华西证券（002926）发布研报称，春节作为餐饮消费的核心旺季，2026年节庆效应持续凸显，餐饮消费 回暖态势明确，为上游供应链复苏奠定坚实基础。细分赛道来看，速冻食品与调味品充分受益于旺季需 求拉动。随着餐饮门店客流回升与开店节奏加快，餐饮占比较高的头部企业有望率先承接需求红利，实 现销量与收入的稳步增长。该行维持"服务消费率先复苏"的核心判断，板块业绩与估值共振上行。 商务部数据显示，春节假期全国重点零售和餐饮企业日均销售额同比增长5.7%，78个重点步行街(商圈) 客流量同比提升6.7%、营业额同比增长7.5%，双重数据印证餐饮消费复苏势头强劲，终端需求韧性超 预期。 投资建议 从终端场景拆分来看，节日聚餐需求爆发式增长，美团年夜饭预订订单同比增长105%，抖音年夜饭团 购销售额同比增长185%，彰显C端消费活力;同时，春节出行链持续高景气，带动目的地餐饮需求同步 升温，景区、核心商圈餐饮客流大幅攀升，B端餐饮场景复苏节奏加快。区域数据方面，江苏省春节9 天假期餐饮收入达183亿元，同比增长11.9%，成为区域餐饮消费复苏的标杆，侧面反映全国范围内餐 饮消费的全面回暖态势。 旺季需求传导至上游，备货和动 ...

[Table_Summary] 事件概述 春节作为餐饮消费的核心旺季，2026 年节庆效应持续凸 显，餐饮消费回暖态势明确，为上游供应链复苏奠定坚实基 础。 分析判断: ► 春节餐饮消费高景气，节庆效应凸显 商务部数据显示，春节假期全国重点零售和餐饮企业日均 销售额同比增长 5.7%，78 个重点步行街（商圈）客流量同比提 升 6.7%、营业额同比增长 7.5%，双重数据印证餐饮消费复苏势 头强劲，终端需求韧性超预期。 证券研究报告|行业点评报告 [Table_Date] 2026 年 02 月 24 日 [Table_Title] 春节餐饮消费回暖，重视餐饮链投资机会 [Table_Title2] 食品饮料行业 从终端场景拆分来看，节日聚餐需求爆发式增长，美团年 夜饭预订订单同比增长 105%，抖音年夜饭团购销售额同比增长 185%，彰显 C 端消费活力；同时，春节出行链持续高景气，带动 目的地餐饮需求同步升温，景区、核心商圈餐饮客流大幅攀升， B 端餐饮场景复苏节奏加快。区域数据方面，江苏省春节 9 天假 期餐饮收入达 183 亿元，同比增长 11.9%，成为区域餐饮消费复 苏的标杆，侧面反映全国范围内餐 ...

内容概要：面条作为中式主食的核心品类，深度绑定中式饮食文化、根植于各地域长期形成的饮食习 惯，且拥有刚性的日常消费频次，是我国居民的基础饮食选择，面条品类不易受短期消费潮流的大幅冲 击，行业底层需求具备长期稳定的核心特质，不存在核心消费群体萎缩的底层风险，属于民生刚需型赛 道，同时，面条行业实现全年龄段人群、全消费场景覆盖，既可满足家庭日常自烹、街边便捷快餐需 求，也适配正餐餐饮门店、便携速食等多元场景，能够精准匹配不同群体的饮食诉求，消费渗透无显著 盲区，行业基本盘稳固，据统计，2025年我国面条行业市场规模达2162亿元，同比增长3.6%，其中， 方便面终端占比最大，超50%，其次为挂面终端，约占31.55%。 相关上市企业：康师傅控股（00322.HK）、金龙鱼（300999）、安井食品（603345）、千味央厨 （001215）、统一企业中国（00220.HK）、三全食品（002216）、克明食品（002661） 相关企业：今麦郎食品股份有限公司、白象食品股份有限公司、河南厨香传奇食品有限公司、金沙河集 团有限公司、想念食品股份有限公司、沈阳香雪面粉股份有限公司、博大面业集团有限公司、湖南裕湘 食品有 ...

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]

Group 1 - The core theme of the article revolves around the evolving trends in Chinese New Year dinner preparations, emphasizing health and the incorporation of diverse regional flavors [2][4][6]. - A significant 46.7% of families are focusing on healthier meal options, opting for "light burden" dishes to replace some traditional heavy dishes [4][6]. - The survey indicates that 87.1% of respondents are willing to include seasonal vegetables in their New Year dinner, with spring bamboo shoots, pea shoots, and asparagus being the most popular choices [4][6]. Group 2 - Approximately 89.3% of families are incorporating "flavors from other regions" into their New Year dinner, showcasing a shift from traditional hometown dishes to a broader representation of Chinese cuisine [4][5]. - Guangdong cuisine leads the preferences with a selection rate of 21.1%, followed by Jiangsu and Beijing cuisines at 19.2% and 19.1% respectively, indicating a growing interest in diverse culinary traditions [5][6]. - The trend of convenience is rising, with 75.2% of families still having elders prepare the dinner, but 24.7% of younger individuals are taking on the role of "main preparer," reflecting a shift towards more varied preparation methods [12][17]. Group 3 - Companies in the food and beverage sector are adapting to these trends, with several listed companies preparing for the New Year dinner market and offering pre-made meal kits [12][13]. - Notable companies like Quanjude and Guangzhou Restaurant are actively promoting their New Year dinner offerings, indicating a competitive landscape in the catering market [12][13]. - The article highlights that consumer preferences are shifting towards a balance between indulgence and health, with many opting for a "planned indulgence" approach during the festive season [17][18].

Group 1 - The pre-prepared food market is experiencing significant growth, driven by increasing consumer acceptance and demand for convenience, especially during the upcoming Lunar New Year [1][2] - Major companies are actively expanding their product offerings in the pre-prepared food sector, with a focus on innovative and diverse products to meet consumer needs [3] - The market size of China's pre-prepared food industry is projected to grow from 617.3 billion yuan in 2025 to 1,069.8 billion yuan by 2030, indicating a strong upward trend [3] Group 2 - The trend in pre-prepared food consumption is shifting towards health-conscious, scenario-based, and social aspects, with younger consumers preferring low-oil, low-salt, and high-protein options [4] - The introduction of national standards for pre-prepared food is expected to enhance industry regulation and quality assurance, with specific guidelines on ingredients and shelf life [6] - Companies are prioritizing compliance with emerging standards and focusing on product quality, as seen in the proactive measures taken by industry players like Qianwei Central Kitchen [6]

郑州千味央厨食品股份有限公司 2025 年度定期现场检查报告 | 保荐机构名称：中德证券有限责任公司 被保荐公司简称：千味央厨 | | | | | | | --- | --- | --- | --- | --- | --- | | 保荐代表人姓名：薛虎 联系电话：010-59026661 | | | | | | | 保荐代表人姓名：粟帅 联系电话：010-59026661 | | | | | | | 现场检查人员姓名：薛虎、粟帅、尹梦蝶 | | | | | | | 现场检查对应期间：2025 1 月 1 日-2025 年 12 月 | 年 | 31 | 日 | | | | 年 月 年 月 日 现场检查时间：2026 1 26 日-2026 1 30 | | | | | | | 一、现场检查事项 现场检查意见 | | | | | | | （一）公司治理 是 否 | | | | | 不适用 | | 现场检查手段：查阅公司最新章程及与公司治理有关的管理制度；查阅本报告期内 | | | | | | | 召开的历次股东大会、董事会和监事会的会议文件及公告文件；对公司主要生产经 | | | | | | | 营场所进行实地 ...

关于郑州千味央厨食品股份有限公司 中德证券有限责任公司 2025 年度持续督导培训报告 深圳证券交易所： 中德证券有限责任公司（以下简称"中德证券"）作为郑州千味央厨食品股 份有限公司（以下简称"千味央厨"、"公司"）2023 年度向特定对象发行股票的 持续督导机构，根据《证券发行上市保荐业务管理办法》《深圳证券交易所股票 上市规则》《深圳证券交易所上市公司自律监管指引第 13 号——保荐业务》的要 求，对千味央厨进行了 2025 年度持续督导培训。现将培训情况报告如下： 1、培训时间 2026 年 1 月 28 日 2、培训地点 河南省郑州市高新区红枫里 68 号千味央厨办公楼 3、培训人员 中德证券：薛虎 4、培训对象 公司控股股东及实际控制人、董事、高级管理人员、核心岗位人员等 5、培训内容 本次培训以修订后的《上市公司募集资金监管规则》《上市公司治理准则》 等相关规定为基础，由培训人员对修订内容进行详细分析解读，主要围绕募集资 金专款专用、募集资金安全性、募集资金用途和使用效率、董事和高级管理人员 的任职、履职、离职管理及薪酬管理等方面。此外，还向公司宣传了廉洁从业方 面的相关要求。在现场培训过程中， ...

Core Viewpoint - The company is focusing on upgrading its production lines and digital transformation to enhance efficiency and reduce costs [2] Group 1: Production and Technology - The company is continuously advancing its smart production line upgrades and digital transformation [2] - Automation equipment, intelligent scheduling, and quality control are being implemented to improve production efficiency and lower energy consumption and production costs [2] Group 2: Product Development - By 2026, the company plans to develop differentiated new products focusing on health, scenario-based applications, and regional characteristics to create competitive barriers [2] - The target for R&D expense ratio and key R&D directions will be disclosed in future periodic reports and announcements [2]

Group 1 - The company Qianwei Yangchun responded to investor inquiries on February 9, indicating that shareholders should refer to the company's periodic reports for information on the number of shareholders [2]