食品饮料行业周报：春节备货启动，肉奶周期共振-20260119

Investment Rating - The industry investment rating is "Overweight" indicating a positive outlook for the sector relative to the market index [1]. Core Insights - The food and beverage industry is expected to benefit from the extended Chinese New Year stocking period, which may lead to improved performance in Q1 2026 [5]. - The raw milk price has been stabilizing at a low level, with the average price at 3.02 CNY/kg as of January 8, 2026, indicating a potential turning point in supply and demand dynamics [5]. - The secondary market performance showed a decline of 2.10% in the food and beverage sector, underperforming the CSI 300 index by 1.53 percentage points [10]. - Key companies such as Yuanji Food and Jinxing Beer have submitted applications for listing on the Hong Kong Stock Exchange, indicating growth and expansion in the sector [53]. Summary by Sections 1. Secondary Market Performance - The food and beverage sector experienced a decline of 2.10%, ranking 25th among 31 sectors [10]. - The top five gainers included CITIC Nia, Good Idea, and others, with gains ranging from 5.05% to 8.85% [10]. 2. Major Consumer Goods and Raw Material Prices - As of January 9, 2026, the retail price of fresh milk was 12.18 CNY/liter, and yogurt was 15.88 CNY/kg, showing slight increases [26]. - The price of live pigs was 12.78 CNY/kg, with a week-on-week increase of 1.19% [26]. 3. Industry Dynamics - Yuanji Food reported revenues of 2.026 billion CNY and 2.561 billion CNY for 2023 and 2024, respectively, with a net profit increase of 31% in the first nine months of 2025 [53]. - Jinxing Beer achieved revenues of 3.56 billion CNY and 7.30 billion CNY for 2023 and 2024, respectively, with a significant increase in net profit [53].