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研究报告 Research Report 30 Jan 2026 中国必需消费 China (Overseas) Staples 中国必选消费品 1 月成本报告：涨价现实弱于预期，成本仍处低位 January CGCI: Price Hikes Weaker than Expected, Costs Stay Low [Table_yemei1] 观点聚焦 Investment Focus | [Table_Info] | | | | | | --- | --- | --- | --- | --- | | | | | | 市盈率 P/E | | 股票名称 | 评级 | 目标价 | PE(2025E) | PE(2026E) | | 百威亚太 | Neutral | 7.90 | n.a. | n.a. | | 海底捞 | Outperform 18.22 | | 17 | 16 | | 华润啤酒 | Outperform 36.00 | | n.a. | n.a. | | 康师傅 | Outperform 17.74 | | 16 | 14 | | 中国飞鹤 | Outperform 7.00 | | 8 | ...