北京商报讯（记者 郭缤璐）1月29日，北京商报记者了解到，有消费者在社交平台发布视频称，其在万 辰集团旗下量贩零食品牌"好想来"门店购买的零食，称重后存在不准确的情况。对此，好想来方面回应 北京商报记者称，关注到此事后，第一时间进行了内部核查，经确认，此次问题源于新员工操作失误。 公司已对相关员工进行重新培训，并在第一时间通过多种渠道主动联系消费者致歉与协商赔偿，但截至 目前尚未获得消费者回应。公司也仍在持续尝试联系该消费者，希望妥善解决此事。 好想来表示，公司始终高度重视产品计量与服务质量，所有门店使用的计量器具均依法经检定合格，并 严格执行每日校验制度，如发现误差立即停用并维修或更换，确保计量准确。当地市场监督管理局在关 注到情况后，也已专门到门店现场对相关计量器具进行了核验，并确认电子秤本身符合标准、计量准 确。 根据上述消费者发布的视频，该消费者购买的笋尖鸡肉肠系列产品，换算重量为76克，实际称重为62.2 克；无穷盐焗大鸡翅系列产品，换算重量为216克，实际称重为202克；小燕子冷萃大鸡爪系列产品，换 算重量为140克，实际称重为126.5克；蒙牛三角芝士产品，换算重量为54克，实际称重为40.5克 ...

Investment Rating - The report rates the food and beverage sector as "Overweight" [4][6]. Core Insights - The allocation ratio for the food and beverage sector has decreased quarter-on-quarter, with significant reductions in the allocation for both liquor and non-liquor segments. Conversely, other segments such as beverages, dairy products, and snacks have seen an increase in allocation [2][16]. - The report suggests focusing on five main investment lines, emphasizing opportunities arising from supply-demand clearing. Recommended stocks include Guizhou Moutai, Wuliangye, and Luzhou Laojiao for liquor; Eastroc Beverage and Nongfu Spring for beverages; and various companies in the snack and food processing sectors [6][32]. Summary by Sections 1. Sector Allocation Trends - The allocation ratio for food and beverage stocks among actively managed equity mutual funds has continued to decline for seven consecutive quarters, reaching 4.04% in Q4 2025, ranking ninth among all sectors [8][11]. - The allocation for liquor stocks decreased to 2.92%, driven by declines in leading brands such as Wuliangye and Shanxi Fenjiu [16][18]. 2. Sub-Sector Performance - Liquor and non-liquor segments saw a reduction in allocation, while other segments like snacks and dairy products experienced increases. The allocation for snacks rose to 0.26%, and dairy products to 0.44% [16][17]. - Specific stock movements include a decrease in holdings for major liquor brands, while dairy leaders like Yili and Mengniu saw increases in their allocation ratios [23][24]. 3. Individual Stock Analysis - Major liquor stocks such as Guizhou Moutai and Wuliangye experienced significant reductions in their mutual fund holdings, with Moutai down by 0.8% and Wuliangye down by 13.2% [19][20]. - In the beverage sector, Eastroc Beverage's holdings decreased by 4.16%, while Yili's increased by 3.42% [23][24]. - Snack companies like Wancheng Group and Ximai Foods saw increases in their allocation ratios, indicating a positive trend in the snack segment [26][27]. 4. Valuation and Earnings Forecast - The report includes a section on earnings forecasts and valuations, indicating a cautious outlook for the food and beverage sector amidst changing consumer preferences and market dynamics [32].

Core Viewpoint - The liquor sector experienced a significant surge on January 29, leading to an overall rise in the food and beverage sector, with the Huabao Food and Beverage ETF (515710) increasing by 7.1% by the end of the trading day, recovering multiple moving averages [1][4]. Group 1: Liquor Stock Performance - A wave of涨停 (limit-up) occurred among liquor stocks, with major players like Wuliangye, Luzhou Laojiao, and Yanghe all hitting the limit, while Kweichow Moutai surged by 8.61% [2]. - The price of various Flying Moutai products has seen notable increases since January 26, with the 2026 Flying Moutai original box (53 degrees/500ml) rising by 55 yuan, and the 2025 version also increasing by 55 yuan [4]. Group 2: Market Drivers - The recent recovery in Moutai sales is attributed to two main factors: the demand for high-end liquor during the Spring Festival and effective supply-demand adjustments by iMoutai, which has reached new consumer groups [4]. - The overall valuation of the food and beverage sector remains low, with the price-to-earnings ratio of the Huabao Food and Beverage ETF at 19.09 times, placing it in the 1.37% percentile of the last decade, indicating a favorable long-term investment opportunity [4]. Group 3: Future Outlook - According to Guojin Securities, the most challenging period for the liquor industry has passed, and external constraints on consumption are expected to ease, leading to a gradual stabilization in sales post-2026 Spring Festival [6]. - The Huabao Food and Beverage ETF is recommended for investors looking to gain exposure to core assets in the food and beverage sector, with approximately 60% of its portfolio allocated to leading high-end and mid-range liquor stocks [6].

东 东兴晨报 P1 2026 年 1 月 29 日星期四 经济要闻 1. 外交部：中英两国领导人成功会晤，同意发展长期稳定的全面战略伙伴 关系（资料来源：同花顺） 2. 财政部：12 月份，全国共销售彩票同比下降 9.1%。其中，福利彩票机 构销售 172.96 亿元，同比下降 9.6%；体育彩票机构销售 350.54 亿元，同 比下降 8.8%。2025 年全年，全国共销售彩票 6279.69 亿元，同比增长 0.7%。 （资料来源：同花顺） 3. 发改委：今年春运期间全社会跨区域人员流动量预计将达 95 亿人次， 创历史新高。自驾出行将继续处于主体地位，占比达八成左右。铁路、民航 客运量预计分别达到 5.4 亿人次和 9500 万人次，总体规模和单日峰值均有 望超过历史同期的峰值。（资料来源：同花顺） 4. 商务部：2025 年，我国全行业对外直接投资 12455.8 亿元人民币，比 上年增长 7.4%。其中，我国境内投资者共对全球 153 个国家和地区的 11048 家境外企业进行了非金融类直接投资，累计投资 10404.2 亿元人民币，增长 1.6%。（资料来源：同花顺） 5. 最高法：最高人民法院知 ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 603156 | 乔元饮品 | 30.76 | -1.94% | 9.78万 | 3.03亿 | | 600189 | 泉阳泉 | 8.37 | -0.83% | 24.22万 | 2.02亿 | | 600429 | 三元股份 | 5.41 | -0.73% | 21.15万 | 1.14亿 | | 002946 | 新乳业 | 18.56 | 0.38% | 5.61万 | 1.03亿 | | 605337 | 李子园 | 13.62 | 0.44% | 26.98万 | 3.68亿 | | 002570 | 贝因美 | 6.19 | 0.49% | 26.69万 | 1.64亿 | | 002732 | 范博乳业 | 17.35 | 0.58% | 2.41万 | 4178.02万 | | 605300 | 佳木食品 | 11.95 | 0.76% | 3.12万 | 3710.84万 | | 002329 | 皇氏集团 | 3.81 | 0 ...

Core Viewpoint - Yili Group's stock price has shown fluctuations, with a recent increase of 2.03% but a year-to-date decline of 6.75%, indicating potential volatility in the market [1]. Financial Performance - For the period from January to September 2025, Yili Group achieved a revenue of 903.41 billion yuan, reflecting a year-on-year growth of 1.81%. However, the net profit attributable to shareholders decreased by 4.07% to 104.26 billion yuan [2]. - Cumulative cash dividends since the A-share listing amount to 616.02 billion yuan, with 250.14 billion yuan distributed over the past three years [3]. Shareholder Structure - As of September 30, 2025, the number of shareholders increased to 426,800, up by 8.74%. The average number of circulating shares per person decreased by 8.04% to 14,747 shares [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited, holding 516 million shares (a decrease of 155 million shares), and China Securities Finance Corporation, holding 182 million shares (unchanged) [3].

（作者｜周琦 编辑｜张广凯） 1月中旬，一则资本市场公告在平静的乳业界激起涟漪。 中国乳业龙头伊利宣布，将以"先卖后买再加仓"的操作，增持上游核心伙伴优然牧业。 一进一出，伊利掏出11.73亿港元，对优然牧业的持股比例仅从33.93%微升至36.07%。 2025年10月，原料奶均价3.04元/公斤，较去年同期下跌9.2%，截至2025年12月第三周，主产省份生鲜乳平均价格已跌至3.03元/公斤，价格水平跌回2010 年，创下十年新低。 这已是奶价磨底的第四年，行业哀嚎遍野，伊利为何甘愿在周期谷底加码优然牧业？ 挣钱不易 优然牧业并非传统意义上的牧场公司，而是一个覆盖从牧草种植、饲料加工到奶牛育种、规模化养殖、鲜奶生产的全产业链上游综合服务商。 这种纵向一体化的业务结构，使优然牧业成为国内乳业上游的独特存在。 2025年前6个月，公司营收为102.84亿元，较去年同期增长2.3%；股东应占溢利亏损2.97亿元，亏损同比收窄10.4%。 优然牧业分为"原料奶业务""反刍动物养殖系统化解决方案业务"两大业务。 "反刍动物解决方案业务"是优然牧业的独特优势。 该解决方案包含饲料业务、育种业务及奶牛超市，即向牧场供应 ...

盘面上，两市窄幅震荡，消费板块异军突起。相关ETF方面，食品饮料ETF天弘（159736）标的指数盘 中涨3.13%，成交额达3095.97万元。成分股中，酒鬼酒涨停，泸州老窖、舍得酒业、水井坊、金种子 酒、古井贡酒涨超5%，口子窖、五粮液、伊力特等多股跟涨。 消息面上，据智通财经报道，飞天茅台价格持续上涨，2025年飞天散瓶批价重回1600元关口。此外，国 常会部署促消费一揽子政策，预制菜国标加速推进；同时原奶价格低位运行，乳企成本红利显现，春节 旺季有望带来需求提振。 值得关注的是，Wind显示，食品饮料ETF天弘（159736）近4个交易日（2026年01月23日～2026年01月 28日）实现连续"吸金"，食品饮料ETF天弘（159736）最近十个交易日累计获资金净流入3898.37万元。 截至2026年01月28日，该基金最新规模为53亿元，为同标的全市场第一。 食品饮料ETF天弘（159736）是深市最大的食品饮料类ETF，该指数覆盖酒、饮料、食品三大刚需赛 道，成分股以贵州茅台、五粮液、伊利股份等行业龙头为主，相比纯白酒指数兼顾酒、奶、调味品等多 元消费场景，抗单一行业波动能力更强，适合长期布局 ...

吃喝板块今日（1月29日）午后继续猛攻！反映吃喝板块整体走势的食品饮料ETF华宝（515710）午后直线猛拉，截至发稿，场内价格涨3.2%！ 成份股方面，白酒集体猛攻，截至发稿，酒鬼酒、舍得酒业、水井坊飙涨超9%，泸州老窖大涨超8%，金种子酒、古井贡酒双双涨超6%，贵州茅台、金徽酒 涨超5%，五粮液、山西汾酒、洋河股份等白酒龙头亦集体飘红。 图片、数据来源：沪深交易所等，截至2026.1.29。 注：投资者在申购或赎回基金份额时，申购赎回代理券商可按照不超过0.5%的标准收取佣金，其中包含证券交易所、登记机构等收取的相关费用。食品饮 料ETF华宝不收取销售服务费。 食品饮料ETF华宝联接A申购费率为：100万元以下，1%；100万元（含）-200万元，0.6%；200万元（含）以上，每笔1000元。赎回费率为：7天以内， 1.5%；7天（含）-180天，0.5%；180天（含）-以上，0%。 本周以来，多款飞天茅台价格涨幅明显，与1月26日相比，2026年飞天茅台原箱（53度/500ml）上涨了55元，2026年飞天茅台散瓶上涨了20元；2025年飞天 茅台原箱（53度/500ml）上涨了55元，2025年飞 ...

Core Viewpoint - The food and beverage sector is experiencing a significant rally, particularly in the liquor segment, with notable price increases for major brands as the Spring Festival approaches [1][3][4]. Group 1: Market Performance - The food and beverage ETF, Huabao (515710), surged by 3.2% in the afternoon session on January 29 [1][9]. - Major liquor stocks saw substantial gains, with brands like Jiu Gui Jiu and She De Jiu Ye rising over 9%, and others like Lu Zhou Lao Jiao increasing by over 8% [1][9]. - The price of 2026 Feitian Moutai (53 degrees/500ml) reached 1610 CNY per bottle, up 20 CNY from the previous day, while the 2025 version was priced at 1620 CNY, also up 20 CNY [1][11]. Group 2: Price Trends - Since January 26, the price of 2026 Feitian Moutai has increased by 55 CNY for the original box and 20 CNY for the loose bottle, with similar increases observed for the 2025 version [3][11]. - The 2024 Feitian Moutai original box also saw a price rise of 50 CNY [3][11]. Group 3: Valuation Insights - The food and beverage sector is currently at a low valuation, with the PE ratio of the underlying index for the food and beverage ETF at 19.09, placing it in the 1.37% percentile of the last decade [3][11]. - This low valuation suggests a favorable long-term investment opportunity in the sector [3][11]. Group 4: Investment Recommendations - Pacific Securities recommends focusing on the liquor sector as it is at a bottom configuration window, suggesting potential for a rebound during the Spring Festival [4][12]. - The food and beverage ETF Huabao is highlighted as a key asset for investors, with approximately 60% of its portfolio allocated to leading high-end and mid-range liquor stocks [4][12].