格隆汇1月19日｜中信建投研报指出，本周贵州茅台披露2026年市场化运营方案，对产品体系、运营模 式、渠道布局和价格机制进行全方位的改革。鸣鸣很忙通过港股聆讯，新店型推动细分领域复苏。伊利 参与优然配售后持股比例由33.93%增加至36.07%，彰显行业底部信心。大众品方面，把握餐饮链复苏 预期（关注新店型、商超定制）、健康化功能化高景气增长、成本周期优化等三大主线。展望Q1，关 注三条主线：一是跨年行情中零食、乳业等大众品领涨，白酒磨底蓄力待春节后修复；二是年报预告期 临近，大众品细分龙头有望利润超预期；三是 1 月下旬春节备货提振数据，叠加估值低位与情绪修复， 放大Q1业绩超预期弹性。 ...

Investment Rating - The report maintains a recommendation for the recovery of the restaurant chain sector and highlights the upcoming Moutai shareholders' meeting as a point of interest [10][18]. Core Insights - The food and beverage sector is characterized as having low expectations and low holdings, with a potential for a rebound due to rising CPI and positive micro-consumption data [10][18]. - Key companies such as Yili and H&H International are focusing on balancing growth and profitability, with Yili enhancing its dividend commitments and H&H adjusting its revenue guidance upwards [3][12]. - The report emphasizes the importance of structural opportunities within the restaurant chain and liquor sectors, recommending specific companies for investment [10][18]. Summary by Sections Core Company Tracking - Yili is focusing on quality leadership and strategic expansion while improving shareholder returns, with a positive outlook on its liquid milk segment and overall profitability [3][12]. - H&H International has seen a significant revenue increase, with a 28.5% year-on-year growth in Q3 2025, and is optimizing its debt structure while expanding its online and overseas markets [3][12]. - The report notes that Q3 growth for Yihai International has slightly slowed, but overseas markets continue to perform well, with a focus on product structure optimization to improve margins [3][13]. Investment Recommendations - The report continues to recommend the recovery of the restaurant chain sector, with specific mentions of companies like Haidilao, Angel Yeast, and China Resources Beer as potential investments [10][18]. - For the liquor sector, Moutai, Wuliangye, and Fenjiu are highlighted as top picks, with a focus on valuation shifts in growth segments such as snacks and pet food [10][18]. Industry Valuation Table - The report includes a valuation table for key companies, indicating market capitalizations and profit forecasts, with Moutai having a market cap of 183.66 billion and a projected net profit of 74.73 billion for 2023 [19].