Summary of Conference Call Records Industry Overview - **Consumer Sector**: The consumer sector, particularly mass dining and service consumption, continues to show a recovery trend. High-end consumption, including luxury goods and high-end jewelry, is performing even stronger, with some indicators exceeding expectations, reflecting a structural recovery in the consumer market [1][2]. Key Insights and Arguments - **Travel and Hospitality**: The travel chain significantly benefited from the longest Spring Festival in history, with hotel Average Daily Rate (ADR) increasing. Family travel demand is prominent, driven by the return home trend, quality scenic dining, and "reverse New Year" celebrations in first-tier cities [1][2]. - **Luxury Goods and Jewelry**: There is a clear differentiation in jewelry and luxury goods consumption, heavily influenced by high gold prices. Luxury goods consumption is relatively stronger, with high-end shopping district data exceeding expectations. The focus is on brand share improvement opportunities, as some brands are pressured by gold prices, creating structural opportunities for share changes [1][3]. - **Medical Aesthetics**: During the Spring Festival, medical aesthetics saw a double-digit increase in customer flow, although average prices were under pressure. Products like collagen water light and related offerings are expected to benefit from a robust pipeline and expanding market size. High-demand categories are likely to continue benefiting, necessitating tracking of certification rhythms and profit balance in the supply chain [1][3]. - **Cosmetics Sector**: The cosmetics sector is expected to see an upward trend around the March 8th node. Notable performance was observed in the China Resources system, particularly with the brand Mao Ge Ping. The investment strategy leans towards "momentum varieties" and "bottom stocks with share improvement," focusing on key companies [1][4]. Additional Important Insights - **Export Chain Dynamics**: The export chain is expected to see excess growth driven by "new products + new capacity deployment." The short-term key factor is the RMB exchange rate, which influences month-on-month changes. Companies with new capacity or product lines are prioritized for attention [2][4]. - **Tobacco Sector Changes**: The tobacco sector is undergoing significant changes due to adjustments in the international system by China National Tobacco. The removal of intermediaries in the domestic duty-free market is expected to enhance profits by approximately 3-5 percentage points [5]. - **Carbon Trading Opportunities**: The importance of carbon trading is increasing, driven by initiatives in Europe and the introduction of carbon tax mechanisms in domestic industries like steel and cement. Companies involved in carbon trading development, such as Yueyang Forest Paper and Yong'an Forestry, are worth monitoring for new business growth opportunities [6]. - **Pork Price Trends**: As of February 26, 2026, the average price of pork is approximately 10.7 CNY/kg, down 1 CNY from pre-Spring Festival levels. The market is expected to stabilize between 10.5-11.5 CNY/kg in the coming months, supported by potential state stockpiling and market entry by new players [10][11]. Investment Recommendations - **Consumer Sector**: Focus on the restaurant chain as a core direction, recommending companies like Anjiu and Yihai, while also considering those with accelerated store opening expectations. The snack sector remains promising, particularly in volume sales channels, with companies like Weilong and Salted Fish being highlighted for their investment value [14]. - **Medical Aesthetics and Cosmetics**: Companies with robust pipelines and market expansion potential should be closely monitored, particularly in the medical aesthetics sector [3][4]. This summary encapsulates the key points from the conference call records, providing insights into the consumer sector's recovery, investment opportunities, and market dynamics.

Global Markets Strategy 24 February 2026 This material is neither intended to be distributed to Mainland China investors nor to provide securities investment consultancy services within the territory of Mainland China. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. China Equity Strategy Eye on "Brittle Youth" spending The term "Brittle Youth" (脆皮青年) broadly refers to young adults in Mainland China facing stressful work-life balance ...

食品饮料行业 行业研究 | 行业周报 食品饮料：继续强调上游主线 食品饮料行业周报 核心观点 投资建议与投资标的 投资建议：先上游，再下游。 上游主线一：农产品加工。1）泛糖加工：推荐中粮糖业(600737，买入)、相关标的冠农 股份(600251，未评级)；2）果汁加工：相关标的安德利(605198，未评级)、安德利果汁 (02218，未评级)；3）牧业：推荐优然牧业(09858，买入)、相关标的现代牧业(01117， 未评级)； 上游主线二：食品原料供应商。生物提取：推荐安琪酵母(600298，买入)、百润股份 (002568，买入)，相关标的晨光生物(300138，未评级)、华宝国际(00336，未评级)、阜 丰集团(00546，未评级)；2）功能糖：相关标的华康股份(605077，未评级)、保龄宝 (002286，未评级)、三元生物(301206，未评级)、百龙创园(605016，未评级)； 下游主线：1）白酒，推荐山西汾酒(600809，买入)、贵州茅台(600519，买入)、今世缘 (603369，买入)、舍得酒业(600702，买入)；2）餐饮供应链、啤酒：关注估值抬升后业 绩兑现情况，推荐港股 ...

Investment Rating - The report maintains a positive outlook on the food and beverage sector for 2026, particularly focusing on cyclical opportunities in the liquor and restaurant supply chain [2][6]. Core Insights - The liquor sector is expected to see a recovery, with Moutai prices stabilizing in the first quarter, indicating a turning point in the current cycle. The report anticipates a concentration trend in the industry, favoring leading companies capable of national expansion and those with regional consolidation potential [2][6]. - The report highlights a structural improvement in the mass food sub-sector, with competition shifting from price to quality, and a gradual balance in supply and demand. It predicts a sequential improvement in food CPI [2][6][8]. Summary by Sections Liquor Sector - As of March 1, Moutai's bottle price is 1650 RMB, and the case price is 1680 RMB, remaining stable post-Spring Festival. The overall sales volume for the liquor industry during the Spring Festival is expected to decline by 10%-20% year-on-year, slightly better than market expectations [7]. - The report notes significant differentiation and concentration in the market, with high-end liquor performing exceptionally well. Moutai's sales volume is projected to increase by over 30% year-on-year during the Spring Festival, while Wuliangye is expected to see a 5%-10% increase [7]. - The industry is entering a significant destocking phase, with leading brands' inventory levels notably lower than the previous year. The report concludes that the fundamentals for top brands (Moutai, Wuliangye, Luzhou Laojiao, and Shanxi Fenjiu) have bottomed out [7]. Mass Food Sector - The mass food sub-sector is showing structural improvements, with companies expected to recover due to their cyclical attributes and low valuations. Key recommendations include companies in the restaurant supply chain, such as Anjijia Food, Qianhe Flavoring, and Tianwei Food [8][9]. - The dairy industry is anticipated to see further optimization in supply and demand dynamics, with long-term growth potential in deep-processed products and low-temperature milk. Recommended companies include Yili and New Dairy [9]. Market Performance - The food and beverage sector underperformed the market, with a decline of 1.54% last week, while the liquor segment fell by 2.26%. The report ranks the food and beverage sector 29th among 31 sub-sectors [5][28]. - The report provides a detailed analysis of various sub-sectors, indicating that the liquor sector has faced significant challenges, with white liquor underperforming the market by 5.06 percentage points [28].

机构：中信建投证券 研究员：赵然/何泾威 核心观点 受益于港股市场交投活跃度显著提升及IPO募资规模重登全球榜首，港交所2025 年业绩创历史新高，盈 利能力持续增强。 现货业务为核心增长引擎，商品及数据连接业务稳健发展，收入结构持续优化。展望未来，A+H 上市 热潮延续，科企专线制度创新成效显著，债券业务生态链布局启动，将进一步提升盈利确定性与业务多 元性。当前估值处于历史相对低位，具备较高安全边际与投资性价比。 事件 2 月26 日，香港交易所公布2025 年业绩情况。 2025 年，公司收入及其他收益同比增长30.33%至291.61 亿港元，其中非投资业务收入同比增长37.30% 至238.62 亿港元，营运支出同比增长5.33%至60.68 亿港元，EBITDA 同比增长40.02%至227.96 亿港 元，归母净利润同比增长36.05%至177.54亿港元。 简评 受益于港股市场交投活跃，公司业绩创下历史新高2025 年全年，受宏观经济基本面转好、政策红利释 放、国内产业结构升级与全球流动性改善等多重因素共同作用，港股市场交投情绪维持高位。公司收入 及其他收益同比增长30.33%至291.61 亿 ...

新年伊始，调味品行业发生了几件大事。 中炬高新拟收购四川味滋美55%的股权，花了大价钱，把川式复合调味料收入囊中；恒顺醋业推出的一款"香醋可乐"，480ml装，上线两周，据说卖出四 万多瓶；还有日辰股份，宣布拟2.66亿元投资大数据基础软件。 把这些新闻放在一起，会发现有一个共性：都是跨界。有人是花几个亿买一家公司，有人是跨出自己的舒适区，大胆尝试新领域的产品。 如果拉长时间线来看，调味品企业似乎对跨界这件事都有执念，跨领域、跨产品布局的例子已愈加频繁。但这当中，有些人是为了"去占领一个明天"，有 些人更像是在"想办法熬过今天"。 这不是调侃。调味品行业已发生过太多这样的分岔路口。今天我们想跟你聊聊，调味品企业跨界这件事，背后到底藏着什么样的心思。 都是跨界，但跨出方式不一样 先来看看调味品企业跨界，都有啥偏好？ 当然，更多人还是选择在自己熟悉的圈子里试探。恒顺做醋饮、做气泡水、做文创雪糕，海天做酱油麻薯冰淇淋，亨氏和美国的冰沙品牌合作做番茄酱冰 沙……把调味品从后厨带到前厅，从烹饪场景带到即食场景，让自己能被更多消费者看到。 △图片来源：海天公众号 赚钱肯定是第一位，所以他们往往偏爱利润更厚的生意，关注那些 ...

MACD金叉信号形成，这些股涨势不错！ 广发证券研报指出，海天味业增速对应估值合理，未来ROE推动PB估值提升。经历成长股高估值，调 整后估值回落，到基本面回升估值企稳过程。过去由外资定价，当前公募持股提升，保险资管配置空间 大。海天在大众品里ROE较高、稳定性强且预期回升。业绩增速快则估值更高。参考日美龙头，海天净 利润增速10%以上阶段对应当前估值合理，未来ROE推动PB估值提升，PE估值有望在25~30倍波动。海 天增长确定性高，参考日美龙头PE合理估值25~30倍，ROE回升推动PB估值提升，高分红下配置价值凸 显。给予2026年A股30倍PE估值对应合理价值40.15元/股，参考当前H/A溢价率H股合理价值为38.45港 元/股，A/H股均给予"买入"评级。 ...

2026年，中资企业境外上市格局正经历深刻重塑。随着中央经济工作会议于2025年12月明确提出"拓宽企业境外上市渠道，强化香港作为连接内地与国际市 场的枢纽功能"，港股的战略地位被提升至全新高度。这一表述不仅肯定了香港市场的既有价值，更赋予其在国家资本市场开放中的核心地位。在当前国际 环境复杂多变的背景下，香港作为人民币国际化和资本账户渐进开放的"试验田"与"防火墙"作用将进一步凸显，成为连接内外资本的"超级联系人"。 与此同时，美股市场虽呈回暖态势，但纳斯达克新规已将IPO核心财务门槛最高提升200%，公众持股市值要求从500万美元直接跃升至1500万美元，并赋予 交易所对"易操纵风险"企业的更大的自由裁量权。SEC于2025年12月正式签署的《追究外国内幕人士责任法案》更进一步要求外国私人发行人的董事及高管 自2026年3月18日起遵守内幕人士申报义务取消披露豁免，纳入统一监管。这意味着，中小市值企业若缺乏扎实的业绩支撑和规范的治理结构，将很难跨越 美股上市门槛。 港股凭借深港通、沪港通的互联互通机制，能无缝衔接内地资金与产业资源，2025年已有17家A股企业赴港实现A+H股上市，贡献了港股53.65%的 ...

Investment Rating - The report assigns an "Overweight" rating to the company [1] Core Insights - Morgan Stanley has revised its revenue and profit forecasts for the company for the years 2025 to 2027 down by 1% and approximately 3% respectively [1] - The revenue forecast for the last quarter of the previous year has been adjusted from a high single-digit growth to a mid-single-digit growth, primarily due to macroeconomic slowdown and weak dining demand [1] - The firm anticipates that gradual economic recovery and pipeline expansion will support the company in achieving high single-digit revenue and profit growth in 2026 and 2027 [1] - The target price for the company has been slightly reduced from HKD 41 to HKD 40 [1]

Group 1 - The A-share market is experiencing a narrow consolidation, with the leading consumption ETF (159928) declining by 0.52% and a total trading volume exceeding 350 million yuan, while net inflows over the past 60 days have surpassed 2.1 billion yuan [1] - The Shanghai government has introduced new real estate policies, reducing the social security requirement for non-local residents to purchase homes within the outer ring from 3 years to 1 year, and allowing families with a residence permit for 5 years to buy one property without social security [3] - During the recent Spring Festival, there were reports of shortages of premium liquor, with some distributors indicating that they could not meet demand, leading to an increase in prices instead of the usual post-holiday decline [3] Group 2 - The Spring Festival has seen a significant recovery in restaurant consumption, with key retail and restaurant enterprises reporting a daily sales increase of 5.7% year-on-year, and foot traffic in 78 key pedestrian streets rising by 6.7% [5] - The demand for dining experiences during the holiday surged, with Meituan's New Year's Eve dinner reservations increasing by 105% and Douyin's group purchases rising by 185%, indicating strong consumer vitality [5] - The frozen food and seasoning sectors are benefiting from the recovery in restaurant consumption, with B-end product sales increasing due to the resurgence of dining scenes during the Spring Festival [6] Group 3 - The overall consumption trend during the Spring Festival aligns with expectations, showing a division between material and service consumption, with emotional consumption demonstrating resilience [7] - The consumption ETF (159928) is characterized by its essential and domestic demand attributes, showing significant profitability resilience across economic cycles, with the top ten constituent stocks accounting for over 68.55% of the index [8] - The restaurant supply chain is expected to see improvements in inventory and sales, driven by the strong performance of downstream dining consumption, which is likely to enhance the profitability of leading companies in the sector [6][7]