放缓甚至下滑的局面。 伊利奶粉及奶制品业务收入同比增长14.26%，婴幼儿奶粉零售额实现双位数增长，市场份额达到18.1%，首次跃 居中国市场第一；蒙牛奶粉业务也实现2.46%的增长。 到 ...

Investment Rating - The report maintains an "Overweight" rating for the food and beverage industry, specifically focusing on the dairy sector [1]. Core Insights - The dairy industry in China is experiencing a phase of market size adjustment, with the market growing from 388 billion CNY in 2012 to 686 billion CNY in 2022, reflecting a compound annual growth rate (CAGR) of 5.9%. However, a decline of 3.1% is expected in 2024, bringing the market size to 659 billion CNY [5][13]. - The competitive landscape is characterized by a "two super, many strong" structure, with leading companies like Yili and Mengniu holding approximately 45% market share, which creates brand barriers and enhances competitive advantages [5][31]. - The report emphasizes the importance of monitoring the supply-demand structure in the dairy market, as supply is expected to decrease marginally while demand shows signs of weak recovery [5][36]. Summary by Sections Market Size and Consumption - The dairy market in China is undergoing a phase of adjustment, with liquid milk being the primary consumption category, accounting for 44% of the market in 2024 [5][16]. - Per capita dairy consumption in China is significantly below global averages, with a projected consumption of 41.5 kg per year in 2024, which is about one-third of the global average [5][19]. Competitive Landscape - The dairy industry is structured into three tiers: national, regional, and local companies, with Yili and Mengniu as the leading national players [5][31]. - The competitive advantages of leading dairy companies are expected to improve due to enhanced brand influence and consumer recognition [5][33]. Supply and Demand Structure - The supply of dairy products is expected to decrease marginally, with a reported production of 26.85 million tons in the first eleven months of 2025, a decline of 1.2% year-on-year [5][36]. - The report highlights the need to focus on the supply-demand structure, as policy catalysts may improve dairy demand [5][27]. Low-Temperature Milk and Cheese Market - The low-temperature milk segment is growing faster than the overall industry, with a market size of 41.8 billion CNY in 2024, reflecting a year-on-year growth of 6.63% [5][44]. - The cheese market is also expanding, with production increasing from 127,000 tons in 2019 to 203,000 tons in 2023, although the self-sufficiency rate remains low at 12.3% [5][50]. Online and Retail Channels - The sales structure for dairy products is predominantly offline, with online and instant retail channels contributing to growth, showing year-on-year increases of 4.3% and 2.8% respectively [5][69]. - The report indicates that the dairy industry is increasingly leveraging online channels to enhance market competitiveness and reach consumers more effectively [5][71]. Investment Strategy - The report suggests maintaining an "Overweight" rating for the food and beverage sector, with a focus on companies like Yili (600887), New Dairy (002946), and Miaokelando (600882) as key investment targets [5][73].

研究报告 Research Report 30 Dec 2025 中国必需消费 China (A-share) Staples 中国必选消费品 12 月成本报告：下游需求偏弱，成本小幅波动 December CGCI: Downstream demand remains subdued with modest cost fluctuations [Table_yemei1] 观点聚焦 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 今世缘 | | Outperform | | 五粮液 | Outperform 安琪酵母 | | Outperform | | 五粮液 | Outperform 迎驾贡酒 | | Outperform | | 海天味业 | Outperform 燕京啤酒 | | Outperform | | 海天味业 | Outperform ...

Investment Rating - The report assigns an "Outperform" rating to multiple companies in the essential consumer goods sector, including Guizhou Moutai, Wuliangye, Luzhou Laojiao, and others, indicating a positive outlook for these stocks [1]. Core Insights - Wholesale prices of Baijiu have mostly stabilized, with specific brands showing varied price changes. For instance, the price of Feitian Moutai (case) is 1600 yuan, down by 50 yuan from last month, while the price of Wuliangye has increased by 20 yuan to 820 yuan [3][38]. - Discounts on liquid milk have significantly increased, while discounts on seasoning and soft drink products have narrowed compared to the end of November. The average discount rate for seasonings rose from 85.9% to 87.1%, and for soft drinks from 85.6% to 86.7% [5][17][35]. Summary by Sections Baijiu Pricing - The report details the wholesale prices of key Baijiu brands, noting that Feitian Moutai's prices have decreased by 640 yuan year-to-date compared to the previous year. Other brands like Wuliangye and Luzhou Laojiao have also shown price stability or slight increases [9][38]. Discount Trends - Discounts on liquid milk products have widened, with the average discount rate dropping from 66.0% to 62.8%. In contrast, discounts on convenience foods have decreased from 95.8% to 94.8% [19][21][36]. - The report highlights that infant formula and beer products have maintained stable discount rates, with slight changes observed [18][35]. Company Ratings - The report lists several companies rated as "Outperform," including Guizhou Moutai, Wuliangye, and others, indicating strong expected performance relative to the market [1].

"如果丢了工作，可能下个月的生活费就没有了。" 说这话的不是流浪汉，是一个在仓库有正式工作的美国合法公民。来美国最初的那几天打了几次Uber，和各个种族、背景的司机聊过。这位兼职的老墨司 机说这话时语气很平静，就像在描述今天的天气。 这不是个案。根据2025年5月美联储发布的《美国家庭经济状况调查报告》，37%的美国成年人连400美元的意外都无法轻松应对——一次小型车祸的自付 额，一次急诊的挂号费，一台坏掉的冰箱，就可能压垮一个人。只有55%的美国人有足够的应急储蓄覆盖三个月支出，30%的人表示无论用什么方式都撑 不过三个月。 这些数字不是贫困线以下的人群画像，而是覆盖了大量年薪五万、八万、甚至十万美元的中产家庭。收入看起来体面，但财务结构已经绷到极限。这就是 最近国内热议的"斩杀线"——美国人自己很少用这个词，因为这种处境就是日常本身。 作为一个长期关注消费赛道的投资者，我更关心一个被忽视的问题：为什么市场给美国消费定价"韧性"，给中国消费定价"疲软"？但如果把视角从数据表 现切换到数据结构上，会看到完全不同的东西—— 美国人的消费更多是一种义务，想活成个人样就得花钱；中国人的消费更多是一种权利，不花钱也能 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：4A广告门 还记得前段时间我们说过： 后续来了： 伊利市场部真的去请人了！ 网友向伊利提案"马年营销就找马伊琍"吗？ 要不怎么说，这届网友都是咱互联网人脉呢！ 论吃瓜，比官号还靠谱—— 那头官方还在评论区里上蹿下跳； 这头已有网友成功打入品牌内部： 图源：小红书@奶牛小哞 咱就是说，这第一视角的与会感，跟亲自在场有什么区别！ 也不用管官方啥时候官宣了—— 海报都扒出来了，可见伊利真把网友的话当事儿办。 这波市场部上大分！ 创意来源如图所示，问：网友为何感到兴奋？ ▼ 图源：小红书@梭子蟹蟹 因为品牌和代言人契合度太高了啊！ 高到仅仅是把两个名字相提并论，就能让人叹一句"天选"； 高到人人试想一下合作后的可能玩法，都能发现"自己是个天才"。 再瞅瞅这海报，内容不多，但传递的信息量极大—— 首先，它证明了伊利官方非常听劝。 这不仅指品牌听到了大众呼声，还指其听懂了网友兴奋点。 在这种全民颅内高潮的氛围下， 请马伊琍来代言，已经不再是给品牌自己找乐子，而是在满足全民情绪价值。 其次，它展现了品牌营销有自己的想法。 之前网友一直猜测伊利马 ...

Industry Dynamics - The 2025 version of the "Encouragement Directory for Foreign Investment Industries" has been released, effective from February 2026, promoting foreign investment in the health industry, particularly in the central and northeastern regions of China [1] - A total investment of 377 million yuan has been initiated for the modern sheep milk industry park project, aiming to create a closed-loop industrial chain, with the first phase expected to be operational by November next year [2] - The 2025 Hurun China Food Industry Top 100 list includes 11 dairy companies and 3 health food companies, with notable growth in the cheese business of Miaokelando, which saw a 63% increase in value [3] Brand Dynamics - Yili Group's Jin Hao factory has received a "five-star" rating for on-site management from the China Quality Association, marking it as the first dairy factory in China to achieve this recognition [4] - Jianhe Group has signed a new strategic cooperation agreement with JD Health, targeting a combined business goal of 10 billion yuan over the next three years, covering various nutrition brands [5] - Mengniu has launched the "Inner Mongolia Flavor" 2026 plan, showcasing innovative products and aiming to promote domestic raw material substitution in the dairy industry [6] Channel Dynamics - Gao Ge Dairy has initiated the "Student Nutrition Service Station" strategy to address declining foot traffic in traditional maternal and infant channels, targeting families with children aged 3-15 [7] - ThaiBev is shifting its strategic focus towards dairy products and soft drinks, planning to invest in expanding its halal dairy production base in Malaysia as part of its 2030 strategy [8] - Kidswant Ultra has opened its first store in Beijing, integrating cultural elements and popular global IPs to establish a competitive edge in the market [9] - The "Xiaofeixiang" Sichuan-Chongqing branch has been launched, marking a significant step in deepening regional market penetration and resource integration [10]

公司点评 · 食品饮料行业 政策利好供需改善，关注春节备货节奏 —— 公司动态报告 2025 年 12 月 29 日 核心观点 主要财务指标预测 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入(百万元) | 115,780 | 118,264 | 122,993 | 127,731 | | 收入增长率% | -8.24 | 2.15 | 4.00 | 3.85 | | 归母净利润(百万元) | 8,453 | 11,200 | 12,079 | 12,930 | | 利润增长率% | -18.94 | 32.50 | 7.84 | 7.05 | | 摊薄 EPS(元) | 1.34 | 1.77 | 1.91 | 2.04 | | PE | 21.78 | 16.43 | 15.24 | 14.24 | | PB | 3.46 | 3.19 | 3.01 | 2.86 | | PS | 1.60 | 1.56 | 1.50 | 1.45 | 资料来源：公司公告，中国银河证券研究院 伊利股份（股票代码：6008 ...