Core Viewpoint - The restaurant supply industry is experiencing a gradual easing of competition, with a consensus forming around this trend. The key to significant improvement in the sector in 2026 will depend on demand-side changes, with a prolonged bottoming period expected if demand remains stagnant [1][3]. Group 1: Industry Competition - Recent years have seen a weak recovery in the restaurant sector, leading to increased competition under pressure for market share. However, the marginal benefits from price competition have significantly decreased, and leading companies are advocating for rational competition. The profit margins in the sector rebounded in Q3 2025, indicating this shift [1][3]. - As the peak season approaches in Q4 2025 and January 2026, competition continues to ease, with companies like Anjijia adjusting promotional policies for certain products [1][3]. Group 2: New Growth Opportunities - Leading companies are actively seeking new growth through new products, channels, and markets. Anjijia is focusing on new product development and has adjusted its strategy to embrace supermarket customization, becoming a supplier for major retailers like Walmart and Sam's Club. The company is also planning to enter the halal market, which presents significant potential [2]. - Baoli Foods is enhancing its B2B business by tapping into existing customers and attracting new ones, while also maintaining a steady pace of new product launches in the C-end market [2]. - Babbi Foods has received positive feedback for its new store model, which is performing at 2-3 times the efficiency of traditional takeout stores, indicating potential for exceeding store opening expectations [2]. - Yihai International is expected to maintain robust growth in its B2B and overseas businesses, with a gradual stabilization anticipated for its related parties [2]. Group 3: Market Outlook - The market consensus is optimistic about the easing competition in the industry, with key uncertainties revolving around demand recovery, sustained improvement in market structure, and the potential for new products/channels/markets to generate significant incremental growth. The Consumer Price Index (CPI) is rising, which may restore consumer confidence, and there is anticipation for more domestic demand stimulus policies [3]. - The current low valuation of the sector suggests potential for a "Davis Double," where earnings exceed expectations, leading to a significant price increase [3]. Group 4: Investment Recommendations - The restaurant supply sector has passed its worst operational phase, with competition becoming more rational. Leading companies are making strides in new products, channels, and markets. Given the low valuations, the sector is expected to show elasticity, and a positive outlook is maintained. Key investment recommendations include Anjijia Foods, Baoli Foods, Lihai Foods, Babbi Foods, and Yihai International [4].

Group 1 - The core viewpoint of the news is that Anjuke Food's stock has experienced fluctuations, with a recent decline of 2.00% and a total market capitalization of 28.73 billion yuan [1] - As of January 13, Anjuke Food's stock price is 86.20 yuan per share, with a trading volume of 347 million yuan and a turnover rate of 1.36% [1] - Year-to-date, Anjuke Food's stock has increased by 8.73%, with a 4.19% rise over the last five trading days, an 8.59% increase over the last 20 days, and a 22.83% increase over the last 60 days [1] Group 2 - Anjuke Food Group Co., Ltd. is based in Xiamen, Fujian Province, and was established on December 24, 2001, with its listing date on February 22, 2017 [2] - The company specializes in the research, production, and sales of frozen foods, including products like fish tofu, fish balls, and various frozen dishes [2] - The revenue composition of Anjuke Food includes 49.43% from frozen prepared foods, 31.77% from frozen dishes, 16.32% from frozen noodle and rice products, and 2.38% from agricultural products and others [2] Group 3 - As of September 30, Anjuke Food had 63,200 shareholders, an increase of 78.56% from the previous period, with an average of 4,641 circulating shares per shareholder, a decrease of 43.98% [3] - For the period from January to September 2025, Anjuke Food achieved a revenue of 11.371 billion yuan, a year-on-year increase of 2.66%, while the net profit attributable to shareholders decreased by 9.35% to 949 million yuan [3] Group 4 - Anjuke Food has distributed a total of 3.219 billion yuan in dividends since its A-share listing, with 2.521 billion yuan distributed in the last three years [4] - As of September 30, 2025, the largest circulating shareholder is Hong Kong Central Clearing Limited, holding 5.401 million shares, a decrease of 6.5391 million shares from the previous period [4] - The Southern CSI 500 ETF has exited the list of the top ten circulating shareholders [4]

Investment Rating - The industry investment rating is "Positive" and is maintained [8] Core Viewpoints - The liquor sector is currently experiencing a phase of "supply optimization and weak demand recovery," with inventory destocking ongoing in Q4. Short-term price recovery is expected due to controlled supply from Moutai, with attention on Spring Festival sales and inventory movement [2][5] - The demand for mass-market products is expected to show marginal improvement, with January anticipated to see a strong start due to delayed Spring Festival stocking [2][5] - The report recommends focusing on products with strong seasonal effects and high performance realization, particularly in sectors like leisure snacks, restaurant supply chains, condiments, soft drinks, and dairy products [4][26] Summary by Sections Spring Festival Stocking Strategy - The Spring Festival stocking strategy should focus on products with strong seasonal effects and high performance realization. The timing of the Spring Festival can impact the performance of listed companies, especially in years when it falls later in the calendar [4][15] - Products with clear gifting scenarios and positive market sentiment in specific segments are prioritized for opportunity selection. The continuation of the post-Spring Festival market will depend on actual sales and positive Q1 performance feedback [4][26] CPI Trends - The food CPI has been strengthening since December, surpassing service and overall CPI. This trend is supported by supply clearing in certain items and seasonal demand recovery, which together bolster price improvements [32][34] - The CPI-PPI differential remains positive, supporting the continued improvement in profitability for food manufacturing companies [37] Market Performance Review - Since the beginning of 2026, the food and beverage index has increased by 2.21%, lagging behind the CSI 300, which rose by 2.79%. The performance of the liquor sector has remained stable, while the dairy sector has seen declines [6][40] - Soft drinks and leisure snacks have led the market in terms of growth related to Spring Festival stocking, while dairy and meat products have experienced declines [6][40] Industry Dynamics - The industry is increasingly focused on value deepening and structural optimization. Companies are prioritizing supply-demand balance, healthy pricing systems, and profit structure improvements rather than merely pursuing sales growth [7][46] - Food safety and supply chain resilience remain foundational to brand trust, highlighted by recent global recalls and supply chain disruptions [7][46]

Investment Rating - The report maintains a "Recommendation" rating for the food and beverage industry, indicating an expected increase in the industry index exceeding the benchmark index by more than 5% in the next 3-6 months [26]. Core Insights - The report emphasizes that the remaining brands in the sauce liquor sector will thrive, while mass-market products are expected to benefit from the upcoming Spring Festival [2][8]. - The dairy sector is showing signs of improvement, with a potential rebound in raw milk prices and a narrowing supply-demand gap, which could lead to increased demand for processed dairy products [6]. - The beverage and snack categories are experiencing sustained growth, with specific segments like energy drinks and konjac snacks showing remarkable sales increases despite overall declines in the snack market [6]. - The report highlights a significant shift in the sauce liquor industry, where pricing strategies are becoming more pragmatic, with a new growth level emerging around the 200 yuan price point as lower-tier brands face market exit pressures [6][8]. - The report suggests that leading liquor companies should maintain operational stability during this industry downturn, focusing on balanced investments in base liquor to prepare for future market recovery [8]. Summary by Sections Industry Overview - The food and beverage sector consists of 126 listed companies with a total market capitalization of 44,935.30 billion yuan, representing 3.54% of the market [3]. - The circulating market value stands at 43,859.19 billion yuan, accounting for 4.28% of the total market [3]. Performance Metrics - The absolute performance of the industry over the past month is 1.3%, with a relative performance decline of 2.2% compared to the benchmark [4]. - Over the past 12 months, the industry has seen a relative performance decline of 25.2% [4]. Sector-Specific Insights - Dairy products are expected to benefit from a favorable pricing environment and improved supply dynamics, with major companies actively preparing for the Spring Festival [6]. - The beverage sector is witnessing growth in specific categories, with leading brands launching targeted marketing campaigns for the holiday season [6]. - The sauce liquor market is undergoing a consolidation phase, with a focus on brand strength and market share recovery among leading companies [6][8].

Market Overview - The food processing sector increased by 0.28% on January 12, with Hai Xin Food leading the gains [1] - The Shanghai Composite Index closed at 4165.29, up by 1.09%, while the Shenzhen Component Index closed at 14366.91, up by 1.75% [1] Top Performers - Hai Xin Food (002702) closed at 7.62, up by 3.25% with a trading volume of 913,900 shares and a transaction value of 682 million [1] - Other notable gainers include: - Gai Shi Food (920826) at 14.45, up by 3.14% [1] - Kang Bi Te (920429) at 15.95, up by 3.04% [1] - Xi Wang Food (000639) at 3.42, up by 2.70% [1] - Hui Fa Food (603536) at 11.74, up by 2.18% [1] Underperformers - Qian Wei Yang Chu (001215) closed at 45.60, down by 3.33% with a trading volume of 62,200 shares and a transaction value of 286 million [2] - Other notable decliners include: - Ba Bi Food (605338) at 31.39, down by 2.52% [2] - Xian Le Health (300791) at 24.39, down by 1.45% [2] Capital Flow - The food processing sector experienced a net outflow of 131 million from institutional investors, while retail investors saw a net inflow of 111 million [2] - Notable capital flows include: - Anjiu Food (603345) had a net inflow of 62.62 million from institutional investors [3] - Gai Shi Food (920826) saw a net inflow of 24.97 million from institutional investors [3] - Tang Chen Bei Jian (300146) had a net inflow of 14.78 million from institutional investors [3]

高盛发布研报称，安井食品（603345）(02648)管理层表示，2025财年第四季主营业务收入表现稳健， 同比增长双位数，而12月表现更进一步加速。不过，经销商补库存仅产生轻微正面影响，因预期1月将 有政策调整。该行予安井食品A股(603345.SH)及安井食品H股"买入"评级，目标价分别为82元人民币及 71港元。 回顾2025财年下半年，自9月起出现复苏，主要得益于内部执行力改善以及市场顺风。展望2026年，管 理层对今年1月表现更为乐观，基于基数较低、农历新年前补库存以及天气条件更有利;预期主营业务收 入在2026年将实现双位数增长。盈利方面，管理层强调近期原材料成本未见重大变化，在规模经济效 应、定价能力更具韧性及原材料价格稳定下，可望维持稳健的净利润率水平。 ...

高盛发布研报称，安井食品(02648)管理层表示，2025财年第四季主营业务收入表现稳健，同比增长双 位数，而12月表现更进一步加速。不过，经销商补库存仅产生轻微正面影响，因预期1月将有政策调 整。该行予安井食品A股(603345.SH)及安井食品H股"买入"评级，目标价分别为82元人民币及71港元。 MACD金叉信号形成，这些股涨势不错！ 回顾2025财年下半年，自9月起出现复苏，主要得益于内部执行力改善以及市场顺风。展望2026年，管 理层对今年1月表现更为乐观，基于基数较低、农历新年前补库存以及天气条件更有利; 预期主营业务 收入在2026年将实现双位数增长。盈利方面，管理层强调近期原材料成本未见重大变化，在规模经济效 应、定价能力更具韧性及原材料价格稳定下，可望维持稳健的净利润率水平。 ...

Group 1 - The company plans to expand into the halal food market, leveraging the significant global demand for high-quality halal beef and lamb meatballs [1] - The new brand "Anzhai" will serve as the core of the halal food strategy, focusing on regions in China where the existing brand cannot fully cover [1] - The company aims to provide cost-effective halal frozen food products to enhance market integration and upgrade the current competitive landscape [1] Group 2 - Last year's new products performed as expected, with positive market feedback, particularly the hot pot mixed product achieving significant sales [2] - The 400g vacuum packaging series successfully entered the mid-range price segment, showing high growth and strategic importance [2] - The shrimp product line has been well-received, becoming a key point for collaboration with major supermarket systems by 2025 [2] Group 3 - The company's pricing strategy is dynamic, considering market conditions, raw material costs, competition, and consumer demand [3] - Recent adjustments to promotional policies were made based on current market evaluations [3] - The company will continue to monitor internal and external factors to maintain product quality and competitive pricing [3]

证券之星消息，1月9日食品加工板块较上一交易日上涨0.31%，千味央厨领涨。当日上证指数报收于 4120.43，上涨0.92%。深证成指报收于14120.15，上涨1.15%。食品加工板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 001215 | 千味央厨 | 47.17 | 5.01% | 8.33万 | | 3.88亿 | | 600530 | 交大昂立 | 6.77 | 1.96% | 12.51万 | | 8509.31万 | | 603345 | 安井食品 | 86.15 | 1.58% | 6.50万 | | 5.59亿 | | 605089 | 味知香 | 26.08 | 0.81% | 1.77万 | | 4605.82万 | | 603536 | 惠发食品 | 11.49 | 0.79% | 10.47万 | | 1.19 Z | | 605567 | 春雪食品 | 11.06 | 0.64% | 3.31万 | | 3650.67万 | ...

(资料图片) 关键词： 安井食品 投资者 综合 北京 产品 回收 政策 近期 促销 适度 北京商报讯 1月8日，安井食品在投资者互动平台回答投资者提问称，公司会根据市场动销状况、原材 料成本变化及行业竞争态势等综合因素定价并灵活调整。近期有对部分产品的促销政策进行适度回收。 ...