证券之星消息，2月4日休闲食品板块较上一交易日上涨2.4%，万辰集团领涨。当日上证指数报收于 4102.2，上涨0.85%。深证成指报收于14156.27，上涨0.21%。休闲食品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) | | | --- | --- | --- | --- | --- | --- | --- | | 300972 | 万辰集团 | 209.30 | 7.33% | 3.63万 | | 7.39亿 | | 603043 | 广州酒家 | 18.15 | 2.83% | 5.85万 | | 1.05亿 | | 002847 | 盐津铺子 | 69.95 | 2.70% | 4.94万 | | 3.44亿 | | 002956 | 西麦食品 | 28.12 | 2.18% | 2.62万 | | 7255.55万 | | 300973 | 立高食品 | 44.20 | 2.10% | 4.27万 | | 1.87亿 | | 603697 | 有友食品 | 13.78 | 2.07% | 32.96万 | | 4.55亿 | | 6038 ...

长沙晚报掌上长沙2月3日讯（全媒体记者 曹开阳）2月3日，胡润研究院发布《2025胡润中国品牌榜》。这是胡润 研究院连续20次发布该榜单，本届榜单首次纳入进入中国市场并服务于中国消费者的非中国品牌。湖南的芙蓉 王、爱尔眼科、芒果TV等6个品牌上榜。 湖南共有6个品牌上榜，分别是排名18位的芙蓉王、排名131位的爱尔眼科和白沙、排名214位的芒果TV、排名243 位的盐津铺子，以及排名290位的益丰大药房。 212个新上榜品牌，以非中国品牌为主。新上榜品牌中，食品饮料和日化行业最为集中，分别有28个，其中泰国红 牛、美国可口可乐、中国金龙鱼进入百强；其次是汽车行业23个，其中美国特斯拉、日本丰田、德国宝马和梅赛 德斯-奔驰进入百强；再次是金融行业22个，其中英国汇丰银行和中国友邦保险进入百强。 据统计，上榜品牌总价值近8.8万亿元，比去年上涨47%。相比去年，300强门槛升至35亿元（+10亿元），200强 门槛升至65亿元（+20亿元），百强门槛升至145亿元（+35亿元）。69%的上榜品牌提供实体产品，31%的品牌提 供软件或服务。 胡润集团董事长兼首席调研官胡润表示："今年是胡润中国品牌榜连续发布的第二十 ...

记者2月2日从商务部获悉，商务部等九部门日前印发《2026"乐购新春"春节特别活动方案》(以下简称 《方案》)。据悉，《方案》从"好吃""好住""好行""好游""好购""好玩"等六个方面入手，打造全域联 动、全民乐享的春节消费盛宴。 此次政策的出台，为食品饮料企业带来多重政策红利与广阔发展空间，为其把握旺季、扩大销量、提升 品牌影响力提供了有力支撑。 专项行动赋能 主业是企业发展的立身之本。在此指引之下，深市食品饮料上市公司深耕核心赛道，通过优化产品结 构、完善产业布局、强化成本管控，实现经营业绩稳步增长，持续提升企业内在价值。 例如，北京燕京啤酒（000729）股份有限公司(以下简称"燕京啤酒")通过产品结构优化、全渠道发力与 成本管控，实现营收与盈利双维度提升，经营基本面持续向好；盐津铺子（002847）食品股份有限公司 (以下简称"盐津铺子")以具有地方特色的凉果蜜饯发轫，成长为一家集研发、生产、销售于一体的休闲 食品全产业链的上市公司；三全食品（002216）股份有限公司(以下简称"三全食品")深耕速冻食品赛 道，构建了覆盖全国完善的"全冷链"系统，打造了一条完整的、有足够控制力的从农田到餐桌的新型食 ...

证券之星消息，2月2日休闲食品板块较上一交易日下跌0.52%，立高食品领跌。当日上证指数报收于 4015.75，下跌2.48%。深证成指报收于13824.35，下跌2.69%。休闲食品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) | | | --- | --- | --- | --- | --- | --- | --- | | 603697 | 有友食品 | 13.54 | 9.99% | 20.37万 | | 2.64亿 | | 002582 | 好想你 | 13.44 | 5.00% | 60.87万 | | 8.11亿 | | 002557 | 治治食品 | 23.96 | 4.72% | 25.07万 | | 6.05亿 | | 002719 | 麦趣尔 | 9.14 | 4.10% | 19.09万 | | 1.76亿 | | 603777 | 来伊份 | 13.69 | 2.85% | 15.71万 | | 2.16亿 | | 300783 | 三只松鼠 | 24.21 | 1.55% | 13.83万 | | 3.36亿 | | 00299 ...

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].

本报记者 吴文婧 东方财富Choice数据显示，2026年1月份以来，A股市场掀起了一轮股东回馈浪潮，截至目前已有8家上 市公司披露了股东回馈活动公告，通过赠送实物产品、发放折扣券、提供服务权益等方式"花式"回馈投 资者。 "此类'宠股东'行为是中国资本市场在成熟化进程中的生动侧写。"广东更佳昊国际认证有限公司总经理 李锦堤向《证券日报》记者表示，这不仅代表上市公司回报投资者的方式正在多元化，更标志着在各方 共同推动下，中国资本市场投资者关系管理进入了一个更注重情感连接、品牌渗透与长期价值认同的新 阶段。 广州思益得文化有限公司首席策略官陈彦颐在接受《证券日报》记者采访时表示，上市公司以自身产品 或服务回馈股东，能帮助股东更直观地感受到企业的价值，提升对企业的信任和长期投资意愿。这种做 法也为企业提供了一个向股东展示产品优势的平台，有助于品牌推广和口碑传播。 事实上，上市公司向股东发放"特色礼包"并非新鲜事。早在2013年，南方黑芝麻集团股份有限公司就曾 公告称，为征集新产品品尝意见，公司将向股东每持有公司1000股的股份免费赠发一礼盒装黑芝麻乳产 品。 另据了解，近十年来，A股市场已有超过70家上市公司举行 ...

·底部机会与茶饮空间观点：相关研究报告指出价格带茶饮阿尔法成长空间广阔，为相关领域的研究分析提供了重 要参考方向，该研究报告的发布时间为2026年1月21日。 ·蜜雪大跌后核心观点阐述：a. 原材料成本变动对公司综合毛利率影响有限：柠檬、咖啡豆涨价，但其他原材料价 格同比回调，综合下来原材料因素对毛利率无太大影响，后续将做详细拆解；b. 2026年相较于2025年，因原材料 因素导致毛利率波动的概率较低；c. ·底部机会与茶饮空间观点：相关研究报告指出价格带茶饮阿尔法成长空间广阔，为相关领域的研究分析提供了重 要参考方向，该研究报告的发布时间为2026年1月21日。 ·蜜雪大跌后核心观点阐述：a. 原材料成本变动对公司综合毛利率影响有限：柠檬、咖啡豆涨价，但其他原材料价 格同比回调，综合下来原材料因素对毛利率无太大影响，后续将做详细拆解；b. 2026年相较于2025年，因原材料 因素导致毛利率波动的概率较低；c. 重申对蜜雪的长期看多观点。 ·竞争优势、业绩空间与估值分析：某企业在10元以下价格带市占率接近60%，具备极强成本优势、规模效应，供 应链壁垒深厚，竞争格局优势具备持续性。 ·其他原材料变动及综合 ...

1月27日，盐津铺子跌2.05%，成交额2.33亿元。两融数据显示，当日盐津铺子获融资买入额1796.97万 元，融资偿还1218.02万元，融资净买入578.94万元。截至1月27日，盐津铺子融资融券余额合计1.72亿 元。 融资方面，盐津铺子当日融资买入1796.97万元。当前融资余额1.71亿元，占流通市值的0.91%，融资余 额超过近一年80%分位水平，处于高位。 责任编辑：小浪快报 资料显示，盐津铺子食品股份有限公司位于湖南省长沙市雨花区长沙大道运达中央广场写字楼A座32 楼，成立日期2005年8月4日，上市日期2017年2月8日，公司主营业务涉及休闲食品科研、生产、销售和 农产品精深加工。主营业务收入构成为：辣卤零食44.91%，烘焙薯类15.61%，果干果冻14.56%，深海 零食12.33%，蛋类零食10.52%，其他2.06%。 截至9月30日，盐津铺子股东户数1.80万，较上期增加65.13%；人均流通股13663股，较上期减少 39.44%。2025年1月-9月，盐津铺子实现营业收入44.27亿元，同比增长14.67%；归母净利润6.05亿元， 同比增长22.63%。 分红方面，盐津铺子 ...

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].

Summary of Key Points from the Conference Call Industry Overview - **Sector**: China Consumer Sector - **Key Insights**: The sector shows signs of consumption recovery despite a near-term property market downturn. Valuation remains attractive, approximately 1 standard deviation below 10-year averages, indicating that a consumption recovery is not yet priced in [2][21]. Consumer Staples - **Baijiu**: Anticipated demand support for mid-end baijiu due to easing alcohol bans and private consumption growth. Companies are expected to accelerate channel transformations for sustainable EPS growth [3][8]. - **Beer**: Premiumization continues through product diversification and in-home channel expansion, despite on-trade softness. CR Beer expects low-single-digit volume growth in 2025, with Heineken volumes projected to grow by 20% YoY [3][8]. - **Dairy**: Liquid milk sales are expected to recover modestly in 2026, driven by marketing and innovation, despite a weak 2025. Fresh milk shows resilience with double-digit growth [3][8]. - **Freshly-Made Beverages (FMB)**: Guming is expected to maintain steady SSSG in 2026 through category expansion and dine-in growth, despite the phase-out of delivery subsidies [3][8][19]. - **Condiments**: Sequentially improving demand is expected, with Haitian focusing on multi-product categories and Jonjee anticipating a cleaner 2026 after a weak 4Q25 [3][8]. Consumer Discretionary - **Home Appliances**: Companies like Midea and Haier expect higher overseas growth compared to domestic markets in 2026. Strategies include price hikes and operational efficiencies [4][10]. - **Jewelry**: Brands with unique designs may consolidate post-VAT reform. Laopu is expected to achieve strong sales growth due to increased focus on value-added services [4][10]. - **Restaurants**: Intense competition leads to divergent strategies, with some companies lowering prices while others upgrade offerings. DPC Dash is on track for expansion despite market uncertainties [4][10]. Stock Implications - **Most Preferred Stocks**: CR Beer, Guming, MIXUE, China Foods, YUM China, among others, are highlighted as preferred investments due to their growth potential [5]. - **Least Preferred Stocks**: Companies like Swellfun, Nongfu, and Gree are noted as less favorable due to various challenges [5]. Key Risks - Risks include demand recovery uncertainties, cost inflation or deflation, and changes in the competitive landscape. These factors could significantly impact the consumer sector's performance [21]. Additional Insights - **Pet Food**: The industry is shifting towards online sales, with over 85% of sales occurring digitally. Competition is intensifying, pushing brands towards innovation and product differentiation [13]. - **Snack Sector**: Rapid category diversification and channel restructuring are creating growth opportunities, particularly through snack discounters [9][12]. This summary encapsulates the essential insights and projections from the conference call, providing a comprehensive overview of the current state and future outlook of the China consumer sector.