当"懒得做饭"的年轻一代开始主导家庭消费决策，预制菜正从餐饮业的"效率方案"转变为满足家庭日常 及节庆需求的常规选择。龙年春节餐桌消费呈现出"传统年味+现代便捷+健康升级"的三重趋势，预计 马年春节期间，预制菜市场也将迎来一波消费热潮，如千味央厨（001215）（001215）等行业头部企业 将直接受益。从连锁餐厅的中央厨房，到大型会员超市的货架，千味央厨正凭借其供应链与研发优势， 通过新零售渠道加速布局C端市场，构建企业增长的第二曲线。 面对C端市场机遇，千味央厨通过多品牌矩阵进行市场细分与覆盖。旗下"兴客坊"、"御知菜"等预制菜 品牌在天猫、京东、抖音等主流电商平台建立旗舰店；冷冻烘焙品牌"焙伦"瞄准家庭烘焙市场；通过收 购味宝食品切入茶饮赛道，小圆子、芋圆等产品深受新式茶饮品牌青睐。千味央厨的B端与C端业务并 非孤立，而是形成了协同互动的生态循环：B端业务为C端转化经过市场验证的优势产品，C端的消费反 馈则反哺B端的产品研发与创新方向。 值得关注的是，千味央厨具备进驻山姆等高端会员制商超的潜力。该类渠道对供应商的产品差异化能 力、品质稳定性与规模化供应能力要求极高。千味央厨的核心优势恰好契合：一是成熟的 ...

餐饮细分精耕效率，餐供定制扩容可期 食品饮料 证券研究报告/行业专题报告 2026 年 01 月 27 日 | 分析师：何长天 | | --- | | 执业证书编号：S0740522030001 | | Email：hect@zts.com.cn | | 分析师：赖思琪 | | 执业证书编号：S0740525090001 | | Email：laisq@zts.com.cn | | 上市公司数 | 128 | | --- | --- | | 行业总市值(亿元) | 43,436.09 | | 行业流通市值(亿元) | 42,781.25 | 未来可期》2025-12-20 | 评级： | 增持（维持） | | 重点公司基本状况 | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 简称 | 股价 | | | EPS | | | | | PE | | | 评级 | | 分析师：何长天 | | | （元） | 2023A | ...

预制菜行业正迎来规范化发展的关键节点。近日，由食安办组织起草的《食品安全国家标准 预制菜》 《预制菜术语和分类》草案即将向社会公开征求意见。行业标准的明确与准入门槛的提升，将使头部企 业的综合优势进一步凸显。千味央厨（001215）（001215）作为行业内的标杆企业，有望在此轮行业洗 牌与升级中抢占先机。更值得关注的是，千味央厨已启动海外布局，计划在马来西亚投资租赁厂房，成 立生产基地。此举不仅是其国际化战略的关键一步，也将成为公司辐射东南亚市场、打开新增空间的桥 头堡。 行业规范化利好头部，公司经营迎来拐点 大众对预制菜的持续关注，正推动行业从快速发展走向规范发展。国家标准呼之欲出，意味着行业将告 别野蛮生长，进入一个门槛更高、竞争更有序的新阶段。这对于像千味央厨（001215）这样早已建立严 格内部品控体系的企业而言，无疑构成了显著的长期利好。 与此同时，公司的基本面也显现出积极的转折信号。根据2025年三季报，千味央厨前三季度实现营收 13.78亿元，同比增长1%；其中，第三季度单季营收达4.92亿元，同比增长4.27%，增速由负转正，经营 改善态势明确。此外，公司净利润降幅大幅收窄，经营活动现金流显 ...

Investment Rating - The report maintains an "Outperform the Market" rating for the food and beverage sector [4][5][11]. Core Views - The food and beverage sector is expected to perform well in 2026, driven by cost advantages, efficiency improvements, innovation, and potential recovery opportunities in the liquor segment [3][11][15]. - The report highlights a diversified performance across sub-sectors, with beverages outperforming food and liquor categories [2][11]. Summary by Relevant Sections 1. Sector Overview - The food and beverage sector saw a cumulative decline of 1.37% this week, with A-shares down 1.57% and H-shares up 1.21% [1]. - Key performers included companies like Hao Xiang Ni and Wei Zhi Xiang, with significant weekly gains [1]. 2. Sub-sector Insights - **Liquor**: - Moutai's price remains stable with an upward trend, and the focus is on sales momentum during the Spring Festival. Recommendations include Moutai, Shanxi Fenjiu, and Luzhou Laojiao [2][11]. - **Beverages**: - The dairy segment is seeing orderly preparations for the Spring Festival, with a focus on leading companies like Yili. Recommendations include Nongfu Spring and Dongpeng Beverage [2][15]. - **Snacks**: - The report emphasizes strong alpha stocks in the snack sector, particularly in konjac products, with companies like Weidong and Yanjinpuzi showing strong innovation [2][13]. - **Catering Supply Chain**: - The sector is entering a peak season for inventory and sales, with new standards for prepared dishes being solicited for public opinion [2][14]. 3. Investment Recommendations - The report suggests a focus on four main lines for investment: cost advantages, efficiency improvements, innovation-driven companies, and potential recovery in the liquor sector [3][11]. - Recommended stocks include Baba Foods, Dongpeng Beverage, Weidong, and Shanxi Fenjiu, which have shown resilience and growth potential [17][19]. 4. Earnings Forecasts - Key companies are projected to maintain strong earnings growth, with Moutai expected to achieve a stable performance and Yili showing significant recovery potential [4][15][19]. - The report provides detailed earnings forecasts for several companies, indicating a positive outlook for the food and beverage sector [4][19].

从资金流向上来看，当日食品加工板块主力资金净流出4873.62万元，游资资金净流入1393.03万元，散户 资金净流入3480.58万元。食品加工板块个股资金流向见下表： 证券之星消息，1月23日食品加工板块较上一交易日下跌0.08%，千味央厨领跌。当日上证指数报收于 4136.16，上涨0.33%。深证成指报收于14439.66，上涨0.79%。食品加工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) | | --- | --- | --- | --- | --- | --- | | 002702 | 海欣食品 | 7.01 | 2.94% | 33.56万 | 2.33亿 | | 600530 | 交大昂立 | 7.13 | 2.89% | 16.44万 | · 1.17亿 | | 605089 | 味知香 | 31.50 | 1.12% | 6.83万 | 2.14亿 | | 300146 | 汤臣倍健 | 12.64 | 1.12% | 19.10万 | 2.40亿 | | 002626 | 金达威 | 20.43 | 0.99% | 12.43万 ...

近日，蜜雪冰城旗下咖啡品牌幸运咖的郑州旗舰店抛出了一枚"重磅炸弹"，推出售价仅10~16元的手冲咖啡。与店内惯有的6~10元产品线相比，这一举动 显得格外突兀却又极具吸引力——菜单上赫然列着瑰夏、耶加雪菲、黄金曼特宁等通常被视为"高端昂贵"的精品咖啡豆。 这事儿立马引起网友们的兴趣，从他们对幸运咖推出的手冲咖啡评价就能看出：有消费者晒出手冲咖啡照片，表示支持，认为幸运咖降低了手冲精品的消 费门槛；更多人留言想尝试一下；当然也有不少持否定意见的，他们认为这样平价的手冲咖啡，不免让人疑虑其咖啡豆品质、冲煮水准及风味呈现稳定 性。 幸运咖手冲菜单 这并非一次简单的新品测试，而是幸运咖在全球门店数量正式突破10000家后的关键落子。 作为蜜雪冰城集团旗下的咖啡品牌，幸运咖此前凭借极致的"平价"策略迅速下沉，但在门店规模触及天花板、部分区域市场饱和的当下，单纯依靠数量增 长的边际效应已递减。此次在郑州旗舰店推出平价手冲，被视为其试图打破"低价"固化标签、寻找单店营收新增长极的试探性动作。 事实上，幸运咖今年的产品动作频频，早已不再局限于单一的低价爆款。从春夏推出融合鲜橙、芭乐等水果的"真果咖"系列（6~8元），到秋冬上 ...

智通财经APP获悉，华西证券发布研报称，近期人民币汇率持续走强。复盘历史，升值周期中食品饮料 板块通常能跑赢大盘。本轮升值有望通过降低进口成本、提振内需景气、吸引外资增配三条路径，推动 板块迎来成本、需求与估值的共振修复，相关主线标的有望受益。 华西证券主要观点如下： 成本端来看，人民币升值降低进口原料折算价格下降，推动制造成本下行，进而带来盈利改善，涉及的 核心原材料包含大豆、棕榈油、燕麦、大麦、树坚果等。 需求端来看，内需修复是汇率走强的底层支撑，而人民币升值将进一步降低企业补库成本，推动行业 从"被动去库"转向"主动补库"，补库扩产又会强化内需韧性，形成正向循环。食品饮料作为必选消费， 内需复苏确定性更强，景气度有望持续抬升。 资金端来看，人民币升值周期下流动性持续宽裕，外资流入A股动力增强，带来板块流动性溢价，食品 饮料作为外资持仓占比较高的消费板块之一，板块有望迎来外资增配带来的估值修复。 投资建议 受益于板块三重共振，重点关注三条主线：1）成本红利，重点推荐西麦食品、立高食品、妙可蓝多、 洽洽食品、H&H等；2）景气度抬升，重点推荐安井食品、千味央厨、优然牧业、现代牧业、新乳业、 万辰集团；3）估 ...

华福证券认为餐供预制菜迎来行业革新，将重构行业价值链。当前已到行业整体触底变革的重要阶段： 首先，价格竞争已然失效，在需求有限的情况下，一味的价格竞争并不能带来额外增量，反而对产品质 量及盈利能力带来额外负担；其次，餐饮预制菜舆情受社会热议，消费者需要更加透明、安全、标准的 餐饮供应链监管体系。透明度提升后，消费者的比价感知更敏锐，进一步催生更多定制化需求且对产品 质量提出更高要求，同时可有效增厚具备强产品研发能力企业利润空间。 随着西贝事件再次发酵，人民日报近日多次发文评论此事。 人民日报指出，预制菜不是洪水猛兽。推进预制菜产业规范化、标准化、透明化，有助于让14亿多人都 吃上更安全、品质更有保障的肉禽蛋奶、瓜果蔬菜；国家加强预制菜食品安全监管、促进产业高质量发 展，有利于保证供应效率、卫生标准、稳定口味，并降低餐饮消费价格，在维护"舌尖上的安全"同时提 升消费体验，这是一件好事；餐饮企业不仅无需谈预制菜色变，还应大方地标注、公开地推广。 据央视新闻1月22日报道，国务院食安办组织国家卫生健康委、市场监管总局等部门起草了《食品安全 国家标准 预制菜》《预制菜术语和分类》草案；会同市场监管总局、商务部等部门起 ...

Investment Rating - Industry rating: Recommended [5] Core Insights - Recent appreciation of the RMB is expected to continue, enhancing domestic asset attractiveness and improving the competitiveness of export products [1] - Historical analysis shows that during previous RMB appreciation periods, the food and beverage sector outperformed the CSI 300 index by 18% and 12% respectively, indicating strong performance potential in the current cycle [2] - The current RMB appreciation is anticipated to create a triple resonance effect in the sector, leading to cost reduction, increased demand, and valuation recovery [2] Summary by Sections Cost Side - RMB appreciation reduces the import cost of raw materials, leading to lower manufacturing costs and improved profitability. Key raw materials affected include soybeans, palm oil, oats, barley, and tree nuts [2] Demand Side - Domestic demand recovery is a fundamental support for the strengthening RMB. The appreciation will lower inventory replenishment costs for companies, shifting the industry from passive destocking to active replenishment, thus reinforcing domestic demand resilience [2] Capital Side - The liquidity remains ample during the RMB appreciation cycle, increasing foreign capital inflow into A-shares. The food and beverage sector, with a high proportion of foreign holdings, is expected to benefit from valuation recovery driven by increased foreign allocation [2] Investment Recommendations - Focus on three main lines of investment: 1. Cost benefits: Recommended companies include Ximai Food, Lihigh Food, Miaokelando, Qiaqia Food, and H&H [3] 2. Demand recovery: Recommended companies include Anjijia Food, Qianwei Central Kitchen, Youran Livestock, Modern Dairy, New Dairy, and Wancheng Group [3] 3. Valuation recovery: Recommended companies include Yili, Mengniu Dairy, Xianle Health, Weilong Delicious, and Yanjinpuzi [3] Earnings Forecast and Valuation - Key companies and their respective ratings, earnings per share (EPS) forecasts, and price-to-earnings (P/E) ratios for the years 2024 to 2027 are provided, indicating a positive outlook for several companies in the sector [7]

Group 1 - The food processing sector increased by 0.41% on January 22, with Jiaoda Onlly leading the gains [1] - The Shanghai Composite Index closed at 4122.58, up 0.14%, while the Shenzhen Component Index closed at 14327.05, up 0.5% [1] - Key stocks in the food processing sector showed various performance, with Jiaoda Onlly closing at 6.93, up 4.52%, and Hai Xin Food at 6.81, up 2.10% [1] Group 2 - The food processing sector experienced a net outflow of 28.83 million yuan from main funds, while retail investors saw a net inflow of 51.78 million yuan [2] - The trading volume and turnover for key stocks varied, with Jiaoda Onlly having a trading volume of 190,700 shares and a turnover of 131 million yuan [1][2] - The stock performance of several companies showed mixed results, with some stocks like ST Chuntian and Xianle Health declining by 1.39% and 1.27% respectively [2] Group 3 - Main fund inflows were observed in stocks like Jiaoda Onlly with a net inflow of 14.38 million yuan, while retail investors showed a net inflow of 11.80 million yuan [3] - Stocks such as Shuanghui Development and Jinzi Ham also saw significant main fund inflows of 11.39 million yuan and 10.64 million yuan respectively [3] - The overall sentiment in the food processing sector appears mixed, with some stocks attracting retail interest despite main fund outflows [3]