Investment Rating - The industry rating is maintained as "Positive" [5] Core Insights - The food and beverage sector experienced a weekly increase of 1.56%, outperforming the Shanghai Composite Index, which decreased by 0.44%, and the CSI 300 Index, which increased by 0.08% [1][17] - The liquor segment, particularly baijiu, showed a strong performance with a 3.86% increase, driven by positive sales dynamics for leading brands like Guizhou Moutai, which saw its batch price rise to 1700 yuan [2][11] - The overall performance of the consumer goods sector was weaker, with declines in most categories except for meat products, which increased by 0.52% [1][17] Summary by Sections Market Performance Review - The food and beverage sector's performance from January 26 to January 30 showed a 1.56% increase, with specific categories like baijiu increasing by 3.86% and snacks decreasing by 6.07% [1][17] Weekly Perspective Update - The baijiu sector is gaining attention, with Guizhou Moutai's sales performing well. The sector's strong performance is attributed to favorable market conditions and improved sales dynamics [2][11] - The consumer goods sector, excluding meat products, showed a decline, with specific stocks like Li Ziyuan increasing by 16.0% while others like Hao Xiang Ni decreased significantly [2][12] Sector Investment Recommendations - For the baijiu sector, the report recommends focusing on leading brands such as Guizhou Moutai, Luzhou Laojiao, and Shanxi Fenjiu, anticipating strong sales during the Spring Festival [3] - In the consumer goods sector, the report emphasizes the importance of the Spring Festival stocking season, recommending companies like East Peak, Wei Long, and New Dairy for potential growth [3][12]

New Product Launches - Heinz has launched a new "nutritional noodles" product, available in original, pork liver spinach, and beef tomato flavors, made from Canadian wheat and free from added salt, sugar, and preservatives [4] - Pop Mart has introduced a new dessert brand "POP BAKERY," featuring products like ice cream and cookies [4] - Master Kong has released two new noodle products, braised beef noodles and Sichuan beef noodles, using large cuts of meat and fresh ingredients [4] - McDonald's China has launched several new limited-time products for the Spring Festival, available in over 7,700 restaurants [6] - Danone's Alpro has introduced "Alpro Meal To Go," a plant-based meal replacement drink containing 20g of plant protein [5] - Yili has partnered with JD Health to launch "Milk Oat Bird's Nest Porridge," featuring 400mg of traceable bird's nest [6] - Wanglaoji has released a limited edition diamond gem set priced at 18.28 million, featuring 18K gold and 18,202 natural gems [7] - Mengniu has launched "Lutein Blueberry Milk," enriched with DHA and vitamins [7] - Hengshun has introduced "Vinegar Cola," combining traditional vinegar with a fizzy drink [9] Industry Events - MLB has announced actress Zhang Ruonan as its new brand ambassador, focusing on street culture and self-expression [11] - KFC has adjusted its delivery product prices, with an average increase of 0.8 yuan [11] - Douyin e-commerce has upgraded its after-sales mechanism to improve operational efficiency for merchants [11] - Crocs has partnered with LEGO to launch a new collaborative series [11] Financing and Acquisitions - Muxin Intelligent has completed a B-round financing of over 100 million yuan [18] - Anta Sports has reached an agreement to acquire a 29.06% stake in Puma for 1.5 billion euros (approximately 12.4 billion yuan) [20] - Puratos has acquired American nut supplier Vör Foods to enhance its innovation in baked goods [20] - Fen Chuan Ji has completed a 100 million yuan A-round financing for supply chain upgrades and digital management [20] - Nowwa Coffee has completed a multi-hundred million yuan C-round financing [22] - WH Group's subsidiary Smithfield Foods has signed an agreement to acquire Nathan's Famous for approximately 450 million USD [25] Food Industry Developments - Koko Manfen has launched a new drink featuring plum and three beans [27] - Woji Fresh has introduced a gift box of pure milk dessert soups [27] - Luckin Coffee has opened a co-branded store with the Australian Open [27] - Tea Xiaokai has launched "Magic Frozen Tea" with seaweed pearls [27] - Tetra Pak is investing 600 million euros (approximately 5 billion yuan) to build a new factory in Sweden [31]

证 券 研 究 报 告 【策略月报】 红利内部轮动模型：迈向周期与制造 ——多行业联合红利资产 1 月报 策略研究 策略月报 2026 年 02 月 01 日 华创证券研究所 证券分析师：姚佩 邮箱：yaopei@hcyjs.com 执业编号：S0360522120004 证券分析师：吴一凡 邮箱：wuyifan@hcyjs.com 执业编号：S0360516090002 证券分析师：徐康 电话：021-20572556 邮箱：xukang@hcyjs.com 执业编号：S0360518060005 证券分析师：马野 邮箱：maye@hcyjs.com 执业编号：S0360523040003 相关研究报告 《【华创策略】杠杆&ETF 资金分化趋势逆转—— 流动性&交易拥挤度&投资者温度计周报》 2025-12-01 《【华创策略】自媒体 A 股搜索热度重回高位— —流动性&交易拥挤度&投资者温度计周报》 2025-11-25 《【华创策略】60 日均线的机遇挑战——策略周 聚焦》 2025-11-23 《【华创策略】股票型 ETF 为当前流入主力—— 流动性&交易拥挤度&投资者温度计周报》 2025-11-1 ...

新浪财经"酒价内参"重磅上线 知名白酒真实市场价尽在掌握 （来源：云酒头条） 酒，本质是连接情感与场景的媒介。当品牌自己先变得鲜活、开放、甚至有趣时，它递给消费者的，才不再只是一杯酒，更是一个值得分享和回味 的故事。 说到底，选择谁代言，从来不只是"找一张脸"，而是"讲一个怎样的故事"。 文｜宋玥 1月26日，沱牌官宣双料影后刘晓庆与喜剧达人杨雨光担任"沱牌特级嘴替"。 "冷门"或许意味着初始认知度不高，但也预示着更大的新鲜感与话题延展空间。酒，本质是连接情感与场景的媒介。当品牌自己先变得鲜活、开放、甚至 有趣时，它递给消费者的，才不再只是一杯酒，更是一个值得分享和回味的故事。 对于传统酒类消费群体而言，他的名字或许陌生；但在以Z世代为代表的年轻圈层里，他却拥有可观的认知度和号召力，而这群人，恰恰是白酒行业亟待 触达、并有望重塑市场未来的关键所在。 于是，沱牌的这次亮相，便成了一道有趣的景观：一边是父辈记忆里的"国民女神"刘晓庆，一边是年轻人屏幕中的"赛博开心果"杨雨光，宛若在老干部茶 话会上插播了一段脱口秀——看似跳脱，却意外地碰撞出新鲜的话题火花，让沱牌在春节营销的密集炮火中，抢下了一块独特的声量阵地。 ...

Core Insights - The article emphasizes the importance of capturing industry dynamics and core values for baking professionals and enthusiasts, highlighting the launch of a monthly column by Tokyo Baking Professionals in 2026 to provide insights into global baking trends and domestic market dynamics [1] Domestic Hot Trends - The new tea beverage sector is increasingly integrating with baking, with leading brands introducing dessert-like flavors in their products, such as "super glutinous molten tapioca milk" and "thick lava cocoa mousse" [2] - 7-ELEVEn has launched new sandwiches, promoting a "baking day" discount to enhance immediate baking consumption scenarios, indicating a trend towards cross-industry integration and market penetration as key growth strategies [4] - The brand Bao Shifu is expanding its product offerings and global presence, opening its first bread specialty store in Wuhan and planning to open more than 30 stores worldwide by 2026, including in the U.S. and Southeast Asia [4] - The price of imported cream has surged by 27%, leading to a rise in the market acceptance of domestic baking ingredients, with brands like Yili gaining popularity due to stable pricing and suitable taste [4] - Community independent stores focusing on "freshness, convenience, and neighborhood relationships" are becoming a hot trend in entrepreneurship, filling the gap between large chains and community needs [5] Flavor and Ingredient Trends - The 2026 Food Flavor Trend Report indicates a rising consumer preference for fresh, spicy, and sour flavors, while the preference for sweet and salty flavors is declining [6] - Puratos has identified four major trends in baking: texture mixing, protein enhancement, smaller portions, and the rise of sour flavors, reflecting a consumer pursuit of balance between indulgence and health [10][13] - The popularity of the two-ingredient "Japanese cheesecake" on TikTok showcases a trend towards simple, visually appealing desserts that are easy to make [11] High-End Dining and Baking Integration - The Michelin-starred restaurant Noma is set to open a location in Los Angeles, indicating a deepening integration of high-end dining and baking, with unique fermentation techniques and flavor combinations that could influence the industry [12] Monthly Core Trends - Flavors like strawberry, chocolate, matcha, and cherry continue to dominate, with sweet and savory combinations becoming a core competitive advantage [27] - Two main innovation lines are emerging: holiday adaptations with auspicious themes and health upgrades incorporating low-calorie, low-sugar, and natural ingredients [27] Future Innovation Directions - The Chinese baking market is expected to focus on diverse scenarios, with affordable and premium products being developed simultaneously, and classic categories seeing innovation [29] - There is a strong emphasis on local and health-oriented ingredients, with a focus on traditional flavors and seasonal offerings [29] - The trend of frozen baking products is expected to increase due to their convenience and standardization, particularly in breakfast and office settings [29]

Core Viewpoint - The IPO application of Guangxi Baifei Dairy Co., Ltd. has been terminated due to the withdrawal of the application by the company and its sponsor, Guorong Securities [1] Company Overview - The company was established in December 2017 and transformed into a joint-stock company in December 2019. It was listed on the New Third Board on June 28, 2024, with a registered capital of 165.502 million yuan. The controlling shareholder, Guangxi Baifei Investment Co., Ltd., holds 87.97% of the shares, with Wu Shouyun as the chairman and general manager [2] - The company operates 22 subsidiaries, one associate company, and three branches, employing 1,062 people as of the end of 2024 [2] Industry Position - The company is recognized as a key leading enterprise in agricultural industrialization, primarily engaged in the research, production, and sales of dairy products and milk-containing beverages. Its product range includes sterilized milk, modified milk, fermented milk, pasteurized milk, and milk-containing beverages [3] - As of the end of 2023, there were 654 large-scale dairy enterprises in China, with the company’s total assets, revenue, and profit significantly exceeding the average of its peers, being 2.37 times, 2.94 times, and 6.94 times higher than the averages, respectively [3] Financial Performance - The company reported revenues of 780.80 million yuan, 1.075 billion yuan, and 1.422 billion yuan for the years 2022, 2023, and 2024, respectively. The net profit after deducting non-recurring gains and losses was 117.10 million yuan, 227.15 million yuan, and 299.65 million yuan for the same years [5] - In the first half of 2025, the company achieved a revenue of 721.78 million yuan, an increase of 11.82% year-on-year, but the net profit after deducting non-recurring gains and losses decreased by 15.70% [5][7] Supply Chain Dependency - Over 90% of the fresh milk used by the company is sourced externally, with the procurement amount accounting for more than 50% of the total raw material costs. In 2022, the company relied entirely on external sources for fresh milk [9] - The main suppliers of fresh milk in 2024 included Ningxia Xingyuanda and its affiliates, as well as the Qingtongxia City Youyi Dairy Cattle Breeding Cooperative [10] IPO Fundraising Plans - The company planned to raise 496.78 million yuan through its IPO, which was intended for the construction of a smart dairy farm, marketing network development, and brand promotion projects [14][16]

除了哈素海冬捕节活动，前不久举行的呼和浩特跨年系列活动同样让不少消费者印象深刻。"这次万象 城跨年活动内容十分丰富，节庆氛围浓厚，不仅有光影秀、潮音秀等精彩演出，还有很多超值满减、数 码满减等优惠活动。"呼和浩特市民刘佳在跨年夜和朋友在万象城逛得不亦乐乎。 olé精品超市呼和浩特万象城店总经理刘烨告诉记者，像跨年夜这样的节庆活动不仅能够宣传品牌形 象，而且还能集聚人气、带动消费。"我们超市进口商品和定制商品居多，注重线下消费体验。"刘烨介 绍，为配合此次跨年活动，超市推出了"全球即时好物"和民生商品满减活动，效果很好。"日均客流量 较往常增加很多，销售额也有明显增长。" "以前冬天是淡季，这些年举办冬捕节，游客多了不少，我们家的麻糖也成了抢手货。特别是今年的活 动结合了非遗及民俗展示，很多游客逛完后会买特产送亲友。"1月10日，在哈素海第四届冬捕节启幕之 际，杨超就带着麻糖来到内蒙古自治区呼和浩特市土默特左旗哈素海旅游景区摆开了摊位。"这段时间 生意不错，一天能卖几百斤麻糖。如果天气允许，我准备摆摊到2月中旬活动结束。" 内蒙古土默特文化旅游投资有限责任公司副总经理王菁介绍，哈素海第四届冬捕节以"看、玩、吃、 ...

Core Insights - The ranking of infant formula brands reflects a significant shift in the Chinese dairy industry, with domestic brands like Yili Jinlingguan competing alongside international giants such as Aptamil and Friso, indicating a historical leap from follower to leader in the market [1][5] Group 1: Brand Ranking and Evaluation Criteria - The top ten infant formula brands are evaluated based on brand strength, formula competitiveness, and milk source quality, rather than just sales figures [2] - The brands in the top ten include Yili Jinlingguan, Feihe, Aptamil, Friso, and Wyeth, which dominate a concentrated market share [2] - Yili Jinlingguan's rise is attributed to over 70 years of research and a user-centered innovation approach, supported by core patented formulas tailored to Chinese infants' needs [2][3] Group 2: Product Matrix and Innovation - Yili Jinlingguan has developed a diverse product matrix to cater to different feeding scenarios and growth needs, with series like "Zhenhu," "Yuhu," and "Ruihu" focusing on various aspects of infant health [3] - The brand's innovation includes a "global milk source research" strategy and a "five freshness navigation system," ensuring quality control from milk source to packaging [4] - The introduction of new formulas containing HMO (human milk oligosaccharides) continues to lead industry nutritional upgrades [3][4] Group 3: Market Trends and Future Outlook - The competition among the top ten brands signifies the maturation and upgrading of the Chinese infant formula market, with domestic brands breaking the long-standing dominance of international brands [5] - Future trends in the industry are expected to focus on high-end, organic, and functional products, with the ranked brands leading the innovation direction to provide safer and higher-quality nutritional solutions for infants [6]

Group 1 - The core initiative of the "Salute to Urban Builders" public welfare project is to honor and support urban construction workers through donations and community engagement [1][4][6] - The project involves collaboration with 25 partners, including government departments and private enterprises, to provide 600 care packages and handwritten Spring Festival couplets to urban builders in Shanghai and Beijing [1][2][10] - The project aims to enhance the living conditions and well-being of urban builders through various activities, including the distribution of care packages and public welfare courses [7][10][12] Group 2 - The "Salute to Urban Builders" initiative is part of a broader commitment by the company to integrate financial services with social responsibility, emphasizing the importance of community support [6][17] - The event featured a "New Year Public Welfare Market" that included various cultural and practical services, such as traditional food, health checks, and haircuts, aimed at providing a warm and supportive environment for urban builders [13][14][18] - The company has a long-standing commitment to public welfare, having established the Shanghai Huatai Fund Public Welfare Foundation in 2010, and continues to innovate in its approach to community service [17]

Investment Rating - The report maintains an "Overweight" rating for the food and beverage industry, expecting the industry index to outperform the market index by over 10% in the next six months [48]. Core Insights - The SW food and beverage industry index rose by 2.31% from January 16 to January 29, outperforming the CSI 300 index by approximately 2.26 percentage points [10][11]. - Approximately 61% of stocks in the industry recorded positive returns during the same period, with notable gainers including Guyue Longshan (+17.73%) and Zhongxin Niya (+16.55%) [14]. - The industry valuation is currently at a PE (TTM) of approximately 20.94 times, which is below the five-year average of 31 times [17]. Summary by Sections Market Review - The SW food and beverage industry outperformed the CSI 300 index, with a rise of 2.31% from January 16 to January 29, ranking tenth among the Shenwan first-level industries [10]. - Most sub-sectors outperformed the CSI 300 index, with the other liquor sector seeing the highest increase of 6.85% [11]. - About 61% of stocks in the industry achieved positive returns, with significant increases from stocks like Guyue Longshan and Zhongxin Niya [14]. Industry Data Tracking Liquor Sector - The price of Feitian Moutai increased to 1580 RMB per bottle, up 60 RMB from January 15, while the price of Guojiao 1573 rose to 850 RMB per bottle [20]. Seasoning Sector - The price of soybeans was 4188.20 RMB per ton, down 2.35% month-on-month, while the price of white sugar decreased to 5320.00 RMB per ton [23]. Beer Sector - The average price of barley was 2210.00 RMB per ton, up 5.00 RMB from January 15, and aluminum ingot prices rose to 24810.00 RMB per ton, an increase of 590.00 RMB [28]. Dairy Sector - The average price of fresh milk was 3.04 RMB per kilogram, a slight increase from the previous period [34]. Meat Products Sector - The average wholesale price of pork was 18.60 RMB per kilogram, up 0.60 RMB from January 15 [36]. Industry News - The retail sales of tobacco and alcohol grew by 2.7% in 2025, totaling 642.5 billion RMB [38]. - The beer import volume decreased by 9.2% in 2025, while exports increased by 14.4% [39]. - The average wholesale price index for national liquor decreased by 0.47% in mid-January [40]. - The revenue of the liquor, beverage, and refined tea manufacturing industry fell by 4.4% in 2025 [41]. Weekly Industry Outlook - Market volatility is expected to increase in the short term, with a focus on the performance of demand during the Spring Festival [45]. - The report suggests monitoring high-end liquor stocks like Guizhou Moutai and Shanxi Fenjiu, as well as other sectors benefiting from demographic policies [45][46].