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 ...

CSIWM 个股点评 印度尼西亚消费品行业 电话：(852) 2237 9250 / 电邮：wminvestmentsolutions@citics.com.hk 把握增长动能 摘要 中信证券财富管理与中信里昂研究观点一致。根据中信里昂研究在 2026 年 3 月 2 日发布的题为《Milking the momentum》的报告，Cimory 希望其乳制品销售复苏能持续，并指引今年销售额将实现双位数增长。公司已开始供 应免费午餐计划，尽管规模仍较小。虽然维持销售额增长指引于 10%-15%，但鉴于近期牛奶价格走高趋势，管理层 保守指引毛利率为 40%-44%（原指引 42%-44%）。Cimory 将于 2026 年二季度开设首家零售门店（第五渠道），同 时推动出口销售。公司今年已拨备 8,000 亿印尼盾资本支出，主要用于消费品食品产能扩张。 2026 年 3 月 3 日 Cisarua CMRY IJ 乳制品：销售复苏、免费午餐计划及新产品 利润率、成本及广告支出 新零售业态及出口潜力 中信证券财富管理(香港) 免责声明请参考封底 本文内容由 Kylie Kwok (郭凯欣) 提供 中信证券财富管理(香 ...

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 ...

食品饮料 2026 年 03 月 01 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -19% -10% 0% 10% 19% 29% 2025-03 2025-07 2025-11 食品饮料 沪深300 相关研究报告 《春节动销趋势向好，聚焦龙头布局 景气赛道—行业周报》-2026.2.23 《包装水行业发展稳健，头部分化孕 育 结 构 性 机 遇 — 行 业 点 评 报 告 》 -2026.2.11 《复苏态势明朗，板块预期乐观—行 业周报》-2026.2.8 节后需求稳健格局优化，健康功能饮品长期向好 ——行业周报 | 张宇光（分析师） | 张思敏（分析师） | | --- | --- | | zhangyuguang@kysec.cn | zhangsimin@kysec.cn | | 证书编号：S0790520030003 | 证书编号：S0790525080001 | zhangsimin@kysec.cn 证书编号：S0790525080001 核心观点：春节动销回暖结构分化，看好健康化饮品赛道龙头 2 月 23 日-2 月 27 日，食品饮料指数跌幅为 1.5%，一级子行业排名第 2 ...

食品饮料 2026 年 03 月 01 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -19% -10% 0% 10% 19% 29% 2025-03 2025-07 2025-11 食品饮料 沪深300 相关研究报告 《春节动销趋势向好，聚焦龙头布局 景气赛道—行业周报》-2026.2.23 《包装水行业发展稳健，头部分化孕 育 结 构 性 机 遇 — 行 业 点 评 报 告 》 -2026.2.11 《复苏态势明朗，板块预期乐观—行 业周报》-2026.2.8 节后需求稳健格局优化，健康功能饮品长期向好 ——行业周报 | 张宇光（分析师） | 张思敏（分析师） | | --- | --- | | zhangyuguang@kysec.cn | zhangsimin@kysec.cn | | 证书编号：S0790520030003 | 证书编号：S0790525080001 | zhangsimin@kysec.cn 证书编号：S0790525080001 核心观点：春节动销回暖结构分化，看好健康化饮品赛道龙头 2 月 23 日-2 月 27 日，食品饮料指数跌幅为 1.5%，一级子行业排名第 2 ...

经济观察网 骑士乳业2月27日发布公告称，2025年，公司营业收入为13.22亿元，上年同期为12.97亿 元，同比上升1.93%。归属于上市公司股东的净利润为5059万元。 经济观察网 骑士乳业2月27日发布公告称，2025年，公司营业收入为13.22亿元，上年同期为12.97亿 元，同比上升1.93%。归属于上市公司股东的净利润为5059万元。 ...

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 ...

| 代码 | 名称 | 最新价 | 涨跌额 | 涨跌幅 4 > | 总市值 | | --- | --- | --- | --- | --- | --- | | 800700 | 恒生科技指数 | 5137.84 | +28.51 | +0.56% | 0 | | 09999 | 网易-S | 179.200 | +4.200 | +2.40% | 5673.5亿 | | 09626 | 哔哩哔哩-W | 221.200 | +3.000 | +1.37% | 917.36亿 | | 00992 | 联想集团 | 9.730 | +0.120 | +1.25% | 1207亿 | | 00700 | 腾讯控股 | 518.000 | +6.000 | | +1.17% 4.717万亿 | | 03690 | 美团-W | 81.150 | +0.700 | +0.87% | 4959.9亿 | | 09618 | 京东集团-SW | 104.400 | +0.400 | +0.38% | 2962.9亿 | | 09888 | 百度集团-SW | 123.700 | +0.300 | +0.24% | 3402 ...

证券日报网讯 2月27日，骑士乳业发布公告称，公司预计2025年实现营业收入1321764154.45元，同比增 长1.93%；归属于上市公司股东的净利润50594131.56元。 （文章来源：证券日报） ...