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 ...

智通财经获悉，安井食品(02648)涨近4%，高见83.8港元创新高。截至发稿，涨3.84%，报83.8港元，成 交额5696.19万港元。 本文源自：智通财经网 消息面上，据招商证券研报，根据渠道跟踪，河北地区1-2月同比增长超30%，华北地区1-2月增长不到 20%，高增在于动销好+公司3月无促销渠道提前备货。大单品中虾滑锁鲜装、餐饮渠道均高增。此外， 新品中400g全家福表现超预期。公司凭借渠道优势继续提升份额。国联民生证券认为，餐饮大盘疲软， 但速冻板块仍有渗透率提升逻辑(餐饮标准化+降本增效)，重点公司销量仍有增长。 ...

每经AI快讯，2月26日，安井食品(02648.HK)涨近4%，高见83.8港元创新高。截至发稿，安井食品涨 3.84%，报83.8港元，成交额5696.19万港元。 （文章来源：每日经济新闻） ...

安井食品（603345）(02648)涨近4%，高见83.8港元创新高。截至发稿，涨3.84%，报83.8港元，成交额 5696.19万港元。 消息面上，据招商证券研报，根据渠道跟踪，河北地区1-2月同比增长超30%，华北地区1-2月增长不到 20%，高增在于动销好+公司3月无促销渠道提前备货。大单品中虾滑锁鲜装、餐饮渠道均高增。此外， 新品中400g全家福表现超预期。公司凭借渠道优势继续提升份额。国联民生（601456）证券认为，餐饮 大盘疲软，但速冻板块仍有渗透率提升逻辑(餐饮标准化+降本增效)，重点公司销量仍有增长。 ...

消息面上，据招商证券研报，根据渠道跟踪，河北地区1-2月同比增长超30%，华北地区1-2月增长不到 20%，高增在于动销好+公司3月无促销渠道提前备货。大单品中虾滑锁鲜装、餐饮渠道均高增。此外， 新品中400g全家福表现超预期。公司凭借渠道优势继续提升份额。国联民生证券认为，餐饮大盘疲软， 但速冻板块仍有渗透率提升逻辑(餐饮标准化+降本增效)，重点公司销量仍有增长。 智通财经APP获悉，安井食品(02648)涨近4%，高见83.8港元创新高。截至发稿，涨3.84%，报83.8港 元，成交额5696.19万港元。 ...

Investment Rating - The investment rating for the consumer staples sector in China is "Outperform" for multiple companies including Moutai, Wuliangye, and others [1]. Core Insights - Premium baijiu wholesale prices have rebounded month-on-month, while discounts on liquid milk and condiments have narrowed [1][11]. - The report highlights the resilience of consumer stocks amidst a volatile market, emphasizing their value [3]. Summary by Relevant Sections Baijiu Pricing - Moutai's wholesale prices for Feitian (case and single bottle) are 1700 and 1650 yuan respectively, with month-on-month increases of +100 and +70 yuan. Year-to-date changes are +100 and +60 yuan, but year-on-year changes are -530 and -560 yuan [10][40]. - Wuliangye's eighth-generation price remains stable at 830 yuan, with a year-to-date increase of +10 yuan and a year-on-year decrease of -105 yuan [4][40]. - Luzhou Laojiao's Guojiao 1573 price is 870 yuan, up by +20 yuan month-on-month and +20 yuan year-to-date, with a year-on-year increase of +10 yuan [4][40]. - Other notable prices include Shanxi Fenjiu and various products from Yanghe and Gujing Gongjiu, showing mixed trends in pricing [10][40]. Discounts on Consumer Products - Discounts on liquid milk products have decreased from an average of 62.8% to 61.4% and from 63.4% to 61.7% for median values [19][37]. - Discounts on condiments have also narrowed from 87.1% to 85.0% (average) and from 88.2% to 84.9% (median) [19][37]. - Conversely, discounts on convenience foods have slightly increased, with average discounts moving from 94.8% to 94.6% [20][37]. - Beer, soft drinks, and infant formula discounts have remained stable, with slight variations in average and median rates [21][38].

内容概要：面条作为中式主食的核心品类，深度绑定中式饮食文化、根植于各地域长期形成的饮食习 惯，且拥有刚性的日常消费频次，是我国居民的基础饮食选择，面条品类不易受短期消费潮流的大幅冲 击，行业底层需求具备长期稳定的核心特质，不存在核心消费群体萎缩的底层风险，属于民生刚需型赛 道，同时，面条行业实现全年龄段人群、全消费场景覆盖，既可满足家庭日常自烹、街边便捷快餐需 求，也适配正餐餐饮门店、便携速食等多元场景，能够精准匹配不同群体的饮食诉求，消费渗透无显著 盲区，行业基本盘稳固，据统计，2025年我国面条行业市场规模达2162亿元，同比增长3.6%，其中， 方便面终端占比最大，超50%，其次为挂面终端，约占31.55%。 相关上市企业：康师傅控股（00322.HK）、金龙鱼（300999）、安井食品（603345）、千味央厨 （001215）、统一企业中国（00220.HK）、三全食品（002216）、克明食品（002661） 相关企业：今麦郎食品股份有限公司、白象食品股份有限公司、河南厨香传奇食品有限公司、金沙河集 团有限公司、想念食品股份有限公司、沈阳香雪面粉股份有限公司、博大面业集团有限公司、湖南裕湘 食品有 ...

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 | | ...