证券之星消息，1月20日休闲食品板块较上一交易日上涨1.54%，万辰集团领涨。当日上证指数报收于 4113.65，下跌0.01%。深证成指报收于14155.63，下跌0.97%。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 | | --- | --- | --- | --- | --- | --- | --- | --- | | 002582 | 好想你 | 7989.20万 | 7.97% | -113.01万 | -0.11% | -7876.19万 | -7.86% | | 002956 | 西麦食品 | 1014.38万 | 9.27% | -491.69万 | -4.49% | -522.70万 | -4.78% | | 002847 | 盐津铺子 | 986.74万 | 3.55% | 1251.24万 | 4.50% | -2237.98万 | -8.05% | | 603866 | 桃李面包 | 237.66万 | 1.88% | -411.71万 | -3.25% | 1 ...

Group 1 - The report highlights the "Spring Excitement" in the snack sector, indicating a historical high relative win rate of 70% for the food and beverage sector in the 40 days leading up to the Spring Festival [7][16] - The report emphasizes that the "Spring Excitement" is not solely dependent on the annual beta of the food and beverage sector, as structural opportunities still exist despite a long-term adjustment period since 2021 [7][16] - Key catalysts for the upcoming Spring Festival include concentrated demand for gifts and gatherings, which leads to more planned channel stocking, creating a positive feedback loop of expectations and validations [7][16][28] Group 2 - In December, the food and beverage sector underperformed the market by 7.5 percentage points, with a decline of 5.2%, ranking last among 31 primary industries [7][61] - The report notes a divergence in performance among sub-sectors, with snacks and soft drinks showing gains while liquor and beer experienced declines [7][61][64] - The absolute and relative valuations of the food and beverage sector are at their lowest since 2010, indicating potential investment opportunities [7][61][64] Group 3 - The report tracks the recovery of consumer confidence, with a 0.9% year-on-year increase in retail sales in December, showing improvement from the previous month [7][63] - It highlights that the liquor sector is facing weak demand and declining prices, with the price adjustments for premium liquor nearing levels seen between 2011 and 2015 [7][63][64] - The report identifies structural differentiation in costs, with some packaging materials and agricultural products experiencing price increases [7][63][64] Group 4 - Investment recommendations include a focus on liquor stocks that have undergone a four-year adjustment period, with potential for a "valuation + performance" double bottom [7][64] - For consumer goods, the report anticipates a moderate increase in industry prices in 2026, with specific recommendations for companies like Anjuke Foods, Qianhe Flavor, and Eastroc Beverage [7][64] - The report suggests that the upcoming Spring Festival will provide a favorable environment for growth narratives, particularly in the restaurant supply chain and certain chain formats [7][64]

巴比：多元增长，再造一个巴比； 安井：探底确认，重启增长； 锅圈：商业模式生命力，开店加速；等等，重点 公司均有鲜明逻辑/估值支撑。 【东吴食饮苏铖团队0120】Q1消费看大众旺季，零食闪亮+餐饮+餐供+季节性饮料等 春季躁动，东吴食饮多头推荐。 重点推荐头部零食——万辰集团，盐津铺子，卫龙，以及有友、甘源； 餐饮供应链——巴比、安井、锅圈、颐海 国际、宝立食品、立高食品海底捞等；饮料——养元饮品、东鹏饮料。 巴比：多元增长，再造一个巴比； 安井：探底确认，重启增长； 锅圈：商业模式生命力，开店加速；等等，重点 【东吴食饮苏铖团队0120】Q1消费看大众旺季，零食闪亮+餐饮+餐供+季节性饮料等 春季躁动，东吴食饮多头推荐。 重点推荐头部零食——万辰集团，盐津铺子，卫龙，以及有友、甘源； 餐饮供应链——巴比、安井、锅圈、颐海 国际、宝立食品、立高食品海底捞等；饮料——养元饮品、东鹏饮料。 #0119东吴食饮：开局两次国常会提消费，提振消费鼓舞人心， 看多服务消费【餐饮+餐供】 1月9日国常会部署实施财政金融协同促内需一揽子政策; 李强总理1月16日主持召开国务院常务会议，听取提振消 费专项行动进展情况汇报并研究 ...

[Table_Page] 投资策略月报|食品饮料 证券研究报告 | [Table_Title] 食品饮料行业 | | --- | | 如何布局零食"春季躁动"？——月聚焦 | [Table_Summary] 核心观点： [Table_Grade] 行业评级 买入 前次评级 买入 报告日期 2026-01-20 | | | | 食品饮料行业:春节走访：河 | 2026-01-18 | | --- | --- | | 南&上海市场跟踪 | | | 食品饮料行业:华南市场跟 | 2026-01-11 | | 踪：旺季开启，龙头表现较 | | | 优 | | | 食品饮料行业:餐饮供应链专 | 2026-01-09 | | 题：供需重构，拐点渐显 | | 识别风险，发现价值 请务必阅读末页的免责声明 [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 huhui@gf.com. ...

1月14日，立高食品发布公告称，近日收到到持股 5%以上股东陈和军出具的《股份减持计划告知函》，陈和军因个人资金需求，计划于本减持计划公告之 日起15个交易日后的三个月内以集中竞价交易、大宗交易的方式减持公司股份不超过2,650,000股（含本数），即不超过剔除回购专用账户股份数量后公司总 股本的1.5903%。 按照立高食品14日股价收盘的45元/股价格计算，陈和军此次减持套现金额约为1.19亿元。 事实上，这也不是立高食品股东第一次套现。2025年以来，随着立高食品股价持续走高，股东也多次趁机套现。 据报道，2025年8月，立高食品发布公告称，股东上海立高兴企业管理咨询合伙企业（有限合伙）、上海立高创企业管理咨询合伙企业（有限合伙）系公司 股东和员工持股平台，为控股股东、实际控制人彭裕辉的一致行动人，拟合计减持不超2.47%公司股份，套现近2亿元。 公开资料显示，立高食品是冷冻烘焙龙头企业，主营业务是冷冻烘焙食品及烘焙食品原料的研发、生产和销售，主要产品是冷冻烘焙食品、烘焙食品原材 料、仓储运输服务。 此外，立高食品也是山姆网红产品麻薯的长期供应商。2025年前三季度，立高食品营收为31.45亿元，同比增 ...

Group 1 - The leisure food sector increased by 3.01% on January 19, with Li Gao Food leading the gains [1] - The Shanghai Composite Index closed at 4114.0, up 0.29%, while the Shenzhen Component Index closed at 14294.05, up 0.09% [1] - Key stocks in the leisure food sector showed significant price increases, with Li Gao Food rising by 7.34% to a closing price of 46.09 [1] Group 2 - The leisure food sector experienced a net inflow of 18.35 million yuan from institutional investors, while retail investors contributed a net inflow of 18.64 million yuan [2] - Notable stocks included San Zhi Song Shu, which had a net inflow of 36.54 million yuan from institutional investors, despite a net outflow from retail investors [3] - The overall trading volume and turnover in the leisure food sector indicated active market participation, with significant movements in individual stock prices [1][2]

（文章来源：证券时报网） | 证券代 | 证券简 | 今日涨跌幅 | 今日换手率 | 半年线 | 最新价 | 乖离率 | | --- | --- | --- | --- | --- | --- | --- | | 码 | 称 | （%） | （%） | （元） | （元） | （%） | | 605080 | 浙江自 然 | 9.14 | 9.14 | 25.26 | 27.11 | 7.31 | | | 景兴纸 | | | | | | | 002067 | 业 | 8.52 | 19.71 | 5.47 | 5.86 | 7.12 | | 002062 | 宏润建 设 | 7.32 | 6.47 | 9.06 | 9.68 | 6.80 | | 300973 | 立高食 品 | 7.34 | 4.85 | 43.19 | 46.09 | 6.72 | | 600774 | 汉商集 团 | 9.98 | 6.00 | 9.92 | 10.58 | 6.70 | | 601965 | 中国汽 研 | 10.02 | 2.45 | 17.78 | 18.89 | 6.27 | | 920914 | 远航精 密 | ...

截至发稿，张玮升累计任职时间8年87天，现任基金资产总规模63.54亿元，任职期间最佳基金回报 115.93%， 任职期间最差基金回报-12.59%。 数据显示，工银瑞信基金旗下1只基金重仓立高食品。工银食品饮料混合A（013289）三季度增持2.6万 股，持有股数9万股，占基金净值比例为3.59%，位居第九大重仓股。根据测算，今日浮盈赚取约19.98 万元。 工银食品饮料混合A（013289）成立日期2021年10月22日，最新规模5725.43万。今年以来收益1.92%， 同类排名6462/9009；近一年收益6.79%，同类排名6938/8164；成立以来亏损27.86%。 工银食品饮料混合A（013289）基金经理为张玮升。 1月19日，立高食品涨5.17%，截至发稿，报45.16元/股，成交7464.86万元，换手率1.45%，总市值76.47 亿元。 资料显示，立高食品股份有限公司位于广东省广州市增城区石滩镇兴石一路3号，成立日期2000年5月11 日，上市日期2021年4月15日，公司主营业务涉及从事烘焙食品原料及冷冻烘焙食品的研发、生产和销 售。主营业务收入构成为：冷冻烘焙食品54.35%，奶 ...

Overall Sector Review - The food and beverage sector significantly underperformed the market, with a year-to-date decline of -0.62%, lagging behind the Shanghai Composite Index by 15.0 percentage points [2] - The sector experienced a deep correction after an initial rebound driven by expectations of consumption recovery and supportive policies, but the actual recovery rate was lower than anticipated, leading to a consensus on weak domestic demand [2] Subsector Performance - The snack sector outperformed with a year-to-date increase of 28.88%, driven by channel expansion and a revenue growth rate of 30.97% in the first three quarters [4] - Soft drinks also showed resilience with a 10.11% stock price increase, benefiting from strong travel demand and low-cost, high-frequency consumption [4] - The restaurant chain sector saw a rebound with gains of approximately 10.34% and 10.29% for pre-processed and baked goods, respectively [4] - The liquor sector, particularly high-end liquor, faced challenges with weaker sales and declining prices, while beer performance was supported but affected by high-end market constraints [4] Investment Insights - The sector is under pressure from deflationary trends and a weak recovery, with consumer confidence remaining low, indicating a shift to a "new normal" of low growth [8] - High-end consumption has shown slight recovery due to stock market wealth effects, but sustainability remains a concern [9] - The food and beverage sector's valuation is at historical lows, with a current PE (TTM) of 21.9X, indicating potential investment opportunities in undervalued segments [12] Fund Holdings - As of Q3 2025, the food and beverage sector's fund holdings decreased to 6.38%, nearing levels seen in 2016, with the liquor segment comprising 5.52% of this [14] - Fund holdings in the liquor sector increased for certain subsectors, including white liquor and seasoning products, while others saw declines [16] Long-term Trends - The liquor industry is undergoing its longest adjustment period since 2003, with significant price corrections and a potential bottoming out of valuations [21] - The white liquor sector has underperformed the market with a year-to-date return of -4.87%, reflecting weak demand and a divergence from broader market trends [24] - The third quarter of 2025 saw a significant decline in revenue and net profit for the white liquor sector, indicating a deep adjustment phase [27] Pricing Dynamics - The white liquor market is experiencing a general decline in prices, particularly in high-end segments, while lower price segments show resilience [29] - The average price of high-end products like Moutai has dropped significantly, while mid-range and lower-range products have maintained stability or slight increases [31] Investment Recommendations - The white liquor sector is advised to focus on inventory reduction and demand recovery, with a preference for leading brands that can maintain pricing power and product stability [32]

Core Insights - The report maintains a "Buy" rating for the food and beverage industry, consistent with previous ratings, indicating a positive outlook for the sector [4] - The report highlights the cautious inventory management in the liquor market, particularly in Henan, with the upcoming Spring Festival sales performance still uncertain [17][19] - The demand for frozen food in Henan is showing signs of improvement as preparations for the Spring Festival begin, with increased confidence among distributors [22] - In Shanghai, the "锅圈" (Guoquan) stores are undergoing significant renovations, leading to a notable increase in daily sales post-renovation [25][27] Weekly Focus: Henan & Shanghai Market Tracking - **Henan Liquor Market**: Inventory levels are low, and major brands like Moutai are seeing stable pricing, with the Spring Festival sales performance yet to be observed [17][19] - **Henan Food Supply Market**: Distributors are beginning to stock up for the Spring Festival, with a slight uptick in demand noted [22] - **Shanghai Guoquan Store Renovations**: The store renovations have led to a significant increase in daily sales, with new product categories contributing to revenue growth [25][27] Food and Beverage Sector Overview - The food and beverage sector experienced a decline of 2.1% in the week of January 12-16, underperforming compared to the CSI 300 index [29] - The valuation of the food and beverage sector stands at a PE-TTM of 21.2X, with the white liquor sector at 18.3X, indicating a relative valuation compared to the broader market [43][46] Recent Key Announcements & News - The report includes updates on major companies like Qianwei Culinary and Sanquan Foods, highlighting their strategic adjustments and product innovations aimed at enhancing competitiveness [23][24] - The report notes that the industry is moving away from price wars towards a focus on product innovation and quality assurance [24] Investment Recommendations - The report recommends key liquor brands such as Luzhou Laojiao, Shanxi Fenjiu, and Moutai, as well as consumer goods companies like Anjuke Foods and Tianwei Foods, indicating potential investment opportunities [8][12]