餐饮复苏，价格企稳 [Table_Industry] 食品饮料 ——食品饮料行业周报 2026 年第 7 期 | [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 | | 徐洋(分析师) | 021-38032032 | xuyang6@gtht.com | S0880520120008 | | 李美仪(分析师) | 021-38038667 | limeiyi@gtht.com | S0880524080002 | 本报告导读： 白酒分化加剧，大众品关注成长及 CPI 回升带来改善标的，糖税预计短期对含糖 饮料影响有限。 投资要点： 化》2026.02.24 食品饮料《顺周期预期企稳，消费价值凸显》 2026.02.08 食品饮料《高端白酒引领，提振市场信心》 2026.02.07 ...

本报告导读： 公司近期出现人事变动，据公告不会对生产经营产生重大影响。2026 年元春五粮液 多个单品动销显著好于大盘，份额继续提升，作为高端龙头有望率先迎来预期修复。 投资要点： | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 83,272 | 89,175 | 73,983 | 76,623 | 80,321 | | (+/-)% | 12.6% | 7.1% | -17.0% | 3.6% | 4.8% | | 净利润(归母) | 30,211 | 31,853 | 25,077 | 25,703 | 26,893 | | (+/-)% | 13.2% | 5.4% | -21.3% | 2.5% | 4.6% | | 每股净收益(元) | 7.78 | 8.21 | 6.46 | 6.62 | 6.93 | | 净资产收益率(%) | 23.3% | 23.9% | 18.5% | 18.5% | 18.9% | | ...

每日晨报│2026 年 3 月 2 日 | | 汇率 | 1M 升跌 | 6M 升跌 | | --- | --- | --- | --- | | 人民币指数 | 97.810 | -0.74% | +1.84% | | 美汇指数 | 97.744 | +1.58% | -0.50% | | 港币/人民币 | 0.877 | +1.71% | +4.80% | | 人民币/美元 | 0.146 | -1.38% | -4.09% | | 欧元/美元 | 1.181 | -1.96% | +1.43% | | 美元/日元 | 156.200 | -2.55% | -5.62% | | 英镑/美元 | 1.349 | -2.59% | -0.05% | | 美元/瑞士法郎 | 0.773 | -1.53% | +3.79% | 主要商品表 | (货币：美元) | 最新价 | 1M 升跌 | 6M 升跌 | | --- | --- | --- | --- | | 布伦特原油(桶) | 71.390 | +7.21% | +7.92% | | 天然气(1mnBtu) | 2.832 | -22.83% | -17.00 ...

如何看待茅台估值修复机会？ | [Tabl 分析师： | 符蓉 | 分析师： | 周源 | | --- | --- | --- | --- | | e_Author] | SAC 执证号：S0260523120002 | | SAC 执证号：S0260525040003 | | | SFC CE.no: BWC944 | | | | | 021-38003552 | | fzzhouyuan@gf.com.cn | | | furong@gf.com.cn | | | [Table_Summary] 核心观点： | [Table_Report] 相关研究： | | | --- | --- | | 食品饮料行业:春节走访：五省白酒动销跟踪反馈 | 2026-02-24 | | 食品饮料行业:春节走访：成都市场跟踪 | 2026-02-13 | | 食品饮料行业:乳品深加工：广阔天地，龙头领航 | 2026-02-13 | [Table_Page] 行业专题研究|食品饮料 2026 年 3 月 2 日 证券研究报告 [Table_Title] 食品饮料行业 识别风险，发现价值 请务必阅读末页的免责声明 1 / 2 ...

| 指数 | 收盘 | | 涨跌（％） | | | --- | --- | --- | --- | --- | | 名称 | （点） | 1 日 | 5 日 | 1 月 | | 上证指数 | 4163 | 0.39 | 0.56 | 1.98 | | 深证综指 | 2764 | 0.3 | 1.67 | 3.1 | | 风格指数 (％) | 昨日 | 近 1 个月 | 近 6 个月 | | --- | --- | --- | --- | | 大盘指数 | -0.49 | -0.24 | 6.25 | | 中盘指数 | 0.95 | 1.7 | 25.16 | | 小盘指数 | 0.95 | 1.92 | 18.74 | | 涨幅居前 行业(％) | 昨日 | 近 1 个月 | 近 6 个月 | | --- | --- | --- | --- | | 小金属Ⅱ | 7.69 | 16.7 | 74.62 | | 焦炭Ⅱ | 4.86 | 12.97 | 28.07 | | 普钢Ⅱ | 4.11 | 9.76 | 12.59 | | 酒店餐饮 | 3.92 | 2.52 | 11.1 | | 燃气Ⅱ | 3.14 ...

J P M O R G A N Global Markets Strategy 22 February 2026 This material is neither intended to be distributed to Mainland China investors nor to provide securities investment consultancy services within the territory of Mainland China. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. Asia Equity Strategy From a 'rotation' to an 'allocation' mindset in China When we upgraded China to OW in our Asia allocation late last November (2026 O ...

食品饮料行业 行业研究 | 行业周报 食品饮料：继续强调上游主线 食品饮料行业周报 核心观点 投资建议与投资标的 投资建议：先上游，再下游。 上游主线一：农产品加工。1）泛糖加工：推荐中粮糖业(600737，买入)、相关标的冠农 股份(600251，未评级)；2）果汁加工：相关标的安德利(605198，未评级)、安德利果汁 (02218，未评级)；3）牧业：推荐优然牧业(09858，买入)、相关标的现代牧业(01117， 未评级)； 上游主线二：食品原料供应商。生物提取：推荐安琪酵母(600298，买入)、百润股份 (002568，买入)，相关标的晨光生物(300138，未评级)、华宝国际(00336，未评级)、阜 丰集团(00546，未评级)；2）功能糖：相关标的华康股份(605077，未评级)、保龄宝 (002286，未评级)、三元生物(301206，未评级)、百龙创园(605016，未评级)； 下游主线：1）白酒，推荐山西汾酒(600809，买入)、贵州茅台(600519，买入)、今世缘 (603369，买入)、舍得酒业(600702，买入)；2）餐饮供应链、啤酒：关注估值抬升后业 绩兑现情况，推荐港股 ...

食品饮 2026 年 03 月 01 日 时代小说书 风险提示： 食品安全问题， 经济下行影响白酒及大众品需求。 《25Q4 白酒报表出清 食品分化改善- 食品饮料 2025 年报业绩前瞻》 2026/02/09 《春节茅台旺销验证观点 重申白酒进入战 略布局期——食品饮料行业周报 20260202-20260206》 2026/02/08 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 申万宏源研究微信服务号 本期投资后示 投资分析意见：我们看好食品饮料板块 2026 年投资机会，核心方向是顺周期的白酒和餐饮供应 O 键，核心指标看 CPI。白酒板块维持判断，春节白酒行业整体好于预期，我们认为茅台价格一季度 筑底，行业迎本轮周期拐点，春节后茅台批价将保持坚挺。行业未来的趋势是缩量集中，从大鱼 吃小鱼到大 ...

Investment Rating - The report maintains a positive outlook on the food and beverage sector for 2026, particularly focusing on cyclical opportunities in the liquor and restaurant supply chain [2][6]. Core Insights - The liquor sector is expected to see a recovery, with Moutai prices stabilizing in the first quarter, indicating a turning point in the current cycle. The report anticipates a concentration trend in the industry, favoring leading companies capable of national expansion and those with regional consolidation potential [2][6]. - The report highlights a structural improvement in the mass food sub-sector, with competition shifting from price to quality, and a gradual balance in supply and demand. It predicts a sequential improvement in food CPI [2][6][8]. Summary by Sections Liquor Sector - As of March 1, Moutai's bottle price is 1650 RMB, and the case price is 1680 RMB, remaining stable post-Spring Festival. The overall sales volume for the liquor industry during the Spring Festival is expected to decline by 10%-20% year-on-year, slightly better than market expectations [7]. - The report notes significant differentiation and concentration in the market, with high-end liquor performing exceptionally well. Moutai's sales volume is projected to increase by over 30% year-on-year during the Spring Festival, while Wuliangye is expected to see a 5%-10% increase [7]. - The industry is entering a significant destocking phase, with leading brands' inventory levels notably lower than the previous year. The report concludes that the fundamentals for top brands (Moutai, Wuliangye, Luzhou Laojiao, and Shanxi Fenjiu) have bottomed out [7]. Mass Food Sector - The mass food sub-sector is showing structural improvements, with companies expected to recover due to their cyclical attributes and low valuations. Key recommendations include companies in the restaurant supply chain, such as Anjijia Food, Qianhe Flavoring, and Tianwei Food [8][9]. - The dairy industry is anticipated to see further optimization in supply and demand dynamics, with long-term growth potential in deep-processed products and low-temperature milk. Recommended companies include Yili and New Dairy [9]. Market Performance - The food and beverage sector underperformed the market, with a decline of 1.54% last week, while the liquor segment fell by 2.26%. The report ranks the food and beverage sector 29th among 31 sub-sectors [5][28]. - The report provides a detailed analysis of various sub-sectors, indicating that the liquor sector has faced significant challenges, with white liquor underperforming the market by 5.06 percentage points [28].

证券研究报告 | 行业周报 | 食品饮料 食品饮料 报告日期：2026 年 03 月 01 日 食品饮料周报：节后高端酒批价稳健，重视餐供产业链机会 ——食饮行业周报（2026 年 2 月第 3 期） 投资要点 ❑ 市场表现复盘 ❑ 本周（2 月 23 日-2 月 27 日，下同），食品饮料板块涨跌幅为 -1.54%，上 证综指涨跌幅为+1.98%，沪深 300 指数涨跌幅为+1.08%，具体来看， 预加工食品/啤酒/保健品/调味发酵品/肉制品/烘焙食品/零食/乳品/其他酒 类/白酒/软饮料涨跌幅分别为+6.73%/+2.62%/+1.17%/+1.01%/+0.58%/- 0.17%/-0.81%/-0.93%/-1.43%/-2.26%/-5.79%。 ❑ 周观点更新 ❑ 白酒：节后高端酒批价稳定，珍酒发布业绩预告。本周板块回调或主因资金 面问题，节后高端酒批价保持稳健（本周散飞批价保持 1650 元，同时五粮 液&国窖 1573 批价亦稳定），基本面周度边际变化不大。① 珍酒：公司发 布业绩预告，显示 25 年公司预计营收 35.5-37 亿元（同比下滑 48%-50%）， 经调整净利润 5.2-5.8 ...