Investment Rating - The report maintains an "Accumulate" rating for the food and beverage industry [5] Core Insights - The upcoming Spring Festival is expected to boost sales in the liquor sector, with Moutai leading the industry towards an unexpected improvement. Short-term focus should be on the demand for the Spring Festival, while medium-term investments should target leading brands across various price segments [1] - In the beer segment, new product launches are being prepared, with a focus on high-growth channels and consumer trends towards personalized and diversified consumption [2] - The baking sector is showing stable performance, with companies like Lihigh Foods preparing for the sales peak and benefiting from favorable policies regarding cream products [3] Summary by Relevant Sections Liquor Sector - The Spring Festival is driving demand, with Moutai expected to lead the market. Key short-term stocks include Guizhou Moutai, Guo Jiu Gong Jiu, and others, while medium-term focus should be on Wuliangye and Shanxi Fenjiu [1] Beer Sector - Current beer sales are in a low season, but new product launches and high growth in instant retail channels are promising. Companies like Chongqing Beer are launching new 1L cans to meet consumer preferences [2] Food Sector - Lihigh Foods is preparing for the sales peak with a focus on quality over quantity, while Anqi Yeast is benefiting from declining sugarcane prices, enhancing profit margins [3] - Yizhi Konjac is experiencing rapid demand growth, with a stable supply chain and product innovation driving its market position [4]

Market Performance - The leisure food sector increased by 0.73% compared to the previous trading day, with "Good Idea" leading the gains [1] - The Shanghai Composite Index closed at 4136.16, up 0.33%, while the Shenzhen Component Index closed at 14439.66, up 0.79% [1] Individual Stock Performance - "Good Idea" (002582) closed at 16.18, up 6.03% with a trading volume of 698,800 shares and a transaction value of 1.123 billion yuan [1] - "Wancheng Group" (300972) closed at 219.50, up 3.51% with a transaction value of 601 million yuan [1] - "Lihigh Food" (300973) closed at 46.56, up 1.77% with a transaction value of 155 million yuan [1] - "Nanjiao Food" (605339) closed at 18.94, up 1.39% with a transaction value of 47.9721 million yuan [1] - "Purple Lotus Food" (603057) closed at 29.69, up 1.19% with a transaction value of 224 million yuan [1] - "Three Squirrels" (300783) closed at 24.50, up 0.82% with a transaction value of 221 million yuan [1] - "Maiqu'er" (002719) closed at 9.21, up 0.66% with a transaction value of 52.3833 million yuan [1] - "Liangpinpuzi" (603719) closed at 12.12, up 0.33% with a transaction value of 48.7241 million yuan [1] - "Guifaxiang" (002820) closed at 12.63, up 0.32% with a transaction value of 84.7587 million yuan [1] - "Ganyuan Food" (002991) closed at 62.82, up 0.05% with a transaction value of 59.5207 million yuan [1] Capital Flow - The leisure food sector experienced a net outflow of 112 million yuan from institutional investors, while retail investors saw a net inflow of 128 million yuan [2] - The capital flow for individual stocks shows varying trends, with "Wancheng Group" having a net inflow of 9.9595 million yuan from institutional investors [3] - "Lihigh Food" had a net inflow of 295.83 million yuan from retail investors, while "Salted Fish" (002847) saw a net outflow of 2.19959 million yuan from institutional investors [3]

Core Viewpoint - The recent appreciation of the RMB is expected to benefit the food and beverage sector through reduced import costs, improved domestic demand, and increased foreign investment allocation [1][2]. Group 1: Recent Developments - The RMB has accelerated its appreciation, breaking the 7 mark offshore on December 25 and reaching 6.96 onshore by January 22, indicating enhanced economic momentum and improved export competitiveness [1]. - Historical analysis shows that during previous RMB appreciation cycles (May-November 2020 and November-December 2022), the food and beverage sector outperformed the CSI 300 index by 18% and 12%, respectively [2]. Group 2: Cost, Demand, and Valuation Dynamics - Cost: The appreciation of the RMB reduces the converted prices of imported raw materials, leading to lower manufacturing costs and improved profitability. Key raw materials affected include soybeans, palm oil, oats, barley, and tree nuts [2]. - Demand: The recovery of domestic demand is a fundamental support for the strong RMB, which will further lower companies' restocking costs, shifting the industry from passive destocking to active restocking, thus reinforcing demand resilience [2]. - Valuation: The liquidity remains ample during the RMB appreciation cycle, enhancing the inflow of foreign capital into A-shares, which is expected to bring liquidity premiums to the food and beverage sector, known for its high foreign ownership [2]. Group 3: Investment Recommendations - The report highlights three main lines of focus for investment: 1. Cost benefits, recommending companies such as Ximai Food, Lihigh Food, Miaokelando, Qiaqia Food, and H&H [3]. 2. Demand recovery, recommending companies like Anjijia Food, Qianwei Central Kitchen, Youran Dairy, Modern Farming, New Dairy, and Wancheng Group [3]. 3. Valuation recovery, recommending companies including Yili Group, Mengniu Dairy, Xianle Health, Weilong Delicious, and Yanjinpuzi [3].

Investment Rating - Industry rating: Recommended [5] Core Insights - Recent appreciation of the RMB is expected to continue, enhancing domestic asset attractiveness and improving the competitiveness of export products [1] - Historical analysis shows that during previous RMB appreciation periods, the food and beverage sector outperformed the CSI 300 index by 18% and 12% respectively, indicating strong performance potential in the current cycle [2] - The current RMB appreciation is anticipated to create a triple resonance effect in the sector, leading to cost reduction, increased demand, and valuation recovery [2] Summary by Sections Cost Side - RMB appreciation reduces the import cost of raw materials, leading to lower manufacturing costs and improved profitability. Key raw materials affected include soybeans, palm oil, oats, barley, and tree nuts [2] Demand Side - Domestic demand recovery is a fundamental support for the strengthening RMB. The appreciation will lower inventory replenishment costs for companies, shifting the industry from passive destocking to active replenishment, thus reinforcing domestic demand resilience [2] Capital Side - The liquidity remains ample during the RMB appreciation cycle, increasing foreign capital inflow into A-shares. The food and beverage sector, with a high proportion of foreign holdings, is expected to benefit from valuation recovery driven by increased foreign allocation [2] Investment Recommendations - Focus on three main lines of investment: 1. Cost benefits: Recommended companies include Ximai Food, Lihigh Food, Miaokelando, Qiaqia Food, and H&H [3] 2. Demand recovery: Recommended companies include Anjijia Food, Qianwei Central Kitchen, Youran Livestock, Modern Dairy, New Dairy, and Wancheng Group [3] 3. Valuation recovery: Recommended companies include Yili, Mengniu Dairy, Xianle Health, Weilong Delicious, and Yanjinpuzi [3] Earnings Forecast and Valuation - Key companies and their respective ratings, earnings per share (EPS) forecasts, and price-to-earnings (P/E) ratios for the years 2024 to 2027 are provided, indicating a positive outlook for several companies in the sector [7]

该激励计划已履行完整的内部决策程序。公司董事会及薪酬与考核委员会于2025年12月17日审议通过草 案及相关管理办法，并于2025年12月18日至28日对激励对象名单进行了公示。2026年1月6日，公司临时 股东大会正式批准了该计划。根据湖南启元律师事务所出具的法律意见书，本次授予的授予日、对象、 数量及价格均符合《上市公司股权激励管理办法》及公司激励计划草案的规定，且公司及激励对象均未 出现不得授予的限制性情形，授予条件已成就。 此次股权激励旨在建立、健全公司长效激励机制，吸引和留住优秀人才，充分调动公司核心团队的积极 性，有效地将股东利益、公司利益和核心团队个人利益结合在一起，共同关注公司的长远发展。计划的 实施预计将对公司核心团队的稳定性和未来业绩产生积极影响。公司后续将按照相关法律法规的要求， 继续履行相应的信息披露义务。 登录新浪财经APP 搜索【信披】查看更多考评等级 中访网数据 盐津铺子食品股份有限公司于2026年1月20日召开第四届董事会第二十二次会议，审议通过 了《关于向激励对象授予限制性股票的议案》，标志着其2025年限制性股票激励计划进入实质性授予阶 段。本次授予的核心决策是确定以202 ...

Group 1 - The company, Yanjin Puzhou, announced that its fourth board meeting will be held on January 20, 2026, via communication voting [1] - The meeting will review the proposal regarding the granting of restricted stock to incentive objects [1]

证券代码：002847 证券简称：盐津铺子 公告编号：2026-008 盐津铺子食品股份有限公司 关于向激励对象授予限制性股票的公告 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。 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 年限制性股票激励计划（草案）>及摘要的议案》及其相关事项的 议案，同时披露了《盐津铺子食品股份有限公司关于 2025 年限制性股票激励计 划内幕信息知情人员买卖公司股票情况的自查报告》。 4、2026 年 1 月 20 日，公司召开了第四届董事会第二十二次会议，审议通 过了《关于向激励对象授予限制性股票的议案》。确定以 2026 年 1 月 20 日作为 激励计划的授予日，向符合条件的 157 名激励对象授予 300.00 万股限制性股票， 关联董事已对本次激励计划相关议案回避表决。董事会薪酬与考核委员会对授予 日的激励对象名单进行了核实并发表了核查意见。湖南启元律师事务所出具了 《湖南启元律师事务所关于盐津铺子食品股份有限公司 2025 年限制性股票激励 计划授予事项的法律 ...

湖南启元律师事务所 关于盐津铺子食品股份有限公司 2025 年限制性股票激励计划授予事项的 法律意见书 2026 年 1 月 湖南启元律师事务所 关于盐津铺子食品股份有限公司 2025年限制性股票激励计划授予事项的 法律意见书 致：盐津铺子食品股份有限公司 湖南启元律师事务所（以下简称"本所"）接受盐津铺子食品股份有限公司（以 下简称"公司"或"盐津铺子"）的委托，作为公司2025年限制性股票激励计划（以 下简称"本次激励计划"或"激励计划"）的专项法律顾问，为公司本次激励计划提 供专项法律服务。 本所律师根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中 华人民共和国证券法》（以下简称"《证券法》"）、《上市公司股权激励管理办 法》（以下简称"《管理办法》"）、《深圳证券交易所上市公司自律监管指南第 1号——业务办理》的规定等现行法律、法规和规范性文件以及《盐津铺子食品 股份有限公司章程》（以下简称"《公司章程》"）、《盐津铺子食品股份有限公 司2025年限制性股票激励计划（草案）》（以下简称"《激励计划（草案）》"） 的有关规定，按照律师行业公认的业务标准、道德规范和勤勉尽责精神，就公司 本次激 ...

证券代码：002847 证券简称：盐津铺子 公告编号：2026-007 3、本次会议应出席董事人数 8 人，实际出席董事人数 8 人。 4、本次董事会由董事长张学武先生主持，本次会议的召开和表决程序符合 《中华人民共和国公司法》等法律法规和《公司章程》的有关规定。 二、董事会会议审议情况 经与会董事认真审议并表决，一致通过了如下议案： 1、审议通过了《关于向激励对象授予限制性股票的议案》 盐津铺子食品股份有限公司 第四届董事会第二十二次会议决议公告 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。 一、董事会会议召开情况 1、本次董事会由董事长张学武先生召集，会议通知于 2026 年 1 月 16 日通 过电子邮件、电话的形式送达各位董事，董事会会议通知中包括会议的相关材料， 同时列明了会议的召开时间、地点、内容和方式。 2、本次董事会于 2026 年 1 月 20 日 15:00 采取通讯表决的方式召开。 表决结果：赞成票 5 票；反对票 0 票；弃权票 0 票。 公司董事会薪酬与考核委员会已按规定审议并通过本议案。 三、备查文件（以下无正文） 1、第四届董事 ...

盐津铺子食品股份有限公司 盐津铺子食品股份有限公司董事会薪酬与考核委员会 关于公司2025年限制性股票激励计划授予激励对象名单的核查意见 盐津铺子食品股份有限公司（以下简称"公司"）董事会薪酬与考核委员会 根据《中华人民共和国公司法》（以下简称"公司法"）《中华人民共和国证券 法》（以下简称"证券法"）《上市公司股权激励管理办法》（以下简称"管理 办法"）《深圳证券交易所股票上市规则》（以下简称"上市规则"）等相关规 章制度的有关规定，对公司《2025 年限制性股票激励计划（草案）》（以下简 称"激励计划（草案）"）的授予条件是否成就及激励对象是否符合授予条件进 行核实后，现发表核查意见如下： 1、公司不存在《管理办法》等法律法规和规范性文件规定的禁止实施股权 激励计划的情形，包括：（1）最近一个会计年度财务会计报告被注册会计师出 具否定意见或者无法表示意见的审计报告；（2）最近一个会计年度财务报告内 部控制被注册会计师出具否定意见或无法表示意见的审计报告；（3）上市后最 近 36 个月内出现过未按法律法规、公司章程、公开承诺进行利润分配的情形； （4）法律法规规定不得实行股权激励的；（5）中国证监会认定的其 ...