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]

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 300973 | 立高食品 | 42.94 | -3.44% | 3.09万 | 1.34亿 | | 000716 | 黑芝麻 | 6.37 | -2.30% | 36.83万 | 2.35 Z | | 603043 | 广州酒家 | 17.31 | -1.82% | 3.36万 | 5853.13万 | | 002719 | 麦趣尔 | 8.60 | -1.71% | 5.37万 | 4634.02万 | | 001219 | 青岛食品 | 14.48 | -1.56% | 6.69万 | 9727.88万 | | 002820 | 桂发祥 | 12.20 | -1.53% | 7.67万 | 9403.47万 | | 603777 | 来伊份 | 13.36 | -1.18% | 7.91万 | 1.06亿 | | 603719 | 良品铺子 | 11.80 | -1.17% | 4.93万 | 5826.65万 | | 002695 | 煌上 ...

广发证券发布研报称，餐供产业已进入结构性转变关键期，企业正从"被动支持者"向"主动驱动者"转 型。目前行业资本开支已趋于谨慎，行业价格战趋缓，竞争格局优化之下，龙头企业正逐步摒弃过往粗 放式的产能扩张与渠道铺货策略。餐供行业龙头业绩自25Q3呈现好转趋势，表明行业虽未进入高景气 扩张，但已度过最差阶段，当前处于企稳修复过程中，有望逐步实现业绩与估值的双重提振。 广发证券主要观点如下： 供给端：资本开支高峰已过，结构调整机遇显现 餐供产业已进入结构性转变关键期，企业正从"被动支持者"向"主动驱动者"转型。一方面，餐供行业规 模在餐饮业扩容、连锁化率提升及外卖高增的驱动下持续增长；另一方面，过去几年行业在下游餐饮业 景气下行与供给过剩失衡下，加速了行业洗牌。目前行业资本开支已趋于谨慎，行业价格战趋缓，竞争 格局优化之下，龙头企业正逐步摒弃过往粗放式的产能扩张与渠道铺货策略，转向以高效服务大B、精 细化运营中小B为核心，并积极通过产品创新与定制化等方式，实现有质量的高效增长。 需求端：整体与CPI趋势共振，顺周期属性突出 复盘历史，在CPI由负转正或在上行通道的初期，市场对消费复苏的预期往往推动资金流向餐饮供应链 ...

Core Viewpoint - The article discusses the adjustment of the Wanfu convertible bond, highlighting its implications for investors and the market dynamics surrounding convertible bonds [1]. Group 1: Convertible Bond Adjustments - Wanfu convertible bond (code: 123064) has announced an adjustment, with the announcement date set for January 14, 2026 [2]. - The adjustment is part of a broader trend in the convertible bond market, where issuers are modifying terms to enhance attractiveness to investors [1]. Group 2: Market Data on Convertible Bonds - Various convertible bonds are listed with their current prices, redemption prices, last trading dates, last conversion dates, conversion values, remaining scales, and the proportion of convertible bonds to the underlying stocks [4][6]. - For instance, the Kai Sheng convertible bond (code: 123233) has a current price of 141.461, a redemption price of 100.100, and a conversion value of 141.58, with a remaining scale of 0.007 billion [4]. - The Liu Yao convertible bond (code: 113563) has a current price of 107.926, a redemption price of 108.000, and a conversion value of 87.77, with a remaining scale of 8.010 billion [6]. Group 3: Company Earnings Forecasts - Companies such as Shanhe Pharmaceutical and Jinyu Jidong have provided earnings forecasts for 2025, with Shanhe expecting a profit of 165 million to 194 million, representing a year-on-year growth of 38.16% to 62.45% [8]. - Jinyu Jidong anticipates a profit of 180 million to 260 million for the same period [8].

格隆汇1月14日丨立高食品(300973.SZ)公布，近日收到持股5%以上股东陈和军先生出具的《股份减持计 划告知函》。陈和军先生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%。 ...

每经AI快讯，立高食品1月14日晚间发布公告称，陈和军先生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265万股（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%。 每经头条（nbdtoutiao）——海利生物增值9倍并购的企业，估值8个月"腰斩"，其第一大客户竟是尚未 成立的公司，离奇的事还不少…… （记者 曾健辉） ...

人民财讯1月14日电，立高食品（300973）1月14日公告，持股6.28%的股东陈和军计划15个交易日后的 3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265万股，即不超过剔除回购专用账户 股份数量后公司总股本的1.59%。 ...

| 证券代码：300973 | 证券简称：立高食品 | 公告编号：2026-003 | | --- | --- | --- | | 债券代码：123179 | 债券简称：立高转债 | | 立高食品股份有限公司 关于持股 5%以上股东股份减持计划的预披露公告 持股 5%以上股东陈和军先生保证向本公司提供的信息内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 特别提示： 立高食品股份有限公司（以下简称"公司"）近日收到持股 5%以上股东陈和军先生 出具的《股份减持计划告知函》。 陈和军先生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%。 一、股东的基本情况 5、减持方式：集中竞价、大宗交易方式。 6、减持价格及金额：根据届时市场及交易情况确定，且减持价格不低于公司股票首 次公开发行的发行价（如公司发生分红、派息、送股、资本公积金转增股本等除权除息 事项，则上述价格将进行相应调整）。 ...