证券之星消息，2月3日非白酒板块较上一交易日下跌0.46%，*ST椰岛领跌。当日上证指数报收于 4067.74，上涨1.29%。深证成指报收于14127.1，上涨2.19%。非白酒板块个股涨跌见下表： 从资金流向上来看，当日非白酒板块主力资金净流出1.31亿元，游资资金净流入2508.63万元，散户资金 净流入1.06亿元。非白酒板块个股资金流向见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入(元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 600084 | 中信尼雅 | > 931.78万 | 2.55% | -21.43万 | -0.06% | -910.36万 | -2.49% | | 600543 | [草高股份 | 211.71万 | 2.72% | -145.85万 | -1.87% | -65.86万 | -0.85% | | 002568 自润股份 | | -40.58万 | -0.26% | -1577.81万 | -9.98% | 16 ...

Group 1 - The non-white liquor sector increased by 0.96% compared to the previous trading day, with CITIC Niyah leading the gains [1] - The Shanghai Composite Index closed at 4015.75, down 2.48%, while the Shenzhen Component Index closed at 13824.35, down 2.69% [1] - Key stocks in the non-white liquor sector showed varied performance, with CITIC Niyah closing at 7.85, up 7.83%, and Chongqing Beer at 53.88, up 3.40% [1] Group 2 - The non-white liquor sector experienced a net outflow of 51.09 million yuan from institutional investors, while retail investors saw a net outflow of 7.08 million yuan [2] - The main capital flow data indicates that Kuaijishan had a net inflow of 22.89 million yuan from institutional investors, while CITIC Niyah had a net outflow of 4.01 million yuan [3] - Retail investors showed a significant net outflow in several stocks, including Baorun Co., which had a net outflow of 22.42 million yuan [3]

Investment Rating - The report rates multiple companies in the consumer staples sector as "Outperform," including Guizhou Moutai, Wuliangye, and Yili [1]. Core Insights - The consumer staples industry in January 2026 shows a recovery in basic demand while hedonic consumption remains under pressure, indicating a divergence in performance across different segments [3][29]. - Among the eight key consumer industries tracked, four are experiencing positive growth (condiments, frozen food, soft drinks, and catering), while four are facing declines (high-end and above Baijiu, mass-market Baijiu, dairy products, and beer) [29]. Summary by Segment Baijiu (High-end and Above) - In January, the revenue for high-end Baijiu reached 47 billion yuan, a year-on-year decline of 14.0%. The price pressure is significant, with expectations of over a 10% price drop throughout the year due to high inventory levels [11]. Baijiu (Mass-market and Below) - The mass-market Baijiu segment generated 22.9 billion yuan in January, down 3.0% year-on-year. Despite the decline, the segment shows resilience due to rigid demand and adaptability to consumption scenarios [13]. Beer - The beer industry reported revenues of 17 billion yuan in January, a decrease of 7.1% year-on-year. The demand was affected by adverse weather and the delayed Spring Festival, leading to a cautious inventory approach by distributors [15]. Condiments - The condiment sector achieved revenues of 46.9 billion yuan in January, reflecting a year-on-year growth of 3.5%. The recovery in the catering channel and increased demand from small and medium-sized businesses are key drivers [17]. Dairy Products - The dairy sector's revenue was 43.5 billion yuan in January, down 3.3% year-on-year. The demand remains under pressure, but a potential recovery is anticipated in the coming months due to low base effects [19]. Frozen Food - The frozen food segment saw revenues of 14.99 billion yuan in January, with a year-on-year increase of 8%. The demand is supported by pre-Spring Festival stocking and favorable weather conditions [21]. Soft Drinks - The soft drink industry generated 96.2 billion yuan in January, with a modest growth of 1.1% year-on-year. Increased promotional activities indicate heightened market competition [24]. Catering - The catering sector reported revenues of 16.2 billion yuan in January, up 2.5% year-on-year. The demand is gradually improving, particularly in small and medium-sized restaurants [26].

证券之星消息，1月29日非白酒板块较上一交易日上涨5.18%，会稽山领涨。当日上证指数报收于 4157.98，上涨0.16%。深证成指报收于14300.08，下跌0.3%。非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) | | | --- | --- | --- | --- | --- | --- | --- | | 601579 | 会稽山 | 22.98 | 10.00% | 31.69万 | | 26669 | | 600059 | 古越龙山 | 10.89 | 10.00% | 83.06万 | | 8.63亿 | | 600084 | 中信尼雅 | 6.62 | 9.97% | 13.39万 | 8853.71万 | | | 600616 | 金枫酒业 | 5.95 | 6.82% | 51.73万 | | 3.01亿 | | 002568 | 百润股份 | 21.66 | 6.80% | 21.92万 | | 4.62亿 | | 600600 | 顾思明如 | 63.57 | 5.49% | 15.55万 | | 9.65亿 | | 60 ...

证券之星消息，1月28日非白酒板块较上一交易日下跌0.4%，*ST椰岛领跌。当日上证指数报收于 4151.24，上涨0.27%。深证成指报收于14342.9，上涨0.09%。非白酒板块个股涨跌见下表： 从资金流向上来看，当日非白酒板块主力资金净流出3164.16万元，游资资金净流入6359.21万元，散户资 金净流出3195.05万元。非白酒板块个股资金流向见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 600238 | *ST椰岛 | 6.19 | -3.28% | 11.31万 | 7073.22万 | | 600600 | 関豊明加 | 60.26 | -1.50% | 7.99万 | 4.83 Z | | 000929 | *ST兰黄 | 10.00 | -1.38% | 9.21万 | 9072.38万 | | 600543 | 草高股份 | 5.71 | -1.21% | 4.84万 | 2771.20万 | | 600616 | 金枫湿业 | 5.57 | -1.07% ...

Core Viewpoint - The Chinese beer industry is experiencing a decline in production, with a notable decrease in both the monthly and cumulative production figures for 2025, indicating potential challenges for companies in the sector [1]. Industry Summary - As of December 2025, China's beer production reached 2.23 million kiloliters, reflecting a year-on-year decrease of 8.7% [1]. - The cumulative beer production in China for the year 2025 was 35.36 million kiloliters, showing a slight decline of 1.1% compared to the previous year [1]. - The report by Zhiyan Consulting highlights the market dynamics and competitive strategies in the non-alcoholic beer sector from 2026 to 2032, suggesting a focus on emerging trends and consumer preferences [1]. Company Summary - Listed companies in the beer sector include Zhujiang Beer (002461), Chongqing Beer (600132), Yanjing Beer (000729), Lanzhou Huanghe (000929), and Huichuan Beer (600573), all of which may be impacted by the declining production trends [1].

Core Viewpoint - The non-liquor sector experienced a slight increase of 0.18% on January 23, with *ST Lanhuang leading the gains, while the overall market indices also showed positive movement [1]. Group 1: Market Performance - The Shanghai Composite Index closed at 4136.16, up by 0.33% [1]. - The Shenzhen Component Index closed at 14439.66, up by 0.79% [1]. - The non-liquor sector stocks showed varied performance, with *ST Lanhuang rising by 2.72% to a closing price of 10.96 [1]. Group 2: Stock Performance - The top performers in the non-liquor sector included: - *ST Lanhuang: 10.96, +2.72%, trading volume of 49,400 shares, turnover of 54.08 million [1]. - Zhongxin Niya: 6.34, +1.44%, trading volume of 87,300 shares, turnover of 54.87 million [1]. - Huijuan Beer: 12.16, +0.16%, trading volume of 51,800 shares, turnover of 62.91 million [1]. - Conversely, stocks like Weilang Co. and ST Xifa saw declines of 2.12% and 1.88%, respectively [2]. Group 3: Capital Flow - The non-liquor sector experienced a net outflow of 23.53 million from institutional funds and 36.39 million from speculative funds, while retail investors contributed a net inflow of 59.92 million [2]. - Notable capital flows included: - Qingdao Beer: -35.13 million from institutional funds, with a retail outflow of -49.91 million [3]. - *ST Yedao: +5.45 million from institutional funds, with a retail inflow of +1.50 million [3].

Core Viewpoint - The non-baijiu sector experienced a 0.72% increase on January 22, with Weilong Co., Ltd. leading the gains, while the Shanghai Composite Index rose by 0.14% and the Shenzhen Component Index increased by 0.5% [1] Group 1: Market Performance - The closing price of Weilong Co., Ltd. was 7.07, with a rise of 6.00% and a trading volume of 181,700 shares, amounting to a transaction value of 127 million yuan [1] - Other notable performers included CITIC Neya with a closing price of 6.25, up 5.57%, and Mogaoguan Co. at 5.84, up 1.92% [1] - The overall trading volume in the non-baijiu sector showed varied performance, with some stocks like Feike Beer and Jinfeng Wine also recording positive gains [1] Group 2: Capital Flow - The non-baijiu sector saw a net outflow of 18.218 million yuan from institutional investors and 35.8685 million yuan from retail investors, while there was a net inflow of 54.0864 million yuan from individual investors [2] - The capital flow data indicates that while institutional and speculative funds withdrew, retail investors were actively buying into the sector [2] Group 3: Individual Stock Analysis - Chongqing Beer experienced a net outflow of 16.9419 million yuan from institutional investors, while retail investors contributed a net inflow of 1.2597 million yuan [3] - Weilong Co., Ltd. had a net inflow of 14.4287 million yuan from institutional investors, but faced a net outflow of 1.19562 million yuan from retail investors [3] - Qingdao Beer saw a net inflow of 11.5279 million yuan from institutional investors, indicating strong institutional interest despite retail outflows [3]

Core Viewpoint - The non-liquor sector experienced a decline of 0.99% on January 21, with Yanjing Beer leading the drop, while the Shanghai Composite Index rose by 0.08% and the Shenzhen Component Index increased by 0.7% [1] Group 1: Market Performance - The non-liquor sector's stocks showed mixed performance, with notable declines in several companies, including Chongqing Beer down by 0.17% and Jinfeng Wine down by 0.18% [1] - The closing prices and percentage changes of key stocks in the non-liquor sector were detailed, highlighting the overall downward trend [1] Group 2: Trading Volume and Value - The trading volume and value for various stocks in the non-liquor sector were reported, with ST Lanhua showing a significant increase of 3.41% in closing price and a trading volume of 49,300 hands, amounting to 51.73 million yuan [1] - The total trading volume and value for the non-liquor sector indicated active trading despite the overall decline [2] Group 3: Capital Flow - The non-liquor sector saw a net outflow of 93.45 million yuan from main funds, while retail investors contributed a net inflow of 28.66 million yuan [2] - The capital flow data revealed that retail investors were more active in the market compared to institutional investors, with specific stocks like Guyue Longshan experiencing significant retail inflows [3]

Core Insights - The report indicates that the adjustment period for high-end liquor is expected to end, highlighting the long-term investment value in this sector. The price of mainstream liquor has decreased from approximately 2200 yuan around the Spring Festival in 2025 to about 1560 yuan currently, with a notable decline since June [4][30][32] - The beer industry is anticipated to benefit from a low base effect in 2026, with emerging retail channels and government consumption stimulus policies expected to drive recovery [5][42] - The dairy industry is currently in a transitional phase, with low milk prices expected to rebound as demand improves and supply stabilizes. The long-term growth potential remains strong due to ongoing consumption upgrades [5][60][63] - The condiment sector is projected to benefit from a gradual recovery in restaurant consumption, with both B2B and B2C channels expected to see improved sales as consumer spending recovers [5][79] Liquor Industry - High-end liquor is expected to stabilize after a period of adjustment, with long-term investment value becoming more apparent. The market share of premium liquor brands continues to rise, and the consumption upgrade trend remains intact despite short-term impacts [4][30][34] - The competition in the mid-range liquor segment has intensified, with brands experiencing varying levels of performance due to market pressures. The demand for mid-range products has been notably affected by weak business consumption [36][39] - Inventory management is crucial, with manufacturers actively controlling supply to maintain price stability. The introduction of information systems has improved inventory management capabilities [40][39] Beer Industry - The beer market is expected to recover due to a low base effect from 2025, with national leaders likely to benefit significantly. The rise of instant retail channels is also anticipated to drive growth in non-on-premise beer sales [42][43] - The industry is entering a mature phase, with a focus on premiumization and product structure upgrades. The market share of high-end products is increasing, reflecting a shift in consumer preferences [47][50] - Cost stability is expected in 2026, with barley prices remaining low and contributing to profit margins. The overall cost structure is anticipated to support profitability in the beer sector [51][53] Dairy Industry - The dairy sector is currently experiencing a down cycle in milk prices, but a rebound is expected as demand improves and supply stabilizes. The long-term growth potential remains strong due to increasing consumer preferences for high-quality dairy products [60][63] - The population base in China supports the demand for dairy products, with significant growth potential in rural areas where consumption is currently lower compared to urban areas [66][70] - The industry is witnessing a shift towards high-quality growth, with leading companies focusing on improving profitability through better cost management and efficiency [60][77] Condiment Industry - The condiment sector is expected to benefit from a gradual recovery in restaurant consumption, with B2B channels likely to see significant improvements as consumer spending increases [79][84] - The industry has shown resilience, with a stable growth rate over the past five years. The market size for condiments has surpassed 650 billion yuan, driven by rising consumer demand and changing eating habits [83][84] - Cost advantages are anticipated in 2026, with raw material prices remaining low, which will help maintain stable growth in the condiment sector [79][80]