Investment Rating - The food and beverage industry is rated as stable for 2025 and 2026 [1] Core Insights - The food and beverage industry in China includes various sub-industries such as agriculture, food processing, and beverage manufacturing, closely linked to economic development, population structure, and consumer preferences. Despite ongoing economic pressures and weak consumer demand, the industry continues to grow, although revenue growth rates are declining and profitability is weakening [1][6] - The agricultural sector shows a steady increase in grain planting area and production, with major crops like rice, wheat, and corn maintaining a balance between supply and demand. However, some crop prices are under pressure due to supply-demand dynamics and international trade conditions [24][25] - The food manufacturing sector is experiencing stable growth, with overall profitability remaining flat. The industry is characterized by increasing fixed asset investments and a slight increase in total assets [52][53] Summary by Sections 1. Industry Performance - The food and beverage industry has a total asset value of 8.42 trillion yuan at the end of 2024, with a year-on-year growth of 3.59%. The industry’s revenue for 2024 is 9.07 trillion yuan, showing a slight decline of 0.20% year-on-year [7][11] - By the end of September 2025, the industry’s total assets increased to 8.61 trillion yuan, with a revenue of 6.71 trillion yuan, reflecting a year-on-year growth of 1.75% [7][11] 2. Agricultural Sector - The agricultural sector's total output value reached 162,787.5 billion yuan in 2024, with a year-on-year growth of 2.7%. The grain planting area for 2024 and 2025 is projected to be 11,931.9 million hectares and 11,940.9 million hectares, respectively [24][25] - Grain production is expected to increase, with total grain output for 2024 and 2025 estimated at 70.65 million tons and 71.49 million tons, respectively [27] 3. Feed Industry - The feed industry is experiencing growth in production, influenced by the recovery of the livestock sector. The total industrial feed production for 2024 is 31,503.1 million tons, showing a year-on-year decline of 2.1% [45] - The feed prices are expected to remain low due to fluctuations in raw material prices and weak downstream demand [49] 4. Food Manufacturing - The food manufacturing sector continues to grow, with total assets reaching 2.41 trillion yuan by September 2025, reflecting a 4% increase year-on-year. The revenue for the first three quarters of 2025 is 1.63 trillion yuan, with a slight decrease in profit margins [52][53] 5. Livestock Industry - The livestock sector is under pressure, with pork prices gradually declining. The production of beef is increasing, while sheep meat production is decreasing due to weak demand [56][58] - The overall production of meat is expected to grow, with pork production for 2024 and 2025 estimated at 5,706.03 million tons and 5,938 million tons, respectively [58]

24 February 2026 | 12:16AM HKT Equity Research China Consumer Staples: LNY expert calls: Spirits: Moutai/Wuliangye pivoting to recovery path; Dairy saw disciplined pricing yet unexciting On Feb 23, we hosted an expert call with a large spirits and F&B distributor located in Hunan province. Key highlights: 1) Spirits: Feitian Moutai volume/pricing topped expectations during the CNY period in the expert's region, with Feitian Moutai spirits retail sales volume up >20% yoy offsetting shipment control on non-st ...

23 February 2026 | 1:39AM HKT Equity Research China Spirits Tracker: 2026 LNY retail sales slightly better than expected; Resilient super premium with Moutai/Wuliangye LNY consumption sentiments: Pax mobility: The pax mobility for LNY holiday (Feb 15 - 21), up by c.9% yoy and the whole Chunyun window recorded 5.3bn (Feb 2-20). Strong homecoming flows translated into robust on-premise activity: daily average sales of key retail and catering enterprises rose +10.6% yoy over the first two holiday days (MOFCOM) ...

国盛证券在其研报中指出，2026年春节旺季呈现稳健复苏、结构性修复、哑铃型分化、头部向下挤压明 显的特点，多地反馈"茅五"动销超预期且同比增长，100—300 元价格带受益春节假期消费。需求端分 场景看，高端礼赠、大众聚饮自饮需求环比修复，商务宴请、团购需求仍有承压；分品牌看，高端名酒 和地产酒为动销主力、次高端酒动销放缓，其中飞天、普五、1935 等头部单品春节动销较旺，主要受 益于产品性价比提升、客群和场景拓展以及企业内部改革，同时300 元以下大众价位段单品动销仍相对 良性，符合节前预计基本面表现为茅台>高端>地产酒>次高端的判断。供给端看，酒企发力探索多元化 经营模式，春节营销有所创新，更加拥抱社媒，向"即饮"和"即时"场景倾斜。 （文章来源：北京商报） 北京商报讯2月24日尾盘，沪指4117.41点上涨0.87%。白酒板块以2223.20点收盘微涨0.27%，其中14只 白酒股下跌。 从个股来看，贵州茅台收盘价达1466.80元/股，下跌1.25%；五粮液收盘价达105.16元/股，下跌0.85%； 山西汾酒收盘价163.58元/股，下跌1.36%；泸州老窖收盘价达112.50元/股，下跌3.23% ...

今日（2.24），大消费板块冲高回落，盘初一度涨超1%，规模领先的消费ETF（159928）转跌0.64%，盘中成交额已超3.6亿元！资金再度青睐，盘中获2400 万份净申购。最新规模超223亿元，同类持续领先！ 消息面上，春节出行强度提升，春节假期前6日全社会累计跨区域人员流动量增速较春运返乡阶段进一步上行。消费迎来开门红，商品消费需求旺盛、服务 消费活力满满。旅游市场热度高涨，"分段式过年"普及，主题上"南下避寒、北上冰雪"双线并行，出入境旅游双向增长。春节档电影方面，票房明显走弱。 政策面上，高层杂志发表重要文章《当前经济工作的重点任务》；我国将对53个非洲建交国全面实施零关税举措；加大农村地区企业上市辅导培育力度，帮 助更多企业利用多层次资本市场进行融资；三部门发布重要五年规划期间支持科技创新进口税收优惠政策。 东吴证券指出，历史上A股"春节效应"特征显著，节后资金有望"重振旗鼓"带动量价共振修复，A股有望迎来积极开局。春节休市期间全球股市多数上涨， 全球风险偏好较优。流动性层面，美降息路径虽存变数，但市场对全年流动性预期未显著恶化；离岸人民币汇率假期运行平稳。内需方面，动能稳步修复。 产业趋势层面， ...

（原标题：泸州老窖集团等于深圳成立投资合伙企业） 企查查APP显示，近日，深圳市金骏润湾六号投资合伙企业（有限合伙）成立，出资额4.6亿元，经营范围包含：以自有资金从事投资活动；企业 管理；企业管理咨询；财务咨询。企查查股权穿透显示，该企业由泸州老窖集团有限责任公司旗下深圳市金高壹号投资合伙企业（有限合伙）等 共同出资。 ...

[Table_Page] 跟踪分析|食品饮料 证券研究报告 [Table_Title] 食品饮料行业 春节走访：五省白酒动销跟踪反馈 [Table_Summary] 核心观点： | [Table_Grade] 行业评级 | 买入 | | --- | --- | | 前次评级 | 买入 | | 报告日期 | 2026-02-24 | [Table_PicQuote] 相对市场表现 -10% -3% 4% 10% 17% 24% 02/25 05/25 07/25 09/25 12/25 02/26 食品饮料 沪深300 | [分析师： Table_Author]符蓉 | | | --- | --- | | | SAC 执证号：S0260523120002 | | | SFC CE No. BWC944 | | | 021-38003552 | | | furong@gf.com.cn | | 分析师： | 郝宇新 | | | SAC 执证号：S0260523120010 | | | SFC CE No. BVZ687 | | | 021-38003553 | | | haoyuxin@gf.com.cn | | ...

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]

Industry Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [2] Core Viewpoints - During the Spring Festival, national catering and retail consumption showed steady growth, with holiday consumption potential continuing to be released. According to the Ministry of Commerce, the average daily sales of key retail and catering enterprises during the first four days of the Spring Festival in 2026 increased by 8.6% compared to the same period in 2025 [5][19] - The performance of Moutai and Wuliangye, as well as some mid-to-low-end price segments, exceeded expectations, while the overall performance of Fenjiu remained stable [15][19] Summary by Relevant Sections 1. Weekly Viewpoints - Moutai and mid-to-low-end liquor sales during the Spring Festival showed growth, while sub-premium liquor continued to face pressure. Moutai's repayment progress slightly exceeded the same period last year, and Wuliangye's repayment progress remained stable [15][6] - The mid-to-low-end liquor segment is expected to achieve double-digit growth during the Spring Festival, while high-end liquor sales are under pressure [15][6] 2. Industry Performance - The food and beverage sector experienced a decline, with the Shenwan Food and Beverage Industry Index (801120.SL) dropping by 2.51% during the week of February 9 to February 14, ranking 29th among 30 Shenwan primary industries [20] - All sub-sectors within the food and beverage industry saw declines, with meat products, health products, and baked goods experiencing relatively smaller drops [20] 3. Key Company Announcements - Luzhou Laojiao announced that the number of restricted stock units eligible for release is 1,962,814 shares, accounting for 0.1333% of the company's total share capital [29] - Miaokelan Duo signed a memorandum with SADAFCO to explore the market for children's cheese snacks in Saudi Arabia [29] 4. Important Industry News - The Ministry of Commerce announced anti-subsidy measures for EU companies, with rates ranging from 7.4% to 11.7%, effective from February 13, 2026 [31] - Kangshifu launched a new product, Kangshifu Ice Red Tea Energy, entering the energy drink market [31] 5. Industry Chain Data Tracking - As of February 10, 2026, wheat prices were 2,510.8 RMB/ton, up 6.45% year-on-year, while pork prices were 18.08 RMB/kg, down 11.63% year-on-year [34][36]

新浪财经"酒价内参"重磅上线 知名白酒真实市场价尽在掌握 新浪财经"酒价内参"过去24小时收集的数据显示，中国白酒市场十大单品的终端零售均价在2月24日呈 分化调整态势。如果十大单品各取一瓶整体打包售卖，今日总售价为9258元，较昨日下降2元。整体价 格在多日高位运行后出现轻微调整，市场仍以单品间分化波动表现为主。 今日十大单品六涨四跌。上涨产品中，精品茅台涨幅居前，环比上涨8元/瓶，重上2400元关口，部分终 端补货需求回升，对价格形成支撑；习酒君品上涨4元/瓶；国窖1573上涨3元/瓶；五粮液普五八代、青 花汾20及水晶剑南春均小幅上涨1元/瓶。下跌产品中，洋河梦之蓝M6+回落10元/瓶，调整幅度靠前且 已四连阴；飞天茅台与古井贡古20均下调4元/瓶，渠道报价出现小幅松动；青花郎小幅回落2元/瓶。 "酒价内参"的每日数据源自全国各大区均有合理分布的约200个采集点，包括但不限于酒企的指定经销 商、社会经销商、电商平台和零售网点等，原始取样数据为过去24个小时中各点位经手的真实成交终端 零售价格，力求为社会各界提供一份关于知名白酒市场价格的客观、真实、科学、全程可追溯的数据。 随着元旦官方i茅台平台开始出售 ...