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% | | --- | ...

Core Viewpoint - Dongpeng Beverage (09980) is set to launch an IPO from January 26 to January 29, 2026, aiming to issue 40.89 million shares globally, with a maximum price of HKD 248.00 per share, establishing itself as a leading player in the functional beverage market in China [1][5]. Group 1: Company Overview - Dongpeng Beverage is the number one functional beverage company in China, with the fastest revenue growth among the top 20 listed soft drink companies globally [1]. - The company has maintained its leading position in the Chinese functional beverage market for four consecutive years since 2021, increasing its market share from 15.0% in 2021 to 26.3% in 2024 [1]. - The company has a strong brand presence, recognized for providing high-quality and cost-effective beverage products, solidifying its national influence [1]. Group 2: Sales and Distribution Network - The company has established a comprehensive sales network covering over 4.3 million terminal sales points across nearly 100% of China's prefecture-level cities as of September 30, 2025 [2]. - A dedicated sales team of over 7,500 works closely with distribution partners to enhance product visibility and penetration in the market [2]. - The company employs a refined channel management strategy to improve market penetration and sales efficiency [2]. Group 3: Digitalization and Innovation - Dongpeng Beverage is at the forefront of digitalization in the beverage industry, utilizing a unique "one code for one product" system for precise product traceability [3]. - The company has built an integrated digital operation system that enhances decision-making accuracy and drives sales growth [3]. - As of September 30, 2025, the company has connected with over 280 million consumers and interacted efficiently with over 4.3 million sales points [3]. Group 4: Investment and Fund Utilization - The cornerstone investors have agreed to subscribe for shares worth approximately USD 640 million, contingent upon certain conditions [4]. - The estimated net proceeds from the global offering are approximately HKD 9.994 billion, which will be allocated to various strategic initiatives [5]. - The company plans to use about 36.0% of the net proceeds for capacity expansion and supply chain upgrades, 15.0% for brand building, and 12.0% for exploring overseas market opportunities [5].

Core Viewpoint - Dongpeng Beverage (09980.HK) is launching a global offering of 40.89 million H-shares, with a maximum offer price of HKD 248.00 per share, aiming to strengthen its market position as the leading functional beverage company in China [1][4]. Group 1: Company Overview - Dongpeng Beverage is recognized as China's top functional beverage enterprise, with the highest revenue growth among the top 20 listed soft drink companies globally [1]. - The company has maintained the number one position in the Chinese functional beverage market for four consecutive years since 2021, increasing its market share from 15.0% in 2021 to 26.3% in 2024 [1]. - By retail revenue, Dongpeng is projected to be the second-largest functional beverage company in 2024, holding a market share of 23.0% [1]. Group 2: Sales and Distribution Network - The company has established a comprehensive sales network covering over 4.3 million terminal sales points across China, achieving nearly 100% coverage of prefecture-level cities by September 30, 2025 [2]. - A strong sales team of over 7,500 members collaborates closely with distribution partners to enhance product visibility and penetration [2]. - The company employs a refined channel management strategy to improve market penetration and sales efficiency [2]. Group 3: Investment and Fundraising - The cornerstone investors have agreed to subscribe for shares amounting to approximately USD 640 million (around HKD 4.99 billion), with a total of 20.12 million shares expected to be purchased at the maximum offer price [3]. - The estimated net proceeds from the global offering, assuming no exercise of the over-allotment option, will be approximately HKD 9.9943 billion [4]. - The funds raised will be allocated for various strategic purposes, including 36.0% for capacity enhancement and supply chain upgrades, 15.0% for brand building, and 12.0% for expanding overseas market operations [4].

东鹏饮料 （集团）股份有限公司：全球发售4,090 万股H股，全每股H股最高发售价248 港元，全球发售 项下香港发售股份数量为410 万股 H 股。 ...

Core Viewpoint - Dongpeng Beverage (09980.HK) plans to globally offer 40.89 million H-shares, with a maximum offer price of HKD 248.00 per share [1] Group 1: Offering Details - The company will offer 4.0899 million shares in Hong Kong and 36.8009 million shares internationally, subject to reallocation and the exercise of the over-allotment option [1] - The subscription period for the shares is from January 26 to January 29, 2026, with the expected pricing date on January 30, 2026 [1] - The H-shares are expected to commence trading on the Hong Kong Stock Exchange on February 3, 2026 [1] Group 2: Underwriters - Huatai International, Morgan Stanley, and UBS Group are acting as joint sponsors for the offering [1]

Eastroc Beverage (Group) Co., Ltd. 東鵬飲料（集團）股份有限公司 （ 於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司 ） 股份代號 : 09980 全球發售 聯 席 保 薦 人 、 整 體 協 調 人 、 聯 席 全 球 協 調 人 、 聯 席 賬 簿 管 理 人 及 聯 席 牽 頭 經 辦 人 （按英文字母順序排序） Eastroc Beverage (Group) Co., Ltd. 東鵬飲料（集團）股份有限公司 重要提示 重要提示： 閣下如對本招股章程的任何內容有任何疑問，應諮詢獨立專業意見。 Eastroc Beverage (Group) Co., Ltd. 東鵬飲料（集團）股份有限公司 （於中華人民共和國註冊成立的股份有限公司） 全球發售 | 全球發售的發售股份數目 | ： | 40,889,900股H股（視乎超額配股權行使與否而定） | 香港發售股份數目 | ： | 4,089,000股H股（可予重新分配） | | --- | --- | --- | --- | --- | --- | | 國際發售股份數目 | ： | 36,800, ...

香港交易及結算所有限公司、香港聯合交易所有限公司（「聯交所」）及香港中央結算有限公司 （「香港結算」）對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表 示概不就因本公告全部或任何部分內容而產生或因依賴該等內容而引致的任何損失承擔任 何責任。 本公告不得直接或間接於或向美國（包括其領土及屬地、美國任何州以及哥倫比亞特區）發佈、 刊發或派發。本公告並不構成或組成在美國境內或於任何其他司法管轄區購買或認購發售股 份的任何要約或招攬的一部分。東鵬飲料（集團）股份有限公司（「本公司」）並無亦不會根據《1940 年美國投資公司法》（經修訂）（「《美國投資公司法》」）登記。發售股份並無亦不會根據《1933年 美國證券法》（經修訂）（「《美國證券法》」）或美國任何州或其他司法管轄區的證券法登記。發 售股份不得在美國境內或向美國人士（定義見《美國證券法》S規例）提呈發售、出售、質押或 以其他方式轉讓，但根據《美國證券法》及《美國投資公司法》登記規定的一項豁免或在不受該 法登記規定規限的交易中則除外，並已符合任何州的適用證券法。發售股份(1)僅可根據《美 國證券法》第144A條或根據《美國證券法》及任何州的適 ...

Investment Rating - The report maintains an "Accumulate" rating for the food and beverage industry [5] Core Insights - The upcoming Spring Festival is expected to boost sales in the liquor sector, with Moutai leading the industry towards an unexpected improvement. Short-term focus should be on the demand for the Spring Festival, while medium-term investments should target leading brands across various price segments [1] - In the beer segment, new product launches are being prepared, with a focus on high-growth channels and consumer trends towards personalized and diversified consumption [2] - The baking sector is showing stable performance, with companies like Lihigh Foods preparing for the sales peak and benefiting from favorable policies regarding cream products [3] Summary by Relevant Sections Liquor Sector - The Spring Festival is driving demand, with Moutai expected to lead the market. Key short-term stocks include Guizhou Moutai, Guo Jiu Gong Jiu, and others, while medium-term focus should be on Wuliangye and Shanxi Fenjiu [1] Beer Sector - Current beer sales are in a low season, but new product launches and high growth in instant retail channels are promising. Companies like Chongqing Beer are launching new 1L cans to meet consumer preferences [2] Food Sector - Lihigh Foods is preparing for the sales peak with a focus on quality over quantity, while Anqi Yeast is benefiting from declining sugarcane prices, enhancing profit margins [3] - Yizhi Konjac is experiencing rapid demand growth, with a stable supply chain and product innovation driving its market position [4]

Investment Rating - The report maintains a cautious outlook on the liquor industry, particularly on high-end liquor such as Moutai, with expectations of gradual recovery in sales and pricing stability post-Spring Festival [10][11][12]. Core Insights - The high-end liquor segment, especially Moutai, is experiencing a sales boost as the Spring Festival approaches, with expectations of price recovery due to increased demand driven by wealth effects [10][11]. - The report suggests that the market's concerns about post-festival price drops for Moutai are likely to be unfounded, predicting only minor seasonal fluctuations [10][12]. - The overall sentiment in the liquor industry is shifting from a pessimistic outlook to a more stable one, with expectations of improved sales dynamics as external constraints on consumption ease [11][12]. Summary by Sections Liquor Industry - The report highlights that Moutai's sales are performing better than previously cautious expectations, leading to a price recovery for both Moutai and newer Moutai products [10]. - It is noted that the market is still wary of potential price declines after the Spring Festival, but historical patterns suggest only minor adjustments are likely [10][11]. - The report emphasizes the importance of brand strength and market positioning for high-end liquor companies, recommending investments in brands with strong market presence and growth potential [12]. Beer Industry - The beer sector is seeing a steady recovery in on-premise consumption, with companies diversifying into non-drink channels and soft drinks [12]. - The report suggests that the beer industry's performance is expected to stabilize, with a focus on maintaining competitive pricing and improving dividend yields [12]. Snack Industry - The snack sector is benefiting from pre-Spring Festival stocking and product innovation, with companies like Qiaqia and Ganyuan expected to show significant profit elasticity due to low comparative bases [14]. - The report recommends focusing on leading snack companies that are expanding their store presence and adapting their product offerings [14]. Beverage Industry - The soft drink sector is currently facing challenges due to seasonal demand fluctuations and competition from ready-to-drink tea brands, leading to a slight decline in overall sales growth [14]. - Despite these challenges, leading brands like Dongpeng and Nongfu are expected to maintain double-digit growth through brand strength and market share consolidation [14]. Seasoning Industry - The seasoning sector is stabilizing as restaurant demand begins to recover, with expectations of improved performance in 2026 driven by seasonal effects [15]. - The report highlights companies like Angel Yeast and Qianhe Condiments as having strong growth potential due to favorable market conditions and dividend yields [15].