Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The supply-demand structure of raw milk is improving, and the snack food sector continues to show upward momentum. The food and beverage index increased by 2.1% from January 5 to January 9, ranking 24th among 28 sectors, underperforming the CSI 300 by approximately 0.7 percentage points. Sub-sectors such as processed foods (+6.7%), soft drinks (+5.8%), and snacks (+4.5%) performed relatively well [3][10][12]. Summary by Relevant Sections Weekly Insights - The supply-demand dynamics for raw milk are optimizing, and the snack food sector is experiencing sustained growth. The recent policy by the Ministry of Commerce to implement safeguard measures on imported beef is expected to alleviate the impact on domestic industries, leading to a potential increase in beef prices over the next 2-3 years. The domestic dairy sector is facing challenges, with a continuous reduction in dairy cow inventory, which may lead to a widening supply-demand gap post-Spring Festival [10][11]. Market Performance - The food and beverage index rose by 2.1% from January 5 to January 9, ranking 24th out of 28 sectors, and underperformed the CSI 300 by about 0.7 percentage points. Leading individual stocks included Qianwei Yangchun, Anji Food, and Yangyuan Beverage, while stocks like Jiabi You, *ST Chuntian, and Xianle Health saw declines [12][13]. Upstream Data - As of January 6, the GDT auction price for whole milk powder was $3,407 per ton, reflecting a 10.4% year-on-year decrease. The domestic fresh milk price was 3.03 yuan per kilogram, down 2.9% year-on-year. The domestic milk price is expected to remain under pressure in the short to medium term [19][21]. Recommended Stocks - The report recommends focusing on companies that are likely to benefit from the improving raw milk supply-demand balance and the growth in the snack food sector. Notable mentions include: - Yuran Agriculture: Expected to benefit from the recovery in raw milk prices. - Modern Dairy: Anticipated to gain from the overall industry improvement. - Yili Group and Mengniu Dairy: Expected to see positive impacts from the anticipated recovery in milk prices [10][11]. Snack Food Sector - The snack food sector is projected to continue its upward trend, particularly during the Spring Festival season. Companies such as Weilang Delicious, Ganyuan Food, and Yanjin Food are highlighted for their potential growth due to seasonal demand and strategic initiatives [11][12].

东 兴 晨 报 东兴晨报 P1 经济要闻 1. 商务部回应两用物项对日出口管制：商务部表示，中国作为负责任大国， 一贯积极履行防扩散国际义务。依法依规针对所有两用物项，禁止对日本军 事用户、军事用途，以及一切参与提升日本军事实力的其他最终用户用途出 口，其目的是制止"再军事化"和拥核企图，完全正当、合理、合法。对于开 展正常民用贸易往来的相关方，完全没有必要担心。（资料来源：同花顺） 2. 外交部就美国扣押悬挂俄罗斯国旗油轮发表声明：美方在公海海域随意 扣押他国船只严重违反国际法。中方一贯反对缺乏国际法依据、未经联合国 安理会授权的非法单边制裁，反对任何违反《联合国宪章》宗旨和原则、侵 犯别国主权安全的行为。（资料来源：同花顺） 3. 商务部回应 Meta 收购 Manus：中国政府一贯支持企业依法依规开展互 利共赢的跨国经营与国际技术合作。企业从事对外投资、技术出口、数据出 境、跨境并购等活动，须符合中国法律法规，履行法定程序。商务部将会同 相关部门对此项收购与出口管制、技术进出口、对外投资等相关法律法规的 一致性开展评估调查。（资料来源：同花顺） 4. 商务部谈李在明访华：商务部介绍，此访是中韩元首时隔两 ...

Core Insights - The report emphasizes the significant potential for the revaluation of Chinese assets, indicating that the 2025 stock market performance reflects a process of asset revaluation in China [13] - It highlights the ongoing transformation of China's economy, with a shift from low-end manufacturing to high-value services, which is expected to enhance the profitability of Chinese assets [13] - The report suggests that the 2026 market will likely experience a transition from passive destocking to active restocking, providing support for both the economy and the stock market [16] Economic and Market Overview - The Chinese economy is entering a new phase of development with the "14th Five-Year Plan," which emphasizes technological innovation and the establishment of a modern industrial system [16] - The report notes that the liquidity environment is expected to remain relatively loose, which will facilitate the inflow of capital into the stock market [14] - It predicts that the A-share market will see a profit growth rate of around 12% in 2026, driven by improving economic fundamentals [17] Investment Opportunities - The report identifies key sectors for investment, including artificial intelligence, commercial aerospace, controlled nuclear fusion, and autonomous driving, which are expected to be at the forefront of technological advancement [17] - It also highlights the potential for overseas expansion of Chinese enterprises, particularly in sectors like photovoltaics, lithium batteries, new energy vehicles, and home appliances [18][19] - The report suggests that the insurance and brokerage sectors will see increased participation in the stock market, driven by policy reforms and a growing appetite for equity investments [14] Performance and Valuation - The report indicates that the A-share market is likely to enter a phase where both earnings and valuations will rise, providing further upward momentum for the slow bull market [15] - It notes that the overall return on equity (ROE) for A-shares has shown signs of bottoming out, with expectations for a rebound in 2026 [15] - The valuation of Chinese stocks is currently considered reasonable compared to U.S. stocks, with no significant bubble observed in the market [15]

春节过年较晚形成错期，26Q1 为春节备货旺季，类比24Q1 有望实现高增长。26 年春节为2 月17 日， 25 年春节为1 月29 日，错期19 天，与24年较为类似，24 年春节为2 月10 日，23 年春节为1 月22 日，错 期19天。公司24Q1 营收同比增长49.75%，25Q1 公司营收同比下滑13.99%，低基数效应下26Q1 有望实 现高增长。 产品矩阵持续丰富，多渠道持续向好。公司聚焦豆类和风味坚果两大核心品类，豆类系列在传统风味豆 基础上拓展健康豆，包括竹盐豆、养生豆等，风味坚果等产品持续创新口味，未来增长潜力较大。渠道 方面，传统渠道KA 转直营、经销商的汰换等调整已经结束，KA 系统在直营后有望提升单点卖力，同 时商超调改背景下公司作为头部厂商更加受益，经销商结构优化后进货积极性和终端网点服务能力得到 提升。新渠道方面，公司产品开发能力强，零食量贩、山姆等系统有望持续上新。线上渠道，25 下半 年以来抖音等渠道实现快速增长。海外市场方面公司已建立本土团队并梳理相关产品，从越南向泰国、 印尼等市场不断开拓，预计26 年将不断爬坡。 棕榈油等原材料价格从高位有所回落，叠加规模效应下费用 ...

证券之星消息，1月5日休闲食品板块较上一交易日上涨0.56%，好想你领涨。当日上证指数报收于 4023.42，上涨1.38%。深证成指报收于13828.63，上涨2.24%。休闲食品板块个股涨跌见下表： | 代码 | 名称 | 主力净流入(元) | | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 002847 | 盐津铺子 | -3345.91万 | | 11.31% | -792.05万 | -2.68% | -2553.87万 | -8.63% | | 603866 桃李面包 | | | 1277.19万 | 17.19% | -236.62万 | -3.19% | -1040.57万 | -14.01% | | 603719 良品铺子 | | 646.11万 | | 15.19% | -108.18万 | -2.54% | -537.92万 | -12.64% | | 002991 甘源食品 | | | 424.14万 | 9.32% | ...

Group 1: Stock Recommendations - Torch Electronics (603678.SH) shows improving industry conditions with a 24.20% revenue growth to 17.72 billion CNY and a 59.04% increase in net profit to 2.61 billion CNY in H1 2025[10] - Huace Navigation (300627.SZ) achieved a revenue of 32.51 billion CNY in 2024, a 21.38% year-on-year growth, with a net profit of 5.83 billion CNY, up 29.84%[17] - Kingsoft Office (688111.SH) reported a revenue of 41.78 billion CNY for the first three quarters of 2025, a 15.21% increase, with a net profit of 11.78 billion CNY, up 13.32%[22] Group 2: Market Trends and Performance - The global MLCC market is projected to reach 132.6 billion CNY by 2029, with a CAGR of 5.7% from 2024 to 2029[13] - The lithium business of Zhongmin Resources (002738.SZ) saw a revenue increase of 34.99% to 48.18 billion CNY in the first three quarters of 2025, despite a net profit decline of 62.58%[36] - The automotive sealing strip market is benefiting from the rise of European-style door designs, with a projected revenue growth for Zhejiang Xiantong (603239.SH) to 14.7 billion CNY in 2025, a 20.2% increase[31] Group 3: Investment Ratings and Risks - Torch Electronics maintains a "recommended" rating with expected EPS of 1.09 CNY, 1.36 CNY, and 1.81 CNY for 2025-2027[14] - Huace Navigation is rated "recommended" with a target price indicating a potential upside of 16%-36%[22] - Risks include potential market fluctuations, increased competition, and technological advancements not meeting expectations[35]

食品饮料/休闲食品 甘源食品（002991.SZ） 公司经营低点已过，重视后续利润弹性 2025 年 12 月 31 日 投资评级：买入（维持） | 日期 | 2025/12/30 | | --- | --- | | 当前股价(元) | 56.70 | | 一年最高最低(元) | 95.98/53.70 | | 总市值(亿元) | 52.85 | | 流通市值(亿元) | 28.31 | | 总股本(亿股) | 0.93 | | 流通股本(亿股) | 0.50 | | 近 3 个月换手率(%) | 145.93 | 股价走势图 数据来源：聚源 -60% -40% -20% 0% 20% 40% 2024-12 2025-04 2025-08 甘源食品 沪深300 相关研究报告 《环比持续改善，关注后续旺季增长 —公司信息更新报告》-2025.10.30 《收入环比改善，利润持续承压—公 司信息更新报告》-2025.8.14 《短期费用投入改革，展望出海空间 广阔—公司信息更新报告》-2025.4.23 zhangyuguang@kysec.cn 张宇光（分析师） 陈钟山（分析师） chenzhongshan@ ...

部分高股息股票或被误伤。 部分个股获得了机构的青睐。其中，传音控股、华利集团、甘源食品等个股获险资重仓持股市值超过1 亿元（截至今年三季度末）；华利集团、金域医学、爱玛科技则为险资重仓股。 上榜公司近年来的分红也较为可观。其中，欧圣电气、传音控股、联美控股等近三年（2022年至2024 年）累计分红率均超190%。具体看，欧圣电气已经连续四年分红率均超70%；传音控股和联美控股近 三年每年分红率均超50%。值得一提的是，联美控股发布了三次股东回报规划，分别是2012年至2014年 股东回报规划、2015年至2017年股东回报规划和2023年至2025年股东回报规划，凸显了对投资者回报的 高度重视。 10月以来优质股票表现持续强势，低市盈率指数大涨超8%，绩优股指数大涨超6%。岁末年初，市场或 继续聚焦绩优股，尤其是那些有着较好股息率的低位优质股票，值得关注。 天风证券（维权）建议把握春季行情，结合经济复苏与市场流动性特征，可以把投资主线分为三个方 向：一是DeepSeek突破与开源引领的科技AI主线；二是内外共振带动经济修复，牛市 "强者恒强" 风格 延续，周期板块后半段存表现窗口；三是低估值红利股的持续崛起 ...

证券之星消息，12月26日休闲食品板块较上一交易日上涨0.02%，万辰集团领涨。当日上证指数报收于 3963.68，上涨0.1%。深证成指报收于13603.89，上涨0.54%。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 | 202.40 | 1.64% | 1.59万 | 3.19 Z | | 002956 | 西麦食品 | 27.08 | 1.27% | 3.11万 | 8346.13万 | | 603777 | 来伊份 | 14.39 | 1.27% | 22.22万 | 3.21亿 | | 000716 | 性和服 | 6.45 | 1.10% | 38.56万 | 2.48亿 | | 603697 | 有友食品 | 12.73 | 0.24% | 7.59万 | 9699.93万 | | 603517 | ST绝味 | 13.15 | 0.15% | 4.50万 | 5913.23万 | | 002557 | 治治食品 | ...

Summary of Key Points from the Conference Call Industry Overview - The food and beverage industry is experiencing systemic opportunities driven by policies aimed at expanding domestic demand and increasing residents' income levels, which are expected to enhance consumption capabilities [1][2] - The liquor industry is undergoing a deep adjustment, with expectations of entering an EPS killing phase by 2025, while high-end liquor brands like Moutai and Lao Jiao are recommended for investment [1][4] - The dairy industry has completed supply-demand adjustments, with anticipated increases in demand for milk powder and liquid milk due to fertility and income policies, highlighting companies like Yili and New Dairy as potential recovery opportunities [1][5] - The snack food sector is benefiting from the "lipstick effect," new channels, and health trends, with recommendations for companies such as Salted Fish, Wei Long, Wan Chen Food, and Qiaqia Food [1][6] - The beverage sector is seeing a clear trend towards health, with non-traditional channels gaining market share, making high-growth companies like Dongpeng Beverage noteworthy [1][7] Key Insights and Arguments - The central economic work conference in 2026 will prioritize expanding domestic demand, which is expected to lead to a series of policies stimulating consumption, positively impacting the food and beverage industry [2] - The food and beverage sector has faced significant changes in volume, price, and channel structure over the past six years, with varying performances across sub-sectors [3] - The liquor sector is expected to see marginal improvements in 2026, driven by policies aimed at boosting business and government consumption [4] - The dairy sector is projected to enter a recovery phase, with increased demand anticipated due to supportive policies [5] - The snack food market is expected to gradually recover, supported by rising incomes and new retail channels [6] Additional Important Content - Cost fluctuations are a significant factor affecting the performance of consumer goods companies, with some agricultural product costs declining, providing investment opportunities [9] - The planting area for sunflower seeds is expected to recover, leading to a projected 10% decrease in the cost of sunflower seeds, which will positively impact Qiaqia Food's gross margin [10][11] - The konjac market is facing supply-demand imbalances, with high prices expected to ease in 2026, alleviating cost pressures for companies like Wei Long and Salted Fish [12] - The sugar molasses market is currently at low prices, providing strong support for Angel Yeast's profitability [13] - Innovative companies are leveraging product and channel innovations to drive growth, with notable examples including Nongfu Spring and Uni-President [14] - Efficient supply chain management is crucial for companies, with Dongpeng Beverage demonstrating strong performance in this area [15] Future Outlook - Dongpeng Beverage is expected to achieve double-digit growth in 2026 through strategic measures and product innovations [16] - Wan Chen is enhancing store quality and accelerating store openings, which is expected to improve profitability in the snack food sector [17][18] - Hai Tian Flavoring has implemented efficiency improvements under new management, resulting in revenue and profit growth exceeding industry averages [19] - The restaurant industry is expected to see a mild recovery, with companies like Yihai International and Tianhe Flavoring showing potential for improvement [20][21] - In the liquor sector, companies like Yanghe and Budweiser are expected to benefit from product and channel improvements, leading to potential breakthroughs in performance [22][23][25] - Gan Yuan Food is focusing on expanding e-commerce and high-end membership stores, with a stable development outlook [26][27] - Overall, companies in the food and beverage sector are expected to experience gradual recovery and growth, making them worthy of investor attention [28]