投资评级：看好（维持） 行业走势图 数据来源：聚源 -24% -12% 0% 12% 24% 36% 2025-03 2025-07 2025-11 食品饮料 沪深300 相关研究报告 《消费前景乐观展望，多维度布局龙 头标的—行业周报》-2026.3.22 《春节提振消费表现，1-2 月社零增速 环比提升—行业点评报告》-2026.3.18 《白酒底部逐步夯实，重视龙头配置 价值—行业点评报告》-2026.3.17 糖酒会反馈：白酒结构性触底，大众品双轮变革 ——行业周报 张宇光（分析师） 张思敏（分析师） zhangyuguang@kysec.cn 证书编号：S0790520030003 zhangsimin@kysec.cn 食品饮料 2026 年 03 月 29 日 证书编号：S0790525080001 核心观点：白酒格局重塑，大众品产品渠道双向升级 3 月 23 日-3 月 27 日，食品饮料指数跌幅为 1.0%，一级子行业排名第 16，跑赢 沪深 300 约 0.4pct，子行业中预加工食品（+4.3%）、调味发酵品（+3.2%）、零 食（+1.2%）表现相对领先。我们观察 2026 年春季糖酒 ...

[Table_Page] 投资策略周报|食品饮料 证券研究报告 [Table_Title] 食品饮料行业 2026 春糖会反馈—零食连锁 [Table_Summary] 核心观点： 风险提示：宏观经济不及预期；消费力恢复不及预期；食品安全问题。 | [Tab le_ Grad e] 行业评级 | 买入 | | --- | --- | | 前次评级 | 买入 | | 报告日期 | 2026-03-29 | [Table_PicQuote] 相对市场表现 [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： 胡慧 SAC 执证号：S0260524020002 15851852818 huhui@gf.com.cn 分析师： 周源 -14% -6% 1% 9% 16% 24% 03/25 06/25 08/25 11/25 01/26 03/26 食品饮料 沪深300 fzzhouyuan@gf.com.cn 请注意，胡慧,周源并非香港证券及期货事务监察委员会的 注册持牌人， ...

食品饮料 2026 年 03 月 29 日 投资评级：看好（维持） 数据来源：聚源 -24% -12% 0% 12% 24% 36% 2025-03 2025-07 2025-11 食品饮料 沪深300 相关研究报告 《消费前景乐观展望，多维度布局龙 头标的—行业周报》-2026.3.22 《春节提振消费表现，1-2 月社零增速 环比提升—行业点评报告》-2026.3.18 《白酒底部逐步夯实，重视龙头配置 价值—行业点评报告》-2026.3.17 糖酒会反馈：白酒结构性触底，大众品双轮变革 ——行业周报 张宇光（分析师） 张思敏（分析师） zhangyuguang@kysec.cn 证书编号：S0790520030003 zhangsimin@kysec.cn 证书编号：S0790525080001 核心观点：白酒格局重塑，大众品产品渠道双向升级 3 月 23 日-3 月 27 日，食品饮料指数跌幅为 1.0%，一级子行业排名第 16，跑赢 沪深 300 约 0.4pct，子行业中预加工食品（+4.3%）、调味发酵品（+3.2%）、零 食（+1.2%）表现相对领先。我们观察 2026 年春季糖酒会呈现四大核 ...

甘源食品股份有限公司 关于公司高级管理人员离任的公告 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。 证券代码：002991 证券简称：甘源食品 公告编号：2026-001 指引第 10 号——股份变动管理》等法律法规、规范性文件的相 关规定。 公司及公司董事会对张久胜先生在任职期间为公司经营发 展做出的贡献表示衷心感谢！ 二、备查文件 张久胜先生的《辞职报告》。 特此公告。 董事会 一、高级管理人员离任情况 甘源食品股份有限公司（以下简称"公司"）董事会于近日 收到公司副总经理张久胜先生提交的书面辞职报告，因个人原因， 张久胜先生申请辞去公司副总经理职务，离任后不再继续担任公 司任何职务。张久胜先生原定任期为 2024 年 11 月 8 日至 2027 年 11 月 7 日，根据《中华人民共和国公司法》及《公司章程》 等相关规定，张久胜先生的辞职报告自送达公司董事会之日起生 效。 上述高级管理人员的离任不会影响公司管理层运作，亦不会 对公司规范治理及正常经营活动产生不利影响。 截至本公告披露日，张久胜先生未持有公司股份，不存在应 当履行而未履行的承诺事项，已 ...

食品饮料 2026 年 03 月 21 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -24% -12% 0% 12% 24% 36% 2025-03 2025-07 2025-11 食品饮料 沪深300 相关研究报告 《春节提振消费表现，1-2 月社零增速 环比提升—行业点评报告》-2026.3.18 《白酒底部逐步夯实，重视龙头配置 价值—行业点评报告》-2026.3.17 《政策定调树立信心，白酒复苏趋势 明确—行业点评报告》-2026.3.17 消费前景乐观展望，多维度布局龙头标的 ——行业周报 张宇光（分析师） 张思敏（分析师） zhangyuguang@kysec.cn 证书编号：S0790520030003 zhangsimin@kysec.cn 证书编号：S0790525080001 核心观点：板块防御属性凸显，多赛道把握投资机遇 3 月 16 日-3 月 20 日，食品饮料指数跌幅为 0.5%，一级子行业排名第 3，跑赢沪 深 300 约 1.7pct，子行业中白酒（+0.3%）、其他食品（+0.0%）、软饮料（-0.7%） 表现相对领先。本周食品饮料板块展现出较强的防御属性，核心 ...

食品饮料 2026 年 03 月 18 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -19% -10% 0% 10% 19% 29% 2025-03 2025-07 2025-11 食品饮料 沪深300 相关研究报告 《白酒底部逐步夯实，重视龙头配置 价值—行业点评报告》-2026.3.17 《政策定调树立信心，白酒复苏趋势 明确—行业点评报告》-2026.3.17 《餐饮修复叠加通胀预期，调味品板 块值得重视—行业周报》-2026.3.15 春节提振消费表现，1-2 月社零增速环比提升 ——行业点评报告 张宇光（分析师） 张恒玮（分析师） zhangyuguang@kysec.cn 证书编号：S0790520030003 zhanghengwei@kysec.cn 证书编号：S0790122020008 投资建议：春节消费集中释放，社零数据增长较好，建议关注头部企业 2026 年 1-2 月社零数据呈现稳步复苏态势，增速环比 2025 年 12 月实现较好回升， 其中粮油食品、烟酒类消费实现双位数高增，主要受益于春节错期下，假期消费 集中在 1-2 月释放。食品饮料板块市场预期以及估值均处于低位 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The restaurant recovery is significant, with inflation presenting opportunities, and the seasoning sector will continue to benefit [4][12] - From March 9 to March 13, the food and beverage index increased by 0.3%, ranking 9th among primary sub-industries, outperforming the CSI 300 by approximately 0.1 percentage points [11][13] - Rising geopolitical factors are driving global energy prices up, which may lead to cost transmission in the supply chain and create inflation expectations. Segments within the food and beverage industry that can pass on price increases will benefit [11][12] Summary by Sections Weekly Insights - The restaurant recovery is evident, and inflation is creating opportunities, particularly for the seasoning sector [11] - The food and beverage index outperformed the market, with meat products (+2.3%), beer (+1.2%), and dairy (+1.0%) leading the performance [13] Market Performance - The food and beverage index rose by 0.3% from March 9 to March 13, ranking 9th out of 28 industries, and outperformed the CSI 300 by about 0.1 percentage points [11][13] Upstream Data - Some upstream raw material prices are declining, with the price of fresh milk at 3.03 yuan/kg, down 1.6% year-on-year [17] - As of March 13, the price of pork was 16.9 yuan/kg, down 18.7% year-on-year [19] Recommendations - Recommended stocks include Guizhou Moutai, Shanxi Fenjiu, Ximai Food, Haitian Flavoring, and Ganyuan Food, with a focus on companies that can leverage the recovery in demand and inflationary pressures [5][12]

Investment Rating - The report maintains a positive investment rating for the food and beverage industry, highlighting strategic opportunities during the "14th Five-Year Plan" period [3]. Core Insights - The report emphasizes two major directions for investment: the focus on health food due to the increase in life expectancy and the encouragement of new business models and channels [5][6]. - The anticipated increase in average life expectancy to 80 years by 2030 is expected to shift health management from a disease-centered approach to a health-centered one, creating new demand for health foods [8][9]. - The report identifies community-oriented value-for-money formats and new retail supermarkets as key areas for growth, with companies like Mingming Hen Mang and Guoquan expanding their store numbers [12][11]. Summary by Sections Section 1: "14th Five-Year Plan" Focus on Consumption - The report outlines the goal of increasing average life expectancy and the shift towards proactive health management, which is expected to drive demand for health foods [8]. - It highlights the emergence of personalized health food demands, including emotional relief, weight management, and sleep management, as well as the trend towards lighter food forms like snack bars and grain powders [9]. Section 2: Encouragement of New Business Models - The report discusses the encouragement of high-quality development in wholesale and retail, as well as the expansion of community-based services and convenience living circles [11]. - It notes the rapid expansion of community-oriented value-for-money formats and new retail supermarkets, which are expected to continue thriving [12]. - The report also mentions the potential benefits for upstream supply chain companies due to category expansion and the development of private label products by downstream stores [12]. Section 3: Investment Recommendations - The report suggests focusing on high-quality health food categories that are expected to experience structural growth, as well as efficient and high-experience downstream channels that will continue to thrive [6]. - Key companies to watch include Dongpeng Beverage, Nongfu Spring, and various others in both upstream and downstream sectors [16].

Core Insights - The report highlights the impact of industry demand fluctuations on the company's revenue and profit margins, with a noted decline in various product sales and overall revenue [5][6][7] Company Performance - The company reported a total revenue of 4.474 billion yuan for 2025, a decrease of 8.78% year-on-year, with a net profit attributable to shareholders of 690 million yuan, down 26.87% [4] - Sales volume and revenue for most products declined, except for the aluminum-plastic cap plastic bottle series, which saw a slight increase in sales volume to 933 million units, up 4.81% [5] - The molded bottle series experienced a sales volume of 330,300 tons and revenue of 2.033 billion yuan, reflecting a year-on-year decline of 11.79% and 13.59% respectively [5] - The company’s comprehensive gross margin improved to 33.31%, an increase of 0.16 percentage points year-on-year, driven by product structure optimization and automation [6] - The net profit margin for 2025 was reported at 15.41%, a decrease of 3.82 percentage points year-on-year, influenced by inventory write-down losses and increased management expenses [7] Financial Health - The company's asset-liability ratio decreased to 17.42%, down 3.61 percentage points year-on-year, indicating improved financial stability [8] - Cash and cash equivalents accounted for 10.69% of total assets, an increase of 0.18 percentage points, providing a solid foundation for risk management and future growth [8] Strategic Developments - The company plans to establish a wholly-owned subsidiary in Malaysia to expand its overseas business, with exports in 2025 reaching 1.502 billion yuan, a year-on-year increase of 1.98% [8] - A directed share issuance is set to change the actual controller to a subsidiary of China National Pharmaceutical Group, which is expected to enhance collaboration and development opportunities [10]

Core Insights - The report highlights the significant changes in the frozen food industry in China, indicating a transition from rapid expansion to structural optimization, with a focus on B-end and C-end market dynamics [6][7]. Company Recommendations - The report recommends several stocks, including Ningbo Bank, Beijing Lier, and Muyuan Foods, as potential investment opportunities based on their market positions and growth prospects [4]. Industry Analysis - The frozen food industry in China is expected to see an increase in B-end pre-prepared food penetration, which will drive growth, while the C-end market will shift towards high-quality, healthy, and convenient products to meet the demands of a new generation of consumers [7]. - The report draws parallels with the Japanese frozen food industry, noting that the development of cold chain infrastructure and the transition from B-end to C-end markets are critical for growth [6][7]. - The concentration of the industry is anticipated to increase, with leading companies leveraging scale, branding, and comprehensive supply chain management to strengthen their market positions [7].