[Table_Reportdate] 2026年03月04日 [证券分析师： Table_Authors] 陈芯楠 S0630525090001 cxn@longone.com.cn 证券分析师： 李嘉豪 S0630525100001 lijiah@longone.com.cn 证券分析师： 王洋 S0630513040002 wangyang@longone.com.cn [晨会纪要 Table_NewTitle] 20260304 [table_summary] 重点推荐 财经要闻 晨 会 纪 要 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 ➢ 1.餐饮消费回暖，需求韧性凸显——食品饮料行业周报（2026/2/23-2026/3/1） ➢ 2.英伟达业绩继续超预期，关注GTC大会新品发布——电子行业周报2026/2/23-2026/3/1 ➢ 1.欧元区CPI同比增长1.9%，超出预期 ➢ 2.中国人民银行：2月公开市场国债买卖净投放500亿元 ➢ 3.工信部等六部门：到2027年光伏组件绿色生产水平进一步提高 再生材料使用比例有效 提升 ➢ 4 ...

[Table_Reportdate] 2026年03月03日 [table_invest] 超配 [证券分析师 Table_Authors] 姚星辰 S0630523010001 yxc@longone.com.cn 证券分析师 吴康辉 S0630525060001 wkh@longone.com.cn -15% -10% -5% 0% 5% 10% 15% 20% 25% 2025-02 2025-04 2025-06 2025-08 2025-10 2025-12 2026-02 [相关研究 table_product] 1.预制菜国标推出，行业规范化里程 碑——行业简评报告 2.旺季预期积极，关注春节备货行情 ——食品饮料行业周报（2026/1/26- 2026/2/1） 3.奶价持续磨底，餐饮边际改善—— 食 品 饮 料 行 业 周 报 （ 2026/1/19- 2026/1/25） [Table_NewTitle 餐饮消费回暖 ] ，需求韧性凸显 食 品 饮 料 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 行 业 周 报 食品饮料(申万) ...

研究报告 Research Report 3 Mar 2026 中国必需消费 China (A-share) Staples 中国必选消费 26 年 3 月投资观点：春播正当时 It's the Prime Time for Spring Planting [Table_yemei1] 观点聚焦 Investment Focus | [Table_Info] | | | | | --- | --- | --- | --- | | 股票名称 | 评级 | 股票名称 | 评级 | | 贵州茅台 | Outperform 古井贡酒 | | Outperform | | 贵州茅台 | Outperform 今世缘 | | Outperform | | 五粮液 | Outperform 燕京啤酒 | | Outperform | | 五粮液 | Outperform 安琪酵母 | | Outperform | | 海天味业 | Outperform 安井食品 | | Outperform | | 海天味业 | Outperform 安井食品 | | Outperform | | 山西汾酒 | Outperform 迎驾 ...

研究报告 Research Report 3 Mar 2026 中国必需消费 China (A-share) Staples 中国必选消费 26 年 3 月投资观点：春播正当时 It's the Prime Time for Spring Planting [Table_yemei1] 观点聚焦 Investment Focus | [Table_Info] | | | | | --- | --- | --- | --- | | 股票名称 | 评级 | 股票名称 | 评级 | | 贵州茅台 | Outperform 古井贡酒 | | Outperform | | 贵州茅台 | Outperform 今世缘 | | Outperform | | 五粮液 | Outperform 燕京啤酒 | | Outperform | | 五粮液 | Outperform 安琪酵母 | | Outperform | | 海天味业 | Outperform 安井食品 | | Outperform | | 海天味业 | Outperform 安井食品 | | Outperform | | 山西汾酒 | Outperform 迎驾 ...

晨 会 纪 要 [2026]第 1 号 主 题：行业观点更新 时 间：2026 年 3 月 3 日 8:50-9:30 研究所今日晨会要点如下: 家电行业周观点（张弛） 2 月 23 日-2 月 27 日，食品饮料行业下跌 1.54%。根据Wind，本周沪深 300 指数上涨 1.08%， 申万食品饮料行业指数下跌 1.54%，涨跌幅排名 29/31，跑输沪深 300 指数 2.33pct，食饮子板 块中预加工食品、啤酒、保健品等板块涨幅居前。 行业估值整体处于较低位置。根据 Wind，截至 2026 年 2 月 27 日，食品饮料行业 PE 为 21X，位居申万一级行业第 24 位。从子行业来看，估值靠前的为其他酒类（51X）、零食（36X）、 保健品（34X），估值靠后的为白酒（19X）、啤酒（22X）、乳品（23X）。 通胀温和修复。 2025 年我国 GDP 增速 5.0%。据国家统计局 2 月 28 日发布的《2025 年国民经济和社会发 展统计公报》，2025 年全年 GDP 同比增 5.0%，其中第一/二/三产业增加值同比分别为 3.9%/4.5%/5.4%；消费/资本形成/净出口对 GDP 的 ...

Investment Rating - The investment rating for the essential consumer goods sector in China is "Outperform" for multiple companies including Guizhou Moutai, Wuliangye, and Yili [1]. Core Insights - In February 2026, five out of eight tracked essential consumer goods sectors showed positive growth, while two experienced negative growth and one remained flat. The sectors with growth included frozen food, condiments, beer, catering, and soft drinks, while premium and above baijiu and dairy products saw declines. The improvement in data is attributed to the extended Spring Festival holiday and increased travel enthusiasm, which boosted demand for catering and related supply chain products [3][18]. Summary by Sector Baijiu Sector - **Premium and Above Baijiu**: Revenue reached RMB 44.0 billion in February, down 14.6% year-on-year. Cumulative revenue for January-February was RMB 91.0 billion, a decrease of 14.2% year-on-year. The sector faced pressure on both volume and price due to reliance on business consumption and numerous brands affecting price control [4][19]. - **Mass-Market and Below Baijiu**: Revenue was RMB 17.4 billion in February, flat year-on-year. Cumulative revenue for January-February was RMB 40.3 billion, down 1.7% year-on-year. The prices of mass-market baijiu showed signs of stabilization, attributed to its inelastic demand and balanced producer-distributor relationships [20]. Beer Sector - Revenue in the beer sector was RMB 15.2 billion in February, up 5.6% year-on-year. Cumulative revenue for January-February was RMB 32.2 billion, down 1.5% year-on-year. The sector benefited from seasonal factors and increased demand in lower-tier markets, with the RMB 8-10 price segment driving revenue growth [21]. Condiments Sector - Revenue in the condiments sector was RMB 41.5 billion in February, up 5.6% year-on-year, marking the third consecutive month of growth. Cumulative revenue for January-February was RMB 88.4 billion, up 4.5% year-on-year. The recovery in catering channels and increased inventory replenishment contributed to this growth [22]. Dairy Products Sector - Revenue in the dairy sector was RMB 41.5 billion in February, down 1.2% year-on-year. Cumulative revenue for January-February was RMB 85.0 billion, flat year-on-year. Despite ongoing pressure, there was a noticeable recovery in catering consumption and gifting needs during the Spring Festival [23]. Frozen Food Sector - Revenue in the frozen food sector was RMB 14.0 billion in February, up 8.9% year-on-year, also marking the third consecutive month of growth. Cumulative revenue for January-February was RMB 29.0 billion, up 8.5% year-on-year. The sector's performance was supported by Spring Festival stockpiling and increased demand from small B-end clients [24]. Soft Drinks Sector - Revenue in the soft drinks sector was RMB 49.8 billion in February, up 2.3% year-on-year. Cumulative revenue for January-February was RMB 146.0 billion, up 1.5% year-on-year. The sector faced intensifying market competition, reflected in the discount rates for products [26]. Catering Sector - Revenue in the catering sector was RMB 14.0 billion in February, up 4.9% year-on-year, achieving its third consecutive month of growth. Cumulative revenue for January-February was RMB 30.2 billion, up 3.6% year-on-year. The sector benefited from the extended Spring Festival holiday, although profitability remained under pressure [27].

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].

然而受奶价下行影响，澳亚集团2024年预计亏损11.7亿元至13.8亿元，作为参股股东的明治也受到牵连。新工厂运营成本增加，叠加冰淇淋业务因天气影响 销量下滑，进一步加剧了亏损。 对于这家将中国视为最重要海外市场的百年企业来说，这样的成绩单显然难以令人满意。明治控股社长川村和夫此前在接受采访时坦言，中国市场存在众多 竞争企业，容易陷入过度竞争的状况。 亏损的背后，是明治在中国市场遭遇的多重挑战。一方面，伊利、蒙牛等本土巨头凭借规模优势牢牢占据市场主导地位，价格战打得如火如荼；另一方面， 光明、三元、新希望等区域乳企在低温奶领域深耕多年，同样拥有忠实的消费群体。定位高端的明治，在价格战中显得格外被动。 更大的压力来自重资产投资带来的成本负担。2020年以来，明治持续加大在华投资，先后收购澳亚集团25%股份，在天津、广州等地投建新工厂，目前在中 国已设立6家工厂，完成华北、华东、华南三地产能布局。 进入中国市场三十多年后，日本食品巨头明治正在经历一场前所未有的"阵痛"。 根据明治控股最新披露的财报，2024财年明治中国业务净销售额虽增至255亿日元，但营业亏损却进一步扩大至71亿日元，亏损幅度较上一年度的37亿日 ...

随着食品生产端标准化、洁净化与柔性化需求持续攀升，食品加工装备行业正迈入技术迭代与供给重构 的关键阶段，市场规模稳步扩张，跨界企业加速入局同台竞技，共同勾勒出食品装备产业的多元竞争新 生态。 宁波均普智能制造股份有限公司日前在微信公众号发布消息称，其成功斩获食品行业首单，为德国某食 品巨头集团旗下的子公司量身打造面包卷上料与分离系统扩展设备，正式从工业智能制造领域跨界切入 食品装备赛道。该订单聚焦烘焙制品自动化处理环节，设备采用食品级合规材质与IP65防护设计，依托 在精密装配与运动控制领域的技术积淀，每分钟可处理数百件产品。 在跨界新势力入局的同时，赛道内原有企业的创新步伐同样迅猛。例如，杭州永创智能设备股份有限公 司(以下简称"永创智能")持续推进产品迭代与产能布局，依托成熟的智能包装技术积累，为乳制品、休 闲食品等领域提供高速包装单机与整线解决方案，其搭载AI视觉识别的包装设备已实现高精度、高产 能稳定运行。 对于国内企业如何突破瓶颈、实现全球化，中国企业联合会资委会委员董鹏表示，突破的关键在于实施 双循环策略，对内深耕多元消费场景，打磨高性价比的柔性方案；对外推进链条"出海"，通过并购获取 资源并结合 ...