本报记者 毛艺融 "国家队基金"（如中央汇金、社保基金、地方产业母基金）通常率先布局战略性新兴产业，承担风险定 价与市场信心塑造等功能，例如去年11月份，A股公司赛力斯集团股份有限公司H股上市时，重庆产业 投资母基金现身其基石投资者名单。今年1月份，江西国控私募基金管理有限公司出现在了上海龙旗科 技股份有限公司的H股基石投资者名单里。 数据显示，截至1月29日，"A+H"股累计已达167家。瑞银集团中国区总裁及瑞银证券董事长胡知鸷向 《证券日报》记者表示，从2024年四季度开始，"A+H"模式迎来新一轮扩容潮。2025年更多A股公司成 功登陆港股，尤其是一些细分行业龙头、大市值的公司接连在港股上市。此外，还有很多A股公司启动 了"A+H"的计划与项目。 国际投资者加码 数据显示，自去年以来，瑞银环球资产管理（新加坡）有限公司、阿布达比投资局、未来资产证券有限 公司、施罗德集团等国际长线资金出现在港股IPO的基石投资名单中。 今年1月份以来，中东主权财富基金、欧洲家族办公室等国际长线资金频频现身，主动将资金锁定6至12 个月。例如，MiniMax（稀宇科技）引入了阿布扎比投资局、Eastspring（瀚亚投资） ...

智通财经APP获悉，2026年1月30日，港股上市公司投资日志如下： 业绩公布日 万顺集团控股 国恩科技 (招股中) 东鹏饮料 (定价日) PICO FAR EAST HPC HOLDINGS 恒隆地产 靛蓝星 美因基因 东方大学城控股 恒隆集团 绿科科技国际 范式智能 首钢资源 中创智领 纷美包装 中国交通建设 股东大会召开日 东江环保 中国大冶有色金属 米格国际控股 远洋服务 易生活控股 停复牌 （复牌） 中国船舶租赁 （除净日） 信越控股 （派息日） 长安民生物流 （派息日） 力量发展 （派息日） 分红派息 类别 公司 大族数控 (招股中) 牧原股份 (招股中) 卓正医疗 (招股中) 新股活动 ...

Core Viewpoint - The allocation ratio of the food and beverage sector is expected to decline in Q4 2025, with a notable decrease in both the liquor and non-liquor segments, while other sectors such as beverages, dairy, and snacks show an increase in allocation [1][2]. Group 1: Investment Recommendations - Focus on five main investment lines: 1) Stocks with price elasticity; 2) Beverages benefiting from travel demand; prioritize low valuation and high dividend yields; 3) Growth stocks in snacks and food raw materials; 4) Beer; 5) Stable condiments and livestock capacity reduction, with a recovery expected in food service [2]. - The allocation ratio of actively managed equity public funds in the food and beverage sector decreased by 0.14 percentage points to 4.04%, ranking ninth among all sectors [2]. Group 2: Sector Analysis - In Q4 2025, the allocation ratio for liquor stocks decreased by 0.29 percentage points to 2.92%, driven by declines in leading liquor companies such as Wuliangye and Shanxi Fenjiu [3][4]. - Non-liquor segments, including food processing, beverage dairy, and snacks, saw an increase in allocation ratios, with notable gains in the dairy sector led by Yili and Mengniu, and in snacks led by companies like Wancheng Group and Ximai Foods [3][4]. - The condiment sector also experienced an increase in allocation, with significant rises in stocks like Angel Yeast and Zhongju High-tech, while Haitian Flavoring saw a decrease [4].

Group 1 - The APEC First Senior Officials' Meeting will be held in Guangzhou from February 1 to 10, 2026, focusing on the theme "Building a Community of the Asia-Pacific for Common Prosperity" and three priority areas: openness, innovation, and cooperation [1][2] - The meeting will feature over 70 activities with more than 1,000 representatives from APEC member economies, the secretariat, and business advisory councils expected to attend [1] - Guangzhou has attracted nearly $120 billion in foreign investment from APEC economies, accounting for 82.8% of the city's total foreign investment [2] Group 2 - Guangzhou has invested in 2,684 non-financial projects in 20 APEC economies, with a total investment amount of $24.72 billion, representing 81% of the city's total investment [2] - In 2025, Guangzhou's trade with APEC economies is projected to reach 689.58 billion yuan, a 2.2% increase, with exports at 443.61 billion yuan and imports at 245.97 billion yuan [2] - The city plans to enhance international payment environments and promote business cooperation by providing promotional materials about Guangzhou's business environment in hotels and hosting policy seminars [3] Group 3 - Guangzhou aims to create a vibrant atmosphere for foreign guests during the APEC meeting, integrating local cultural elements into events such as flower fairs and lantern festivals [3] - The city will mobilize over 2,000 enterprises to participate in 150 overseas exhibitions in APEC economies and organize over 30 exhibitions in countries like Vietnam and Indonesia [3] - Guangzhou will also conduct over 100 investment promotion activities in major cities of APEC economies and collaborate on building cooperative parks with APEC economies [3]

Investment Rating - The report assigns an "Outperform" rating to multiple companies in the consumer staples sector, including Guizhou Moutai, Wuliangye, Luzhou Laojiao, and others, indicating a positive outlook for these stocks [1]. Core Insights - There is an intensified divergence among mid-to-high-end baijiu products, with no discount contraction observed in food and beverage categories [1]. - The report highlights that the wholesale prices of various baijiu brands have shown stability or slight changes, with some brands experiencing price increases while others remain flat or decrease [3][4][35]. - Discounts on representative products in condiments, liquid milk, and soft drinks have widened compared to the end of December, indicating a shift in pricing strategies [19][32]. Summary by Relevant Sections Baijiu Pricing - Guizhou Moutai's wholesale prices for Feitian (case and single bottle) and Moutai 1935 are reported at 1600, 1580, and 630 yuan respectively, with changes of 0, -10, and -10 yuan compared to last month [35]. - Wuliangye's eighth-generation price is 830 yuan, reflecting a +10 yuan increase from the previous month [35]. - Luzhou Laojiao's Guojiao 1573 remains at 850 yuan, unchanged from last month [35]. Discount Trends - The average discount rate for condiments decreased from 87.1% to 85.0%, while liquid milk discounts fell from 62.8% to 61.4% [19][22]. - In contrast, discounts for beer, infant formula, and convenience foods remained stable, with beer discounts slightly increasing from 80.3% to 80.7% [20][22][32]. Company Ratings - The report lists several companies with an "Outperform" rating, including: - Guizhou Moutai - Wuliangye - Luzhou Laojiao - Qingdao Beer - China Feihe - Others [1].

Group 1 - The report indicates that the A-share market is experiencing a typical spring rally characterized by initial strength followed by stabilization and structural differentiation, with major indices recording positive returns as of January 28, 2026 [6] - The average daily trading volume in January reached 3.04 trillion yuan, an increase of 1.16 trillion yuan month-on-month, indicating a significant influx of new capital and a loose liquidity environment driving the index upward [2] - Regulatory measures, including raising the minimum margin requirement from 80% to 100%, have led to fluctuations in market sentiment and a deceleration in the index's upward momentum [3] Group 2 - The report highlights that technology assets are experiencing a rotation between thematic and cyclical investments, with thematic investments (e.g., commercial aerospace, AI applications) initially favored but cooling off due to increased margin requirements [4] - In the cyclical sector, non-ferrous metals, basic chemicals, and oil & petrochemicals have shown strong performance driven by three factors: demand from high-end manufacturing, proactive supply-side adjustments, and external geopolitical risks [4] - The report anticipates a structural market characterized by a focus on "resources + technology + overseas expansion," with low-risk preference assets potentially outperforming in certain phases [5] Group 3 - The investment strategy emphasizes focusing on "external demand cyclical + AI industry chain," highlighting the potential for global manufacturing recovery to support resource prices and opportunities for Chinese manufacturing to expand overseas [5] - The AI industry remains a clear investment theme, with a shift from thematic to performance-driven investments, particularly in areas with supply shortages such as power supply and semiconductor sectors [5] - The report recommends a selection of stocks across various sectors, including Invesco's Nonferrous ETF, Dongpeng Beverage, and Huazhong Precision, among others, reflecting a diversified investment approach [10]

Core Viewpoint - Dongpeng Beverage is set to launch its global offering on January 26, with a pricing date of January 30 and a listing on the Hong Kong Stock Exchange on February 3. The maximum issue price is set at HKD 248 per share, with an expected fundraising scale of approximately HKD 101-117 billion. The pricing reflects a discount of 15.5% compared to the A-share closing price, which raises questions about the valuation's rationality given the company's strong cash reserves and the necessity of financing [1][14]. Pricing and Valuation - The maximum issue price of Dongpeng Beverage is 15.5% lower than the A-share closing price of RMB 262.50 per share, which is relatively low compared to similar projects and consumer stocks that typically see discounts of 20%-40% [2][15]. - The pricing strategy does not set a lower limit, allowing flexibility for adjustments based on market feedback, which could help align with current market conditions [3][16]. - The company's valuation is under scrutiny, as the maximum issue price corresponds to a P/E ratio that exceeds the average for the Hong Kong beverage industry, raising concerns about whether the high growth can justify such a premium [12][24]. Financial Performance - Dongpeng Beverage has shown impressive revenue growth, with projected revenues of RMB 208-211 billion for 2025, reflecting a year-on-year increase of 31.1%-33.3%. The net profit is expected to reach RMB 43.4-45.9 billion, with a growth rate of 30.5%-38.0% [8][20]. - The company has maintained a strong dividend policy, with a total of RMB 66 billion in dividends distributed from 2021 to 2025, and a payout ratio consistently above 50% [8][21]. Institutional Investment - The IPO has attracted a prestigious cornerstone investor lineup, including 15 institutions that collectively invested USD 640 million, representing 49.2% of the offering. Notable participants include Qatar Investment Authority and Temasek, marking significant firsts for these investors in the A to H share IPO space [5][18]. - The cornerstone investment reflects confidence in Dongpeng Beverage's growth trajectory and dividend returns, which have been appealing to institutional investors [6][18]. Market Concerns - Despite strong financial performance, the necessity of the IPO has raised questions, particularly given the company's substantial cash reserves of RMB 57.2 billion and other financial assets totaling RMB 94.5 billion [10][22]. - The company's history of significant shareholder reductions and the large dividends flowing to the founding family have also sparked discussions about the motivations behind the IPO [10][22][23].

Core Viewpoint - Dongpeng Beverage is initiating its Hong Kong IPO to raise over HKD 10 billion, marking a significant step in its global expansion strategy following its A-share listing in 2021 [1][3]. Group 1: IPO and Global Strategy - The Hong Kong listing is not merely for capital expansion but serves as a strategic platform for global outreach, addressing development shortcomings [3][4]. - Dongpeng plans to issue approximately 40.89 million H-shares at a price not exceeding HKD 248, aiming to raise around HKD 101.4 billion, with part of the funds allocated for overseas market expansion [3][4]. - The involvement of 16 notable cornerstone investors, including Qatar Investment Authority and Temasek, enhances Dongpeng's international credibility and supports its overseas market endeavors [3][4]. Group 2: Globalization Progress - Dongpeng has already established a presence in over 30 countries, with successful operations in subsidiaries in Indonesia and Vietnam, creating a multi-faceted overseas strategy [5]. - The company is focusing on Southeast Asia and the Middle East, where consumer habits align closely with those in China, and has seen promising results despite challenges like high local taxes [5]. - Dongpeng employs various international expansion models, including agency, wholly-owned, joint ventures, and franchising, while maintaining 14 production bases in China to support overseas exports [5]. Group 3: Competitive Landscape - Red Bull dominates the global functional beverage market, presenting significant challenges for Dongpeng, which is still in the early stages of international expansion [6]. - Dongpeng's brand recognition is limited compared to Red Bull, necessitating substantial investment in brand promotion to enhance its market presence [6]. - Red Bull's established global production and operational systems create a competitive edge that Dongpeng must overcome to improve operational efficiency [6]. Group 4: Opportunities and Challenges - Dongpeng's competitive advantage lies in its cost-effective pricing strategy, which appeals to emerging markets, allowing it to penetrate mid-to-low-end segments [7]. - The functional beverage sector in emerging markets is growing rapidly, providing Dongpeng with opportunities to gain market share through localized operations and flexible expansion strategies [7]. - To succeed, Dongpeng must increase R&D investment, enhance product innovation, strengthen brand recognition, and improve its global operational framework [7].

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 603156 | 乔元饮品 | 30.76 | -1.94% | 9.78万 | 3.03亿 | | 600189 | 泉阳泉 | 8.37 | -0.83% | 24.22万 | 2.02亿 | | 600429 | 三元股份 | 5.41 | -0.73% | 21.15万 | 1.14亿 | | 002946 | 新乳业 | 18.56 | 0.38% | 5.61万 | 1.03亿 | | 605337 | 李子园 | 13.62 | 0.44% | 26.98万 | 3.68亿 | | 002570 | 贝因美 | 6.19 | 0.49% | 26.69万 | 1.64亿 | | 002732 | 范博乳业 | 17.35 | 0.58% | 2.41万 | 4178.02万 | | 605300 | 佳木食品 | 11.95 | 0.76% | 3.12万 | 3710.84万 | | 002329 | 皇氏集团 | 3.81 | 0 ...

Group 1 - The liquor industry is experiencing a strong rebound, with the major consumption index rising by 1.21% as of 11:24 AM on January 29, 2026, driven by stocks like Hainan Rubber hitting the daily limit and notable increases in Luzhou Laojiao (5.06%) and Gujing Gongjiu (4.06%) [1] - The State Council has initiated measures to boost consumption, emphasizing the implementation of special actions to stimulate consumption and cultivate new growth points in service consumption [1] - According to Kaiyuan Securities, the food and beverage sector is currently at a low point in both fundamentals and valuations, presenting significant investment opportunities [1] Group 2 - The Consumer Price Index (CPI) rose by 0.8% year-on-year in December 2025, indicating a mild recovery trend [1] - The current valuation of the liquor sector is at a low point historically, with market expectations being pessimistic and a favorable chip structure, suggesting a good entry point for investments [1] - The upcoming Spring Festival is expected to catalyze performance in the sector, with particular focus on investment opportunities in the dairy, snacks, and catering supply chain segments [1] Group 3 - The CSI Major Consumption Index includes leading consumer stocks across various sectors, with the top ten stocks accounting for 68.63% of the index, including Yili, Kweichow Moutai, and Wuliangye [1] - The consumption ETF managed by Harvest (512600) tracks the CSI Major Consumption Index, which encompasses essential consumer leaders from various sectors, with liquor being the largest segment at nearly 38% weight [2] - Investors can also access the consumption recovery trend through the consumption ETF linked fund (009180) [3]