证 券 研 究 报 告 食品饮料行业周报（20260105-20260111） 推荐（维持） 酱酒品牌剩者为王，大众品重视春节催化 证监会审核华创证券投资咨询业务资格批文号：证监许可（2009）1210 号 行业研究 食品饮料 2026 年 01 月 12 日 华创证券研究所 邮箱：ouyangyu@hcyjs.com 执业编号：S0360520070001 证券分析师：范子盼 证券分析师：欧阳予 邮箱：fanzipan@hcyjs.com 执业编号：S0360520090001 证券分析师：田晨曦 邮箱：tianchenxi@hcyjs.com 执业编号：S0360522090005 证券分析师：刘旭德 邮箱：liuxude@hcyjs.com 执业编号：S0360523080010 证券分析师：严文炀 邮箱：yanwenyang@hcyjs.com 执业编号：S0360525070006 证券分析师：董广阳 联系人：寸特彬 邮箱：cuntebin@hcyjs.com 行业基本数据 | | | 占比% | | --- | --- | --- | | 股票家数(只) | 126 | 0.02 | | 总市值( ...

证券之星消息，1月12日白酒板块较上一交易日上涨0.79%，*ST岩石领涨。当日上证指数报收于 4165.29，上涨1.09%。深证成指报收于14366.91，上涨1.75%。白酒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) | | --- | --- | --- | --- | --- | --- | | 600696 | *ST岩石 | 3.20 | 4.92% | 13.24万 | 4170.15万 | | 000596 | 古井贡酒 | 141.73 | 2.94% | 4.80万 | 6.75亿 | | 600779 | 水井坊 | 40.30 | 2.52% | 7.75万 | 3.09亿 | | 000568 | 泸州老窖 | 119.29 | 2.08% | 12.96万 | 15.41亿 | | 600809 | 山西汾酒 | 179.83 | 1.86% | 7.23万 | 12.98亿 | | 600702 | 舍得酒业 | 58.38 | 1.42% | 10.29万 | 5.98亿 | | 000858 | 五粮液 | 108. ...

e公司，证券时报旗下专注上市公司新媒体产品，立志打造A股上市公司资讯第一平台。提供7x24小时上市公司标准化快讯，针对可能影响上市公司股价的 主题概念、行业事件及时采访二次解读，从投资者需求出发，直播上市公司有价值的活动、会议。 证券时报·e公司记者注意到，宜宾市智溢酒业有限公司（下称"智溢酒业"）持有的盟升电子（688311）296.56万股股票的司法拍卖即将开 始。这笔股权的起拍价为8743.69万元，市场评估价为1.05亿元。以盟升电子当前的股价计算，上述股份市值超1.74亿元。因此，这笔法拍或 有较大的套利空间。 智溢酒业曾是知名的白酒经销商，曾向高校捐赠了上千箱白酒。在资本市场上，其也曾因间接参与五粮液（000858）定增获利巨大而受到市 场关注。从企查查来看，智溢酒业近年来出现了严重的经营危机，公司身披诸多诉讼，且已成为被执行人，涉及金额近2亿元。 白酒经销商持有的A股公司股份遭法拍 以下文章来源于e公司 ，作者证券时报 曾剑 据阿里拍卖发布的信息，因相关案件，四川省宜宾市中级人民法院（下称"宜宾中院"）查封冻结了智溢酒业持有的盟升电子股票，并根据有 关判决进行公开拍卖。拍卖将在1月23日10点至 ...

证券时报·e公司记者注意到，宜宾市智溢酒业有限公司（下称"智溢酒业"）持有的盟升电子（688311）296.56万股股票的 司法拍卖即将开始。这笔股权的起拍价为8743.69万元，市场评估价为1.05亿元。以盟升电子当前的股价计算，上述股份 市值超1.74亿元。因此，这笔法拍或有较大的套利空间。 智溢酒业曾是知名的白酒经销商，曾向高校捐赠了上千箱白酒。在资本市场上，其也曾因间接参与五粮液（000858）定 增获利巨大而受到市场关注。从企查查来看，智溢酒业近年来出现了严重的经营危机，公司身披诸多诉讼，且已成为被 执行人，涉及金额近2亿元。 白酒经销商持有的A股公司股份遭法拍 据阿里拍卖发布的信息，因相关案件，四川省宜宾市中级人民法院（下称"宜宾中院"）查封冻结了智溢酒业持有的盟升 电子股票，并根据有关判决进行公开拍卖。拍卖将在1月23日10点至24日10点进行。目前，拍卖尚无人报名。 企查查显示，智溢酒业成立于2001年，注册资本为5000万元。公司由李松涛、刘南、张春艺分别持股40%、30%、30%。 据公开资料，智溢酒业主要提供五粮春白酒等产品销售与服务。2017年，在东南大学115周年校庆上，智溢酒业向该 ...

还有分析指出，随着企业更加明确以量换价来稳住市场份额以后，茅台率先主动调整，i茅台上线飞天全系以后，批价管理更为科学且及时，普飞批价或逐 步企稳，在预期稳定的背景下，2026年春节旺季将是本轮行业调整末端的重点观察期。 国金证券指出，目前市场对白酒产业景气度预期已经处于绝对低位，龙头酒企逐步明确的量价规划将逐步消除市场对行业价盘、价格竞争的担忧，整体板块 下行风险相对可控，看好情绪回落背景下板块的安全边际。 从估值方面来看，吃喝板块估值处于历史低位，当前或为板块左侧布局较好时机。数据显示，截至上个交易日（1月9日）收盘，食品饮料ETF华宝 （515710）标的指数细分食品指数市盈率为20.16倍，位于近10年来5.88%分位点的低位，中长期配置性价比凸显。 展望后市，中信建投指出，复盘2012-2016年、2016-2021年、2022-2025年高端酒量价变化，白酒产业"五底阶段"（政策底、库存低、动销底、批价底、产销 底）与资本市场"三低一高"（预期低、估值低、公募持仓低、高分红）共振，结合近期茅台、五粮液、泸州老窖市场策略相继落地，站在春节旺季来临之 际，本轮白酒调整期拐点或将至，资本市场预期先行，白酒 ...

吃喝板块今日（1月12日）震荡上行，反映吃喝板块整体走势的食品饮料ETF华宝（515710）开盘后多 数时间红盘震荡，截至发稿，场内价格涨0.34%。 成份股方面，白酒大面积上攻，截至发稿，山西汾酒、泸州老窖、古井贡酒大涨超2%，五粮液、洋河 股份、今世缘涨超1%，贵州茅台等亦小幅飘红。 | | | 分时 多日 1分 5分 15分 30分 60分 日 周 · | | | | | | F9 盘前盘后 露加 九轮 面线 工具 @ (2) > | | | 食品饮料ETF华宝 ① | | 515710 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 0.59 | | | | | 515710 食品饮料ETF均值] 10:07 价 0.596 酒頭 0.002(0.34%) 均价 0.595 威交量 1800 IOPV 0. | | | | 11 6 6 11 | | 0 - 96 | | +0.002 +0.34% | | 0.596 | | | | | | | | | 0.3596 | ...

（来源：WineTimes中文网） 据五粮液集团消息，1月6日，五粮液集团公司党委副书记、副董事长、总经理邹涛主持召开特色消费品 板块2025年度经济运行分析会，总结年度经营成效，剖析问题短板，并谋划2026年及"十五五"时期发展 规划。 会议肯定了特色消费品板块（涵盖红茶、服装等领域）2025年的工作成绩。过去一年，圣山集团、川红 集团紧扣集团"做优非酒"战略，在主业深耕、项目建设、科技创新等方面成效显著，实现了营收利润稳 步增长，智能化转型与产业链协同取得积极进展。 邹涛强调，各公司要加速回归主责主业，把握行业拐点，摆脱"散小弱"模式，通过规模化、标准化、品 牌化破解发展瓶颈，集中资源打造细分赛道优势。他要求各企业聚力实现"四个突破"： 一是持续推进能力突破，强化标准引领、专业认证和研发平台打造； 二是持续推进品质突破，以技术创新打造差异化产品，通过单品战略培育品牌美誉度； （来源：WineTimes中文网） 据五粮液集团消息，1月6日，五粮液集团公司党委副书记、副董事长、总经理邹涛主持召开特色消费品 板块2025年度经济运行分析会，总结年度经营成效，剖析问题短板，并谋划2026年及"十五五"时期发展 规 ...

新浪财经"酒价内参"过去24小时中收集的数据显示，中国白酒市场十大单品的终端零售均价在1月12日初 现企稳迹象，整体价格在连续探底后暂别颓势。如果十大单品各取一瓶整体打包售卖，今日总售价为8925 元，较昨日回升7元，价格中枢的跌势放缓。今日市场呈现"涨跌互现、整体微升"的分化格局。上涨产品 中，国窖1573表现强势，环比上涨10元/瓶，领涨全场。古井贡古20价格上涨7元/瓶。洋河梦之蓝M6+价格 上涨5元/瓶。青花郎价格上涨4元/瓶。青花汾20价格微涨1元/瓶。水晶剑南春价格与昨日持平。下跌产品方 面，飞天茅台与五粮液普五八代的回调幅度居前，价格分别环比下跌8元/瓶，i茅台推出平价飞天的定价锚 作用开始渗透终端，而普五八代迄今已三连跌，今日价格跌破800元关口，创下一个月来新低。精品茅台 价格下跌3元/瓶。习酒君品价格微跌1元/瓶。市场多数核心产品的价格企稳，是带动整体总价止跌回升的 主因。 | S | 洋河梦之蓝M6+ 52度/550ml | 584/瓶 | 5元 | | --- | --- | --- | --- | | | 古井贡古20 52度/500ml | 507/瓶 | 7元4 | | | 习酒 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The supply-demand structure of raw milk is improving, and the snack food sector continues to show upward momentum. The food and beverage index increased by 2.1% from January 5 to January 9, ranking 24th among 28 sectors, underperforming the CSI 300 by approximately 0.7 percentage points. Sub-sectors such as processed foods (+6.7%), soft drinks (+5.8%), and snacks (+4.5%) performed relatively well [3][10][12]. Summary by Relevant Sections Weekly Insights - The supply-demand dynamics for raw milk are optimizing, and the snack food sector is experiencing sustained growth. The recent policy by the Ministry of Commerce to implement safeguard measures on imported beef is expected to alleviate the impact on domestic industries, leading to a potential increase in beef prices over the next 2-3 years. The domestic dairy sector is facing challenges, with a continuous reduction in dairy cow inventory, which may lead to a widening supply-demand gap post-Spring Festival [10][11]. Market Performance - The food and beverage index rose by 2.1% from January 5 to January 9, ranking 24th out of 28 sectors, and underperformed the CSI 300 by about 0.7 percentage points. Leading individual stocks included Qianwei Yangchun, Anji Food, and Yangyuan Beverage, while stocks like Jiabi You, *ST Chuntian, and Xianle Health saw declines [12][13]. Upstream Data - As of January 6, the GDT auction price for whole milk powder was $3,407 per ton, reflecting a 10.4% year-on-year decrease. The domestic fresh milk price was 3.03 yuan per kilogram, down 2.9% year-on-year. The domestic milk price is expected to remain under pressure in the short to medium term [19][21]. Recommended Stocks - The report recommends focusing on companies that are likely to benefit from the improving raw milk supply-demand balance and the growth in the snack food sector. Notable mentions include: - Yuran Agriculture: Expected to benefit from the recovery in raw milk prices. - Modern Dairy: Anticipated to gain from the overall industry improvement. - Yili Group and Mengniu Dairy: Expected to see positive impacts from the anticipated recovery in milk prices [10][11]. Snack Food Sector - The snack food sector is projected to continue its upward trend, particularly during the Spring Festival season. Companies such as Weilang Delicious, Ganyuan Food, and Yanjin Food are highlighted for their potential growth due to seasonal demand and strategic initiatives [11][12].

Investment Rating - The report maintains a positive outlook on the liquor sector, with expectations for a recovery in sales and valuation improvements in 2026 [2][6]. Core Insights - The liquor market is undergoing a restructuring with a focus on balancing volume and price, and a potential turning point is anticipated in Q3 2026 [2][6]. - The report highlights the importance of consumer price index (CPI) as a key indicator for the consumer goods sector, predicting gradual improvements in food CPI throughout 2026 [2][6]. - The report recommends several high-quality liquor companies for long-term investment, including Kweichow Moutai, Luzhou Laojiao, and Shanxi Fenjiu, while also suggesting attention to Wuliangye and other brands [2][6]. Summary by Sections 1. Weekly Overview of Food and Beverage Sector - The food and beverage sector saw a 2.12% increase last week, with liquor stocks rising by 2.46%, although it underperformed the broader market by 1.70 percentage points [5]. - Notable stock performances included Ziyuan Food (+33.97%), Qianwei Central Kitchen (+22.52%), and Anji Food (+18.34%) [5]. 2. Market Performance of Food and Beverage Sub-sectors - The food and beverage industry lagged behind the Shenwan A index by 3.06 percentage points, with various sub-sectors underperforming, particularly beverages and dairy [33][34]. 3. Liquor Pricing Trends - As of January 10, 2026, the price of Moutai was reported at 1540 RMB for loose bottles, reflecting a week-on-week increase of 50 RMB, while the price for a case rose by 40 RMB to 1545 RMB [7][19]. - The report indicates that Moutai's pricing has found a bottom, reducing downward risks and suggesting a potential for price stability moving forward [7][19]. 4. Consumer Goods Sector Insights - The report emphasizes the shift in competitive strategies from price-based to quality-based approaches among consumer goods companies, with expectations for improved margins as raw material costs stabilize [2][6]. - Recommendations for consumer goods include Anjijia Food, Yili Group, and Tianwei Food, with a focus on the supply chain related to condiments and frozen foods [8]. 5. Dairy Industry Outlook - The dairy sector is expected to see an improved supply-demand balance in 2026, with growth potential in deep-processed products and low-temperature milk [8][9]. - Yili Group's projected net profits for 2025-2027 are 11.3 billion, 12.2 billion, and 12.9 billion RMB, respectively, indicating a growth trajectory [9].