近期股价调整我们认为系"资金调整"为主，公司势能稳健，"魔芋"和"定量渠道"延续高增，Q2有望逐步走出线上基 数阴霾，当前位置已显现 近期跟踪：1-2月线下增长超20%，其中魔芋品类延续高双位数增长，定量装为主要增长渠道，电商高基数压力 预计在4-5月迎来改善。 全年规划：26年预计收入/利润同比+15%以上/增速快于收入，分渠道增量主要靠 分品类主要靠#魔芋+鹌鹑蛋 +豆制品，其中魔芋全年含税目标30亿+，维持高景气；26H2预计魔芋成本下降20%+、27年利润弹性可期。 观点：目前股价进入击球区，Q2收入有望加速。 参考公司股权激励目标26-28年经营净利润为8.5/10/12.5亿元，利润CAGR+20%以上，当前市值对应PE为 19/16/13x，分红60%情况下股息率约3%+。 【广发食品】盐津铺子更新20260305 近期股价调整我们认为系"资金调整"为主，公司势能稳健，"魔芋"和"定量渠道"延续高增，Q2有望逐步走出线上基 数阴霾，当前位置已显现 近期跟踪：1-2月线下增长超20%，其中魔芋品类延续高双位数增长，定量装为主要增长渠道，电商高基数压力 预计在4-5月迎来改善。 全年规划：26年预计 ...

2026 年 3 月 5 日 行业研究 政策及通胀预期有望带动估值企稳扩张 ——食品饮料行业关于《政府工作报告》的学习体会 要点 事件：2026 年 3 月 5 日第十四届全国人大四次会议开幕，国务院总理李强做《政 府工作报告》，提出 2026 年主要发展目标为经济增长 4.5%-5%，其中城镇新 增就业 1200 万人以上、居民消费价格涨幅 2%左右等。部分工作任务包括：1） 增收：制定实施城乡居民增收计划，在促进低收入群体增收、增加居民财产性收 入、完善薪酬和社保制度等方面推出一批务实举措。2）消费：安排超长期特别 国债 2500 亿元支持消费品以旧换新。3）房地产：因城施策控增量、去库存、 优供给，探索多渠道盘活存量商品房。 结合此次《政府工作报告》对于消费相关领域的布署，我们更新观点如下： 白酒：全年维度继续推荐白酒板块的投资机会，核心逻辑在于地产价格企稳对居 民财富效应预期的改善、以及《政府工作报告》中提及的制定城乡居民增收计划、 改善低收入群体收入等，另外"再通胀"预期下白酒作为顺周期板块亦有望受益。 考虑宏观环境和《政府工作报告》对消费的定位，我们认为 26 年白酒板块估值 有望企稳/扩张。春节 ...

现存的问题包括，其一，中国农民的保障水平偏低。中央城乡居民基础养老金标准虽然经过了7次上调，2025年仍然只有143元/月/人；同时，2025 年，全国城乡居民的月均养老金也仅为287元，远低于城镇职工养老保险月均3498元的待遇水平，多数农业大省基础养老金标准维持在每月100— 150元，仅能覆盖基础粮油支出，难以满足农村老人基本生活需求。 其二，区域失衡严重。东西部地区基础养老金标准差距达6.2倍，上海基础养老金每月高达1555元，而甘肃仅为249元，区域养老保障能力差异显著。 其三，资金供给可持续性不足。2023年社保基金投资收益实际收益率为3.1%，低于7.3%的历史均值，云南、黑龙江等省份已出现基金收不抵支的情 况。 借鉴国际成熟经验 "国资兜底、高龄差异化补贴" 全国人大代表、盐津铺子食品股份有限公司董事长张学武建 议，"通过国资收益合理偿还农民的历史贡献，又以专项税拓 宽稳定资金来源"等方式，从2026年到2030年，逐步将中国 农民的养老金，提高至每人月均1000元的水平。 作者：李微敖 封图：受访者供图 2026年3月4日，在全国两会召开之际，全国人大代表、盐津铺子食品股份有限公司（0028 ...

Investment Rating - The report maintains a "Buy" rating for the food and beverage industry, indicating an expected return that is stronger than the market benchmark by over 15% [4][9]. Core Views - The report emphasizes a recovery in the food and beverage sector, highlighting a clear trend of recovery starting from the upstream to the downstream [9]. - It identifies three main lines of investment opportunities: upstream agricultural processing, food raw material suppliers, and downstream sectors such as liquor and restaurant supply chains [4][9]. - The report notes that the recovery is characterized by rigid consumption volume and price pressure, with upstream companies having stronger bargaining power compared to downstream [9]. Summary by Relevant Sections Upstream Focus - Agricultural Processing: - Sugar processing is recommended with companies like COFCO Sugar (600737, Buy) and related stocks such as Crown Agricultural (600251, Not Rated) [4]. - Juice processing is highlighted with recommendations for Andeli (605198, Not Rated) and Andeli Juice (02218, Not Rated) [4]. - Livestock is also a focus, recommending Youran Dairy (09858, Buy) and mentioning Modern Farming (01117, Not Rated) [4]. - Food Raw Material Suppliers: - Biotech extraction is recommended with Angel Yeast (600298, Buy) and Bairun (002568, Buy), with related stocks like Morning Light Bio (300138, Not Rated) [4]. - Functional sugars are noted with related stocks such as Huakang (605077, Not Rated) and Baolingbao (002286, Not Rated) [4]. Downstream Focus - Liquor: - Recommended stocks include Shanxi Fenjiu (600809, Buy), Kweichow Moutai (600519, Buy), and Jiansi Yuan (603369, Buy) [4]. - Restaurant Supply Chain and Beer: - Focus on performance confirmation post valuation increase, recommending Yihai International (01579, Buy) and mentioning related stocks like Guoquan (02517, Not Rated) [4]. - Beverages and Snacks: - Emphasis on performance certainty, recommending Yanjinpuzi (002847, Buy) and Qiaqia Food (002557, Buy) [4]. - Health Products: - Noted for valuation ahead of trends, with related stocks like H&H International Holdings (01112, Not Rated) [4].

Investment Rating - The report maintains a positive outlook on the current white liquor sector, suggesting it has configuration value and a favorable win rate under low expectations [2][11] Core Insights - The overall sales performance of white liquor during the Spring Festival met market expectations, with a projected year-on-year decline in total channel sales of 10-15%. Notably, the price of Feitian Moutai remained stable, and there were signs of replenishment for some mass-market products [1][10] - The report indicates that the white liquor industry is currently in a price stabilization phase, with companies actively working on inventory reduction. The strong sales performance of Feitian Moutai during the Spring Festival has helped stabilize market expectations and ease industry pressures [1][10] - The report highlights a gradual transition towards a bottoming phase for the white liquor industry, with expectations of improved consumer sentiment and spending as macroeconomic policies evolve [2][11] Summary by Sections White Liquor - The report suggests that the white liquor sector is experiencing a stabilization in pricing, with Feitian Moutai's current price around 1690 RMB, showing a slight decline [1][10] - Recommendations include focusing on high-end brands with strong market positions, such as Guizhou Moutai and Wuliangye, as well as regional leaders benefiting from robust demand [2][11] Beer - The beer sector is showing signs of recovery in on-premise consumption, with companies expanding into non-drink channels and diversifying their product offerings. The report suggests continued attention to beer companies due to their solid performance and dividend levels [2][11] Yellow Wine - The yellow wine industry is witnessing price increases among leading brands, indicating a potential for improved competitive dynamics. The report notes the importance of marketing and product innovation to attract younger consumers [2][12] Snacks - The snack sector is expected to maintain high growth due to strong sales during the Spring Festival, with recommendations for companies like Wancheng Group and Weilian Meishi, which are well-positioned for growth in Q1 [3][13] Soft Drinks - The soft drink sector is entering a sales lull, facing challenges from the rise of ready-to-drink tea beverages. However, the report remains optimistic about brands like Dongpeng Beverage and Nongfu Spring, which have strong brand potential [3][13] Condiments - The condiment sector is currently stabilizing after a challenging period, with recommendations for companies like Angel Yeast and Qianhe Flavor, which are expected to benefit from improving fundamentals and dividend yields [3][14]

盐津铺子食品股份有限公司 关于2025年限制性股票授予登记完成的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 重要内容提示： 证券代码：002847 证券简称：盐津铺子 公告编号：2026-009 司本次限制性股票激励计划有利于公司的持续发展，有利于对核心人才形成长效 激励机制，不存在损害公司及全体股东尤其是中小股东利益的情形，同意公司实 施本次激励计划。 2.2025 年 12 月 18 日至 2025 年 12 月 28 日，公司对 2025 年限制性股票激励 计划激励对象的姓名和职务通过公司内网进行公示，公示期间，董事会薪酬与考 核委员会收到 1 名员工对本次授予的 1 名激励对象提出问询，经公司核查后向当 事人解释说明，当事人已对该名员工的股权激励资格无异议；除此之外，没有其 他员工对本次授予激励对象名单提出任何异议。2025 年 12 月 30 日，公司披露 《董事会薪酬与考核委员会关于 2025 年限制性股票激励计划激励对象名单的审 3.2026 年 1 月 6 日，公司召开 2026 年第一次临时股东会，审议通过了《关 于公司<2025 ...

Group 1 - The Hunan Province held a conference to promote the development of the private economy, awarding 100 outstanding private entrepreneurs for their contributions to regional economic growth and the construction of a modern industrial system [1][2] - Notable recipients include leaders from over 20 listed companies, showcasing the vitality and potential of the private economy in Hunan [1] - Key figures from companies such as SANY Heavy Industry, Lens Technology, Aier Eye Hospital, and others were recognized, representing various advantageous industrial sectors including engineering machinery, consumer manufacturing, biomedicine, and new energy technology [1][2] Group 2 - Executives from several listed companies' subsidiaries also received awards, highlighting the collaborative development within Hunan's industrial chain [2] - Entrepreneurs at critical stages of the IPO process were also honored, indicating the effective cultivation of Hunan's private economic tier [2] - The awarded entrepreneurs span key industries such as engineering machinery, green agricultural products, biomedicine, and advanced materials, playing a crucial role in transforming traditional industries and fostering new emerging sectors [2]

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]

多元供给点燃新春消费热潮 马年春节，一股"健康、智能、绿色"的消费新风尚席卷全国。据商务大数据，2月15日，重点平台智能 穿戴设备销售额增长1.3倍，智能血压仪、血糖仪增长超60%，有机食品增长52%，用实打实的数据，彰 显出春节消费市场品质升级趋势。 在此背景下，深市食品饮料类上市公司以产品创新为核心，从节庆专属产品打造到健康品类研发，从供 应链效率提升到消费场景营造，全方位满足不同消费群体的新春需求，让节日消费既有"年味"更有"品 质"。 商超卖场年味浓郁、优质食品供销两旺、智能家电备受青睐……2026年丙午马年春节，恰逢最长春节假 期叠加消费政策红利释放，国内消费市场人气与活力双向攀升。 在这一过程中，深圳证券交易所市场（以下简称"深市"）消费类上市公司紧抓春节消费热潮，立足自身 主业优势，以产品创新贴合消费需求、以多元营销激活市场活力、以全球化布局拓展发展空间，在食品 饮料、家电等核心赛道展现出强劲的发展韧性，成为新春消费市场的活力因子，也为全年消费市场复苏 注入强劲动力。 产品创新锚定需求 例如，深耕速冻食品领域三十年的三全食品（002216）股份有限公司（以下简称"三全食品"），作为国 内速冻米面 ...

格隆汇2月13日丨盐津铺子(002847.SZ)在投资者互动平台表示，公司未对鸣鸣很忙进行投资。 ...