1月9日，创业板医药ETF国泰（159377）涨超0.8%，创新与政策驱动板块回暖。 中泰证券指出，2025年医药板块在连续4年下跌后迎来强势反弹，行情由AI+和创新药推动，反映出中 国创新能力的质变及出海逻辑兑现。医疗器械行业在12月下跌3.78%，但伴随政策改革和行业治理阵痛 后的复苏，部分细分领域已出现基本面拐点。CRO/CDMO板块内外需共振，全球投融资恢复带动订单 增长，叠加供给端逐步出清，行业盈利能力有望修复。医疗器械领域，国家药监局发布《优先审批高端 医疗器械目录（2025版）》，政策支持高端器械创新发展，行业困境反转机会值得关注。2026年医药板 块投资逻辑将延续创新成长与困境反转主线，医疗器械等细分领域有望延续回暖趋势。 创业板医药ETF国泰（159377）跟踪的是创医药指数（399275），单日涨跌幅限制达20%，该指数聚焦 于创新医药领域，从生物制药、化学制药、中药及医疗服务等细分行业中筛选研发投入较高、创新能力 突出的上市公司证券作为指数样本，旨在反映兼具成长性与科技属性的医药行业领先企业的整体表现。 风险提示：提及个股仅用于行业事件分析，不构成任何个股推荐或投资建议。指数等短期涨跌仅 ...

关注 CES 展新品催化，重视智能眼镜和困境反转机会 20260108 摘要 家电补贴政策调整，可选品类补贴收缩，整体补贴比例为 15%，上限降 至 1,500 元，符合市场预期，可能影响相关家电企业的销售策略和盈利 预期。 空调行业年初集体涨价，美的、海尔等企业提价 5%-10%，格力暂不涨 价。同时，企业通过铝代铜等技术应对成本压力，保障盈利稳定性，投 资者需关注铜价波动及企业成本控制措施。 美的收购瑞科医疗国际业务，拓展医疗板块；海尔通过海外收购实现增 长。预计美的和海尔 Q4 收入增长 0-5%，关注两家公司在海外市场和 To B 市场的拓展情况。 TCL 电子、海信视像、极米科技在 CES 展会上发布 AI 眼镜新品，预计 二季度进入市场，可能带来新的收入增长点。关注 AI 眼镜市场发展及上 游供应商如光峰科技、比翼股份的机会。 九号公司发布新国标车型和电摩战略，搭载半固态电池技术，续航里程 可达 400-500 公里，目标是占据全球油摩市场。预计 2026 年两轮车销 量增速达 40%-50%，关注其门店扩张和技术创新。 美的和海尔在海外市场和 To B 市场方面有哪些新举措？ Q&A 2026 ...

食品饮料/休闲食品 甘源食品（002991.SZ） 公司经营低点已过，重视后续利润弹性 2025 年 12 月 31 日 投资评级：买入（维持） | 日期 | 2025/12/30 | | --- | --- | | 当前股价(元) | 56.70 | | 一年最高最低(元) | 95.98/53.70 | | 总市值(亿元) | 52.85 | | 流通市值(亿元) | 28.31 | | 总股本(亿股) | 0.93 | | 流通股本(亿股) | 0.50 | | 近 3 个月换手率(%) | 145.93 | 股价走势图 数据来源：聚源 -60% -40% -20% 0% 20% 40% 2024-12 2025-04 2025-08 甘源食品 沪深300 相关研究报告 《环比持续改善，关注后续旺季增长 —公司信息更新报告》-2025.10.30 《收入环比改善，利润持续承压—公 司信息更新报告》-2025.8.14 《短期费用投入改革，展望出海空间 广阔—公司信息更新报告》-2025.4.23 zhangyuguang@kysec.cn 张宇光（分析师） 陈钟山（分析师） chenzhongshan@ ...

Summary of Conference Call Records Industry Overview - The pharmaceutical sector is experiencing structural heat, with certain stocks entering a value range, indicating potential for rebound. The focus for 2026 includes three main narratives: innovation going global, turnaround from difficulties, and impulse-driven growth, particularly in BD 2.0, small nucleic acids, and supply chains [1][2] Key Insights and Arguments - The CRO (Contract Research Organization) industry has seen short-term risks largely mitigated, with limited impact from the U.S. NBA 2026 Act. The CRO supply chain is expected to experience a resonance of internal and external demand starting in 2024, leading to a strong fundamental outlook by 2026 [1][4] - In the clinical CRO space, companies like Tigermed are showing significant order growth, with EPS expected to experience nonlinear growth, enhancing stock price elasticity. The peptide CDMO (Contract Development and Manufacturing Organization) sector is also expected to grow at least 25% by 2026, with companies like WuXi AppTec and Notch being noteworthy [1][4][5] - CDMO companies are driven by large product orders, with ADC (Antibody-Drug Conjugates) and small nucleic acids identified as key future growth areas. ADC commercialization is entering a boom phase, benefiting companies like WuXi Biologics, Haoyuan, and Kelaiying [1][6] Additional Important Content - The Ant Group's healthcare model, Antifufu, aims to become a leading health service consultation platform, targeting 500 million registered users and over 100 million monthly active users by the end of 2026. The healthcare team has been elevated to a business group, aiming for revenue exceeding 100 billion [2][7] - Antifufu's technology is based on the "Bailing" general model, integrating Deepseek and Tongyi Qianwen technologies, utilizing proprietary medical data from various sources, including 700 million medical insurance users and 40,000 doctors from acquired platforms [2][8] - User retention strategies for Antifufu include health goal setting and integration with wearable devices, aiming for increased interaction frequency [2][9] - The commercialization strategy includes paid consultations, medication purchases, and health membership services, with B2B collaborations with insurance companies for disease-specific insurance products [2][10] - Collaboration with Alibaba Health leverages a vast user base and medical data, enhancing competitive advantages in the healthcare sector [2][11] - The AI-powered "Famous Doctor Avatar" service is currently in a testing phase, with plans for monetization contingent on achieving high diagnostic accuracy [2][12]

国金证券：2026年医疗器械板块投资策略将聚焦在出海和创新两条线 凤凰网财经讯 12月26日，A股三大指数开盘涨跌不一，沪指跌0.05%，深成指涨0.06%，创业板指跌 0.21%。锂矿、贵金属等板块指数涨幅居前，CPO、跨境支付等板块指数跌幅居前。 机构观点 华泰证券：看好矿服及设备商向矿山开发转型趋势 华泰证券表示，当前金属高价下或催生较多勘探、矿服及设备制造商向矿业开发转型，此类转型模式主 要包括参股、控股以及EPC+O模式(低参股但享有超额收益权)。在此背景下，上述转型模式有望成为未 来矿业重要的开发力量，原因在于当前高金属价格背景下，中小型矿山业主具备较强的开发意愿，但普 遍面临资金实力有限，技术和项目管理能力不足等约束，需外部力量协助推进开发；而大型矿业公司更 偏好资源体量大，生命周期长的项目，对规模有限的小型矿山参与意愿较低。在此背景下，矿服、矿业 设备公司具备丰富的运营经验参与该类型小矿山开发，并通过EPC+O的形式参股运营。这种多方互利 的商业模式有望在未来大规模展开，因此看好矿服、矿业设备制造商转型，建议投资者关注该行业新动 态。 国金证券指出，2026年医疗器械板块投资策略将聚焦在出海和 ...

Summary of Key Points from the Conference Call Industry Overview - The food and beverage industry is experiencing systemic opportunities driven by policies aimed at expanding domestic demand and increasing residents' income levels, which are expected to enhance consumption capabilities [1][2] - The liquor industry is undergoing a deep adjustment, with expectations of entering an EPS killing phase by 2025, while high-end liquor brands like Moutai and Lao Jiao are recommended for investment [1][4] - The dairy industry has completed supply-demand adjustments, with anticipated increases in demand for milk powder and liquid milk due to fertility and income policies, highlighting companies like Yili and New Dairy as potential recovery opportunities [1][5] - The snack food sector is benefiting from the "lipstick effect," new channels, and health trends, with recommendations for companies such as Salted Fish, Wei Long, Wan Chen Food, and Qiaqia Food [1][6] - The beverage sector is seeing a clear trend towards health, with non-traditional channels gaining market share, making high-growth companies like Dongpeng Beverage noteworthy [1][7] Key Insights and Arguments - The central economic work conference in 2026 will prioritize expanding domestic demand, which is expected to lead to a series of policies stimulating consumption, positively impacting the food and beverage industry [2] - The food and beverage sector has faced significant changes in volume, price, and channel structure over the past six years, with varying performances across sub-sectors [3] - The liquor sector is expected to see marginal improvements in 2026, driven by policies aimed at boosting business and government consumption [4] - The dairy sector is projected to enter a recovery phase, with increased demand anticipated due to supportive policies [5] - The snack food market is expected to gradually recover, supported by rising incomes and new retail channels [6] Additional Important Content - Cost fluctuations are a significant factor affecting the performance of consumer goods companies, with some agricultural product costs declining, providing investment opportunities [9] - The planting area for sunflower seeds is expected to recover, leading to a projected 10% decrease in the cost of sunflower seeds, which will positively impact Qiaqia Food's gross margin [10][11] - The konjac market is facing supply-demand imbalances, with high prices expected to ease in 2026, alleviating cost pressures for companies like Wei Long and Salted Fish [12] - The sugar molasses market is currently at low prices, providing strong support for Angel Yeast's profitability [13] - Innovative companies are leveraging product and channel innovations to drive growth, with notable examples including Nongfu Spring and Uni-President [14] - Efficient supply chain management is crucial for companies, with Dongpeng Beverage demonstrating strong performance in this area [15] Future Outlook - Dongpeng Beverage is expected to achieve double-digit growth in 2026 through strategic measures and product innovations [16] - Wan Chen is enhancing store quality and accelerating store openings, which is expected to improve profitability in the snack food sector [17][18] - Hai Tian Flavoring has implemented efficiency improvements under new management, resulting in revenue and profit growth exceeding industry averages [19] - The restaurant industry is expected to see a mild recovery, with companies like Yihai International and Tianhe Flavoring showing potential for improvement [20][21] - In the liquor sector, companies like Yanghe and Budweiser are expected to benefit from product and channel improvements, leading to potential breakthroughs in performance [22][23][25] - Gan Yuan Food is focusing on expanding e-commerce and high-end membership stores, with a stable development outlook [26][27] - Overall, companies in the food and beverage sector are expected to experience gradual recovery and growth, making them worthy of investor attention [28]

展望2026年，不少机构看好食品饮料在内的消费板块有望迎来困境反转。申万宏源表示：在经历了 2021-2025年连续5年的调整期后，我们看好2026年食品饮料行业的系统性修复机会，关键外部指标是 CPI（物价指数），核心方向是顺周期属性的白酒和餐饮供应链。对中长期资金来讲，已可以对食品饮 料行业优质企业进行长期定价。 （文章来源：每日经济新闻） 截至12月23日收盘，2025年A股仅剩6个交易日。A股市场也陷入"上有顶、下有底"的博弈期，呈现成交 缩量、局部主题活跃的格局。 回顾2025年，31个申万一级行业股价表现冷热不均：年内涨幅领先的，也是与全球供应链、技术周期共 振的有色金属、通信，两大行业累计涨幅均超85%；与此同时，食品饮料、煤炭、美容护理，也是与国 内偏弱需求面息息相关的三个行业，年内收益仍然为负，不过美容护理行业年内跌幅不足-1%，接近回 正。 其中，食品饮料行业表现最差，年初至今跌幅超-7%，位列倒数第一，如果在剩下的6个交易日里不能 弥补-7%的跌幅，这将是食品饮料行业连续第5年收益为负。 ...

食品饮料周报（25 年第 47 周） 优于大市 把握成本红利与效率提升主线，关注创新与困境反转机会 行情回顾：本周食品饮料（A 股和 H 股）累计上涨 1.97%，其中 A 股食品饮 料（申万食品饮料指数）上涨 2.01%，跑赢沪深 300 约 2.29pct；H 股食品饮 料（恒生港股通食品饮料）上涨 1.36%，跑赢恒生消费指数 1.07pct。本周 食品饮料板块涨幅前五分别为欢乐家(44.42%)、庄园牧场(35.96%)、皇氏集 团(21.16%)、均瑶健康(17.02%)和阳光乳业(14.72%)。 证券研究报告 | 2025年12月20日 2025年12月21日 品类基本面延续分化，饮料＞食品＞酒类。（1）酒类。白酒：需求仍然偏 弱，优质酒企聚焦供给端优化。当前板块进入左侧布局阶段，具备价位、区 域话语权的优质公司有望获取更大增长空间，推荐泸州老窖/山西汾酒、贵 州茅台、迎驾贡酒，也建议关注五粮液/洋河股份/舍得酒业的改革节奏。啤 酒：行业库存良性，静待需求回暖。全年啤酒龙头利润增长具备较强支撑， 建议积极布局啤酒板块，继续优先推荐大单品快速增长、内部改革持续深化、 业绩成长性强的燕京啤酒。（2） ...

证券研究报告 | 2025年12月20日 2025年12月21日 食品饮料周报（25 年第 47 周） 优于大市 把握成本红利与效率提升主线，关注创新与困境反转机会 行情回顾：本周食品饮料（A 股和 H 股）累计上涨 1.97%，其中 A 股食品饮 料（申万食品饮料指数）上涨 2.01%，跑赢沪深 300 约 2.29pct；H 股食品饮 料（恒生港股通食品饮料）上涨 1.36%，跑赢恒生消费指数 1.07pct。本周 食品饮料板块涨幅前五分别为欢乐家(44.42%)、庄园牧场(35.96%)、皇氏集 团(21.16%)、均瑶健康(17.02%)和阳光乳业(14.72%)。 品类基本面延续分化，饮料＞食品＞酒类。（1）酒类。白酒：需求仍然偏 弱，优质酒企聚焦供给端优化。当前板块进入左侧布局阶段，具备价位、区 域话语权的优质公司有望获取更大增长空间，推荐泸州老窖/山西汾酒、贵 州茅台、迎驾贡酒，也建议关注五粮液/洋河股份/舍得酒业的改革节奏。啤 酒：行业库存良性，静待需求回暖。全年啤酒龙头利润增长具备较强支撑， 建议积极布局啤酒板块，继续优先推荐大单品快速增长、内部改革持续深化、 业绩成长性强的燕京啤酒。（2） ...

12月16日，A股继续震荡调整，北证50指数一枝独秀逆市飘红，上证指数盘中创2个月来新低，深证成指跌破13000点，创业板指也失守3100点。超4300只 个股下跌，成交小幅缩小至1.75万亿元。 | 代码 | 名称 | | 最新 | 涨幅 | | --- | --- | --- | --- | --- | | 399001 | 深证成指 | | 12914.67 | -1.51% | | 000001 | 上证指数 | . | 3824.81 | -1.11% | | 399006 | 创业板指 | . | 3071.76 | -2.10% | | 000016 | FIF50 | . | 2954.79 | -1.08% | | 000300 | 沪深300 | . | 4497.55 | -1.20% | | 000688 | 科创50 | 2 | 1293.38 | -1.94% | | 899050 | 北证50 | | 1439.65 | +0.54% | | 000905 | 中证500 | œ | 7001.32 | -1.58% | 盘面上，一般零售、航天装备、房地产服务、自动驾驶等板块相对 ...