Investment Rating - The industry rating is maintained as "Positive" [5] Core Views - The liquor sector is gaining attention, with strong sales performance from Guizhou Moutai, which has seen its batch price rise to 1700 yuan, reflecting positive sales momentum despite existing inventory risks [2][11] - The consumer goods sector is experiencing overall weakness, but there are opportunities in the "snack/meal supply/dairy beverage" segments due to the upcoming Spring Festival [3][12] Market Performance Review - The food and beverage sector saw 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] - Specific performance highlights include a 3.86% increase in the liquor sector, while other segments like snacks and health products saw declines of 6.07% and 5.59%, respectively [1][17] Sector Investment Recommendations - **Liquor Sector**: The report recommends focusing on leading brands such as Guizhou Moutai, Luzhou Laojiao, Shanxi Fenjiu, and Guxi Gongjiu, anticipating strong sales during the Spring Festival [3] - **Consumer Goods**: Emphasis is placed on the Spring Festival stocking opportunities in snacks, meal supplies, and dairy beverages, with specific recommendations for companies like East Peak, Weilong, and New Dairy [3][12][14] Sector and Stock Performance - The report details stock performance, with top gainers in the liquor sector including Huangtai Liquor (+22.92%) and Luzhou Laojiao (+9.10%), while major losers included Haoxiangni (-20.89%) and Yanghe Distillery (-11.56%) [19][22] - The dynamic price-to-earnings ratio for the food and beverage sector is reported at 20.9 times, with liquor at 18.47 times, indicating a favorable valuation environment for liquor stocks [24]

行 业 及 产 业 食品饮料 2026 年 02 月 01 日 茅台量价表现验证观点 推荐茅台为 行 业 研 究 / 行 业 点 评 证 券 研 究 报 告 《白酒持仓继续下降 食品配置环比回升— —食品饮料 2025 年四季度基金持仓分 析》 2026/01/26 《茅台批价坚挺旺季氛围渐起 鸣鸣很忙上 市催化零食板块——食品饮料行业周报 20260119-20260123》 2026/01/25 《贵州茅台（600519）点评： i 茅台全面 向 C，市场化改革全面推进 》 2026/01/09 证券分析师 吕昌 A0230516010001 lvchang@swsresearch.com 周缘 A0230519090004 zhouyuan@swsresearch.com 王子昂 A0230525040003 wangza@swsresearch.com 联系人 王子昂 A0230525040003 wangza@swsresearch.com 本期投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 博时基金 博时基金管理有限公司(researchreport@boser ...

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 ...

酒板块眼踪点评报告 TH KE ■ 证券研究报告 因 投资评级:看好(维持) 最近 12 月市场表现 分析师 皇立德 SAC 证书编号: S0160523090004 wuwd01@ctsec.com 分析师 张之 SAC 证书编号: S0160525090004 zhangli01@ctsec.com 任金星 分析师 SAC 证书编号：S0160524010001 renix@ctsec.com 相关报告 1. 《4Q2025 食品饮料基金持仓分析》 2026-01-29 2. 《国标加速推出，利好行业规范和集中 度提升 》 3. 《牛肉进口政策落地,肉奶共振利好牧 业》 2026-01-05 日酒动销渐起,关注预期差下的板块机织 核心观点 作者具有中国证券业协会授予的证券投资咨询执业资格，并注册为证券分析师，具备专业胜任能力，保证报告所采用的数 据均来自合规渠道，分析逻辑基于作者的职业理解。本报告清晰地反映了作者的研究观点，力求独立、客观和公正，结论 不受任何第三方的授意或影响，作者也不会因本报告中的具体推荐意见或观点而直接或间接收到任何形式的补偿。 ● 资质声明 � 风险提示:消费力恢复不及预期，行业竞 ...

Investment Rating - The report suggests a positive investment outlook for the liquor and food sectors, particularly highlighting the potential for growth during the upcoming Spring Festival season [1][2]. Core Insights - The report emphasizes the initiation of the Spring Festival peak season for liquor sales, with leading brands like Moutai showing significant improvements in sales and pricing, indicating a recovery in market sentiment and expectations [1][2]. - In the food sector, there is an anticipated boost in demand due to pre-holiday stocking, with specific focus on snack foods and beverages as key growth areas [1][2]. Summary by Sections Liquor Sector - The report indicates that the liquor market is entering a peak season, with Moutai leading the way in sales and price recovery, driven by increased demand and channel reforms [2]. - Other notable brands such as Guizhou Moutai, Ancient Well, and Luzhou Laojiao are recommended for short-term investment due to their strong performance and market positioning [1]. Food Sector - The food sector is expected to benefit from pre-holiday stocking, with companies like Anjuke and Qiaqia Foods positioned to capitalize on the festive demand [2][4]. - Anjuke is focusing on new product launches and expanding into overseas markets, while Qiaqia Foods is set to improve profitability in 2026 due to lower raw material costs [4][3]. Growth Opportunities - The report identifies growth opportunities in the snack and beverage segments, with specific companies such as H&H International Holdings and Nongfu Spring highlighted for their potential [1][2]. - The emphasis is placed on the recovery of the restaurant and dairy sectors, with companies like Yili and Qingdao Beer expected to show positive performance [1][2].

Investment Rating - The report suggests a positive investment outlook for the liquor and food sectors, particularly highlighting the potential for growth during the upcoming Spring Festival season [1][2]. Core Insights - The white liquor sector is expected to benefit from favorable policies and a strong demand during the Spring Festival, with leading brands like Moutai showing significant sales momentum and price increases [1][2]. - The food sector is also poised for growth, driven by pre-holiday stocking and improvements in the restaurant industry, with a focus on snack foods and beverages as key growth areas [1][2]. Summary by Relevant Sections White Liquor - The report indicates that the white liquor market is entering a peak season, with Moutai leading the way in sales and price recovery, driven by increased demand and channel reforms [2]. - Other notable brands such as Wuliangye and Shanxi Fenjiu are recommended for medium to long-term investment due to their strong market positions [1]. Food Sector - The food sector is highlighted for its potential growth, particularly in snacks and beverages, with companies like Nongfu Spring and Angel Yeast identified as key players [1]. - Companies such as Anjuke and Qiaqia Foods are expected to benefit from the Spring Festival, with Qiaqia's nut products anticipated to perform well due to their gifting appeal [4]. Company-Specific Insights - **Yingjia Gongjiu**: Positioned well in the mass market, focusing on brand upgrades and expanding its presence in county-level markets [3]. - **Anjuke Foods**: Demonstrating strong sales momentum and planning to expand its product offerings, including halal food options [3]. - **Qiaqia Foods**: Expected to see profit recovery in 2026, with a focus on leveraging its gifting product lines during the Spring Festival [4]. - **Jindaiwei**: Aiming to enhance brand marketing and expand its product categories, with a focus on maintaining market share and optimizing costs [4].

茅台动销批价上行，零食迎接备货行情 [Table_Industry] 食品饮料 ——食品饮料行业周报 | | | 投资要点： [Table_Report] 相关报告 食品饮料《白酒筑底，政策、批价双重催化》 2026.01.30 食品饮料《食饮获配比例回落，乳品、零食板块 加配》2026.01.29 食品饮料《白酒探底，餐供积极》2026.01.25 食品饮料《茅台市场化转型，消费触底反弹可 期》2026.01.18 食品饮料《渠道变革，精酿崛起》2026.01.13 证 券 研 究 报 告 股 票 研 究 [Table_Invest] 评级： 增持 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 訾猛(分析师) | 021-38676442 | zimeng@gtht.com | S0880513120002 | | 颜慧菁(分析师) | 021-23183952 | yanhuijing@gtht.com | S0880525040022 | | 张宇轩(分析师) | 021-23154172 | zhangyuxuan ...

Investment Rating - The report assigns an "Overweight" rating to the industry [2] Core Insights - The report highlights that the liquor sector is experiencing increased sales and rising prices, with the snack and dairy segments expected to benefit from pre-Spring Festival stocking [4] - The investment strategy focuses on growth as the main line, emphasizing opportunities arising from supply and demand clearing [10] - Key recommendations include selecting stocks with price elasticity and those expected to clear inventory, as well as identifying beverage and snack companies poised for growth [10][11] Summary by Sections Investment Recommendations - The report suggests focusing on stocks with price elasticity such as Guizhou Moutai, Wuliangye, and Luzhou Laojiao, along with potential inventory clearance stocks like Yingjia Gongjiu and Shanxi Fenjiu [10] - Beverage companies benefiting from favorable travel conditions are recommended, including Dongpeng Beverage and Nongfu Spring [10] - For snacks and food raw materials, companies like Bailong Chuangyuan and Three Squirrels are highlighted [10] Liquor Sector Insights - The liquor sector is seeing a surge in sales as the Spring Festival approaches, with Moutai's price rising significantly, indicating a recovery in demand [11] - The report notes that the liquor market is currently at a cyclical bottom, with expectations for a peak in sales around February [12] - It anticipates a gradual stabilization in sales and inventory reduction in the liquor industry, with a focus on balancing volume and price [13] Consumer Goods Insights - The report predicts a peak in stocking demand for snacks and dairy products in January 2026, benefiting from a lower base compared to the previous year [14] - It notes a decrease in the allocation of food and beverage stocks in Q4 2025, with an increase in allocation for snack and dairy sectors [15] Profit Forecasts and Valuations - The report includes a detailed table of profit forecasts and valuations for key stocks, indicating expected earnings per share (EPS) and price-to-earnings (PE) ratios for various companies [17]

自从2022年捧起温网冠军后，莱巴金娜的大满贯征程并没有很多人期待中的那样顺遂。 2023年澳网决赛，她输给了萨巴伦卡，此后她就再未获得站上大满贯决赛舞台的机会。去年一整年，她 更是在四大满贯都无缘八强。 身体状况与场外事务的影响，让莱巴金娜遭遇了不少波折。但来到2026赛季，莱巴金娜终于收获了生涯 新的里程碑。 莱巴金娜亲吻冠军奖杯。 在澳网决赛中击败萨巴伦卡夺得女单冠军，她不仅战胜了曾经击败自己的对手，更是战胜了自己。 在莱巴金娜的心里，她从未放弃过重回巅峰的期待，"我一直相信自己能回到曾经的水准。" "当然所有人都会经历起起伏伏，可能很多人会觉得我再也不能回到大满贯决赛了，或者再也拿不到大 满贯冠军了，但最终勤奋工作才是一切，我与团队一起投入了许多。" 莱巴金娜打出了顽强的表现。 三年前莱巴金娜与萨巴伦卡之间的那场交锋，被许多人认为是澳网女单决赛历史上的经典战役，彼时， 莱巴金娜在首盘赢球的情况下被萨巴伦卡连扳两盘落败。 "那场比赛非常激烈。"后来莱巴金娜也进行了反思，"如果我得到了机会，或许应该多一些冒险精神， 去打出自己的进攻。" 这一次再度面对萨巴伦卡，莱巴金娜的确找到了一条正确的路，"很高兴在遭 ...

【酒食日报】1月31日 星期六 1、国台2026年全国经销商大会召开2、"江苏味道"冬季巡礼圆满收官3、茅台集团与中信证券座谈4、光 良酒马年生肖礼盒上市 5、珍酒・珍五经典版焕新上市6、海南椰岛2025年预计营收3.7亿 7、 泸州老窖列居先进制造案例 光良酒马年生肖礼盒上市 1月31日，光良酒官宣马年生肖礼盒"超吉马力"（酒精度52%vol，净含量1L）。作为一款专为丙午马年 打造的高端定制产品，其主打"器以藏礼"理念，以黑金为主色调，礼盒巧妙融入F1赛事标志性"棋格 纹"，采用哑油纹理和烫金工艺，在"器以藏礼"的传统文化观念下，重构东方美学的现代表达。此外， 酒瓶瓶身创造性地运用栅格动画的原理，拨动底座的开关，站至稍远处观看一匹栩栩如生的骏马跃然眼 前，驰骋不息。 珍酒・珍五经典版焕新上市 近日，贵州珍酒针对贵州市场推出的珍酒・珍五经典版正式上市。新品以"经典复刻，珍味老酒"为核心 主张，凭借高质价比，成为日常小酌、家庭聚餐、好友小聚的优选佳酿。作为贵州市场限定产品，珍 酒・珍五经典版以208元/瓶建议零售价，更精准满足本地消费者日常饮用需求，用经典风味，重塑口粮 老酒新标杆。目前，珍酒・珍五经典版已全 ...