华西证券（002926）发布研报称，春节作为餐饮消费的核心旺季，2026年节庆效应持续凸显，餐饮消费 回暖态势明确，为上游供应链复苏奠定坚实基础。细分赛道来看，速冻食品与调味品充分受益于旺季需 求拉动。随着餐饮门店客流回升与开店节奏加快，餐饮占比较高的头部企业有望率先承接需求红利，实 现销量与收入的稳步增长。该行维持"服务消费率先复苏"的核心判断，板块业绩与估值共振上行。 商务部数据显示，春节假期全国重点零售和餐饮企业日均销售额同比增长5.7%，78个重点步行街(商圈) 客流量同比提升6.7%、营业额同比增长7.5%，双重数据印证餐饮消费复苏势头强劲，终端需求韧性超 预期。 投资建议 从终端场景拆分来看，节日聚餐需求爆发式增长，美团年夜饭预订订单同比增长105%，抖音年夜饭团 购销售额同比增长185%，彰显C端消费活力;同时，春节出行链持续高景气，带动目的地餐饮需求同步 升温，景区、核心商圈餐饮客流大幅攀升，B端餐饮场景复苏节奏加快。区域数据方面，江苏省春节9 天假期餐饮收入达183亿元，同比增长11.9%，成为区域餐饮消费复苏的标杆，侧面反映全国范围内餐 饮消费的全面回暖态势。 旺季需求传导至上游，备货和动 ...

[Table_Summary] 事件概述 春节作为餐饮消费的核心旺季，2026 年节庆效应持续凸 显，餐饮消费回暖态势明确，为上游供应链复苏奠定坚实基 础。 分析判断: ► 春节餐饮消费高景气，节庆效应凸显 商务部数据显示，春节假期全国重点零售和餐饮企业日均 销售额同比增长 5.7%，78 个重点步行街（商圈）客流量同比提 升 6.7%、营业额同比增长 7.5%，双重数据印证餐饮消费复苏势 头强劲，终端需求韧性超预期。 证券研究报告|行业点评报告 [Table_Date] 2026 年 02 月 24 日 [Table_Title] 春节餐饮消费回暖，重视餐饮链投资机会 [Table_Title2] 食品饮料行业 从终端场景拆分来看，节日聚餐需求爆发式增长，美团年 夜饭预订订单同比增长 105%，抖音年夜饭团购销售额同比增长 185%，彰显 C 端消费活力；同时，春节出行链持续高景气，带动 目的地餐饮需求同步升温，景区、核心商圈餐饮客流大幅攀升， B 端餐饮场景复苏节奏加快。区域数据方面，江苏省春节 9 天假 期餐饮收入达 183 亿元，同比增长 11.9%，成为区域餐饮消费复 苏的标杆，侧面反映全国范围内餐 ...

Investment Rating - The report maintains a recommendation for the food and beverage industry [3] Core Insights - The current operating cycle for mass consumer goods has been characterized by oversupply, leading to declines in price and profit margins [9] - Demand has weakened since 2021, with restaurant demand growth dropping from double digits to low single digits [9] - Prices for mass consumer goods have been on a downward trend since 2021, with leading companies experiencing significant price reductions [9] - The report anticipates that prices may have reached a bottom in 2025, with potential for recovery in 2026 if demand improves [27] Summary by Sections Review of Current Operating Cycle - The food and beverage sector has faced a supply-demand imbalance, resulting in continuous price declines from 2021 to 2025, affecting prices, profits, and valuations [12] - Capital expenditure in the mass consumer goods sector grew at a compound annual growth rate (CAGR) of 14% from 2017 to 2022, leading to significant capacity expansion [9][12] Price Outlook for 2025 - The report suggests that prices may have reached a phase of stabilization, with indicators showing improvements in consumer price index (CPI) and food CPI [27] - Restaurant revenue data indicates a potential bottoming out of demand, with a recovery in consumer spending expected [27] Investment Recommendations - For the restaurant supply chain, the report recommends focusing on frozen foods, seasoning products, and beer, highlighting companies like Anjuke Foods and Yihai International for their market share growth and pricing strategies [42][43] - In the dairy industry, the report suggests monitoring companies such as Modern Farming and Yili Group, anticipating price improvements in the second half of 2026 [42][43]

[Table_Page] 跟踪分析|食品饮料 证券研究报告 [Table_Title] 食品饮料行业 春节走访：五省白酒动销跟踪反馈 [Table_Summary] 核心观点： | [Table_Grade] 行业评级 | 买入 | | --- | --- | | 前次评级 | 买入 | | 报告日期 | 2026-02-24 | [Table_PicQuote] 相对市场表现 -10% -3% 4% 10% 17% 24% 02/25 05/25 07/25 09/25 12/25 02/26 食品饮料 沪深300 | [分析师： Table_Author]符蓉 | | | --- | --- | | | SAC 执证号：S0260523120002 | | | SFC CE No. BWC944 | | | 021-38003552 | | | furong@gf.com.cn | | 分析师： | 郝宇新 | | | SAC 执证号：S0260523120010 | | | SFC CE No. BVZ687 | | | 021-38003553 | | | haoyuxin@gf.com.cn | | ...

Investment Rating - The report rates the industry as "Buy" [5] Core Insights - The 2026 Spring Festival consumption exceeded expectations, with service consumption leading the growth, driven by a significant increase in dining and travel demand [2][7] - The report highlights a notable recovery in the travel sector, with an expected total of 9.5 billion people traveling during the Spring Festival, marking a historical high [10][12] - The report emphasizes the importance of quality and experience in consumer spending, with a shift towards premium products and services [7][19] Summary by Sections 1. Spring Festival Consumption Trends - The Spring Festival holiday from February 15 to 23, 2026, saw a "good start" in consumption, with key retail and dining enterprises reporting a 10.6% increase in average daily sales compared to the same period in 2025 [10][22] - The first four days of the holiday recorded an 8.6% increase in average daily sales for key retail and dining enterprises compared to the previous year [10][19] - Government initiatives, including a 20.5 billion yuan fund for consumer subsidies, significantly boosted consumer spending [11][10] 2. Baijiu (Chinese Liquor) Market - The Baijiu market showed signs of improvement, with a narrowing decline compared to previous major holidays, although brand differentiation became more pronounced [27][30] - High-end Baijiu brands like Moutai and Wuliangye continued to lead the market, with a focus on price elasticity and rational consumer behavior [27][30] - The report identifies three key changes in the Baijiu market: increased importance of personal consumption, a more relaxed approach from manufacturers regarding sales targets, and improved channel sentiment [30][31] 3. Snack and Food Market - The snack market is expected to benefit from an extended peak season, with a longer preparation and sales cycle compared to 2025 [33][34] - Offline channels, particularly membership-based supermarkets and discount stores, are performing better than online channels, with significant growth in sales during the holiday period [34][35] - The report notes a diversification in snack offerings, with strong performance in high-quality nut gift boxes and innovative packaging strategies enhancing brand visibility [35][36]

Summary of Key Points Core Viewpoint The recent food safety supervision sampling conducted by the Nantong Market Supervision Administration revealed that out of 203 batches of various food products tested, 200 batches were found to be compliant with safety standards, while 3 batches were deemed non-compliant. Group 1: Food Safety Supervision Results - A total of 203 batches of food products were tested, covering 14 categories including pastries, alcoholic beverages, edible oils, meat products, dairy products, and snacks [2][3]. - Out of the 203 batches, 200 were found to be compliant, resulting in a compliance rate of approximately 98.5% [2][3]. Group 2: Non-Compliant Food Products - Three batches were identified as non-compliant, with specific details provided in the attached documentation [2][3]. - The non-compliant products include items from various categories, indicating potential areas for improvement in food safety standards [2][3].

Investment Rating - The industry investment rating is "Buy" indicating an expected performance that will exceed the market by more than 10% over the next 12 months [27]. Core Insights - The report highlights that the Chinese liquor market, particularly in Chengdu, is showing signs of recovery as the Spring Festival approaches, with increased sales velocity for major brands like Guojiao and Wuliangye [6][8]. - The seasoning market is also experiencing improved sales, with brands like Qianhe and Haitian gaining market share, and promotional activities increasing in supermarkets [11][12]. - The report suggests a positive outlook for the liquor sector in 2026, with recommendations for key stocks including Luzhou Laojiao, Shanxi Fenjiu, and Kweichow Moutai among others [2][4]. Summary by Sections Chengdu Liquor Market Tracking - Sales velocity for Wuliangye and Guojiao has accelerated as the Spring Festival approaches, with Wuliangye's current batch price at 790 CNY per bottle and Guojiao at 850 CNY per bottle [7][9]. - Feedback from distributors indicates that inventory levels are healthy, with a focus on maintaining good stock levels to avoid excess [8][9]. Chengdu Seasoning Market Tracking - Soy sauce sales have improved year-on-year, with Qianhe and Haitian leading in market share, and promotional activities in supermarkets have increased significantly [11][12]. - The overall health of inventory levels in the seasoning market is noted, with major brands maintaining shorter inventory ages, indicating strong sales performance [11][15]. Investment Recommendations - For the liquor sector, the report recommends stocks such as Luzhou Laojiao, Shanxi Fenjiu, and Kweichow Moutai, anticipating a new growth cycle starting in 2026 [2][4]. - In the consumer goods sector, companies like Anjuke Foods and Yanjing Beer are highlighted as having potential for outperforming the market due to new products and channels [2][4].

Investment Rating - The report assigns an "Accumulate" rating for the food and beverage industry [1] Core Insights - Recent policies have strengthened consumer expectations, leading to marginal improvements in consumption during the Spring Festival peak season. The performance of high-end liquor, particularly Moutai, has rebounded, and the stability in pricing has improved market sentiment [3][4] - The report highlights the potential for recovery in the food and beverage sector, driven by improved domestic demand and consumption patterns as the Spring Festival approaches [4][7] Summary by Sections Investment Recommendations - The report suggests focusing on high-end liquor stocks with price elasticity, recommending companies such as Guizhou Moutai, Wuliangye, and Luzhou Laojiao. It also identifies potential stocks for gradual clearance, including Yingjia Gongjiu and Gujing Gongjiu [7] - Beverage companies are expected to benefit from favorable travel conditions, with recommendations for Dongpeng Beverage and Nongfu Spring. Low valuation and high dividend stocks like China Foods and Master Kong are also highlighted [7] - For snacks and food raw materials, recommended stocks include Bailong Chuangyuan and Weilong [7] - Beer recommendations include Qingdao Beer and Zhujiang Beer, while condiment and catering sectors are expected to recover, with recommendations for Qianhe Flavor Industry and Baoli Food [7] Liquor Sector Insights - The high-end liquor sector is leading market sentiment, with Moutai's sales data boosting confidence. The report notes that Moutai's monthly active users exceeded 15.31 million, with over 2.12 million orders in January [8][9] - The liquor industry is currently at a cyclical bottom, with expectations for recovery in sales and pricing as the Spring Festival approaches. Positive trends in inventory and demand could catalyze stock prices further [9] Consumer Goods Insights - The approval of D-allohexose-3-epimerase as a food additive is expected to expand the market for this product, benefiting leading companies like Bailong Chuangyuan. The report anticipates significant growth potential for this company [10][11] - The catering supply chain is expected to recover, with companies like Baobi Food showing promising growth driven by new store formats. The report notes Baobi's revenue of 1.859 billion in 2025, a year-on-year increase of 11.22% [11]

上面图例显示的第一阶段都非常规整，最大回撤幅度20%左右，很标准的结构。如果后面几只最近也出现超量突破，则表明强势扩 散，板块联动效应有可能跑出来。 历史牛股是最好的教科书，而当下的牛股正在按相似的步调行进， 这是因为人性不变 。它们的基本特征是：主线脉络清晰，走势结 构紧凑，反复突破平台上行。 郑重声明：本文股票案例仅供学习交流使用，既无推荐之意，也不能作为买卖参考。 更多精彩内容，请关注同名公众号：猛兽派选股 最近，茅台连续抬升，是否在传递什么信息，还是仅仅因为春节消费的预期？不过从图形上看，似乎味业更好一些： | 分时 1分钟 5分钟 15分钟 30分钟 60分钟 日线 周线 月线 10分钟 45日线 季线 安琪酵母 安琪酵母(日线.等比前复权.对数) ◎ M6(8,20,50,200,13) WMA20: 43.7 VWA50: 43.3 VWA2 0.0 RSRHY: 31.9 44.29 财务数据(单季同比) 250426 HOME 8.95% 11.19% 250815 : 250815 : 251030 阶梯爬升 5 -26.81 WOL 收益三 交易壮 14:55 14:55 14.55 I ...

Group 1 - The seasoning and fermentation sector increased by 0.83% compared to the previous trading day, with Zhongju Gaoxin leading the gains [1] - The Shanghai Composite Index closed at 4102.2, up 0.85%, while the Shenzhen Component Index closed at 14156.27, up 0.21% [1] - Key stocks in the seasoning and fermentation sector showed various performance, with Zhongju Gaoxin closing at 18.31, up 2.35%, and Jieling Pickles at 13.38, up 1.98% [1] Group 2 - The main capital inflow in the seasoning and fermentation sector was 24.37 million yuan, while retail investors experienced a net outflow of 13.68 million yuan [2] - The capital flow for individual stocks showed that Hai Tian Wei Ye had a net inflow of 56.30 million yuan from main funds, while retail investors had a net outflow of 29.55 million yuan [3] - Zhongju Gaoxin had a net inflow of 9.12 million yuan from main funds, but retail investors saw a net outflow of 14.76 million yuan [3]