中国银河（601881）证券发布研报称，以新品类为代表的新消费是2025年食品饮料板块的核心投资主线 之一，该行认为这一主线在2026年与未来长期均有望延续，但新品类内部或发生轮动，其中大健康食品 是该行未来重点看好的投资方向。该行认为大健康食品SKU丰富、结构偏长尾，类似于零食板块投资逻 辑，核心在于挑选布局重点品类的上市公司。 该行认为大健康食品SKU丰富、结构偏长尾，类似于零食板块投资逻辑，核心在于挑选布局重点品类的 上市公司。从这一角度出发，该行认为满足"功能场景-价格"黄金三要素的品类容易诞生大单品，建议 关注：1)燕麦，市场规模100亿元，具备低GI特征，价格处于大众价位带，场景上除切入早餐等主食场 景外，能够做零食、健身补能等;2)玉米：市场规模约2000亿元，具备低GI特征，价格亲民，口味接受 度较广，场景上不仅作为主食亦能切入零食;3)核桃：市场规模约800亿元，有益心脑健康，价格在树坚 果中性价比明显，场景从零食拓展到养生场景;4)黑芝麻（000716）：有益于"滋养护发"，口味醇厚，价 格折合1元/袋，场景上除传统冲调场景也可延伸至烘焙甜品、零食等领域;5)运动健康：市场规模约60亿 元 ...

行业深度报告 · 食品饮料行业 大健康食品投资品类图谱 —— 新消费品类系列深度研究（一） 2025 年 12 月 17 日 核心观点 食品饮料行业 推荐 维持评级 分析师 刘光意 ：021-20252650 ：liuguangyi_yj@chinastock.com.cn 分析师登记编码：S0130522070002 研究助理：彭潇颖 ：pengxiaoying_yj@chinastock.com.cn 相对沪深 300 表现图 2025 年 12 月 16 日 资料来源：中国银河证券研究院 -20% -10% 0% 10% 20% 30% 2024/12/17 2025/1/17 2025/2/17 2025/3/17 2025/4/17 2025/5/17 2025/6/17 2025/7/17 2025/8/17 2025/9/17 2025/10/17 2025/11/17 SW食品饮料 沪深300 相关研究 1.【银河食饮】行业动态_11 月 CPI 继续正增长， 关注顺周期β与新消费α 2.【银河食饮】专题研究_关注餐供公司与商超合作 自有品牌的α机会 3.【银河食饮】专题研究_前瞻 2026： ...

华西证券研报指出，仙乐健康25Q3经营环比改善，中国区调整效果显现。中国区业绩25Q3同比增长 20%以上，新消费客户收入占比超50%，渠道拓展成效显著，直播、MCN、私域、跨境电商新零售等表 现活跃。美洲2025年前三季度收入同比增长超20%，欧洲区25Q3收入同比增长超35%，公司海外品牌客 户及渠道拓展力持续增强。受益于国内恢复+全球发力带动收入提升叠加毛利率提升，但BF亏损+税率 波动对利润有所影响，公司综合净利率同比微降0.41pct至6.85%，相应的净利润同比提升16.20%至0.99 亿元。首次覆盖给予"买入"评级。 ...

·功能因子增效递送：围绕水溶性和油溶性功能因子的高效递送与稳态化等技术展开研究，提升营养成 分的生物利用度，为高效能产品开发提供底层支持。 ·营养健康机制：探索下一代益生菌阿克曼氏菌(AKK菌)如何作用于肠道健康、糖脂代谢和认知改善， 开拓营养健康新维度。 在营养健康产业加速向科技化、精准化演进的背景下，由中国食品科学技术学会与仙乐健康共同设立 的"中国食品科学技术学会食品科技专项基金—仙乐健康联合创新基金"(CIFST-SIRIO Nutrition, Health & Food Technology Innovation Fund)应运而生，并于近日公布了2025年度评审结果名单。 本次评审工作吸引了来自中国科学院深圳先进技术研究院、上海交通大学、浙江大学、中国农业大学等 国内多家知名科研机构和院校的高度关注与踊跃申报，最终11项具有前瞻性的科研课题脱颖而出。该批 项目聚焦营养健康领域的核心挑战，旨在通过支持前沿基础研究，为产业技术升级与产品创新提供关键 科学支撑。 经专家评审委员会严格遴选，本次获得资助的科研课题如下： | 项目编号 | 项目名称 | 申请人单位 | | --- | --- | --- ...

（文章来源：证券日报） 证券日报网讯 12月4日晚间，仙乐健康发布公告称，仙乐转债转股价格由31.88元/股调整为31.86元/股， 自2025年12月9日起生效。 ...

仙乐健康科技股份有限公司 | 证券代码：300791 | 证券简称：仙乐健康 | 公告编码：2025-101 | | --- | --- | --- | | 债券代码：123113 | 债券简称：仙乐转债 | | 关于调整仙乐转债转股价格的公告 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。 调整前转股价格：人民币 31.88 元/股 调整后转股价格：人民币 31.86 元/股 转股价格调整起始日期：2025 年 12 月 9 日 一、转股价格调整依据 根据仙乐健康科技股份有限公司（以下简称"公司"）《创业板向不特定对 象发行可转换公司债券募集说明书》（以下简称"《募集说明书》"）发行条款 及中国证监会关于可转换公司债券发行的有关规定，仙乐转债发行之后，若公司 发生增发新股情况，则转股价格相应调整。具体的转股价格调整公式如下： 增发新股或配股：P1=（P0+A×k）/（1+k）； 其中：P0 为调整前转股价，k 为增发新股或配股率，A 为增发新股价或配股 价，P1 为调整后转股价。 1 当公司出现上述股份和/或股东权益变化情况时，将依次进行转股价格调整， 并在 ...

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。 特别提示： 1、预留授予限制性股票上市日：2025 年 12 月 9 日 2、限制性股票预留授予登记数量：315,700股，占目前公司总股本307,318,960 股的 0.10% 3、限制性股票预留授予价格：9.71 元/股 4、限制性股票预留授予登记人数：20 人 | 证券代码：300791 | 证券简称：仙乐健康 | 公告编码：2025-100 | | --- | --- | --- | | 债券代码：123113 | 债券简称：仙乐转债 | | 仙乐健康科技股份有限公司 关于 2025 年限制性股票激励计划预留授予部分限制性股 票授予登记完成的公告 授予事项进行核查并发表了核查意见。 5、股权激励方式：第一类限制性股票 6、股票来源：公司向激励对象定向发行公司 A 股普通股股票 经仙乐健康科技股份有限公司（以下简称"仙乐健康"、"公司"或"本公 司"）2025 年第一次临时股东大会授权，公司于 2025 年 9 月 26 日召开的第四 届董事会第十四次会议，审议通过了《关于向激励对象授予 2025 年限制 ...

Core Insights - The report indicates that the market is expected to experience an early "spring rally" due to easing external pressures and improving internal conditions [2][3] - The focus for December should be on growth sectors, particularly those aligned with the "14th Five-Year Plan" and new productive forces [3] Group 1: Market Environment - In November, market momentum was limited due to seasonal effects and external pressures, including tightening global liquidity and concerns over AI industry bubbles [1] - As of December, the pressure on the A-share market is gradually easing, with an 80% probability of a short-term interest rate cut by the Federal Reserve, creating a warmer overall atmosphere [2] - The sentiment around AI stocks has stabilized, reducing the emotional pressure on related A-share sectors [2] Group 2: Investment Recommendations - The report suggests focusing on two main directions for investment in December: the AI industry chain and sectors related to the "14th Five-Year Plan" [3] - Specific sectors to watch include chip design, semiconductor equipment, and platform companies with full-stack technical capabilities [4] - High-growth areas such as energy storage and innovative pharmaceuticals are highlighted as potential investment opportunities [4] Group 3: Top Stock Picks - The report lists ten recommended stocks, including: - BeiGene (688235.SH) in the pharmaceutical sector, with a projected EPS growth from 3.66 in 2026 to 6.73 in 2027 [5] - Haisco (002653.SZ), also in pharmaceuticals, with a projected EPS of 0.70 in 2026 and 0.81 in 2027 [5] - Longking (600388.SH) in environmental services, with a projected EPS of 1.20 in 2026 and 1.37 in 2027 [5] - Maiwei (300751.SZ) in machinery, with a projected EPS of 3.14 in 2026 and 3.93 in 2027 [5] - Yutong Bus (600066.SH) in the automotive sector, with a projected EPS of 2.67 in 2026 and 3.18 in 2027 [5] - Cambricon (688256.SH) in electronics, with a projected EPS of 11.64 in 2026 and 20.88 in 2027 [5] - CATL (300750.SZ) in new energy, with a projected EPS of 18.90 in 2026 and 23.35 in 2027 [5] - Alibaba (9988.HK) in media and internet, with a projected EPS of 4.33 in 2026 and 6.44 in 2027 [5] - Xianle Health (300791.SZ) in food and beverage, with a projected EPS of 1.37 in 2026 and 1.64 in 2027 [5] - Wanhua Chemical (600309.SH) in energy and chemicals, with a projected EPS of 5.13 in 2026 and 5.79 in 2027 [5] Group 4: Financial Data - The report provides financial forecasts for the top stock picks, indicating expected revenue and net profit growth across various sectors [62][63] - For example, BeiGene is projected to achieve a revenue of 370.27 billion in 2025, increasing to 462.80 billion in 2026 [63] - CATL is expected to see significant growth, with projected revenues of 4226.04 billion in 2025 and 5349.47 billion in 2026 [63]

Core Insights - The article discusses the widespread "AI anxiety" among businesses as they struggle to keep up with rapid advancements in artificial intelligence technology [3][4] - Companies are eager to adopt AI but often lack the foundational knowledge and infrastructure to implement it effectively, leading to wasted investments [4][18] - Successful case studies, such as Xianle Health, demonstrate that a strategic internal approach to AI training and implementation can yield significant benefits [6][7][19] Group 1: AI Anxiety and Business Response - Many entrepreneurs express fear of falling behind competitors in the AI race, leading to hasty and ineffective actions [4][18] - A notable increase in engagement from top executives, such as chairpersons and founders, in AI initiatives has been observed, facilitating smoother customer acquisition for training service providers [5][25] - The article highlights the importance of a structured approach to AI adoption, emphasizing the need for businesses to align their AI strategies with operational goals [19][20] Group 2: Successful AI Implementation Case Study - Xianle Health, a global nutrition and health food manufacturer, has successfully integrated AI into its operations, achieving a revenue of 4.211 billion yuan in 2024, a 17.56% increase year-on-year [6][7] - The company aims to enhance internal efficiency through AI, reducing reliance on human resources and streamlining operations [7][19] - Xianle Health's approach includes internal talent development and targeted training programs to foster a culture of AI innovation among employees [11][12] Group 3: Training and Development Strategies - The company has initiated a "Digital Pioneer" recruitment program to identify and train employees interested in AI, leading to a significant increase in participation [8][11] - Training content is tailored to different departments and employee levels, ensuring relevant skill development [9][12] - Incentives, such as public recognition and rewards, are implemented to motivate employees and enhance engagement in AI learning [12][14] Group 4: Challenges and Solutions in AI Adoption - Many small and medium-sized enterprises face challenges in AI adoption due to a lack of clear direction and understanding of their specific business needs [17][18] - The article suggests that businesses should focus on internal capabilities and gradually implement AI tools to bridge the gap between technology and operations [19][20] - Collaboration between training service providers and businesses is crucial for successful AI strategy execution, ensuring that solutions are tailored to the unique needs of each organization [24][25]

Group 1: Economic Indicators and Consumer Trends - The CPI in October showed a slight improvement, with a year-on-year increase of 0.2% and a month-on-month increase of 0.2%, indicating a potential recovery trend that may continue into the first half of next year [6][10] - The retail sales of consumer goods in October reached 46,291 billion yuan, growing by 2.93% year-on-year, with significant improvements in essential consumption categories such as food and beverages [10] - The restaurant sector saw a monthly revenue of 5,199 billion yuan in October, reflecting a year-on-year growth of 3.8%, driven by the National Day and Mid-Autumn Festival holidays [10] Group 2: Frozen and Food Supply Industry - The frozen food and catering industry is witnessing a shift from price wars to product innovation and channel development, with companies focusing on quality and service rather than just price competition [11] - Major players like Anjiyuan and Qianwei Central Kitchen are transitioning their strategies to emphasize product quality and operational efficiency, leading to improved profitability [11][15] - The industry is entering a "hard strength reshuffle period," where companies are expected to enhance their product offerings and service capabilities to maintain competitiveness [11] Group 3: Snack Food Sector - The snack food sector is experiencing a weak recovery, with a clear differentiation in growth among brands and channels, driven by strategic adjustments and product innovations [33][34] - The emergence of the konjac category as a significant growth driver, with market potential expected to reach 300 billion yuan by 2025, indicates a strong consumer demand for healthy snacks [34][40] - Companies like Yummy Foods and Salted Fish are leveraging their core products and channel strategies to achieve substantial growth, with a focus on high-margin products and efficient cost management [34][42] Group 4: Specific Company Strategies - Anjiyuan is focusing on high-margin products and channel expansion, with significant growth in its core offerings like volcanic stone grilled sausages and high-end dumplings [12][13] - Qianwei Central Kitchen is seeing improvements in its direct sales and distribution channels, with a focus on enhancing profitability through strategic adjustments in customer structure and resource allocation [15][18] - Salted Fish is capitalizing on the konjac trend and optimizing its product mix to improve profitability, with a strong emphasis on high-margin products and efficient channel management [40][41]