证券研究报告·行业跟踪周报·食品饮料 食品饮料行业跟踪周报 从"历史经典产业"到"传统优势民生产业" ， 新五年酿酒产业提质发展 增持（维持） [Table_Tag] [投资要点 Table_Summary] 2026 年 02 月 22 日 证券分析师 苏铖 执业证书：S0600524120010 such@dwzq.com.cn 证券分析师 孙瑜 执业证书：S0600523120002 suny@dwzq.com.cn 行业走势 -10% -7% -4% -1% 2% 5% 8% 11% 14% 17% 20% 2025/2/24 2025/6/22 2025/10/18 2026/2/13 食品饮料 沪深300 2026-02-10 东吴证券研究所 1 / 9 请务必阅读正文之后的免责声明部分 ◼ 从"历史经典"到"优势民生"产业，再度定调酿酒产业重要地位，鼓 励高质量发展。继 2025 年 10 月工信部发布《关于推动历史经典产业高 质量发展的指导意见（2026—2030 年）（征求意见稿）》，近期工信部、 人社部、市场监管总局再度印发《酿酒产业提质升级指导意见（2026— 2030 年）》，明确定调 ...

证券研究报告·行业跟踪周报·食品饮料 食品饮料行业跟踪周报 从"历史经典产业"到"传统优势民生产业" ， 新五年酿酒产业提质发展 增持（维持） [Table_Tag] [投资要点 Table_Summary] 2026 年 02 月 22 日 证券分析师 苏铖 执业证书：S0600524120010 such@dwzq.com.cn 证券分析师 孙瑜 执业证书：S0600523120002 suny@dwzq.com.cn 行业走势 -10% -7% -4% -1% 2% 5% 8% 11% 14% 17% 20% 2025/2/24 2025/6/22 2025/10/18 2026/2/13 食品饮料 沪深300 相关研究 《AI 营销：新风口剑指千亿，服务商 乘势而进》 2026-02-11 《渠道变革大时代，优质连锁零售业 态蓬勃发展》 2026-02-10 东吴证券研究所 1 / 9 请务必阅读正文之后的免责声明部分 ◼ 从"历史经典"到"优势民生"产业，再度定调酿酒产业重要地位，鼓 励高质量发展。继 2025 年 10 月工信部发布《关于推动历史经典产业高 质量发展的指导意见（2026—2030 ...

Core Viewpoint - The engineering machinery industry is transitioning from scale expansion to value leadership, with a focus on intelligence, greening, and internationalization as the three core themes for transformation, essential for high-quality development [5]. Industry Highlights - The engineering machinery industry may be on the path to recovery, with improved performance indicators [6]. - The industry is set to enter the "National IV" era starting December 1 [6]. - Domestic sales have declined for 13 consecutive months, while exports surged over 70% this year, raising questions about the future of the excavator industry [6]. - February's construction rate showed improvement, leading to optimistic expectations for the engineering machinery sector [6]. - Caterpillar is nearing a cyclical turning point, with its rating downgraded to "neutral" [6]. Market Data - Sales data for excavators and loaders is being tracked for 2025, with monthly breakdowns available [6][7]. - Average working hours for major products are also being monitored for 2025 [8]. Downstream Demand - The average working hours for major products are being recorded monthly for 2025 [8]. - The CCTV excavator index is being tracked for 2025, with monthly data available [8]. - Komatsu's working hours are also being monitored for 2025 [8]. Market Dynamics - February's construction rate improvement has led to a "warm" outlook for the engineering machinery industry [8]. - January's strong credit performance has reinforced expectations for a recovery in domestic demand, suggesting a potential thaw in the engineering machinery sector [8]. Expert Insights - Industry leaders are discussing the current development situation and key tasks for the engineering machinery sector [9]. - Support for the electrification of engineering machinery and commercial vehicles is being advocated by industry representatives [9].

2月14日，工业和信息化部、人力资源社会保障部、市场监管总局印发的《酿酒产业提质升级指导意见（2026—2030年）》（以下简称《意见》）迅速引 发业内外高度关注。 新浪财经"酒价内参"重磅上线 知名白酒真实市场价尽在掌握 （来源：华夏酒报） 在酒业整体步入周期性低谷、深度调整的关键节点，这份政策的出台，无疑是一剂"强心剂"。从昔日被归为"限制性产业"，到如今被重新定义为"历史经 典产业"；从去年多地层层加码的"禁酒令"，到现在三部门联合定向扶持，态度逆转的背后，是酿酒产业定位的深刻重塑。《意见》不仅勾勒出"百亿园 区、千亿集群、万亿产业"的宏伟蓝图，更释放出一个明确信号：酒业的游戏规则，或将被重写。 7大方面×21项任务，解码酒业升级路径 值得关注的是，《意见》开宗明义指出，酿酒产业是我国传统优势产业和基础民生产业，在传承中华文化、发展区域经济、推进乡村振兴、带动就业增收 等方面发挥重要作用。为落实《工业和信息化部等八部门关于加快传统制造业转型升级的指导意见》，推动酿酒产业主动适应市场需求新变化，实现高质 量发展，制定本意见。 提升产业科技创新水平方面，鼓励企业由"经验酿造"向科学酿造、智能酿造转型，开展高 ...

Group 1: Regulatory Actions - The State Administration for Market Regulation (SAMR) has summoned seven platform companies including Alibaba, Douyin, Baidu, Tencent, JD.com, Meituan, and Taobao Shanguo to enforce compliance with various laws and regulations, aiming to standardize promotional activities and eliminate "involution" competition [1] - The People's Bank of China and other financial regulatory bodies have issued guidelines to establish a regular financial support mechanism to prevent poverty and promote rural revitalization, focusing on optimizing small loans for impoverished populations and enhancing financial resources for underdeveloped areas [1] Group 2: Water Resource Management - The Pearl River Basin has dispatched nearly 9 billion cubic meters of water to ensure water supply for the Guangdong-Hong Kong-Macao Greater Bay Area, significantly improving the average flow rate at key monitoring stations [2] Group 3: Elevator Safety Standards - The National Market Supervision Administration is seeking public opinion on the draft of the "Elevator Safety Technical Regulations," which aims to enhance safety standards for elevators across their entire lifecycle, addressing issues like manufacturing quality control and maintenance management [3] Group 4: Renewable Energy Certificates - In January 2026, China issued 196 million green certificates related to renewable energy projects, with 151 million being tradable, indicating a significant increase in the development and utilization of renewable energy [4] Group 5: Tax Incentives for Agriculture - From January 1, 2026, to December 31, 2030, there will be a tax exemption on the import of seeds and military working dogs to enhance agricultural quality and competitiveness [5] Group 6: Wine Industry Development - The Ministry of Industry and Information Technology has released guidelines for the wine industry, aiming for significant improvements in product quality, brand reputation, and the establishment of large-scale production areas by 2030 [6] Group 7: Tea Industry Growth - The tea industry aims to reach a total scale of 1.5 trillion yuan by 2030, with significant growth in revenue from refined tea processing and the establishment of a modernized tea industry system [7]

Group 1: Stock Performance - The stock price has shown a narrow fluctuation, closing at HKD 5.90 on February 11, 2026, with a target average price set at HKD 24.10, indicating a premium of over 300% compared to the current price [2] - Technical indicators such as MACD suggest a short-term consolidation pattern, necessitating observation of market liquidity improvements and the convergence of valuation gaps [2] Group 2: Strategic Development - The company established a subsidiary in Indonesia in 2025 and initiated operations, with a subsequent addition of a subsidiary in Vietnam to its Southeast Asia network [3] - Plans for expansion into Thailand and Malaysia are underway to enhance regional market coverage and brand influence, with internationalization expected to drive business penetration and revenue growth [3] Group 3: Business Progress - The electric loader business is identified as a second growth curve, with a fleet size reaching 316 units by mid-2025 and cumulative subscription revenue exceeding 10 million [4] - Future focus will be on increasing market penetration in the new energy equipment leasing sector and its contribution to overall profitability [4] Group 4: Industry Conditions - The global forklift industry is experiencing a structural recovery, with new order growth reaching 12% in the second quarter of 2025 [5] - The company is transitioning to a light-asset smart operation platform, enhancing equipment utilization through a "subscription + maintenance + management" ecosystem, with a management scale of 59,717 units by mid-2025 [5] - Changes in industry demand and the efficiency of the platform model will be key observation points for sustainable performance [5] Group 5: Company Structure and Governance - Attention is required for the company's periodic financial reports, such as the full-year results for 2025, and announcements from the board regarding strategic adjustments and capital operations [6] - The stability of the shareholding structure may impact governance transparency [6]

Core Viewpoint - Silicon Treasure Technology (300019) is a leading enterprise in organic silicon sealing materials, with several key developments worth noting. Business Performance - The company is expected to disclose its annual report for 2025 in April 2026, which will provide comprehensive details on its annual performance and financial indicators [2]. Business Progress - The company plans to announce the progress of customer certification or bulk orders for silicon-carbon anode materials in the first half of 2026, which is a critical milestone for validating growth in its new energy materials business [3]. Capacity Expansion - The company aims to establish an annual production capacity of 10,000 tons for silicon-carbon anodes by 2026 to meet the demand from the new energy vehicle and energy storage markets [4]. Strategic Advancement - The company continues to promote a dual business model of "organic silicon materials + new energy materials," with a target of achieving a revenue of 10 billion by 2029. It is also expanding its international presence, having entered markets in 10 countries, including Russia [5].

Group 1: Mining Machinery Business - The company offers a comprehensive range of mining machinery products, including two-bridge mining trucks, excavators, electric shovels, and wide-body dump trucks, positioning itself as a leading player in the global market [2] - The mining machinery sector is projected to exceed 40 billion by 2030, driven by increasing demand for new energy minerals and ongoing upgrades in mining equipment [3] - The company has established a strong technical foundation in mining machinery, receiving recognition from international high-end clients [3] Group 2: Financial Performance and Strategy - The company's gross margin increased by 0.7 percentage points in the first half of 2025, with plans for continued improvement through cost reduction and structural adjustments [3] - Future gross margin growth is expected to align with industry cycles and operational progress, with a focus on stabilizing prices and reducing costs across procurement, R&D, and production [3] Group 3: Global Market Expansion - The mining machinery export business operates in over 190 countries, with key markets in Southeast Asia, Latin America, Africa, and Oceania [3] - The company aims to enhance its market penetration and competitiveness through accelerated globalization and localization strategies [3] Group 4: New Energy Mining Machinery - The company leverages its core components in electric control to enhance the competitiveness of its new energy mining machinery, aiming to provide comprehensive solutions for various application scenarios [3] Group 5: Agricultural Machinery Development - Established in June 2020, the agricultural machinery division focuses on high-end, large-power products, achieving significant revenue growth in recent years [3] - The division aims to provide optimal solutions for sustainable agricultural development, with a commitment to advanced technology and autonomous systems [3]

新浪财经"酒价内参"重磅上线 知名白酒真实市场价尽在掌握 （来源：云酒头条） 就业增收等方面发挥重要作用。为落实《工业和信息 化部等八部门关于加快传统制造业转型升级的指导 意见》,推动酿酒产业主动适应市场需求新变化,实 现高质量发展,制定本意见。 总体要求 2月14日，工业和信息化部、人力资源社会保障部、市场监管总局印发《酿酒产业提质升级指导意见（2026—2030年）》的通知。 据了解，该意见明确了阶段性发展目标，到2028年，原料种植、生产酿造、流通消费融合发展水平持续优化，产品丰富度、品质认可度、品牌美誉度明显 增强，企业生产方式、经营模式加快转型升级，消费场景和消费模式持续丰富拓展。产业布局进一步优化，产区引领、园区驱动作用进一步增强，培育3 个以上千亿级传统优势酒产区，10个以上百亿级特色酿酒产业园区，形成"百亿园区、千亿集群、万亿产业"发展格局，标准供给、质量安全、人才培养等 配套能力建设取得积极进展。 到2030年，数智化、绿色化、国际化发展水平持续提升，发展质量效益大幅提高，产业规模稳中有进，产能布局、产品结构持续优化，形成产品种类丰 富、生产流通有序、区域布局合理、产业生态健康的产业体系。 ...

Core Viewpoint - Yutong Bus (600066) emphasizes its commitment to the "electrification, intelligent networking, high-end development, and internationalization" strategy, aiming to strengthen its leadership in various market segments while expanding its international presence and enhancing global competitiveness and brand influence [1] Group 1 - The company focuses on leveraging its core advantages in new energy and intelligent networking [1] - Yutong Bus aims to consolidate its leading position in various niche markets [1] - The company is steadily expanding its international market presence [1]