该行继续将古茗与百胜中国列为餐饮业首选股，并指出若餐饮复苏范围扩大，餐饮场所酒精消费复苏表 现可能优于市场所担忧。同时看好农夫山泉与康师傅，两者将成为强劲国内旅游需求的关键受益者。 报告指，注意到中国经济出现复通胀的初步迹象，主要由服务消费驱动，体现于餐饮、旅游、交通及住 宿领域的价格上涨与促销活动减少。2026年农历新年期间餐饮销售表现优于市场预期，节日首四日日均 营收同比增长8.6%，而2025年同期增幅仅为4.1%。自百胜中国2025年11月指出消费者信心初现改善迹 象以来，需求复苏步伐持续加快。 大和发布研报称，农历新年假期消费表现鼓舞，餐饮旅游需求强劲。建议优先配置餐饮旅游需求受惠 股，首选古茗(01364)、百胜中国(09987)、农夫山泉(09633)、康师傅控股(00322)、华润啤酒(00291)及贵 州茅台（600519）(600519.SH)。 ...

Group 1 - The core viewpoint of the report is that the consumption performance during the Lunar New Year holiday is encouraging, with strong demand in the dining and tourism sectors [1] - The company recommends prioritizing stocks that benefit from dining and tourism demand, specifically highlighting Gu Ming, Yum China, Nongfu Spring, Master Kong, China Resources Beer, and Moutai as top picks [1] - The report continues to favor Gu Ming and Yum China as preferred stocks in the dining industry, suggesting that if the recovery in dining expands, the recovery in alcohol consumption at dining venues may outperform market concerns [1] Group 2 - The report is optimistic about Nongfu Spring and Master Kong, indicating that both will be key beneficiaries of strong domestic tourism demand [1]

港股通消费ETF华夏（513230）跟踪中证港股通消费主题指数，该指数覆盖酒旅、餐饮等传统服务业龙 头，更包含潮玩、金饰等高弹性资产，以及运动服饰、白电等高股息标的。成分股近乎囊括港股消费的 各个领域，包括泡泡玛特、百胜中国、老铺黄金、安踏体育、农夫山泉、蜜雪冰城等消费龙头。 中信证券表示，马年春节消费延续分化表现，整体符合预期，其中酒店、景区、高端酒等呈现较优景气 度，受出行分流的部分影响，零售、票房等表现总体一般。该机构观点维持，"低预期低估值"+"消费韧 性特征下的企稳趋势"预计将提升消费配置的资金偏好，复盘过去三十年四轮牛市行情中的消费表现可 见，消费往往在经济基本面开始回暖时有所表现，而自身的盈利弹性决定其上涨的持续性和空间。该机 构判断，2026年将是消费行业景气度拐点确立的关键之年。由于当前宏观环境仍然偏弱，消费景气的自 身修复预计仍需时间，短期消费整体beta性机会可关注财政刺激类政策的可能性。 2月25日早盘，港股高开，恒生指数涨0.58%，恒生科技指数涨0.86%。消费股活跃，海底捞涨逾2%，安 踏体育涨近2%。港股消费板块早盘震荡攀升，港股通消费ETF华夏（513230）现涨近1.5%。 ...

Summary of Key Points from the Conference Call on China Consumer Staples: Spirits and Dairy Industry Overview - The conference call focused on the spirits and dairy sectors in China, particularly in the Hunan province, highlighting the performance of major brands like Moutai, Wuliangye, and Mengniu. Spirits Sector Moutai - Feitian Moutai's retail sales volume increased by over 20% year-on-year during the Chinese New Year (CNY) period, exceeding expectations despite shipment controls on non-standard SKUs [1][9] - Moutai 1935 showed mild growth, outperforming other products in the Moutai series [1][9] - The wholesale price of Feitian Moutai rose to approximately Rmb1,700, with channel inventory remaining stable at around 0.5 months [1][9] - The expert anticipates that Moutai could bottom out around mid-2026 if retail sales momentum remains strong [2][6] Wuliangye - Common Wuliangye experienced mid-single-digit percentage retail volume growth in early February, gaining market share from Guojiao 1573 due to enhanced affordability [1][9] - The effective ex-factory price for Common Wuliangye decreased to around Rmb810, with expectations of further reductions [1][9] - The company achieved a 40% prepayment target by the end of CNY, although this pace is slightly slower than the previous year [1][9] Luzhou Laojiao - Guojiao 1573's retail volume dropped by approximately 30% during the CNY period, facing challenges in maintaining wholesale price stability [1][8] - Luzhou Laojiao is under pressure to stabilize prices amid declining demand [2][6] Other Brands - Brands like Fen Wine, Yanghe, Jiugui, and Shede saw broad-based sales declines of 15-20% [1][14] - Fen Wine's Qinghua series experienced a low-teens percentage decline, while Bofen remained slightly positive [1][14] Dairy Sector - Both Yili and Mengniu reported positive sell-in shipments during January, but holiday sell-through saw a slight decline due to weakening gifting demand [1][12] - Premium products like Satine and Deluxe outperformed basic white milk, indicating a shift in consumer preference [1][12] - Mengniu's sales decline narrowed to low-single digits compared to low-teens last year, aided by a lower comparison base [1][12] - The expert remains cautious about 2026 full-year sell-in targets, suggesting a more realistic outlook of flat to -5% for Yili and +6% for Mengniu [1][12] Beverages Sector - Nongfu's small-pack water and sugar-free tea registered high-single-digit percentage sell-through growth, while large-pack volume doubled due to strong promotions [1][13] - CR Beverages and Wahaha experienced declines in water sales, indicating competitive pressures [1][13] - Eastroc is on track to meet its 20% sales growth target, with energy drinks growing just under 15% [1][16] Inventory and Prepayment Insights - Moutai and Wuliangye maintain low channel inventories of 0.5 to 1 month, while other upper-mid-end brands face over 2.5 months of inventory [1][11] - Prepayment progress for various brands is lagging behind last year, with Wuliangye and Laojiao showing slower prepayment paces [1][14] Conclusion - The spirits sector shows a divergence in performance, with Moutai leading and Wuliangye following, while other brands face significant challenges. The dairy sector is experiencing a shift towards premium products, and the beverage sector is consolidating with strong growth from Nongfu. Overall, cautious optimism is noted for the upcoming periods, with varying recovery timelines across brands.

陈文博 中金公司食品饮料分析师: 位投资人，大家上午好。那也祝大家新年好，以及开工大吉。那今天上午，是中金组织的 大众食品的春节的情况跟踪电话会。我是中金的食品饮料组陈文博。那今天上午，我们请 到了两位综合的食品的专家与大家分享春节的情况。那第一位专家，主要负责华东、华中 以及华西地区的包括饮料，还有零食等大大的一些品类的运营。专家您好，能听到我说话 吗？ 华东华中华西食品综合专家: 你好，可以，没问题。 陈文博 中金公司食品饮料分析师: 对，那我们就开始。那第一个，首先我想问问，就是您代理的这个品类也比较多，那想问 一下春节期间，比如说这个几个大的品类，像乳制品、饮料、零食、速冻。包括调味品， 这几个品类分别的增速情况，和景气度。然后就综合来看的话，有没有什么地方比咱们之 前预期的要好，或者是要差的？ 华东华中华西食品综合专家: 我们先按照您刚才说的那个品类来说，我们今年的这个总体的品类分成像修石，修石我们 今年的整体性，春节的一二月份，这二月份我们是截止到 2 月 10 号左右。节前的这个数 据，那我们整体的出货比去年同期我们是增长了 10%左右，这所有的修饰，这里面主要是 以礼盒为主，这个品相。那从整个 ...

春节食品动销表现几何？后市如何看？20260223 摘要 春节期间，社会消费呈现强劲复苏态势，零售餐饮企业日均销售额同比 增长 8.6%，为主要长假中高增速水平。春运期间人员流动量显著增加， 节后流动量同比增速达 11.1%，途牛数据显示人均出游天数同比增加 1.1 天，达 5.9 天，反映消费意愿增强。 大众食品消费方面，企业库存清理完毕，渠道新鲜度高，经销商信心恢 复，备货充足。礼盒消费依然火热，但消费者更注重性价比，价格集中 在 50-100 元区间。下沉市场表现良好，价格折扣竞争减缓，零售终端 价格坚挺。 乳制品行业表现分化，华东和华中地区增长显著，常温液奶增长约 7%，伊利、蒙牛分别增长 8-9%和 5-6%，常温酸奶结束下跌态势，实 现正增长。华南地区表现偏弱，但渠道库存不高，高端品类保持增长， 君乐宝低温产品增速约 20%。 现制茶饮行业受益于暖冬天气和出行旺盛，同店 GMV 表现良好，蜜雪 冰城、古茗、瑞幸等品牌均有超过 10%的增长。堂食消费为主，加盟商 利润较高，外卖补贴压力有限，预计全年同店 GMV 将保持平稳。 Q&A 2026 年春节期间大众食品整体表现如何？ 2026 年春节期间， ...

公司跟踪报告 · 食品饮料行业 | 东鹏饮料（股票代码：605499） | | --- | 推荐 维持评级 分析师 迈向平台型公司，再迎布局时点 —— 东鹏饮料动态更新报告 2026 年 02 月 24 日 核心观点 主要财务指标预测 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入(百万元) | 15,839 | 21,108 | 27,085 | 32,964 | | 收入增长率% | 40.63 | 33.27 | 28.31 | 21.71 | | 归母净利润(百万元) | 3,327 | 4,547 | 5,914 | 7,271 | | 利润增长率% | 63.09 | 36.69 | 30.06 | 22.93 | | PE | 44.65 | 32.66 | 25.11 | 20.43 | 资料来源：公司公告，中国银河证券研究院 刘光意 ：021-20252650 ：liuguangyi_yj@chinastock.com.cn 分析师登记编码：S0130522070002 研究助理：彭潇颖 ： ...

智通财经APP获悉，国金证券发布研报称，基于节后渠道调研反馈，春节白酒动销整体符合节前市场预 期，预计全渠道动销量同比下滑约10%-15%。今年春节行业动销仍有所回落主要系泛政商务需求疲软所 致，其背后反映消费场景修复仍存在缺口，且商务招待支出意愿趋于审慎。从大众品表现来看，春节期 间预计显著改善的为餐饮链(调味品、速冻等)板块，春节聚餐、外出旅行等场景均显著拉动需求增长， 节前经销商备货仍较为谨慎，库存处于合理水平。 国金证券主要观点如下： 白酒板块：春节动销符合预期，飞天茅台量价均占优 基于节后渠道调研反馈，春节白酒动销整体符合节前市场预期，预计全渠道动销量同比下滑约 10%-15%。其中，略超预期的反馈在于：节前&节内飞天茅台批价表现相对不错、未有显性回落，当前 原箱批价仍在1700元以上；部分区域节内大众价位产品有零星终端补货行为，当然这也与近年来终端小 批量、高频次进货习惯相关，目的是规避资金占用和存货跌价风险，但仍反映一定的动销韧性。 分消费场景拆解来看：今年春节行业动销仍有所回落主要系泛政商务需求疲软所致，其背后反映消费场 景修复仍存在缺口，且商务招待支出意愿趋于审慎；相较之下，泛大众消费需求表 ...

Group 1 - The Hong Kong Consumption ETF (159735) closed down 0.58% on February 24, with a trading volume of 75.27 million yuan [1] - The fund was established on May 25, 2021, with an annual management fee of 0.50% and a custody fee of 0.10% [1] - As of February 13, 2023, the fund's latest share count was 1.09 billion shares, with a total size of 937 million yuan, reflecting an 18.49% increase in shares and a 29.01% increase in size year-to-date [1] Group 2 - The current fund manager is Li Yixuan, who has managed the fund since its inception, with a return of -14.04% during the management period [2] - Major holdings in the fund include Pop Mart (10.42%), Yum China (9.09%), Anta Sports (7.76%), Nongfu Spring (6.50%), and others, with respective market values and share counts detailed [2] - The fund's recent trading activity shows a cumulative trading amount of 2.004 billion yuan over the last 20 trading days, averaging 100 million yuan per day [1]

近日，国际权威可持续发展评估机构标普全球(S&P Global)正式发布《2026 年可持续发展年鉴》(Sustainability Yearbook2026)。 万物云凭借在环境、社会和公司治理(ESG)领域的卓越表现，成为入选该年鉴的57家中国内地企业之一，并荣膺2026年度全 球REM行业唯一的"industry Mover"。 今年，全球848家企业从9200家参评企业中脱颖而出，成功入选《年鉴》。其中中国内地企业共有57家，万物云与腾讯、宁 德时代、工业富联、美的、农夫山泉等各行业领军企业共同入选。 而全球REM行业共有31家企业入选。万物云与CBRE、JLL、太古地产等海内外同行共同位列其中。这印证了万物云在日常 运营与治理中，持续与国际可持续发展标准接轨并跻身行业前列。 ESG国际认可 为企业高质量发展注入新动能 入选《可持续发展年鉴》不仅意味着来自全球顶级的ESG认可，更将为企业带来多重价值：以客观、透明的数据表现增强 品牌公信力，吸引全球ESG投资者的关注，并在长远发展中有助于企业拓宽融资渠道、降低融资成本。 这份国际认可是万物云长期以来对"智慧低碳" 坚定践行的回应。通过持续推动空间服务的 ...