财富管理周报 2026年3月2日 东证国际财富管理 财富管理周报 2026年3月2日 资料来源：彭博，数据截至2026年3月1日 东证国际财富管理 财富管理周报 2026年3月2日 | | | | 股票 | | | --- | --- | --- | --- | --- | | 市场 | 指数/价格 | 一星期(%) | 年初至今(%) | 市盈率 | | 主要股票指数 | | | | | | 标普 500指数 | 6878.88 | -0.44 | 0.49 | 26.87 | | 纳斯达克指数 | 22668.21 | -0.95 | -2.47 | 38.67 | | 道琼斯指数 | 48977.92 | -1.31 | 1.90 | 24.39 | | 欧洲斯托克 600指数 | 633.85 | 0.52 | 7.03 | 17.96 | | 富时100指数 | 10910.55 | 2.09 | 9.86 | 16.68 | | 德国DAX指数 | 25284.26 | 0.09 | 3.24 | 18.04 | | 法国CAC40指数 | 8580.75 | 0.77 | 4.89 | 21.4 ...

证券研究报告 统一企业中国 (220 HK) 港股通 受竞争压力影响 25Q4 经营承压 资料来源：公司公告、华泰研究预测 | 华泰研究 | | | 年报点评 | 投资评级(维持): | 买入 | | --- | --- | --- | --- | --- | --- | | 2026 年 | 3 月 | 05 日│中国香港 | | 目标价(港币): | 9.89 | | | | | | 吕若晨 | 研究员 | SAC No. S0570525050002 SFC No. BEE828 lvruochen@htsc.com +(86) 755 8249 2388 王可欣 研究员 SAC No. S0570524020001 SFC No. BVO215 wangkexin019215@htsc.com +(86) 21 2897 2228 基本数据 | 收盘价 (港币 截至 3 月 4 日) | 7.98 | | --- | --- | | 市值 (港币百万) | 34,468 | | 6 个月平均日成交额 (港币百万) | 54.41 | | 52 周价格范围 (港币) | 7.52-10.82 | 股价走 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年2月28日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 康師傅控股有限公司 呈交日期: 2026年3月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00322 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 7,000,000,000 | USD | | 0.005 USD | | 35,000,000 | | 增加 / 減少 (-) | | | 0 | | | USD | | 0 | | 本月底結存 | | | 7,000,000,000 | USD | | 0.005 USD | | 35,000,000 | 本月底法定/註冊股本總額： USD 35,00 ...

新竞拍获得资产，继续看好未来份额提升 安德利(605198) 安德利（605198）跟踪报告 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | [Table_Invest] 评级： | 增持 | | --- | --- | --- | --- | --- | --- | | 訾猛(分析师) | 021-38676442 | zimeng@gtht.com | S0880513120002 | | | | 颜慧菁(分析师) | 021-23183952 | yanhuijing@gtht.com | S0880525040022 | [Table_Target] 目标价格： | 51.48 | | 张宇轩(分析师) | 021-23154172 | zhangyuxuan@gtht.com | S0880525040039 | | | [Table_Market] 交易数据 | 52 周内股价区间(元) | 32.39-61.93 | | --- | --- | | 总市值(百万元) | 13,508 | | 总股本/流通A股(百万股) | 334/271 | | 流通 B股/H 股 ...

研究报告 Research Report 3 Mar 2026 中国必需消费 China (A-share) Staples 中国必选消费 26 年 3 月投资观点：春播正当时 It's the Prime Time for Spring Planting [Table_yemei1] 观点聚焦 Investment Focus | [Table_Info] | | | | | --- | --- | --- | --- | | 股票名称 | 评级 | 股票名称 | 评级 | | 贵州茅台 | Outperform 古井贡酒 | | Outperform | | 贵州茅台 | Outperform 今世缘 | | Outperform | | 五粮液 | Outperform 燕京啤酒 | | Outperform | | 五粮液 | Outperform 安琪酵母 | | Outperform | | 海天味业 | Outperform 安井食品 | | Outperform | | 海天味业 | Outperform 安井食品 | | Outperform | | 山西汾酒 | Outperform 迎驾 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚賴該等內 容而引致之任何損失承擔任何責任。 TINGYI (CAYMAN ISLANDS) HOLDINGCORP. 康 師 傅 控 股 有 限 公 司 * 葉沛森 香港，2026年3月2日 於本公告日期，本公司之執行董事為魏宏名先生、井田純一郎先生、魏宏丞先生、筱 原幸治先生、高橋勇幸先生及曾倩女士；本公司之獨立非執行董事為徐信群先生、栃尾雅也 先生及文暮良先生。 （在開曼群島註冊成立之有限公司） （股份編號：0322） 海外監管公告 本公告是由康師傅控股有限公司 (「本公司」) 根據香港聯交所有限公司證券上市規則第 13.10B條而作出。 以下附件是本公司依臺灣證券交易所股份有限公司規定於2026年3月2日在臺灣證券交易 所股份有限公司刊發的公告。 承董事會命 康師傅控股有限公司 公司秘書 1. 金融監督管理委員會證期局核准發行日期及文號： 中華民國 98 年 11 月 30 日金管證發字第 0980063536 號函 2. 臺灣存託憑證原核 ...

这是新消费智库第 2 7 6 1 期文章 新消费导读 1. 中粮可口可乐在四川全球首发可口可乐益生元汽水 2. 汇源推出福禄寿禧马年限定款 100% 果汁 3. 味精大王莲花食品跨界卖饮料 4. 亨氏在智利推出番茄酱味冰淇淋 5. 「茉莉奶白」 x 《阴阳师》开启千店联动合作 6. 农夫山泉电解质饮料 新品曝光 7. 王老吉推出嘉禾望岗定制罐 8. 旺旺推新复合果蔬汁 9. 雀巢茶品 ·香水柠檬茶新品上市 10. 山姆推果汁新品 粉柠薄荷 11. 格力高推出 必思可益生菌夹心饼干 12. 朝日唯品上新玫瑰红曲酒酿 13. 每日鲜酪上新希腊酸奶 ...... 一周新品 1. 中粮可口可乐在四川全球首发 可口可乐益生元汽水 图片来源：AI生成 近 日，中粮可口可乐在四川全球首发可口可乐益生元汽水。作为春节后上市的首款新品，该产品精准契合消费者节后健康消费需求，为消费 市场注入新动能。新品将益生元成分融入配方，每瓶添加超过 5000mg 益生元，坚持 0 糖 0 卡，主打有助于维持肠道功能的理念，为追求 健康生活方式的消费者提供无负担的畅饮新选择。 （ FDL 数食主张） 2. 汇源推出福禄寿禧马年限定款 100% ...

Core Insights - The emergence of a new form of energy drink that satisfies both the need for energy and health-conscious preferences is highlighted, with the launch of Kang Shifu's Ice Red Tea Energy as a significant development in the market [1][4] Market Demand - The Chinese energy drink market is expanding, with well-known brands like Red Bull and Dongpeng leading the way. However, there is a shift towards lower sugar and natural ingredients due to rising health awareness, with 67.87% of consumers expressing a desire to reduce sugar intake and 43% preferring energy drinks made from natural ingredients [5] - Traditional energy drinks, characterized by high sugar and caffeine, are increasingly seen as misaligned with current consumer preferences for healthier options, creating a gap in the market [5] Product Innovation - Kang Shifu's Ice Red Tea Energy aims to fill this gap by combining the popular taste of iced red tea with the functional benefits of energy drinks, creating a new category that appeals to a broad consumer base [5] - The product features a "5X5 Super Energy Formula" that uses five times the natural caffeine from red tea and incorporates five natural plant ingredients, providing a gentler and more sustained energy boost without the traditional high-stimulant components [7][9] - The drink also addresses taste concerns by maintaining the refreshing flavor of iced red tea while ensuring a low-sugar formula free from artificial colors and preservatives, thus enhancing consumer trust [9] Market Expansion - The successful integration of functionality, taste, and health opens up new consumption scenarios beyond traditional high-pressure situations, targeting leisure and entertainment contexts as well [10] - Kang Shifu's Ice Red Tea Energy is positioned to appeal to younger consumers in various daily activities, such as music festivals, camping, and late-night entertainment, thereby expanding the market's growth potential [10] Conclusion - The launch of Kang Shifu's Ice Red Tea Energy represents a significant shift in the energy drink market towards healthier, more enjoyable options that integrate seamlessly into daily life, indicating a new era for energy beverages [12]

Investment Rating - The investment rating for the consumer staples sector in China is "Outperform" for multiple companies including Moutai, Wuliangye, and others [1]. Core Insights - Premium baijiu wholesale prices have rebounded month-on-month, while discounts on liquid milk and condiments have narrowed [1][11]. - The report highlights the resilience of consumer stocks amidst a volatile market, emphasizing their value [3]. Summary by Relevant Sections Baijiu Pricing - Moutai's wholesale prices for Feitian (case and single bottle) are 1700 and 1650 yuan respectively, with month-on-month increases of +100 and +70 yuan. Year-to-date changes are +100 and +60 yuan, but year-on-year changes are -530 and -560 yuan [10][40]. - Wuliangye's eighth-generation price remains stable at 830 yuan, with a year-to-date increase of +10 yuan and a year-on-year decrease of -105 yuan [4][40]. - Luzhou Laojiao's Guojiao 1573 price is 870 yuan, up by +20 yuan month-on-month and +20 yuan year-to-date, with a year-on-year increase of +10 yuan [4][40]. - Other notable prices include Shanxi Fenjiu and various products from Yanghe and Gujing Gongjiu, showing mixed trends in pricing [10][40]. Discounts on Consumer Products - Discounts on liquid milk products have decreased from an average of 62.8% to 61.4% and from 63.4% to 61.7% for median values [19][37]. - Discounts on condiments have also narrowed from 87.1% to 85.0% (average) and from 88.2% to 84.9% (median) [19][37]. - Conversely, discounts on convenience foods have slightly increased, with average discounts moving from 94.8% to 94.6% [20][37]. - Beer, soft drinks, and infant formula discounts have remained stable, with slight variations in average and median rates [21][38].

Core Insights - Noodles are a core category of Chinese staple food, deeply integrated into Chinese dietary culture and rooted in long-established eating habits across regions, with a stable demand that is not significantly impacted by short-term consumption trends [1][4][8] - The noodle industry is projected to reach a market size of 216.2 billion yuan by 2025, with a year-on-year growth of 3.6%, where instant noodles account for over 50% of the market share [1][4][8] Market Policies - Recent policies in China emphasize food safety, requiring strict quality control and management across all stages of noodle production, processing, and distribution, promoting a shift towards standardized and high-quality development in the noodle industry [4][5] Industry Chain - The upstream of the noodle industry includes suppliers of raw materials such as flour, water, salt, eggs, vegetable juice, and food additives, as well as equipment suppliers for production [6][7] Development Status - The noodle industry covers all age groups and consumption scenarios, meeting diverse dietary needs from home cooking to convenient fast food, with no significant blind spots in consumer penetration [1][4][8] Competitive Landscape - The noodle market in China is characterized by a large number of small and medium-sized enterprises, with over 90% of noodle-related companies having registered capital below 2 million yuan, leading to a highly fragmented market [9][10] - Major players in the instant noodle segment include Master Kong, Uni-President, and Jinmailang, while the frozen noodle segment features companies like Henan Chuxiang Legend and Anjijia [10][11] Future Trends - Health-oriented upgrades will become a core focus, with a shift towards incorporating diverse grains and vegetables, and adopting healthier production methods [13] - The convenience and customization of noodle products will evolve to meet the fast-paced lifestyle of modern consumers, with a focus on various meal scenarios [14] - The competition will transition from price wars to brand and differentiation strategies, with leading companies enhancing their market influence through brand recognition and smaller brands focusing on niche markets [15]