史上最长春节假期 "不打烊"的商家增加了三成 "啪"的一声，史上最长春节假期，就这样过完了。 春节不打烊，成了各地大部分餐饮的选择。抖音生活服务数据显示，春节期间坚持营业的"春节不打烊"商家数量同比增长33%，相应商家销售额同比增长 了65%。 江苏省超22万家餐饮门店春节"不打烊"，覆盖正餐、小吃、快餐、火锅、茶饮、老字号等全业态，春节期间的餐饮收入达183亿元，同比增长11.9%。 其中，淮扬菜、苏锡菜、金陵菜、徐海菜等地方特色苏味销售额同比增长18%，马祥兴、绿柳居、松鹤楼等老字号餐饮的年味礼盒、熟食礼盒销售额均突 破千万元。 湖南长沙超200家餐厅春节"不打烊"，覆盖正餐、简餐、小吃、火锅等品类，如南景饭店、费大厨等新老牌湘菜品牌，火宫殿、盛香亭等特色小吃连锁， 大米先生、松花江饺子馆等快餐。 费大厨全国200余家门店正常营业，核心商圈多家门店全天开餐取号均超1000桌，等位90分钟以上。据悉，品牌在节前2周起提前加派人手应对客流，新鲜 食材储备比平时增加超30%，通过延长营业时间和在等位区赠送水煮有机鸡蛋等措施来保证顾客用餐体验。 另外，美团发布的《2026春节消费洞察报告》显示，受返乡团圆、反向过 ...

Investment Rating - The report maintains a recommendation for the food and beverage industry [3] Core Insights - The current operating cycle for mass consumer goods has been characterized by oversupply, leading to declines in price and profit margins [9] - Demand has weakened since 2021, with restaurant demand growth dropping from double digits to low single digits [9] - Prices for mass consumer goods have been on a downward trend since 2021, with leading companies experiencing significant price reductions [9] - The report anticipates that prices may have reached a bottom in 2025, with potential for recovery in 2026 if demand improves [27] Summary by Sections Review of Current Operating Cycle - The food and beverage sector has faced a supply-demand imbalance, resulting in continuous price declines from 2021 to 2025, affecting prices, profits, and valuations [12] - Capital expenditure in the mass consumer goods sector grew at a compound annual growth rate (CAGR) of 14% from 2017 to 2022, leading to significant capacity expansion [9][12] Price Outlook for 2025 - The report suggests that prices may have reached a phase of stabilization, with indicators showing improvements in consumer price index (CPI) and food CPI [27] - Restaurant revenue data indicates a potential bottoming out of demand, with a recovery in consumer spending expected [27] Investment Recommendations - For the restaurant supply chain, the report recommends focusing on frozen foods, seasoning products, and beer, highlighting companies like Anjuke Foods and Yihai International for their market share growth and pricing strategies [42][43] - In the dairy industry, the report suggests monitoring companies such as Modern Farming and Yili Group, anticipating price improvements in the second half of 2026 [42][43]

[Table_Page] 跟踪分析|食品饮料 证券研究报告 [Table_Title] 食品饮料行业 春节走访：五省白酒动销跟踪反馈 [Table_Summary] 核心观点： | [Table_Grade] 行业评级 | 买入 | | --- | --- | | 前次评级 | 买入 | | 报告日期 | 2026-02-24 | [Table_PicQuote] 相对市场表现 -10% -3% 4% 10% 17% 24% 02/25 05/25 07/25 09/25 12/25 02/26 食品饮料 沪深300 | [分析师： Table_Author]符蓉 | | | --- | --- | | | SAC 执证号：S0260523120002 | | | SFC CE No. BWC944 | | | 021-38003552 | | | furong@gf.com.cn | | 分析师： | 郝宇新 | | | SAC 执证号：S0260523120010 | | | SFC CE No. BVZ687 | | | 021-38003553 | | | haoyuxin@gf.com.cn | | ...

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]

Investment Rating - The industry investment rating is "Buy" indicating an expected performance that will exceed the market by more than 10% over the next 12 months [27]. Core Insights - The report highlights that the Chinese liquor market, particularly in Chengdu, is showing signs of recovery as the Spring Festival approaches, with increased sales velocity for major brands like Guojiao and Wuliangye [6][8]. - The seasoning market is also experiencing improved sales, with brands like Qianhe and Haitian gaining market share, and promotional activities increasing in supermarkets [11][12]. - The report suggests a positive outlook for the liquor sector in 2026, with recommendations for key stocks including Luzhou Laojiao, Shanxi Fenjiu, and Kweichow Moutai among others [2][4]. Summary by Sections Chengdu Liquor Market Tracking - Sales velocity for Wuliangye and Guojiao has accelerated as the Spring Festival approaches, with Wuliangye's current batch price at 790 CNY per bottle and Guojiao at 850 CNY per bottle [7][9]. - Feedback from distributors indicates that inventory levels are healthy, with a focus on maintaining good stock levels to avoid excess [8][9]. Chengdu Seasoning Market Tracking - Soy sauce sales have improved year-on-year, with Qianhe and Haitian leading in market share, and promotional activities in supermarkets have increased significantly [11][12]. - The overall health of inventory levels in the seasoning market is noted, with major brands maintaining shorter inventory ages, indicating strong sales performance [11][15]. Investment Recommendations - For the liquor sector, the report recommends stocks such as Luzhou Laojiao, Shanxi Fenjiu, and Kweichow Moutai, anticipating a new growth cycle starting in 2026 [2][4]. - In the consumer goods sector, companies like Anjuke Foods and Yanjing Beer are highlighted as having potential for outperforming the market due to new products and channels [2][4].

长沙晚报掌上长沙2月13日讯（全媒体记者 范宏欢）通体鲜亮的标志性红色外墙，憨态可掬的巨型"雪王"雕塑， 往来穿梭的打卡人群……2月13日，蜜雪冰城长沙首家旗舰店在黄兴路步行街正式开启试营业。这座号称"目前全 球最大"的雪王城堡，一经亮相便吸引了大批市民与粉丝慕名而来，成为长沙又一处现象级网红打卡地。 不仅自带热度更撬动周边消费 上午9时30分，记者在现场看到，排队队伍已从门店入口延伸至步行街中段，不少市民举着手机对着巨型雪王雕塑 拍照留念，还有许多年轻人举着蜜雪冰城限定冰淇淋，等待捕捉最佳的打卡角度。工作人员身着统一工装，有序 引导客流，一边为排队市民介绍产品，一边提醒市民注意排队秩序、保管好个人物品。 "一直很喜欢蜜雪冰城的性价比，得知长沙开了首家旗舰店，特意赶过来打卡。这里不仅店面大、颜值高，还有免 费冰淇淋可以领，太惊喜了！"正在排队的市民李女士笑着说道。 记者观察发现，旗舰店采用上下两层复式结构，1600㎡的超大空间一眼望不到头，经典红白配色贯穿整体设计， 随处可见的雪王IP元素，从墙面装饰到桌椅摆件，细节拉满，既贴合长沙热烈奔放的城市烟火气，又彰显了品牌 专属特色。 布局方面，门店一楼聚焦核心茶饮 ...

Core Insights - The dairy industry in China is experiencing rapid growth and maturation, driven by increasing consumer preference for nutritious and healthy diets, with the liquid dairy segment being the largest and most mature category [1][2][4] Group 1: Market Overview - The Chinese dairy market is projected to grow from CNY 597 billion in 2019 to CNY 677.8 billion by 2025, with liquid dairy products expected to reach CNY 361 billion, accounting for 53.26% of the market [1][2][4] - By 2026, the dairy market is anticipated to reach CNY 685.1 billion, with liquid dairy products growing to CNY 367.5 billion, maintaining a market share of approximately 53.64% [1][4] Group 2: Industry Definition and Classification - Dairy products are categorized into seven main types, with liquid dairy products being the largest segment, further divided into low-temperature and room-temperature products [2][4] Group 3: Industry Development Status - The liquid dairy segment is characterized by convenience and ease of storage, making it the most consumed category in the dairy market [1][4] - The industry is benefiting from a series of government policies aimed at promoting healthy diets and supporting the dairy sector's growth [6] Group 4: Competitive Landscape - Major players in the liquid dairy market include Inner Mongolia Yili Industrial Group, Inner Mongolia Mengniu Dairy, and Guangming Dairy, with Yili and Mengniu leading the market in terms of revenue and market share [7][8] - The competition is intensifying as companies explore new business opportunities in the B-end market, targeting diverse consumption scenarios such as baking and new tea drinks [6][7] Group 5: Company Performance - Guangming Dairy reported a liquid dairy product output of 1.3259 million tons and revenue of CNY 14.166 billion in 2024, with a revenue of CNY 6.833 billion in the first half of 2025 [8] - Yili's liquid dairy product output reached 9.0348 million tons with revenue of CNY 75 billion in 2024, and CNY 54.939 billion in the first three quarters of 2025 [8] Group 6: Future Trends - The liquid dairy segment is expected to continue its rapid growth, driven by increasing consumer preference and the industry's ability to meet health and nutrition needs [6][9]

Core Insights - The article discusses the increasing trend of beverage brands, particularly coffee and tea, establishing outlets in subway stations, highlighting the convenience for commuters and the potential for high sales volume [4][22][24]. Group 1: Market Trends - Numerous beverage brands, including Luckin Coffee and Manner, are rapidly entering subway stations, with Luckin planning to open at least 30 stores in Suzhou by 2026 and 200 stores in Tianjin over the next three years [6][14]. - Subway coffee shops can achieve significant sales, with reports indicating that some locations can sell up to 200 cups in just half an hour during peak hours [8][27]. - The consumer demographic in subway stations primarily consists of white-collar workers aged 25 to 40, who have strong purchasing power and a preference for instant gratification [32]. Group 2: Competitive Landscape - As price wars cool down, convenience is becoming a key competitive factor, with brands focusing on high-traffic locations to capture commuter demand [36][37]. - The number of tea and coffee shops in China has reached approximately 400,000 and 220,000 respectively, leading to intense competition in traditional retail spaces [43]. - Subway commercial spaces are seen as a new frontier for brands, offering lower rent and less competition compared to saturated urban retail areas [46]. Group 3: Strategic Insights - Brands are increasingly recognizing the value of subway stations as stable and predictable consumer touchpoints, allowing for seamless integration into commuters' routines [48][50]. - Recent policy changes in cities like Tianjin are facilitating the establishment of commercial outlets in subway systems, further enhancing the attractiveness of these locations for beverage brands [51]. - The evolution of consumer convenience is shifting from mere accessibility to creating seamless experiences along daily commuting routes, emphasizing the importance of convenience in beverage retail [53][54].

证券代码：002946 证券简称：新乳业 公告编号：2026-004 债券代码：128142 债券简称：新乳转债 新希望乳业股份有限公司 关于完成工商变更登记并取得换发营业执照的公告 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。 经成都市市场监督管理局核准，新希望乳业股份有限公司（以下简称"公司"） 于近日完成了相关工商变更登记和备案手续，并取得了成都市市场监督管理局换 发的营业执照，现将相关内容公告如下。 一、公司注册资本变更情况 因"新乳转债"转股注册资本变更情况：公司发行的可转换公司债券（债券 代码：128142；债券简称：新乳转债）自 2021 年 6 月 24 日起可转换为公司股 份。自 2024 年 6 月 21 日（上一次修改《公司章程》总股本）至 2025 年 12 月 8 日（第三届董事会第十八次会议召开日）期间，公司可转债转股共计 4,118 股， 公司因可转债转股增加实收资本 4,118 元，增加股份 4,118 股。 二、公司章程修订及董事变更情况 公司于2025年12月8日召开了第三届董事会第十八次会议，审议通过了《关 于变更注册资 ...

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