Group 1: Steel Industry - The price of oriented silicon steel has reached the lowest level since 2018, indicating a significant decline in metal cycle products [5] - The high furnace capacity utilization rate in January is expected to be the highest in five years for the same period [5] - The price of titanium dioxide and glass remains low in the real estate completion chain [5] Group 2: Oil and Chemical Industry - IEA has raised the 2026 global oil demand forecast, expecting an increase of 930,000 barrels per day [5] - Geopolitical tensions in Iran and Cuba have led to an increase in oil price risk premium, with Brent and WTI crude oil prices rising by 1.9% and 3.5% respectively [5] Group 3: Electric and Environmental Industry - Space photovoltaic technology has become a market hotspot, with Tesla and SpaceX planning to build a total of 200GW photovoltaic capacity in the U.S. over the next three years [6] - The current market liquidity is abundant, and the commercial aerospace sector is a key focus, with expectations for significant performance in the space photovoltaic sector [6] Group 4: Utilities Industry - The cumulative electricity market transaction volume in 2025 reached 66,394 billion kilowatt-hours, a year-on-year increase of 7.4% [7] - The national electricity load has reached new highs due to cold wave impacts, and policies to enhance green electricity consumption are expected to boost the green electricity sector [7] Group 5: High-end Manufacturing - The export share of emerging markets is expected to increase further in 2025, with North America showing the most significant decline [7] - The export growth rates for electric tools, manual tools, and lawn mowers have varied, with notable increases in specific categories [7] Group 6: Pharmaceutical and Biotechnology - WuXi AppTec's companies have shown strong performance, indicating robust growth momentum in the CXO sector [8] - WuXi Biologics is expected to add 209 comprehensive projects in 2025, with revenue and adjusted net profit growth exceeding 45% for WuXi AppTec [8] Group 7: Food Industry - Li Gao Food has projected a revenue of 4.26-4.42 billion yuan for 2025, reflecting a year-on-year growth of 11.07%-15.24% [8] - The expected net profit for the parent company is between 311-331 million yuan, indicating a growth of 16.06%-23.52% [8]

Core Viewpoint - The company, Lihigh Food, forecasts a total revenue of 4.26-4.42 billion yuan for 2025, representing a year-on-year growth of 11.07%-15.24%, and a net profit attributable to shareholders of 311-331 million yuan, indicating a growth of 16.06%-23.52% [4] Group 1 - In Q4 2025, the company expects a revenue of approximately 1.195 billion yuan, with a year-on-year growth of 6.92%, and a net profit of 73 million yuan, reflecting a growth of 12.79% [4] - The revenue growth in Q4 2025 is anticipated to slow down due to a high base from Q4 2024 and the later timing of the 2026 Spring Festival, leading to increased promotional and incentive expenses [4] - Despite rising raw material prices in 2025, the company has improved its cost efficiency and product quality, leading to an overall enhancement in profitability [4] Group 2 - For 2026, the company has clear growth drivers, particularly in cream products benefiting from domestic substitution trends, with new products entering trial sales in January [5] - The frozen baking segment is receiving positive feedback from major customers in core supermarkets, and the company is expected to continue expanding in the new retail dining channel [5] - The company has implemented locking measures for certain raw materials in the second half of 2025, which is expected to alleviate cost pressures in 2026 [6]

证券日报网讯 1月26日，立高食品发布公告称，公司于2025年10月24日召开第三届董事会第十七次会 议、第三届监事会第十二次会议审议通过《关于受让控股子公司少数股东部分股权暨关联交易的议 案》，同意公司与陈和军先生、冯正坤先生签订《股权转让协议》，陈和军先生将持有的广东立澳油脂 有限公司（简称"广东立澳"）265万元出资额（占广东立澳注册资本的5.30%，已实缴出资159万元）以 479，707.85元的价格转让给公司，其中因106万元尚未实缴，该部分股权转让对价为0元，并由公司履 行实缴出资义务；冯正坤先生将持有的广东立澳50万元出资额（占广东立澳注册资本的1%，已实缴出 资50万元）以150，851.53元的价格转让给公司。上述交易完成后，公司持有广东立澳的股权比例由 68%上升至74.30%，广东立澳仍为公司控股子公司，陈和军先生、冯正坤先生不再持有广东立澳股权。 近日，广东立澳股权转让的相关工商变更登记手续已办理完成，并取得了由广州市增城区市场监督管理 局换发的《营业执照》。 （文章来源：证券日报） ...

风险提示：需求下滑的风险，竞争激烈度超预期的风险，费用投放力度超预期的风险，食品安全问题的 风险。 短期看好26Q1 收入端表现，长期新渠道与国产替代持续贡献增量。短期来看，2026 年春节备货期集中 在1 月，叠加公司近期在山姆渠道上市新产品并且动销较好，因此我们判断26Q1 公司收入端有较好表 现。长期来看，2026年山姆、盒马等新渠道仍将持续快速开店，叠加公司不断强化产品研发能力，我们 看好新渠道增长的持续性；此外，在政策支持与国内奶价地位的支撑下，我们持续看好奶油等烘焙原材 料国产替代的机会，公司作为国内烘焙原料头部企业有望享受相关红利。 投资建议： 根据公告调整盈利预测， 预计2025~2027 年收入分别为43.5/49.1/54.4 亿元，同比 +13%/13%/11%，归母净利润分别为3.2/4.0/4.8亿元，同比+20%/24%/19%，PE 为25/20/17X。我们短期 看好26Q1 收入端表现，长期新渠道与国产替代持续贡献增量，维持"推荐"评级。 事件：公司近期披露2025 年业绩预告。 全年收入提速增长，Q4 增速环比略放缓。公司公告预计2025 年实现收入42.6~44.2 亿元 ...

证券之星消息，1月26日休闲食品板块较上一交易日下跌0.84%，好想你领跌。当日上证指数报收于 4132.61，下跌0.09%。深证成指报收于14316.64，下跌0.85%。休闲食品板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 300972 | 万辰集团 | 222.60 | 1.41% | 3.22万 | | 7.13亿 | | 300973 | 立高食品 | 47.07 | 1.10% | 3.08万 | | 1.43亿 | | 603517 | ST绝味 | 13.20 | 0.99% | 12.26万 | | 1.62亿 | | 002956 | 西麦食品 | 28.60 | 0.18% | 1.50万 | | 4284.39万 | | 001219 | 青岛食品 | 14.87 | 0.07% | 4.10万 | | 6062.47万 | | 603866 | 桃李面包 | 5.47 | 0.00% | 18.96万 | | 1.03亿 | | ...

| 证券代码：300973 | 证券简称：立高食品 | 公告编号：2026-006 | | --- | --- | --- | | 债券代码：123179 | 债券简称：立高转债 | | 立高食品股份有限公司 关于受让控股子公司少数股东部分股权完成工商变更的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 | 万建 | 500.00 | 10.00% | | --- | --- | --- | | 袁向华 | 50.00 | 1.00% | | 合计 | 5,000.00 | 100.00% | 一、本次交易的基本情况 注：截至本公告披露日，公司已履行完毕对广东立澳的 106 万元注册资本的实缴出 资义务。 立高食品股份有限公司（以下简称"公司"）于 2025 年 10 月 24 日召开第三届董事 会第十七次会议、第三届监事会第十二次会议审议通过《关于受让控股子公司少数股东 部分股权暨关联交易的议案》，同意公司与陈和军先生、冯正坤先生签订《股权转让协 议》，陈和军先生将持有的广东立澳油脂有限公司（以下简称"广东立澳"）265 万元出 资额（占广东立澳注册资 ...

免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风险自担。 每日经济新闻 每经AI快讯，中国银河1月25日发布研报称，给予立高食品（300973.SZ）"推荐"评级。评级理由主要包 括：1）全年收入提速增长，Q4 增速环比略放缓；2）全年净利率中值提升，费效与人效改善；3）短期 看好26Q1收入端表现，长期新渠道与国产替代持续贡献增量。风险提示：需求下滑的风险，竞争激烈 度超预期的风险，费用投放力度超预期的风险，食品安全问题的风险。 每经头条（nbdtoutiao）——国际金价冲破5000美元！7年涨了280%，什么时候才见顶？专家：关键还 看美元，重点关注国际货币体系、降息和科技革命 （记者 曾健辉） ...

2026 年 1 月 26 日 公司研究 利润短期波动，旺季加快备货 ——立高食品（300973.SZ）跟踪点评 要点 事件：立高食品发布 2025 年度业绩预告，公司预计 25 年实现营业总收入 42.6-44.2 亿元，同比增长 11.07%-15.24%，预计归母净利润 3.11-3.31 亿元， 同比增长 16.06%-23.52% ，扣非净利润 3.06-3.26 亿元，同比增长 20.61%-28.49%。按照区间中位数，估计 25Q4 实现总营收 11.95 亿元，同比增 长 6.92%，归母净利润 0.73 亿元，同比增长 12.79%。此外我们近期跟踪公司 经营情况，更新观点如下： 高基数下 25Q4 收入增速放缓，促销/奖励费用影响当期利润。1）短期看，公司 25Q4 收入端同比增速环比放缓，估计与 24Q4 同期基数较高、26 年春节较晚存 在旺季错期等因素有关。为提前抢占市场份额、保证各渠道旺季供应，公司在 25Q4 加快备货节奏，11 月中旬后即开始提前备货，同时采取相关返利促销/奖 励方案，以提高销售团队和经销商客户积极性。全年来看，公司 25 年收入实现 双位数以上增长，其中核心 ...

Core Insights - The report highlights the ongoing recovery and growth in various sectors, particularly in the AI, automotive, and renewable energy industries, driven by policy support and technological advancements [8][17][26]. Domestic Market Performance - The Shanghai Composite Index closed at 4,136.16 with a slight increase of 0.33%, while the Shenzhen Component Index rose by 0.79% to 14,439.66 [3]. - The average price-to-earnings ratio for the Shanghai Composite and ChiNext indices stands at 16.88 and 53.36 respectively, indicating a favorable long-term investment environment [9][10]. International Market Performance - Major international indices such as the Dow Jones and S&P 500 experienced declines of 0.67% and 0.45% respectively, reflecting a mixed global market sentiment [4]. Industry Analysis - The photovoltaic battery sector is leading the market, with significant upward momentum observed in A-shares [5]. - The aerospace and semiconductor industries are also showing strong performance, contributing to the overall market stability [5][10]. Key Data Updates - The report notes a significant increase in the export of pet food, with a year-on-year growth of 15.49% in December 2025, indicating a robust demand in the pet food sector [16]. - The semiconductor industry is experiencing a strong upward trend, with a 45.07% increase in the sector's index for 2025, driven by rising global demand and technological advancements [37]. Investment Recommendations - The report suggests focusing on sectors such as AI, renewable energy, and electric vehicles, which are expected to benefit from ongoing policy support and market trends [19][26][32]. - Companies with strong supply chain capabilities and those involved in the production of new energy technologies are highlighted as potential investment opportunities [19][32].

证 券 研 究 报 告 食品饮料行业周报（20260119-20260125） 推荐（维持） 白酒减仓至历史底部，餐饮链及节庆食品迎催化 行业研究 食品饮料 2026 年 01 月 26 日 华创证券研究所 证券分析师：欧阳予 邮箱：ouyangyu@hcyjs.com 执业编号：S0360520070001 证券分析师：范子盼 联系人：王培培 邮箱：fanzipan@hcyjs.com 执业编号：S0360520090001 证券分析师：田晨曦 邮箱：tianchenxi@hcyjs.com 执业编号：S0360522090005 证券分析师：刘旭德 邮箱：liuxude@hcyjs.com 执业编号：S0360523080010 证券分析师：严文炀 邮箱：yanwenyang@hcyjs.com 执业编号：S0360525070006 证券分析师：董广阳 邮箱：dongguangyang@hcyjs.com 执业编号：S0360518040001 邮箱：wangpeipei@hcyjs.com 联系人：寸特彬 邮箱：cuntebin@hcyjs.com 行业基本数据 | | | 占比% | | --- | ...