食品饮料行业 行业研究 | 行业周报 食品饮料：论原料、涨价与上游 风险提示：食品安全、产业政策调整、管理层更替、原料价格上行不及预期。 国家/地区 中国 行业 食品饮料行业 报告发布日期 2026 年 03 月 08 日 食品饮料行业周报 核心观点 投资建议与投资标的 投资建议：先上游，再下游。 上游主线一：农产品加工。1）泛糖加工：推荐中粮糖业(600737，买入)、相关标的冠农 股份(600251，未评级)；2）果汁加工：相关标的安德利(605198，未评级)、安德利果汁 (02218，未评级)；3）牧业：推荐优然牧业(09858，买入)、相关标的现代牧业(01117， 未评级)； 上游主线二：食品原料供应商。生物提取：相关标的华宝国际(00336，未评级)、晨光生 物(300138，未评级)、阜丰集团(00546，未评级)；2）功能糖：相关标的华康股份 (605077，未评级)、保龄宝(002286，未评级)、百龙创园(605016，未评级)、三元生物 (301206，未评级)； 下游主线：1）白酒，推荐山西汾酒(600809，买入)、贵州茅台(600519，买入)、今世缘 (603369，买入)、舍 ...

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 增加。但在前期策略调整下，对低毛利率产品的优化以及电商渠道费用的缩减，可一定程度缓解此部分的 影响，预计公司2026年的净利率水平有望实现稳中有升。 风险提示： 原材料成本波动风险；核心产品增长不达预期；渠道拓展不及预期。 发布日期：2026-03-06 免责声明 本订阅号是光大证券股份有限公司研究所（以下简称"光大证券研究所"）依法设立、独立运营的官方唯一订阅号。其他任 何以光大证券研究所名义注册的、或含有"光大证券研究"、与光大证券研究所品牌名称等相关信息的订阅号均不是光大证 券研究所的官方订阅号。 报告摘要 近期我们跟踪盐津铺子经营情况，更新观点如下： 战略思路明确，落地确定性强 伴随前期的组织架构调整，公司已形成辣味/健康蛋白/ ...

2026 年 3 月 6 日 公司研究 单品势能延续，战略明确坚定 ——盐津铺子（002847.SZ）跟踪点评 要点 近期我们跟踪盐津铺子经营情况，更新观点如下： 战略思路明确，落地确定性强。伴随前期的组织架构调整，公司已形成辣味/健 康蛋白/甜味三大事业部，不同事业部定位明确，通过差异化的产品策略有效契 合当前的品类趋势。其中辣味事业部的魔芋制品为公司核心单品，26 年 1 月的 销售表现突破前高，品类红利仍维持较高势能。豆制品兼顾辣味和健康蛋白属性， 伴随渠道铺货实现稳健增长。鹌鹑蛋通过山姆等渠道精准定位目标消费人群，实 现动销表现的稳步提升。公司在单品培育方面已形成相对成熟的方法论，优势单 品的逐步储备为后续的渠道拓展提供有力抓手。从渠道维度来看，定量流通渠道 在魔芋大单品带动下，实现终端网点的持续拓展。零食量贩渠道为渠道商拓店+ 公司迭代 SKU 的增长逻辑。电商渠道持续调整，考虑到公司于 25Q2 加大线上 渠道的优化力度，预计电商的收入基数压力在 26H1 更为明显，26H2 通过持续 推新和大单品的增长，有望重回增长趋势。 会员店渠道再添新品，产品力进一步验证。26 年 3 月盐津铺子在山姆系统 ...

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]