Investment Rating - The investment rating for the consumer staples sector in China is "Outperform" for multiple companies including Moutai, Wuliangye, and others [1]. Core Insights - Premium baijiu wholesale prices have rebounded month-on-month, while discounts on liquid milk and condiments have narrowed [1][11]. - The report highlights the resilience of consumer stocks amidst a volatile market, emphasizing their value [3]. Summary by Relevant Sections Baijiu Pricing - Moutai's wholesale prices for Feitian (case and single bottle) are 1700 and 1650 yuan respectively, with month-on-month increases of +100 and +70 yuan. Year-to-date changes are +100 and +60 yuan, but year-on-year changes are -530 and -560 yuan [10][40]. - Wuliangye's eighth-generation price remains stable at 830 yuan, with a year-to-date increase of +10 yuan and a year-on-year decrease of -105 yuan [4][40]. - Luzhou Laojiao's Guojiao 1573 price is 870 yuan, up by +20 yuan month-on-month and +20 yuan year-to-date, with a year-on-year increase of +10 yuan [4][40]. - Other notable prices include Shanxi Fenjiu and various products from Yanghe and Gujing Gongjiu, showing mixed trends in pricing [10][40]. Discounts on Consumer Products - Discounts on liquid milk products have decreased from an average of 62.8% to 61.4% and from 63.4% to 61.7% for median values [19][37]. - Discounts on condiments have also narrowed from 87.1% to 85.0% (average) and from 88.2% to 84.9% (median) [19][37]. - Conversely, discounts on convenience foods have slightly increased, with average discounts moving from 94.8% to 94.6% [20][37]. - Beer, soft drinks, and infant formula discounts have remained stable, with slight variations in average and median rates [21][38].

管理焕新，否极泰来可期 华润饮料(2460) 华润饮料（2460）更新报告 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | [Table_Invest] 评级： | 增持 | | --- | --- | --- | --- | --- | --- | | 訾猛(分析师) | 021-38676442 | zimeng@gtht.com | S0880513120002 | | | | 颜慧菁(分析师) | 021-23183952 | yanhuijing@gtht.com | S0880525040022 | [当前价格 Table_CurPrice] (港元)： | 10.47 | | 徐洋(分析师) | 021-38032032 | xuyang6@gtht.com | S0880520120008 | | | 本报告导读： 在管理改善的背景下，公司向内提效率，向外扩渠道、扩品类，中长期超额收益可 期。 投资要点： 风险提示：行业竞争加剧；成长异常上行；食品安全风险 | 财务摘要(百万人民币) | 2023A | 2024A | 2025E | 2026E | 2027E ...

中国银河（601881）证券认为，东鹏饮料正从单一产品公司向平台型饮料巨头转型，当前迎来布局良 机。短期来看，2026年公司能量饮料业务增速有望企稳改善，主要得益于基数走低、冰柜投放力度加大 以及组织架构变革带来的终端动销提振。长期而言，省外市场对标广东仍有较大增长空间，同时"新蓝 领"人群的扩容为消费群体带来增量需求，模型测算远期收入可达250亿元以上。 小摩发布研报称，相信东鹏饮料在中国市场份额的增长将带领其持续超越同行。据公司2025年初步业绩 预测，2025年第四季收入和核心净利润的平均增长率分别为25%和16%。对于2026年，小摩预料，能量 饮料、运动饮料和其他产品将分别按年升15%、42%和50%，以支撑总收入按年增长22%。 东鹏饮料（605499）(09980)涨超6%，截至发稿，涨5.32%，报265.4港元，成交额2358.11万港元。 ...

中国银河证券认为，东鹏饮料正从单一产品公司向平台型饮料巨头转型，当前迎来布局良机。短期来 看，2026年公司能量饮料业务增速有望企稳改善，主要得益于基数走低、冰柜投放力度加大以及组织架 构变革带来的终端动销提振。长期而言，省外市场对标广东仍有较大增长空间，同时"新蓝领"人群的扩 容为消费群体带来增量需求，模型测算远期收入可达250亿元以上。 智通财经APP获悉，东鹏饮料(09980)涨超6%，截至发稿，涨5.32%，报265.4港元，成交额2358.11万港 元。 小摩发布研报称，相信东鹏饮料在中国市场份额的增长将带领其持续超越同行。据公司2025年初步业绩 预测，2025年第四季收入和核心净利润的平均增长率分别为25%和16%。对于2026年，小摩预料，能量 饮料、运动饮料和其他产品将分别按年升15%、42%和50%，以支撑总收入按年增长22%。 ...

2026年以来，港股IPO市场延续火热态势，新股上市节奏加快，募资规模同步攀升。新股数量方面，截 至2月25日，港股市场已迎来了24只新股，2月26日—28日港股暂无新股上市安排，新股数量较2025年前 2个月的9只大幅增长166.67%。根据安排，下一只备受关注的新股为岚图汽车，将于3月19日正式登陆 港交所。新股募资端的表现更为亮眼，据同花顺iFinD统计，已上市的24只新股合计募资额超890亿港 元，较2025年前2个月大增10倍。值得一提的是，AI赛道掀起的资本热潮也仍在继续，壁仞科技、智 谱、MINIMAX等AI企业均完成港股上市。 港股IPO开年募资大增 经同花顺iFinD统计，截至2月25日，已有24家企业完成港股IPO，根据最新安排，2月26日—28日港股市 场未有新股发行上市安排。这也意味着开年两月，港股将迎来24只新股，这与上年同期的9只上市新股 相比增长166.67%。 募资表现方面，经计算，港股2026年已上市的24只新股募集资金额合计达892.26亿港元。其中，牧原股 份、东鹏饮料两股的募资额突破百亿港元。 根据最新安排，岚图汽车将于3月19日登陆港股市场，不过，岚图汽车暂未披露具体 ...

募资表现方面，经计算，港股2026年已上市的24只新股募集资金额合计达892.26亿港元。其中，牧原股 份、东鹏饮料两股的募资额突破百亿港元。 根据最新安排，岚图汽车将于3月19日登陆港股市场，不过，岚图汽车暂未披露具体的募资数据。 从募资规模来看，已上市的24股中，牧原股份募集资金总额居首，达106.84亿港元；东鹏饮料则以 101.41亿港元的募资额排在第二位；募资额排在第三位、第四位的分别是澜起科技、壁仞科技，分别约 为80.99亿港元、64.2亿港元；募资额处于50亿—60亿港元的上市公司还有MINIMAX、兆易创新、豪威 集团、智谱；剩余个股募资额则处于50亿港元之下。 反观2025年前两个月上市的新股，共9只，并未出现募资额超百亿港元的个股。具体来看，募资额最高 的系古茗，募集资金总额达20.3亿港元；剩余8只新股的募资额则均在20亿港元以下。 经计算，24只港交所新股的募资金额合计达892.26亿港元，较去年前两个月80.12亿港元的募资总额增长 1013.65%。 2026年以来，港股IPO市场延续火热态势，新股上市节奏加快，募资规模同步攀升。新股数量方面，截 至2月25日，港股市场已迎来了2 ...

据可口可乐最新披露财报，2025全年，公司营收479.41亿美元，增长2%；净利润131.37亿美元，增长 23%。这份看似亮眼的成绩单背后，藏着百年巨头难以言说的尴尬：净利润同比暴涨23%，营收仅微增 2%，全球单箱销量近十年首次归零，亚太市场营业利润暴跌36%，单季营收五年来首次未达华尔街预期。 靠涨价撑起的利润体面，终究掩盖不住销量失速的真相，曾经无往不利的"快乐水"，正遭遇前所未有的增 长困局，其背后折射的，更是全球消费趋势与行业格局的深刻变革。 可口可乐2025年的财报，最突出的矛盾的是"利润高增"与"销量停滞"的割裂。全年479.41亿美元营收、 131.37亿美元净利润的背后，是"以价补量"的被动妥协——公司全年整体提价约4%，第三季度提价幅度高 达6%，而全球单箱销量却纹丝不动。这意味着，可口可乐维系百年的"量价齐升"双轮驱动模式彻底失效， 如今只能依靠涨价勉强维持盈利体面，这种增长模式如同"饮鸩止渴"，短期可美化报表，长期却会持续透 支品牌价值与用户信任。 区域市场的表现更显惨淡。中亚、北非等新兴市场的微弱增长，被美、墨、泰等成熟市场的下滑彻底抵 消，而作为核心增长引擎的亚太地区，尤其是中国 ...

经同花顺iFinD统计，截至2月25日，已有24家企业完成港股IPO，根据最新安排，2月26日—28日港股市场未有新股发行上市安排。这也意味着开年两月，港 股将迎来24只新股，这与上年同期的9只上市新股相比增长166.67%。 募资表现方面，经计算，港股2026年已上市的24只新股募集资金额合计达892.26亿港元。其中，牧原股份、东鹏饮料两股的募资额突破百亿港元。 根据最新安排，岚图汽车将于3月19日登陆港股市场，不过，岚图汽车暂未披露具体的募资数据。 从募资规模来看，已上市的24股中，牧原股份募集资金总额居首，达106.84亿港元；东鹏饮料则以101.41亿港元的募资额排在第二位；募资额排在第三位、 第四位的分别是澜起科技、壁仞科技，分别约为80.99亿港元、64.2亿港元；募资额处于50亿—60亿港元的上市公司还有MINIMAX、兆易创新、豪威集团、 智谱；剩余个股募资额则处于50亿港元之下。 反观2025年前2个月上市的新股，共9只，并未出现募资额超百亿港元的个股。具体来看，募资额最高的系古茗，募集资金总额达20.3亿港元；剩余8只新股 的募资额则均在20亿港元以下。 经计算，24只港交所新股的募集资 ...

Core Viewpoint - The Hong Kong capital market has shown a vigorous start to the year, with a significant increase in IPO activities and fundraising, setting a positive tone for the entire year [3][9]. IPO Market Performance - As of February 25, 2026, 24 companies have completed IPOs in Hong Kong, raising a total of 892.26 billion HKD, which represents a year-on-year increase of 1013.59% and accounts for over 30% of last year's total IPO fundraising [3][9]. - The IPO market is characterized by a diverse lineup of companies, with 387 firms currently in the queue, including 110 A-share companies [3][9]. Notable IPOs - Two A-share companies, Muyuan Foods and Dongpeng Beverage, have raised over 10 billion HKD each, with Muyuan Foods achieving a record 10,684.10 million HKD, the largest IPO for global agricultural enterprises in 2026 [4][8]. - Other significant IPOs include companies in the semiconductor and AI sectors, with several raising over 50 billion HKD, such as Lianqi Technology and Biran Technology [5][6]. Market Trends - The current IPO wave reflects a shift towards new economy sectors, with strong interest from international investors, particularly in the consumer and technology industries [5][6]. - The majority of new listings have been well-received, with no IPOs experiencing a price drop on their first trading day, indicating robust market confidence [9]. Future Outlook - Analysts predict that the IPO market in Hong Kong will remain active in 2026, with expected fundraising exceeding 3000 billion HKD and around 150 to 200 new listings [9][10]. - The Hong Kong Stock Exchange is actively pursuing reforms to enhance market competitiveness and attract more companies, including those in the aerospace sector [10][11].

Macro Insights - The report identifies three historical "great migrations" of Chinese household wealth, with the third migration starting in 2023, indicating a shift in asset allocation trends[3] - The first migration (1998-2018) saw a significant flow of deposits into real estate due to housing market reforms, establishing real estate as a core asset class[4] - The second migration (2018-2023) involved a return to deposits as real estate values declined and risk aversion increased among residents[5] - The third migration reflects a transition to a "deposit+" era, where residents are diversifying into financial products beyond traditional deposits due to lower interest rates and improved returns in bond and equity markets[6] Market Strategy - Foreign capital continues to flow into the market, with a net inflow of $3.7 million in foreign investment as of February 11, 2026, and a significant increase in public fund issuance, reaching 43.63 billion yuan[9] - The average daily trading volume in the A-share market decreased to 2.1 trillion yuan, while the proportion of stocks rising increased to 47.6%[8] - The ETF market experienced a net outflow of 44.18 billion yuan, indicating a shift in investor sentiment towards active management strategies[9] Industry Trends - The pharmaceutical market for anticoagulants is projected to grow from $52.9 billion in 2023 to over $110 billion by 2033, driven by aging populations and increasing cardiovascular disease rates[13] - The heavy-duty truck market in China is expected to see sales of 760,000 units in 2026, a decrease of 5.3% year-on-year, while January 2026 saw a 46% increase in domestic heavy-duty truck sales compared to the previous year[16][17] - The aviation sector is experiencing a resurgence, with a 6% increase in passenger flow during the Spring Festival period, and ticket prices are expected to rise by 3-4% year-on-year due to increased demand[30][32]