（文章来源：每日经济新闻） 每经AI快讯，数据显示，12月8日至12月14日，券商给予上市公司目标价共62次，按最新收盘价计算， 目标价涨幅排名居前的公司有东华能源、甬矽电子、法拉电子，目标价涨幅分别为83.73%、52.36%、 50.02%。从券商推荐家数来看，12月8日至12月14日有153家上市公司得到券商推荐，其中安井食品、 北方华创均获得3家券商推荐。 ...

精选本周内平台、行业、品牌动态与热点趋势，让您十分钟读懂餐饮供应链领域的最新动向。 牧原股份H股上市已举行聆讯 涪陵榨菜：餐饮渠道增速达20% 安井食品：虾滑品类已成为公司新品中增长最强劲的大单品 嘉美包装控股股东筹划控制权变更 大窑饮品注销内蒙子公司 越秀农牧食品与汉德柯斯种猪签署合作备忘录 库迪咖啡全球供应链基地月产首破万吨 美鑫餐调推出姜黄姜汁火锅汤底 国联水产上新傣味香茅烤鱼 三全食品上新低GI蓝莓桑葚汤圆 南侨食品推出稀奶油新品 美国农业部下调牛价预期 食品价格拉动CPI同比涨幅创近21个月新高 牧原股份H股上市已举行聆讯 近日，牧原股份发布公告称，公司正在进行申请境外上市外资股发行并在香港联合交易所有限公司主板挂牌上市的相关工作。 本次发行并上市的联席保荐人已于2025年12月5日收到香港联交所向其发出的信函，其中指出香港联交所上市委员会已审阅牧原股份的上市申请，但该信 函不构成正式的上市批准，香港联交所仍有对牧原股份的上市申请提出进一步意见的权力。 据悉，今年11月，牧原股份收到中国证监会境外发行上市备案通知书，拟发行不超过约5.46亿股境外上市普通股，并在香港联合交易所主板上市。 若此次港股发 ...

Investment Rating - The report maintains a "Positive" outlook for the food and beverage industry, indicating a potential for returns exceeding the market benchmark by over 5% [5]. Core Insights - The food and beverage sector is currently in a favorable position for investment, with a focus on valuation before performance. The report suggests that despite recent adjustments in the sector, there is fundamental support for new consumption trends, and stock prices have absolute upside potential [7][4]. - Short-term trading strategies should focus on "individual stock improvement" and "turnaround opportunities," recommending specific stocks such as Miaokelan Duo (600882), Jinshiyuan (603369), Gujing Gongjiu (000596), and Shede Liquor (600702) for buying [3]. - Structural dividends are expected to continue, with recommendations for Dongpeng Beverage (605499) and Yanjinpuzi (002847) [3]. - The report highlights a stabilization in demand or market share, recommending stocks like Kweichow Moutai (600519), Shanxi Fenjiu (600809), Luzhou Laojiao (000568), Qingdao Beer (600600), and Yili Group (600887) for buying [3]. Summary by Sections - **Market Conditions**: The food and beverage industry is experiencing pressure on both volume and price, primarily influenced by macroeconomic factors and consumer sentiment. High-end consumption is performing better than low-end, with emerging channels outpacing traditional ones. Categories like snacks and beverages are expected to maintain relative prosperity, while dairy and beer are projected to see structural growth [7][4]. - **Mid-term Trends**: New consumption remains a key theme, with expanding demand in categories such as health foods and pet foods. Instant retail channels are showing high growth, although discount formats and high-end retail are slowing down compared to traditional supermarkets [7][4]. - **Future Outlook**: The report anticipates that the food and beverage sector will transition from valuation-driven growth to performance-driven growth in 2026, with expectations of a performance bottom in the first quarter of 2026 for the liquor segment [7][4].

Investment Rating - The report maintains a positive outlook on high-quality liquor companies, indicating that it has entered a strategic allocation period for these firms [2][7][8]. Core Viewpoints - The report highlights a significant decline in revenue for major liquor companies, with expectations of continued pressure in Q1 2026, but anticipates stabilization in Q2 and a potential turning point in Q3 2026 as inventory clears and demand recovers [2][7][8]. - The report recommends key liquor stocks including Luzhou Laojiao, Shanxi Fenjiu, Guizhou Moutai, and Wuliangye, while also suggesting attention to other brands like Yingjia Gongjiu and Jinhuijiu [2][7]. - For consumer goods, the report emphasizes opportunities in the restaurant supply chain, particularly in condiments and frozen foods, recommending companies like Anjifood, Yili, and Qindao Beer [2][9]. Summary by Sections 1. Weekly Insights on Food and Beverage - The food and beverage sector saw a decline of 1.63% last week, with liquor down 1.50%, underperforming the broader market [6]. - The top gainers included Yanjin Beer and Xin Dairy, while the largest losers were Xiwang Food and Haixin Food [6]. 2. Market Performance by Sector - The report notes that high-end liquor prices have been under pressure, with Moutai's bottle price at 1500 yuan, down 45 yuan week-on-week, and Wuliangye at approximately 780 yuan, down 20 yuan [8][38]. - The report indicates that Moutai's price has dropped over 100 yuan in three weeks due to increased supply and weak seasonal demand [8]. 3. Industry Events - The report discusses the strategic adjustments made by companies to alleviate channel pressures and boost confidence among distributors, which is expected to stabilize prices [2][8]. - It also mentions the anticipated recovery in the dairy sector, with a focus on solid-state processing products and low-temperature milk [9]. 4. Valuation Table - The report provides a current valuation for the food and beverage sector at a dynamic PE of 19.92x, with a premium rate of 22%, and for the liquor sector at a dynamic PE of 18.60x, with a premium rate of 14% [38].

Investment Rating - The report maintains a "Strong Buy" rating for Anjii Food [2][5] Core Insights - Anjii Food has successfully adapted to market changes with a clear growth trajectory, embracing a customized strategy that has yielded positive results. The company has established partnerships with major retail channels such as Sam's Club, Hema, and Walmart [3] - The company has shifted its marketing focus from B2B to B2C, launching new products like the "Tender Fish Ball" and "Lock Fresh" series targeting consumer preferences. This includes a range of flavors and packaging aimed at enhancing product freshness [4] - Anjii Food is expanding into new markets, including halal food and frozen baking, with a significant investment of 410 million yuan in the "Ding Yifeng Baking Bread Project" [4] Financial Forecasts - The company is projected to achieve a sales revenue of 15,774.56 million yuan in 2025, with a growth rate of 4.28%. By 2026, sales are expected to reach 16,960.26 million yuan, reflecting a growth rate of 7.52% [6] - The net profit attributable to the parent company is forecasted to be 1,484.83 million yuan in 2025, with a slight decrease of 6.00%, followed by a recovery to 1,580.49 million yuan in 2026, representing a growth of 13.23% [6] - The earnings per share (EPS) is expected to be 5.39 yuan in 2026, with a current price-to-earnings (PE) ratio of 14.80, and a target valuation of 20 times earnings [5][6] Company Overview - Anjii Food Group Co., Ltd. was established in December 2001 and specializes in the research, production, and sales of frozen prepared foods, frozen dishes, and frozen rice and noodle products. It has become one of the most influential and well-known frozen food companies in China over the past two decades [7]

Core Viewpoint - The company is leveraging the advantages of newly acquired firms to innovate and expand its product offerings centered around crayfish, responding to market demand and consumer trends [1] Product Development - The company has introduced new products such as black tiger shrimp balls, fish roe shrimp balls, and large shrimp balls to enhance its shrimp product matrix [1] - The company plans to continue monitoring changes in consumer trends and will utilize its supply chain and R&D strengths to steadily advance the iteration and promotion of related products [1]

Group 1 - The report indicates that the food and beverage industry experienced a slowdown in 2025, with a 5.3% decline in the sector, underperforming the CSI 300 index by 19.4 percentage points [1][25] - The soft drink sector maintained relative strength, while the snack industry showed mixed performance, with leading companies continuing to expand [1][20] - Consumer confidence remained low, with the disposable income growth rate for urban residents at 4.4% year-on-year, reflecting weak internal demand [12][20] Group 2 - Looking ahead to 2026, the report identifies structural opportunities in the consumer goods sector, driven by channel differentiation and supply upgrades [2][29] - The report emphasizes the need for consumer goods companies to adapt to new retail channels and enhance product differentiation to meet evolving consumer preferences [2][29] - The anticipated recovery in consumer confidence and macroeconomic policies is expected to shift consumer focus from extreme price competition to a preference for quality and added value [2][29] Group 3 - Investment recommendations for 2026 include focusing on high-quality and differentiated products, with specific companies highlighted such as Babi Foods and Wanchen Group [3][4] - The report suggests that companies with strong performance recovery expectations, such as Anjui Foods and Yihai International, should be considered for investment [3][4] - High dividend or comprehensive shareholder return stocks, such as Yili Group, are also recommended for investors [3][4] Group 4 - The report provides earnings forecasts and investment ratings for key companies, indicating a positive outlook for companies like Yanjing Beer and Nongfu Spring [4][5] - The food and beverage sector's overall revenue and profit growth rates have weakened, with the industry experiencing a cumulative revenue growth of only 0.3% and a profit decline of 4.5% in the first three quarters of 2025 [20][22] - The snack sector's revenue growth was primarily driven by the expansion of Wanchen Group, while other segments faced challenges [20][22]

Core Viewpoint - The company is experiencing a positive trend in its operations for the fourth quarter, with a potential easing of price competition in the industry [4]. Group 1: Operational Performance - The company has seen an improvement in downstream restaurant demand and a reduction in promotional efforts since the third quarter, leading to better order placements as the peak season approaches [4]. - The company has shifted its growth strategy from channel-driven to product-driven, focusing on new product launches and promotions, particularly in the shrimp product line [5]. Group 2: New Product Development - The company emphasizes a product-driven approach, aiming to increase the proportion of C-end sales to 40%, with a focus on upgrading and innovating its product offerings [5]. - Key products include: - Fresh-keeping packaging, which has maintained a high gross margin and is expected to continue driving high-end upgrades in hot pot ingredients [5]. - Shrimp products have shown significant sales growth, exceeding company expectations, and have recently entered the Sam's Club system [5]. - New fish balls, leveraging the "live fish freshly killed" concept, enhance production capacity at the Hubei factory [5]. - The company is also exploring new markets in frozen baking and halal food, with plans to increase capacity in the frozen baking sector and acquire halal food businesses [5]. Group 3: Channel Strategy - The company has adopted a customized approach for major supermarket clients, achieving successful collaborations with leading supermarket chains such as RT-Mart, Metro, Walmart, Hema, and Sam's Club [6]. - A tiered management system has been implemented to enhance operational efficiency while embracing channel changes [6].

Group 1 - The domestic equity market indices generally rose, with the ChiNext Index increasing by 1.86%. Cycle-themed funds outperformed, while consumer and pharmaceutical-themed funds experienced net value adjustments. A total of 39 new funds were established, with a combined issuance of 36.589 billion units. Stock ETFs saw a slight inflow of funds, primarily increasing positions in mid-cap and TMT-themed ETFs, while Hong Kong stock ETFs experienced significant inflows. The active equity fund positions showed a downward trend [5]. - The price of praseodymium and neodymium oxide has risen for a consecutive month, and the price of electrolytic cobalt has also increased for a month. The lithium price has reached approximately 92,000 yuan per ton, and it is recommended to focus on companies with cost advantages and resource expansion in the lithium mining sector. Prices for various cobalt products have risen, and tungsten prices remain at a high level not seen since 2012. The price of praseodymium and neodymium oxide is at a 19-month high [5]. - The new version of the medical insurance directory and the first version of the commercial insurance innovative drug directory were released simultaneously. The success rate of negotiations for the basic medical insurance reached 88%, the highest in seven years, while the first commercial insurance directory included 19 drugs with a negotiation success rate of 79%. The expansion and quality improvement of the medical insurance directory are emphasized, with a pass rate of 41.48% for drugs outside the directory undergoing expert review, indicating a strict overall standard. The renewal rate for negotiated drugs within the directory is as high as 75% [5]. Group 2 - The investment value analysis of Laopu Gold highlights its successful penetration into the market through product design that incorporates classic cultural elements from both Eastern and Western traditions, appealing to younger consumers. The brand's positioning in high-end shopping districts enhances its luxurious image, and despite a limited number of stores, the output per store is significant. The online strategy accelerates the penetration of traditional gold products, attracting young customers with lower-priced items, which also supports long-term offline development [7]. - For Anjui Foods, the company continues to show positive operational trends in the fourth quarter. Although the intensity of price competition in the industry remains to be observed, feedback from distributors and market responses indicate a potential easing of price competition among frozen food companies since the third quarter, which may lead to improved profitability [7].

市场表现方面，机构买入型评级个股今日平均下跌0.59%，表现弱于沪指。跌幅较大的个股有万通液 压、天奈科技、安联锐视等，跌幅分别为2.99%、2.86%、2.31%。 行业来看，电子、机械设备等行业最受青睐，均有2只个股上榜机构买入评级榜。计算机、食品饮料等 行业也较受机构关注，分别有2只、1只个股上榜。 机构今日买入型评级记录 8只个股今日获机构买入型评级，4股机构首次关注。 证券时报·数据宝统计显示，今日机构研报共发布8条买入型评级记录，共涉及8只个股。北方华创、汉 得信息等关注度最高，均有1次机构买入型评级记录。 从机构评级变动看，今日机构买入型评级记录中，有4条评级记录为机构首次关注，涉及安井食品、安 联锐视等4只个股。 （文章来源：证券时报网） | 代码 | 简称 | 机构名称 | 最新评级 | 上次评级 | 预测目标价（元） | 最新收盘价（元） | | --- | --- | --- | --- | --- | --- | --- | | 603345 | 安井食品 | 国投证券 | 买入-A | 未评级 | 94.05 | 79.50 | | 300553 | 集智股份 | 甬兴证券 | 买入 ...