智通财经APP获悉，中泰证券发布研报称，未来能量饮料行业将由过去单一的能量补给刚性需求向健康 化、场景细分化进行发展，东鹏饮料(605499.SH)作为行业内头部品牌，在市场升级过程中通过自身无 糖产品提前卡位，精准定位消费者的核心需求，持续强化自身优势。同时考虑到能量饮料主要原材料价 格保持低位，该行重点推荐东鹏饮料。 中泰证券主要观点如下： 海外：从功能刚需到生活方式升维：海外能量饮料行业已从粗放式功能发展，向健康化、功能差异化、 口味多元化转型。美国市场中，2020年前Monster与红牛双寡头市占率达70.9%，2021-2025年Celsius市 占率从1.7%升至13.7%，凭借"0糖+0脂+0热量"健康配方、"燃脂"核心定位及多元口味，成为市场第三 品牌，印证行业转型方向。 主流原材料：牛磺酸与白砂糖价格预计保持低位 牛磺酸：产能过剩致价格低位：饮料是牛磺酸第一大应用市场(占比45%)，全球总产能约20万吨，中国 占比超70%(约15万吨)，国内前五大厂商占据90%以上产量，永安药业市占率约50%。受产能过剩及原 材料环氧乙烷价格低位影响，2022年起牛磺酸价格持续下行，短期预计维持低位。 白砂 ...

东鹏饮料1+6产品家族 据弗若斯特沙利文报告显示，按销量计，东鹏特饮自2021年起连续4年稳居中国功能饮料市场第一，成 为驱动品类增长的核心动力。产品创新带来的增长实效在财务数据中尤为凸显，2025年前三季度东鹏饮 料累计营收168.44亿元，同比增长34.13%，其中电解质饮料东鹏补水啦实现收入28.47亿元，占比从 9.66%升至16.91%，成为第二大品类，其他饮料收入14.24亿元（占比8.46%），进一步丰富矩阵。 近日，中国食品工业"十四五"总结暨"十五五"展望大会在郑州举行。大会以"穿越周期，共创新局"为主 题，汇聚了食品行业顶尖企业代表、权威专家学者及主流媒体人士，共同总结"十四五"发展成果，展 望"十五五"发展蓝图，为行业发展注入新动能。 其中，"致敬中国食品工业'十四五'榜样力量系列评选"自10月份启动以来，累计收到各渠道推选信息 500多条，企业报名表格800余份，300+人物/企业/品牌/产品进入网络票选阶段。经过全行业及专家线上 投票，最终评选出中国食品工业"十四五"高质量发展领军人物/标杆企业/贡献人物/品类冠军四大奖项。 凭借在产业升级、创新驱动与社会责任等领域的卓越表现，东鹏饮 ...

Investment Rating - The report maintains an "Outperform the Market" rating for the food and beverage sector [4][5][10]. Core Views - The food and beverage sector is expected to see a recovery in consumer scenarios, with a stable price expectation for Moutai [1][3]. - The sector is entering a left-side layout phase, with high-quality companies expected to gain greater growth potential [2][10]. - The report highlights the differentiation in the fundamentals of various categories, with beverages outperforming food and alcohol [2][10]. Summary by Relevant Sections 1. Sector Overview - The food and beverage sector experienced a cumulative decline of 1.52% this week, with A-shares down 1.63% and H-shares up 0.07% [1]. - The top five gainers in the food and beverage sector this week were Yanjinpuzi (5.11%), Huikaishan (4.85%), New Dairy (3.22%), Chenguang Biological (3.09%), and Anji Food (3.08%) [1]. 2. Alcohol Sector - In the liquor segment, the report recommends focusing on leading companies like Luzhou Laojiao, Shanxi Fenjiu, Guizhou Moutai, and Yingjia Gongjiu, while also monitoring the reform pace of Wuliangye and Yanghe [2][10]. - The report notes that the current market is in a left-side layout phase, with positive signals expected from both demand and supply sides [10]. 3. Beverage Sector - The beverage industry is experiencing a sustained boom, with leading companies significantly outperforming the market [14]. - Recommendations include Nongfu Spring and Dongpeng Beverage, which are accelerating their national and platform expansion [14]. 4. Food Sector - The snack segment is advised to focus on strong alpha stocks, particularly in the konjac snack category, where leading companies like Weilong and Yanjinpuzi show strong competitive advantages [11][12]. - The restaurant supply chain is showing signs of stabilization, with recommendations for leading companies like Yihai International and Haitian Flavoring [12]. 5. Earnings Forecasts and Investment Ratings - Key companies such as Guizhou Moutai, Nongfu Spring, Wuliangye, Shanxi Fenjiu, and Luzhou Laojiao are rated as "Outperform the Market" with projected earnings per share (EPS) growth for 2025 and 2026 [4][10]. - The report provides detailed earnings forecasts for these companies, indicating a positive outlook for the sector [4][15].

Investment Rating - The report maintains an "Outperform the Market" rating for the food and beverage sector [4][5][10]. Core Views - The food and beverage sector is expected to see a recovery in consumer scenarios, with a stable price expectation for Moutai [1][3]. - The sector is entering a left-side layout phase, with high-quality companies expected to gain greater growth potential [2][10]. - The report highlights the differentiation in the fundamentals of various categories, with beverages outperforming food and alcohol [2][10]. Summary by Relevant Sections 1. Sector Overview - The food and beverage sector (A-shares and H-shares) experienced a cumulative decline of 1.52% this week, with A-shares down 1.63% and H-shares up 0.07% [1]. - The top five gainers in the food and beverage sector this week were Yanjinpuzi (5.11%), Kuaijishan (4.85%), New Dairy (3.22%), Chenguang Biological (3.09%), and Anji Food (3.08%) [1]. 2. Alcohol Sector - In the liquor segment, the report recommends focusing on leading companies like Luzhou Laojiao, Shanxi Fenjiu, Guizhou Moutai, and Yingjia Gongjiu, while also monitoring the reform pace of Wuliangye and Yanghe [2][10]. - The report notes that the current market is in a left-side layout phase, with positive signals expected from both demand and supply sides [10]. 3. Beverage Sector - The beverage industry is experiencing a sustained boom, with leading companies significantly outperforming the market [14]. - The report continues to recommend companies like Nongfu Spring and Dongpeng Beverage, which are accelerating their national and platform expansion [14]. 4. Food Sector - In the snack segment, the report emphasizes strong alpha stocks, particularly in the konjac snack category, with leading companies like Weilong and Yanjinpuzi showing strong competitive advantages [11][12]. - The restaurant supply chain is showing signs of stabilization, with recommendations for leading companies like Yihai International and Haitian Flavoring [12]. 5. Earnings Forecast and Investment Ratings - The report provides earnings forecasts for key companies, with Guizhou Moutai expected to have an EPS of 75.79 in 2026, and Luzhou Laojiao with an EPS of 8.04 in the same year [4]. - The average PE ratio for these companies is projected to be around 18.9 for Moutai and 16.0 for Luzhou Laojiao in 2026 [4].

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].

Group 1 - The pre-prepared food market is experiencing a paradox of consumer trust issues and capital enthusiasm, driven by urbanization and the demand for convenient dining [3][4]. - The "zero additives" concept is being phased out in favor of "clean label" standards, emphasizing ingredient transparency and natural prioritization [5][6]. - The energy drink industry is undergoing rapid transformation with ingredient innovation and scene segmentation, focusing on health trends and diverse flavors [7][8]. Group 2 - The nut import market in China is projected to reach $2.386 billion in 2024, with a significant increase in demand for high-end varieties like pistachios [10]. - The beverage market is facing a downturn, with sales declining due to the rise of on-demand drink services and aggressive pricing strategies [14][15]. - The convenience food industry in China is shifting towards value creation, with a market size expected to grow from 673.6 billion yuan in 2023 to 960.3 billion yuan by 2026 [18]. Group 3 - The dairy industry is seeing a shift from ambient milk to fresh milk, with companies like Bright Dairy exploring new growth areas in the pet food market [20]. - Wangwang is facing challenges in the milk market, prompting the company to diversify into AD calcium milk to regain market share [21]. - The plant-based food sector is experiencing a downturn, with companies focusing on technological innovation and localization to meet market demands [17]. Group 4 - JD.com is enhancing its pre-prepared food strategy, aiming to strengthen its supply chain and align with the growing demand for ready-to-eat meals [31]. - China Resources Beverage is entering the ready-to-drink coffee market, competing against established brands like Nestlé and Starbucks [32]. - Wanglaoji is diversifying into the functional beverage market by acquiring distribution rights for Red Bull in southern China, aiming for significant sales growth [33].

Investment Rating - The report does not provide a specific industry rating but emphasizes a positive outlook for the food and beverage sector based on the central economic work conference's focus on domestic demand and consumption opportunities [5][6]. Core Insights - The central economic work conference highlighted the importance of domestic demand, aiming to boost consumption through various initiatives, including income distribution reforms and the removal of unreasonable consumption restrictions, which is expected to benefit the food and beverage sector [6][7]. - The report suggests that the food and beverage industry could see structural opportunities in 2026, driven by high-growth companies and favorable policy directions [7]. Sub-industry Ratings - No specific ratings are provided for sub-industries such as liquor, beverages, and food [3]. - Recommended companies include: - Guizhou Moutai: Buy - Shanxi Fenjiu: Hold - Guming: Buy - Mixue Group: Hold - Ximai Food: Buy - Dongpeng Beverage: Buy - Wancheng Group: Buy - Pop Mart: Buy - Yanjing Beer: Hold - Dashihua: Buy [3][11]. Recommended Companies and Earnings Forecast - The report includes earnings forecasts for recommended companies, indicating expected growth in EPS from 2024 to 2027 for each company, with Guizhou Moutai projected to have an EPS of 80.79 in 2027 [11].

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]

今日（12.10），A股探底回升，大消费小幅收涨，消费ETF（159928）收涨0.25%，全天成交额3.99亿元！资金面上，消费ETF（159928）近10日净流入超 1.7亿元！截至12月9日，消费ETF（159928）最新规模超205亿元，同类断层领先！ 消息面上，12月10日，国家统计局公布数据显示，居民消费持续恢复，居民消费价格指数（CPI）环比略降0.1%，同比上涨0.7%，扣除食品和能源价格的核 心CPI同比上涨1.2%。 港股新消费亦小幅收红，港股通消费50ETF（159268）两连阴后反弹收涨0.32%，全天成交额超3000万元！资金面上，全天再度"吸金"500万份，已连续第3 日净流入，规模同类持续领先！港股新消费概念股多数飘红：李宁涨超3%，百胜中国涨超2%，安踏体育涨超1%，泡泡玛特、海尔智家、华润啤酒微涨（成 分股仅做展示，不作为个股推介）。 房地产方面，今日午后地产股异动上涨，某地产龙头冲击涨停，消息面上，房贷有关消息和某地产龙头有关消息近期频繁传出。 白酒方面，茅台回归指导价，25年飞天散瓶批价跌至1500元。今日酒价披露的批发参考价显示，12月10日，25年飞天茅台散瓶较前一日 ...

长沙晚报掌上长沙12月9日讯（全媒体记者 李卓 通讯员 谭润润）在卫生等级"10万+"级灌装间内，每分钟"闪 灌"600瓶饮料；AI质检"智能眼"，一分钟最高检测800瓶饮料，一"眼"识瑕疵……东鹏饮料上市以来的首次对外重 大投资，是怎样在长沙金霞经开区实现快落地、高投产的？9日，东鹏饮料华中总部长沙生产基地首次邀请消费 者权益保护部门、专家学者、主流媒体、行业协会等公众代表参观直击其"透明工厂"，零距离感受东鹏饮料"为消 费者提供高质量产品"承诺的深刻践行。 参观活动在"盲品"中拉开序幕。公众代表们挑战盲猜东鹏特饮的三个不同版本，在细微的口感差异中，体会企业 细腻研发功力。大家纷纷感叹，从能量饮料到茶饮、电解质饮料、植物蛋白饮料、咖啡，原来东鹏特饮已拥有如 此完整的产品谱系。 在智能立体仓内，25米的超高设计打造9层存储结构，11条巷道搭配"2.5万+"个库位，可容纳150万箱500ml标箱， 空间利用率较传统仓库提升3倍以上。记者在现场看到，RGV小车在既定轨道灵活穿梭，与堆垛机在智能系统调 度下精准协作，全流程自动化作业网络展现仓储物流高效、精准的管理水平。 东鹏饮料一系列先进的AI质量检测设备让人大开 ...