证券之星消息，9月17日饮料乳品板块较上一交易日上涨0.22%，东鹏饮料领涨。当日上证指数报收于 3876.34，上涨0.37%。深证成指报收于13215.46，上涨1.16%。饮料乳品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) | | | --- | --- | --- | --- | --- | --- | --- | | 6655599 | 东鹏饮料 | 296.88 | 1.40% | 1.72万 | | 5.10亿 | | 002946 | 新乳业 | 17.76 | 1.02% | 7.28万 | · 1.30亿 | | | 600300 | 维维股份 | 3.53 | 0.86% | 88.23万 | | 3.11亿 | | 603156 | 养元饮品 | 21.34 | 0.52% | 2.85万 | 6057.26万 | | | 300997 | 欢乐家 | 20.16 | 0.30% | 20.49万 | | 4.16亿 | | 600887 | 伊利股份 | 28.08 | 0.00% | 48.32万 | | 13.58亿 | ...

食品饮料 2025 年 09 月 17 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 0% 10% 19% 29% 38% 48% 2024-09 2025-01 2025-05 食品饮料 沪深300 相关研究报告 《白酒底部等待回暖，西麦食养赛道 可期—行业周报》-2025.9.14 《白酒筑底，新消费领航—行业周报》 -2025.9.7 《中报综述：传统消费微光渐明，新 消 费 繁 花 正 盛 — 行 业 投 资 策 略 》 -2025.9.4 8 月社零增速环比放缓，消费动能仍待提振 ——行业点评报告 | 张宇光（分析师） | 张恒玮（分析师） | | --- | --- | | zhangyuguang@kysec.cn | zhanghengwei@kysec.cn | | 证书编号：S0790520030003 | 证书编号：S0790122020008 | zhanghengwei@kysec.cn 证书编号：S0790122020008 投资建议：社零数据增速环比持续回落，消费需求动能不足 2025 年 8 月社零数据增速环比回落，主要系"以旧换新"政策效果边际减弱和 消费需求复苏偏 ...

证券研究报告|食品饮料 [Table_Title] 业绩增速明显放缓，只有啤酒、软饮料、调 味品、肉制品营收利润双增长 [Table_ReportType] ——食品饮料行业 2025H1 业绩综述报告[Table_ReportDate] [投资要点： Table_Summary] 整体：食品饮料板块业绩增速明显放缓，归母净利润同比转负，业绩增 速排名下降。2025H1食品饮料行业实现营收5806.35亿元（YoY+2.41%）, 归母净利润 1275.08 亿元（YoY-0.56%），营收和归母净利润增速在申 万 31 个一级子行业中分别排名第 14 和第 20，营收增速较 2024H1 下降 1.30pcts，归母净利润增速较去年同期下降 14.52pcts，同时毛利率与 净利率同比下降，费用率则相对稳健。 3281 业绩增速：零食、软饮料和调味发酵品营收增速靠前，啤酒、调味发酵 品和软饮料利润增速靠前。软饮料、调味发酵品、啤酒、肉制品营收和 归母净利润均实现同比正增长。零食、软饮料和调味发酵品营收增速位 居前列，营收增速分别为 36.36%、9.08%、4.66%；啤酒、调味发酵品和 软饮料归母净利润增 ...

两融数据显示，该股最新融资余额为3.52亿元，近5日增加1334.30万元，增幅为3.94%。 据天眼查APP显示，东鹏饮料(集团)股份有限公司成立于1994年06月30日。注册资本52001.3万人民币。 （数据宝） 东鹏饮料9月16日大宗交易平台出现一笔成交，成交量55.20万股，成交金额1.44亿元，大宗交易成交价 为260.55元，相对今日收盘价折价11.01%。该笔交易的买方营业部为华泰证券股份有限公司总部，卖方 营业部为招商证券股份有限公司北京建国路证券营业部。 进一步统计，近3个月内该股累计发生9笔大宗交易，合计成交金额为8.98亿元。 证券时报·数据宝统计显示，东鹏饮料今日收盘价为292.78元，上涨1.13%，日换手率为0.29%，成交额 为4.36亿元，全天主力资金净流入729.10万元，近5日该股累计下跌1.78%，近5日资金合计净流出 3690.62万元。 9月16日东鹏饮料大宗交易一览 | 成交量 | 成交金额 | 成交价格 | 相对当日收盘折 | 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | | （万股） | （万元） ...

在软饮行业，冰柜从来不是简单的冷藏工具，而是终端竞争的"战略要塞"。终端冰柜的渗透率直接决定 品牌的市场能见度与消费转化率，而数字化能力则成为冰柜运营效率的倍增器。东鹏饮料凭借"冰冻化 +数字化"双轮驱动模式，加大冰柜投入，构建终端壁垒，以全链路数字化赋能渠道管理，2025年上半 年实现营收107.37亿元、净利润23.75亿元，同比增长36.37%和37.22%，为行业提供了"规模与效率并 重"的增长范本。 在冰柜运营层面，"五码合一"技术与动态货龄分析系统、SFA（销售自动化）系统深度协同，实现了全 链路的精细化管理。动态货龄分析系统可实时监控冰柜内产品的生产批次与流通时间，确保终端产品新 鲜度；SFA 系统则能智能规划业务员路线，实时反馈冰柜陈列情况，避免产品被边缘化摆放。更关键 的是，通过"一元乐享"活动，东鹏饮料实现了bC两端的利益绑定：消费者购买产品后扫码可获得 1 元 优惠再购一瓶，终端门店扫码核销即可同步获得返利，这种"消费者得实惠、门店得收益"的模式，彻底 改变了传统促销中"品牌投入大、终端积极性低"的困境。 东鹏饮料冰柜陈列 值得注意的是，基于bC一体化的逻辑，通过营销数字化的系统加持，东 ...

进一步统计，近3个月内该股累计发生9笔大宗交易，合计成交金额为8.98亿元。该股近5个交易日累计 下跌1.78%，主力资金合计净流出7719.2万元。 9月16日，东鹏饮料收涨1.13%，收盘价为292.78元，发生1笔大宗交易，合计成交量55.2万股，成交金 额1.44亿元。 责任编辑：小浪快报 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 第1笔成交价格为260.55元，成交55.20万股，成交金额14,382.36万元，溢价率为-11.01%，买方营业部为 华泰证券股份有限公司总部，卖方营业部为招商证券股份有限公司北京建国路证券营业部。 ...

Investment Rating - The report rates the industry as "Outperform the Market" [3][20]. Core Insights - The white liquor sector is expected to see a weak recovery in demand as policy pressures ease, with a notable narrowing of year-on-year declines anticipated during the upcoming double festival sales [2]. - The food and beverage industry is currently at a low valuation, with pessimistic expectations fully priced in, and the release of interim results is expected to alleviate performance pressures [2]. - The report highlights the potential for premium liquor companies like Kweichow Moutai, Wuliangye, and Shanxi Fenjiu, which have stable pricing and attractive dividend yields, to be favored during this adjustment period [2]. - In the mass consumer goods segment, companies like Nongfu Spring and Dongpeng Beverage are recommended due to their strong growth trajectories and the market's willingness to assign valuation premiums to "scarce" growth stocks [2]. Summary by Sections Weekly Tracking - The food and beverage industry increased by 1.08% in the week of September 8-12, underperforming the Shanghai Composite Index, which rose by 1.52% [3][4]. - Among sub-sectors, meat products led with a gain of 2.99%, while snacks saw a decline of 4.60% [3][6]. Dairy Sector - The nationwide rollout of childcare subsidies is expected to boost demand for dairy products, particularly infant formula, benefiting leading companies with strong brand advantages and diversified distribution channels [3]. Snack Sector - The rapid expansion of the snack chain "Mingming Hen Mang" has surpassed 20,000 stores, indicating a shift towards a more competitive and cost-effective sales model that aligns with current consumer trends [3]. Restaurant Sector - The launch of the "Gaode Street Ranking" by Gaode Map is anticipated to enhance the vitality of offline dining by leveraging user behavior data for merchant evaluations, which may benefit restaurant supply chain companies [3].

| 交易日期 025-09-16 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | 证券简称 东鹏饮料 | | | | | | | | | | 蓬券代码。 605499 | 260.55 | 14382.36 | | | | | | | | 55.2 | | 华泰证券股份有限 公司总部 | 招商证券股份有限 公司北京建国路证 | 180 | | | | | 成交价(元) 成交金额(万元) 成交量(*) 买入营业部 | | | 美出营业部 | 是否为专场 | 9月16日，东鹏饮料大宗交易成交55.2万股，成交额1.44亿元，占当日总成交额的24.82%，成交价260.55 元，较市场收盘价292.78元折价11.01%。 ...

Investment Rating - The report maintains an "Outperform the Market" rating for the food and beverage sector [1][4][5]. Core Views - High-end liquor prices continue to face pressure, with a focus on the performance during the traditional peak season [2][10]. - The beer industry is awaiting demand recovery, with recommendations for leading brands like Yanjing Beer and China Resources Beer [13][14]. - The overall food and beverage sector saw a 1.21% increase in the week of September 8 to September 12, 2025, underperforming the Shanghai Composite Index by 0.31 percentage points [19][20]. Summary by Sections 1. Liquor Industry - High-end liquor prices, including Feitian Moutai and Wuliangye, have decreased, while the price of Gaoduzhongjiu has remained stable [11][12]. - The report suggests that the traditional double festival consumption atmosphere has not yet gained momentum, leading to weak demand [2][11]. - Recommendations include focusing on companies with strong anti-cyclical performance, such as Shanxi Fenjiu and Gujing Gongjiu, and those with strong cyclical attributes like Luzhou Laojiao [12][2]. 2. Beer Industry - The beer sector is experiencing healthy inventory levels and is expected to see demand recovery as regulatory impacts on consumption fade [13][14]. - Recommendations include Yanjing Beer and China Resources Beer, which are positioned well for growth [13][14]. 3. Snack and Seasoning Products - The snack industry is shifting from channel-driven growth to category-driven growth, with a focus on strong brands like Wei Long and Yan Jin [14][15]. - The seasoning industry shows signs of improvement, with leading companies like Haitian and Yihai International expected to benefit from a recovery in the restaurant sector [15]. 4. Frozen Foods and Dairy Products - The frozen food sector is seeing a trend towards industrialization, with a focus on pre-prepared dishes [16]. - The dairy sector is expected to recover gradually, with leading companies like Yili and New Hope Dairy showing signs of improvement in 2025 [17]. 5. Beverage Sector - The beverage industry continues to thrive, with a reported 18% year-on-year revenue growth in Q2 2025, driven by demand for sugar-free tea and energy drinks [18]. - Recommendations include leading brands like Nongfu Spring and Dongpeng Beverage, which are expanding their market presence [18].

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 300997 | 欢乐家 | 19.51 | -4.83% | 15.17万 | 3.00亿 | | 002946 | 新乳业 | 17.57 | -1.90% | 6.67万 | 1.17亿 | | 001318 | 阳光乳业 | 14.61 | -1.88% | 8.64万 | 1.27亿 | | 605499 | 东鹏饮料 | 289.50 | -1.80% | ﻛ 2.81万 | 8.16亿 | | 605179 | 一鸣食品 | 22.18 | -1.68% | 7.00万 | 1.56亿 | | 600882 | 妙可蓝多 | 24.83 | -1.39% | 6.31万 | 1.58亿 | | 002570 | 贝因美 | 6.71 | -1.32% | 47.73万 | 3.21亿 | | 603156 | XD养元饮 | 21.29 | -1.30% | 3.10万 | 6617.17万 | | 605337 | 李子园 | 4 ...