FF301 本月底法定/註冊股本總額： RMB 333,288,932 | 2. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 603345 | 說明 | | 於上海證券交易所上市 | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 293,294,232 | RMB | | 1 RMB | | 293,294,232 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 293,294,232 | RMB | | 1 RMB | | 293,294,232 | | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代 ...

FF301 本月底法定/註冊股本總額： RMB 333,288,932 | 2. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 603345 | 說明 | | 於上海證券交易所上市 | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 293,294,232 | RMB | | 1 RMB | | 293,294,232 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 293,294,232 | RMB | | 1 RMB | | 293,294,232 | | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代 ...

格隆汇2月5日丨安井食品(02648.HK)涨1.73%，报79.3000港元，股价创历史新高，总市值264.30亿港 元。 ...

分析师 1: 去奠定了自己后来差异化竞争的这个基因底色。那第二段就是 07 年到 16 年，其实安静就 是一个深耕和蓄力的阶段。这个时候安井确立了餐饮流通渠道为主，商超电商渠道为辅的 这样一种战略，没有盲目的去进入 C 端商超的这样的一个渠道，而是扎扎实实地去把自己 农贸市场。还有中小 B 的这种餐饮的渠道去做好那在这个阶段，同步也在无锡、泰州辽宁 等地方去建厂，完完成了自己全国化产能的这样一个基础。基本上去做了以华东为核心辐 射全国的初步的布局。 好的，各位投资者晚上好，欢迎大家参加国信食品团队马年系列报告的这个讲解会议。然 后今天晚上很荣幸能够给大家讲一下安井食品这家公司。那其实安静是我们发的比较早的 这个报告。那其实我们在 2025 年四季度看到整个餐饮供应链行业，或者说速冻这个赛道 里面出现了一些边际上的变化。所以安井重回大家的这个视野，那今天我们就对之前这篇 深度的报告进行一个更新和拆解，来看安井食品到底是如何从之前一家厦门的小面点厂成 为一个全国速冻龙头。 然后再看当前这个节点如何去判断安井接下来的这个方向。那首先从公司的这个简介上面 开始安井其实算是一个比较典型的消费品企业的成长史。那我们把安井 ...

财通策略&多行业——2026 年 2 月金股 证券研究报告 月度金股 / 2026.02.03 分析师 徐陈翼 SAC 证书编号：S0160523030003 xucy@ctsec.com 联系人 常瑛珞 changyl@ctsec.com 相关报告 1. 《白银的历史大顶如何形成？兼论 A 股 独立性--2026 年 2 月策略》 2026-02- 01 下，当前达到 1800%以上，白银降波的过程多伴随价格调整。2）资金面-交 易所提保：历史上两次大顶都伴随交易所提保，当前 CME 在近 1 个月内连 续提保 5 次，冷却银价意愿较强。3）大类比价：金银比，当前 42 逼近区间 下沿，2010~2011 年达到极值 31；银油比，目前 1.8 以上的比值已大幅突 破历史波动区间 0.2~0.5。 ❖ 后续重要宏观叙事：特朗普访华；沃什接任美联储+美国滞胀环境；特朗普与 伊朗。 ❖ 大势研判：以我为主仍从容 1）市场可能担心中东冲突和沃什交易两个扰动，我们复盘来看，本轮行情受 海外影响较小，地缘风险指标与美元指数/10 年美债收益率上行期间上证维持 韧性。 2）成交额择时模型视角，最灵敏策略提示卖出，中等灵 ...

证券研究报告 | 2026年02月02日 2026年02月03日 食品饮料周报（26 年第 5 周） 优于大市 白酒底部信号增多，关注春节旺季动销表现 行情回顾：本周食品饮料（A 股和 H 股）累计上涨 1.68%，其中 A 股食品饮 料（申万食品饮料指数）上涨 1.79%，跑赢沪深 300 约 1.71pct；H 股食品饮 料（恒生港股通食品饮料）上涨 0.25%，跑输恒生消费指数 0.27pct。本周 食品饮料板块涨幅前五分别为皇台酒业(22.92%)、李子园(15.98%)、中信尼 雅(14.83%)、金种子酒(10.48%)和泸州老窖(9.10%)。 品类基本面延续分化，白酒＞食品＞饮料。（1）酒类。白酒：茅台价格稳 中有升，关注春节动销节奏。投资建议上，首推贵州茅台（2026 年预计录得 独立行情，稳健穿越、长期定价权）、山西汾酒（产品及区域 alpha 支撑， 份额逆势提升）、泸州老窖（产品布局纵深，管理赋能全国化空间），也建 议关注古井贡酒/迎驾贡酒/五粮液/舍得酒业等。啤酒：行业库存良性，静 待需求回暖。我们预计后续啤酒板块对政策发力、需求回暖的感知较快。优 先推荐大单品快速增长、内部改革持续 ...

证券研究报告 | 2026年02月02日 2026年02月03日 食品饮料周报（26 年第 5 周） 优于大市 白酒底部信号增多，关注春节旺季动销表现 行情回顾：本周食品饮料（A 股和 H 股）累计上涨 1.68%，其中 A 股食品饮 料（申万食品饮料指数）上涨 1.79%，跑赢沪深 300 约 1.71pct；H 股食品饮 料（恒生港股通食品饮料）上涨 0.25%，跑输恒生消费指数 0.27pct。本周 食品饮料板块涨幅前五分别为皇台酒业(22.92%)、李子园(15.98%)、中信尼 雅(14.83%)、金种子酒(10.48%)和泸州老窖(9.10%)。 品类基本面延续分化，白酒＞食品＞饮料。（1）酒类。白酒：茅台价格稳 中有升，关注春节动销节奏。投资建议上，首推贵州茅台（2026 年预计录得 独立行情，稳健穿越、长期定价权）、山西汾酒（产品及区域 alpha 支撑， 份额逆势提升）、泸州老窖（产品布局纵深，管理赋能全国化空间），也建 议关注古井贡酒/迎驾贡酒/五粮液/舍得酒业等。啤酒：行业库存良性，静 待需求回暖。我们预计后续啤酒板块对政策发力、需求回暖的感知较快。优 先推荐大单品快速增长、内部改革持续 ...

Investment Rating - The report rates multiple companies in the consumer staples sector as "Outperform," including Guizhou Moutai, Wuliangye, and Yili [1]. Core Insights - The consumer staples industry in January 2026 shows a recovery in basic demand while hedonic consumption remains under pressure, indicating a divergence in performance across different segments [3][29]. - Among the eight key consumer industries tracked, four are experiencing positive growth (condiments, frozen food, soft drinks, and catering), while four are facing declines (high-end and above Baijiu, mass-market Baijiu, dairy products, and beer) [29]. Summary by Segment Baijiu (High-end and Above) - In January, the revenue for high-end Baijiu reached 47 billion yuan, a year-on-year decline of 14.0%. The price pressure is significant, with expectations of over a 10% price drop throughout the year due to high inventory levels [11]. Baijiu (Mass-market and Below) - The mass-market Baijiu segment generated 22.9 billion yuan in January, down 3.0% year-on-year. Despite the decline, the segment shows resilience due to rigid demand and adaptability to consumption scenarios [13]. Beer - The beer industry reported revenues of 17 billion yuan in January, a decrease of 7.1% year-on-year. The demand was affected by adverse weather and the delayed Spring Festival, leading to a cautious inventory approach by distributors [15]. Condiments - The condiment sector achieved revenues of 46.9 billion yuan in January, reflecting a year-on-year growth of 3.5%. The recovery in the catering channel and increased demand from small and medium-sized businesses are key drivers [17]. Dairy Products - The dairy sector's revenue was 43.5 billion yuan in January, down 3.3% year-on-year. The demand remains under pressure, but a potential recovery is anticipated in the coming months due to low base effects [19]. Frozen Food - The frozen food segment saw revenues of 14.99 billion yuan in January, with a year-on-year increase of 8%. The demand is supported by pre-Spring Festival stocking and favorable weather conditions [21]. Soft Drinks - The soft drink industry generated 96.2 billion yuan in January, with a modest growth of 1.1% year-on-year. Increased promotional activities indicate heightened market competition [24]. Catering - The catering sector reported revenues of 16.2 billion yuan in January, up 2.5% year-on-year. The demand is gradually improving, particularly in small and medium-sized restaurants [26].

Investment Rating - The industry rating is maintained as "Positive" [5] Core Insights - The food and beverage sector experienced a weekly increase of 1.56%, outperforming the Shanghai Composite Index, which decreased by 0.44%, and the CSI 300 Index, which increased by 0.08% [1][17] - The liquor segment, particularly baijiu, showed a strong performance with a 3.86% increase, driven by positive sales dynamics for leading brands like Guizhou Moutai, which saw its batch price rise to 1700 yuan [2][11] - The overall performance of the consumer goods sector was weaker, with declines in most categories except for meat products, which increased by 0.52% [1][17] Summary by Sections Market Performance Review - The food and beverage sector's performance from January 26 to January 30 showed a 1.56% increase, with specific categories like baijiu increasing by 3.86% and snacks decreasing by 6.07% [1][17] Weekly Perspective Update - The baijiu sector is gaining attention, with Guizhou Moutai's sales performing well. The sector's strong performance is attributed to favorable market conditions and improved sales dynamics [2][11] - The consumer goods sector, excluding meat products, showed a decline, with specific stocks like Li Ziyuan increasing by 16.0% while others like Hao Xiang Ni decreased significantly [2][12] Sector Investment Recommendations - For the baijiu sector, the report recommends focusing on leading brands such as Guizhou Moutai, Luzhou Laojiao, and Shanxi Fenjiu, anticipating strong sales during the Spring Festival [3] - In the consumer goods sector, the report emphasizes the importance of the Spring Festival stocking season, recommending companies like East Peak, Wei Long, and New Dairy for potential growth [3][12]

证券研究报告 | 行业周报 gszqdatemark 2026 02 01 年 月 日 食品饮料 厦门和合肥调研反馈&周观点：旺季效应凸显，春节行情可期 投资建议：1、白酒：顺周期政策积极催化，短期白酒春节旺季效应启动， 茅台动销与批价率先破冰引领行业实现超预期改善，情绪与预期修复先 行、静待基本面改善，短期建议关注春节刚需，中期布局各价位带龙头， 建议配置：1）短期春节刚需及弹性标的：贵州茅台、古井贡酒、迎驾贡 酒、泸州老窖、金徽酒等；2）中长期龙头：五粮液、山西汾酒、今世缘 等。2、大众品：短期重点关注春节备货催化，餐饮改善与改革并行，零 食旺季催化显著，优先关注成长机会、后续切换复苏：1）成长主线布局 零食、饮料及α个股：鸣鸣很忙、万辰集团、卫龙美味、盐津铺子、西麦 食品、有友食品、东鹏饮料、农夫山泉、安琪酵母、H&H 国际控股；2） 复苏主线大餐饮链、乳制品等β弱修复可期：安井食品、巴比食品、宝立 食品、立高食品、新乳业、伊利股份、燕京啤酒、青岛啤酒、仙乐健康等。 分析师 李依琳 安井食品：新品稳健增量，内生势能向上。销售端，公司近期动销较好， 2026 年 1 月起对部分单品收缩促销费用。产品端，2 ...