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]

论整活儿，这届网友必须有发言权。 拿惯例的春节营销来说，就着马年，网友在线喊话伊利和蒙牛，点名要让马伊琍来代言。给伊利拟出的 slogan是"我是马伊琍，马年喝伊利"，转头又建议蒙牛签下马伊琍，slogan则是"伊琍（伊利）都说蒙牛 好"。或许是因为脑洞大得恰到好处，伊利很"听劝"，顺势签下了马伊琍，将网友的脑洞变成了马年春 节的营销实景。 不只网友，品牌们也自发地搞起了抽象。 跳出传统营销框架的品牌们，试图以荒诞、无厘头的画风抢占用户注意力。从春节档的流量炸场到日常 营销的持续破圈，抽象早已不是小众玩法，而是成为品牌对话年轻群体的主流语言之一。 几乎同期，老牌牛奶食品品牌李子园，尝试挣脱"登味饮品"的刻板标签，用一场"粉色液体风暴"席卷全 网。 这次李子园选择不走常规温情怀旧路线，而是融入嘻哈元素，邀请60多岁出道的说唱"法姥"桂香阿姨， 推出了一首说唱MV。MV中，桂香阿姨唱着"我和姊妹们一起喝点粉色的液体，一种甜甜的液体，一种 粉色的液体"，直白的歌词搭配上头的旋律，网友评价："从'质疑'到'成为'，只需将视频循环3次"。 还有早已刻入大众记忆、主打"年轻态"的脑白金。 这个深耕中老年市场的营养品品牌， ...

Group 1 - The core point of the news is that Liziyuan's stock price dropped by 5.27% to 13.30 CNY per share, with a trading volume of 256 million CNY and a turnover rate of 4.79%, resulting in a total market capitalization of 5.188 billion CNY [1] - Liziyuan Food Co., Ltd. is located in Jinhua City, Zhejiang Province, and was established on October 22, 1994, with its listing date on February 8, 2021 [1] - The company's main business involves the research, production, and sales of dairy beverages, with the revenue composition being 93.76% from dairy beverages, 4.86% from other beverages, 0.73% from dairy-flavored drinks, 0.47% from other supplements, and 0.17% from composite protein drinks [1] Group 2 - From the perspective of major fund holdings, one fund under Founder Fubon holds a significant position in Liziyuan, specifically the Founder Fubon Consumer Dividend Index Enhanced (LOF) (501089), which holds 146,700 shares, accounting for 2.14% of the fund's net value, ranking as the tenth largest holding [2] - The fund has a current scale of 81.5908 million CNY and has yielded a return of 1.25% this year, ranking 3482 out of 5562 in its category, with a one-year return of 8.96%, ranking 3783 out of 4285 [2] - The fund manager, Wu Hao, has been in position for 7 years and 224 days, with a total asset scale of 4.321 billion CNY, achieving a best return of 112.01% and a worst return of -33.88% during his tenure [2]

Core Viewpoint - The company plans to implement a mid-term cash dividend of 91,957,634.64 yuan in 2025, aimed at balancing short-term shareholder returns with long-term value [1] Group 1: Dividend Strategy - The cash dividend plan is based on a comprehensive assessment of industry trends, company planning, profitability, funding needs, and shareholder preferences [1] - The company aims to enhance the shareholder return system by increasing the frequency of dividends and ensuring the effective implementation of the mid-term dividend plan [1] - The focus on cash dividends reflects the company's commitment to rewarding investors and sharing operational success while considering business performance and sustainable development [1] Group 2: Project Update - The company has a 1,000-ton raw milk deep processing project in Yinchuan, with further details to be disclosed in related announcements [1]

Core Viewpoint - Zhejiang Liziyuan Food Co., Ltd. has decided not to adjust the conversion price of its convertible bonds, despite triggering the downward adjustment clause due to stock prices falling below 80% of the conversion price for fifteen consecutive trading days [2][9]. Group 1: Convertible Bond Issuance Overview - The company issued 6 million convertible bonds with a total value of 600 million yuan, with a maturity of six years and a tiered interest rate starting from 0.3% in the first year to 2.0% in the sixth year [3]. - The bonds were listed on the Shanghai Stock Exchange on July 13, 2023, with an initial conversion price set at 19.47 yuan per share, effective from December 28, 2023, to June 19, 2029 [3]. Group 2: Conversion Price Adjustment Terms - The downward adjustment clause allows the company to propose a conversion price adjustment if the stock price is below 80% of the conversion price for at least fifteen trading days within any thirty-day period [7]. - If the company decides to adjust the conversion price, it must announce the adjustment details, including the adjustment range and the record date for shareholders [8]. Group 3: Decision on Price Adjustment - The board of directors, after considering various factors, including the company's fundamentals and market conditions, decided not to adjust the conversion price at the fourth board meeting held on January 30, 2026 [9]. - The company will not propose any downward adjustment for six months following the decision, and any future adjustments will be reconsidered after July 31, 2026 [2][9].

| 证券代码：605337 | 证券简称：李子园 | 公告编号：2026-003 | | --- | --- | --- | | 转债代码：111014 | 转债简称：李子转债 | | 浙江李子园食品股份有限公司 关于不向下修正"李子转债"转股价格的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 自 2026 年 1 月 11 日至 2026 年 1 月 30 日，浙江李子园食品股份有限公司 （以下简称"本公司"或"公司"）在本次发行的可转换公司债券存续期间，股 票已出现连续十五个交易日的收盘价低于当期转股价格的 80%的情形，触发"李 子转债"转股价格向下修正条款。 经公司第四届董事会第四次会议审议通过，公司董事会决定本次不向下修 正"李子转债"转股价格，且在未来六个月内（即自 2026 年 1 月 31 日至 2026 年 7 月 30 日），如再次触发"李子转债"转股价格向下修正条款，亦不提出向下 修正方案。在此期间之后，自 2026 年 7 月 31 日开始重新计算，若再次触发"李 子转债"转股价 ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 603156 | 乔元饮品 | 30.76 | -1.94% | 9.78万 | 3.03亿 | | 600189 | 泉阳泉 | 8.37 | -0.83% | 24.22万 | 2.02亿 | | 600429 | 三元股份 | 5.41 | -0.73% | 21.15万 | 1.14亿 | | 002946 | 新乳业 | 18.56 | 0.38% | 5.61万 | 1.03亿 | | 605337 | 李子园 | 13.62 | 0.44% | 26.98万 | 3.68亿 | | 002570 | 贝因美 | 6.19 | 0.49% | 26.69万 | 1.64亿 | | 002732 | 范博乳业 | 17.35 | 0.58% | 2.41万 | 4178.02万 | | 605300 | 佳木食品 | 11.95 | 0.76% | 3.12万 | 3710.84万 | | 002329 | 皇氏集团 | 3.81 | 0 ...

Core Insights - The beverage and dairy sector experienced a rise of 0.51% on January 28, with Liziyuan leading the gains [1] - The Shanghai Composite Index closed at 4151.24, up 0.27%, while the Shenzhen Component Index closed at 14342.9, up 0.09% [1] Sector Performance - Liziyuan (605337) closed at 13.56, up 5.85% with a trading volume of 388,600 shares [1] - Sanyuan (600429) closed at 5.45, up 4.21% with a trading volume of 482,000 shares [1] - Dongpeng Beverage (605499) closed at 254.51, up 3.54% with a trading volume of 47,700 shares [1] - Other notable performers include Weiwe (600300) up 1.65% and Qishi Dairy (920786) up 1.18% [1] Capital Flow - The beverage and dairy sector saw a net inflow of 1.51 million yuan from institutional investors, while retail investors contributed a net inflow of 12.8 million yuan [2] - However, there was a net outflow of 129 million yuan from speculative funds [2] Individual Stock Capital Flow - Liziyuan had a net inflow of 62.55 million yuan from institutional investors, but a net outflow of 17.26 million yuan from speculative funds [3] - Yili (600887) saw a net inflow of 33.78 million yuan from institutional investors, but a significant net outflow of 71.72 million yuan from speculative funds [3] - Sanyuan (600429) had a net inflow of 22.36 million yuan from institutional investors, while retail investors experienced a net outflow of 27.12 million yuan [3]

（编辑 任世碧） 证券日报网讯 1月23日，李子园发布公告称，本次触发转股价格修正条件的期间从2026年1月11日起 算，截至2026年1月23日，公司股票连续十个交易日的收盘价低于当期转股价格18.37元/股的80%，若未 来二十个交易日内有五个交易日公司股票价格继续满足相关条件的，将有可能触发"李子转债"的转股价 格修正条款。根据《上海证券交易所上市公司自律监管指引第12号——可转换公司债券》规定，"在转 股价格修正条件触发当日，上市公司应当召开董事会审议决定修正转股价格，在次一交易日开市前披露 修正或者不修正可转债转股价格的提示性公告，并按照募集说明书或者重组报告书的约定及时履行后续 审议程序和信息披露义务。上市公司未按本款规定履行审议程序及信息披露义务的，视为本次不修正转 股价格。"公司将依据上述规则要求，结合公司实际情况履行审议和披露义务。 ...

Market Overview - The beverage and dairy sector experienced a decline of 0.18% on January 23, with Miaokelan leading the drop [1] - The Shanghai Composite Index closed at 4136.16, up 0.33%, while the Shenzhen Component Index closed at 14439.66, up 0.79% [1] Stock Performance - Notable gainers in the beverage and dairy sector included: - Quanyangquan (code: 681009) with a closing price of 8.37, up 2.45% and a trading volume of 419,500 shares, totaling 351 million yuan [1] - Huanlejia (code: 300997) closed at 24.80, up 2.31% with a trading volume of 98,400 shares, totaling 242 million yuan [1] - Qiaoyuan Beverage (code: 603156) closed at 33.86, up 1.93% with a trading volume of 108,900 shares, totaling 364 million yuan [1] - Conversely, the following stocks saw declines: - Miaokelan (code: 600882) closed at 23.75, down 3.34% with a trading volume of 153,200 shares, totaling 368 million yuan [2] - Weiweijia (code: 600300) closed at 3.71, down 2.11% with a trading volume of 665,200 shares, totaling 248 million yuan [2] - New Dairy (code: 002946) closed at 19.19, down 1.34% with a trading volume of 45,200 shares, totaling 86.94 million yuan [2] Capital Flow - The beverage and dairy sector saw a net outflow of 141 million yuan from institutional investors, while retail investors contributed a net inflow of 229 million yuan [2] - Detailed capital flow for selected stocks includes: - Yili Group (code: 600887) with a net inflow of 1.10 billion yuan from institutional investors, but a net outflow of 162.69 million yuan from retail investors [3] - Huangshi Group (code: 002329) had a net inflow of 13.98 million yuan from institutional investors, with a net outflow of 5.66 million yuan from retail investors [3] - Liziyuan (code: 605337) saw a net inflow of 8.75 million yuan from institutional investors, with a net outflow of 1.70 million yuan from retail investors [3]