分红方面，庄园牧场A股上市后累计派现6469.32万元。近三年，累计派现1219.53万元。 来源：新浪证券-红岸工作室 机构持仓方面，截止2025年9月30日，庄园牧场十大流通股东中，诺安多策略混合A（320016）位居第 六大流通股东，持股144.98万股，相比上期增加35.02万股。中信保诚多策略混合(LOF)A（165531）位 居第八大流通股东，持股95.24万股，为新进股东。 12月17日，庄园牧场盘中下跌2.15%，截至09:35，报10.03元/股，成交930.03万元，换手率0.54%，总市 值19.61亿元。 资金流向方面，主力资金净流出59.71万元，大单买入0.00元，占比0.00%，卖出59.71万元，占比 6.42%。 庄园牧场所属申万行业为：食品饮料-饮料乳品-乳品。所属概念板块包括：乡村振兴、微盘股、小盘、 生态农业、国资改革等。 截至9月30日，庄园牧场股东户数1.81万，较上期减少12.97%；人均流通股9466股，较上期增加 14.91%。2025年1月-9月，庄园牧场实现营业收入6.29亿元，同比减少3.10%；归母净利润-4844.08万 元，同比增长59.08%。 ...

来源：新浪证券-红岸工作室 12月15日，庄园牧场涨3.39%，成交额9667.14万元，换手率5.49%，总市值20.30亿元。 异动分析 乳业+生态农业+宠物经济+国企改革+乡村振兴 1、兰州庄园牧场股份有限公司主要从事乳制品和含乳饮料的生产、加工、销售及奶牛养殖业务，产品 包括以荷斯坦牛奶为主要原料的巴氏杀菌乳、灭菌乳、调制乳、发酵乳、含乳饮料等各类液态乳制品， 分别主要拥有"庄园牧场"、"圣湖"、"东方多鲜庄园"三个乳品品牌。 2、庄园牧场此前一直在西北地区发力，秉持"以质量求生存"的发展理念，坚持"市场开发与供给能力相 协调"的平衡发展战略，适应产品"安全、新鲜"的质量管理要求，在打造集奶牛养殖、生鲜乳采购、乳 制品加工及产品运销为一体的安全可控的产运销体系的基础上，以生产基地为中心，在合理的配送半径 内逐步开拓市场。凭借新鲜可靠的产品品质和特色鲜明的产品品种，庄园牧场目前已经成为甘肃、青海 乳制品龙头企业，市场占有率高达20%。 3、根据证券时报网2025年8月24日新闻：在传统乳业面临成本持续上涨与市场竞争白热化的双重压力 下，甘肃省农垦集团有限责任公司旗下上市公司兰州庄园牧场股份有限公司（以下 ...

食品饮料行业 超配（维持） 食品饮料行业双周报（2025/11/28-2025/12/11） 飞天批价波动，关注需求复苏进程 食品饮料（申万）指数走势 资料来源：同花顺,东莞证券研究所 相关报告 证 券 研 究 报 告 2025 年 12 月 12 日 投资要点： ◼ 风险提示：原材料价格波动、产品提价不及预期、渠道开展不及预期、 行业竞争加剧、食品安全风险、宏观经济波动风险等。 本报告的风险等级为中风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 行 业 周 报 SAC 执业证书编号： S0340523020001 电话：0769-22119410 邮箱： huangdongyi@dgzq.com.cn 分析师：黄冬祎 行 业 研 究 ◼ 行情回顾：2025年11月28日-2025年12月11日，SW食品饮料行业指数整 体下降3.45%，板块涨幅位居申万一级行业第二十九位，跑输同期沪深 300指数约4.27个百分点。细分板块中，所有细分板块均跑输沪深300指 数。 ◼ 行业周观点：飞天批价波动，关注需求复苏进程。2025年中央经济 ...

来源：新浪证券-红岸工作室 资料显示，兰州庄园牧场股份有限公司位于甘肃省兰州市城关区雁园路601号甘肃省商会大厦B座25-26 层，成立日期2000年4月25日，上市日期2017年10月31日，公司主营业务涉及乳制品和含乳饮料的生 产、加工、销售及奶牛养殖业务。主营业务收入构成为：灭菌乳37.04%，发酵乳24.37%，调制乳 22.21%，巴氏杀菌乳8.20%，生鲜乳4.60%，其他2.77%，含乳饮料0.81%。 庄园牧场所属申万行业为：食品饮料-饮料乳品-乳品。所属概念板块包括：微盘股、生态农业、乡村振 兴、小盘、国资改革等。 截至9月30日，庄园牧场股东户数1.81万，较上期减少12.97%；人均流通股9466股，较上期增加 14.91%。2025年1月-9月，庄园牧场实现营业收入6.29亿元，同比减少3.10%；归母净利润-4844.08万 元，同比增长59.08%。 分红方面，庄园牧场A股上市后累计派现6469.32万元。近三年，累计派现1219.53万元。 机构持仓方面，截止2025年9月30日，庄园牧场十大流通股东中，诺安多策略混合A（320016）位居第 六大流通股东，持股144.98万股， ...

Investment Rating - The report maintains an "Outperform" rating for the food and beverage industry [1][4][5] Core Viewpoints - The food and beverage sector is experiencing a transformation driven by diverse consumer demands and supply upgrades, with structural opportunities expected to persist in 2026 despite a moderate recovery in overall demand [2][29] - The report highlights the importance of adapting to new retail channels and consumer preferences, emphasizing the need for product differentiation and quality enhancement [2][29] Summary by Sections Review of 2025 - The overall industry performance was weak, with a decline of 5.3% in the food and beverage sector, underperforming the CSI 300 index by 19.4 percentage points [1][25] - Consumer confidence remained low, with urban residents' disposable income growth slowing to 4.4% year-on-year [1][12] - The soft drink sector maintained relative strength, while the snack industry showed mixed results, with leading companies continuing to expand [1][20] Outlook for 2026 - Structural opportunities are anticipated, with a focus on channel diversification and supply upgrades [2][29] - The report predicts a shift in consumer preferences towards high-quality, reasonably priced products, with an emphasis on additional value attributes such as convenience and health [2][29] - The beverage sector is expected to benefit from the development of non-traditional channels and the introduction of differentiated products [33][47] Investment Recommendations - The report suggests focusing on companies that enhance product quality and service, such as Baba Foods and Wanchen Group [3][4] - It highlights high-growth categories with health attributes, recommending companies like Dongpeng Beverage and Nongfu Spring [3][4] - The report also identifies companies with strong performance recovery potential, such as Anjijia Foods and Yihai International [3][4] Key Company Earnings Forecasts and Investment Ratings - Companies such as Yanjing Beer, Weilong Delicious, and Yili Group are rated as "Outperform" with projected earnings per share (EPS) growth [4][5] - The report provides detailed earnings forecasts and price-to-earnings (PE) ratios for various companies, indicating a generally positive outlook for the sector [4][5]

Group 1 - The report indicates that the food and beverage industry experienced a slowdown in 2025, with a 5.3% decline in the sector, underperforming the CSI 300 index by 19.4 percentage points [1][25] - The soft drink sector maintained relative strength, while the snack industry showed mixed performance, with leading companies continuing to expand [1][20] - Consumer confidence remained low, with the disposable income growth rate for urban residents at 4.4% year-on-year, reflecting weak internal demand [12][20] Group 2 - Looking ahead to 2026, the report identifies structural opportunities in the consumer goods sector, driven by channel differentiation and supply upgrades [2][29] - The report emphasizes the need for consumer goods companies to adapt to new retail channels and enhance product differentiation to meet evolving consumer preferences [2][29] - The anticipated recovery in consumer confidence and macroeconomic policies is expected to shift consumer focus from extreme price competition to a preference for quality and added value [2][29] Group 3 - Investment recommendations for 2026 include focusing on high-quality and differentiated products, with specific companies highlighted such as Babi Foods and Wanchen Group [3][4] - The report suggests that companies with strong performance recovery expectations, such as Anjui Foods and Yihai International, should be considered for investment [3][4] - High dividend or comprehensive shareholder return stocks, such as Yili Group, are also recommended for investors [3][4] Group 4 - The report provides earnings forecasts and investment ratings for key companies, indicating a positive outlook for companies like Yanjing Beer and Nongfu Spring [4][5] - The food and beverage sector's overall revenue and profit growth rates have weakened, with the industry experiencing a cumulative revenue growth of only 0.3% and a profit decline of 4.5% in the first three quarters of 2025 [20][22] - The snack sector's revenue growth was primarily driven by the expansion of Wanchen Group, while other segments faced challenges [20][22]

来源：新浪证券-红岸工作室 截至9月30日，庄园牧场股东户数1.81万，较上期减少12.97%；人均流通股9466股，较上期增加 14.91%。2025年1月-9月，庄园牧场实现营业收入6.29亿元，同比减少3.10%；归母净利润-4844.08万 元，同比增长59.08%。 分红方面，庄园牧场A股上市后累计派现6469.32万元。近三年，累计派现1219.53万元。 机构持仓方面，截止2025年9月30日，庄园牧场十大流通股东中，诺安多策略混合A（320016）位居第 六大流通股东，持股144.98万股，相比上期增加35.02万股。中信保诚多策略混合(LOF)A（165531）位 居第八大流通股东，持股95.24万股，为新进股东。 庄园牧场今年以来股价涨43.56%，近5个交易日跌3.74%，近20日跌9.84%，近60日涨9.63%。 今年以来庄园牧场已经9次登上龙虎榜，最近一次登上龙虎榜为10月13日，当日龙虎榜净买入-2186.89 万元；买入总计5930.40万元 ，占总成交额比8.61%；卖出总计8117.29万元 ，占总成交额比11.78%。 资料显示，兰州庄园牧场股份有限公司位于甘肃省兰州市城 ...

Core Viewpoint - The company, Lanzhou Zhuangyuan Pasture Co., Ltd., is expanding its business into the pet food sector while maintaining its stronghold in the dairy industry, despite facing challenges from rising costs and intense market competition [3]. Company Overview - Lanzhou Zhuangyuan Pasture Co., Ltd. primarily engages in the production, processing, and sales of dairy products and dairy beverages, as well as dairy cattle farming. Its product range includes pasteurized milk, sterilized milk, formulated milk, fermented milk, and various liquid dairy products under the brands "Zhuangyuan Pasture," "Shenghu," and "Dongfang Duoxian Zhuangyuan" [2]. - The company has established itself as a leading dairy product enterprise in Gansu and Qinghai, holding a market share of 20% [2]. Business Strategy - The company adheres to a development philosophy of "survival through quality" and a balanced development strategy that aligns market development with supply capacity. It focuses on creating a safe and controllable production and sales system centered around its production bases [2]. - The company actively supports national rural revitalization policies by engaging in various initiatives that enhance farmers' income, such as signing logistics agreements with local cooperatives and adopting an "enterprise + base + farmer" model for purchasing crops [4]. Financial Performance - For the period from January to September 2025, the company reported a revenue of 629 million yuan, a year-on-year decrease of 3.1%. However, it achieved a net profit attributable to shareholders of -48.44 million yuan, reflecting a year-on-year increase of 59.08% [9]. - The company's main revenue sources include sterilized milk (37.04%), fermented milk (24.37%), and formulated milk (22.21%) [9]. Recent Developments - At the 27th Asia Pet Expo, the company launched its pet food brand "Safiyy," which features a unique "milk beef" as a core ingredient, marking its entry into the pet food market [3].

来源：新浪证券-红岸工作室 12月9日，庄园牧场盘中下跌2.10%，截至10:10，报10.73元/股，成交1619.84万元，换手率0.87%，总市 值20.98亿元。 资金流向方面，主力资金净流出36.73万元，大单买入29.43万元，占比1.82%，卖出66.16万元，占比 4.08%。 庄园牧场今年以来股价涨42.50%，近5个交易日跌4.45%，近20日跌11.10%，近60日涨8.27%。 今年以来庄园牧场已经9次登上龙虎榜，最近一次登上龙虎榜为10月13日，当日龙虎榜净买入-2186.89 万元；买入总计5930.40万元 ，占总成交额比8.61%；卖出总计8117.29万元 ，占总成交额比11.78%。 资料显示，兰州庄园牧场股份有限公司位于甘肃省兰州市城关区雁园路601号甘肃省商会大厦B座25-26 层，成立日期2000年4月25日，上市日期2017年10月31日，公司主营业务涉及乳制品和含乳饮料的生 产、加工、销售及奶牛养殖业务。主营业务收入构成为：灭菌乳37.04%，发酵乳24.37%，调制乳 22.21%，巴氏杀菌乳8.20%，生鲜乳4.60%，其他2.77%，含乳饮料0.81%。 庄 ...

Core Insights - The report from Huatai Securities indicates that the essential consumer sector has entered a favorable left-side layout window, with expectations for a mild recovery in consumption in the second half of 2026 due to stabilizing real estate prices, increased policy stimulus, and the recovery of household balance sheets [1][2]. Industry Overview - The essential consumer sector is currently at historical low valuation levels and public fund allocation ratios, providing a high safety margin and potential upside for investors [1][2]. - Some sub-industries are showing signs of bottoming out, with leading companies shifting focus from price wars to product innovation and adapting to channel changes [1][2][6]. - Structural changes such as the rebalancing of raw milk cycles, recovery in restaurant demand, and stricter regulations on zero additives are optimizing the competitive landscape of the industry [1][2]. Investment Recommendations - The report recommends four categories of stocks: 1. Cyclical high-upside stocks, including Gujing Gongjiu, Luzhou Laojiao, China Resources Beer, Qingdao Beer, Haitian Flavoring, Anjuke Food, and Qianhe Flavoring [2][7]. 2. Companies at fundamental turning points, such as Mengniu Dairy and Master Kong [2][7]. 3. High-dividend blue-chip leaders like Yili and Shuanghui Development [2][7]. 4. Small but promising growth stocks, including Ximai Food, Baoli Food, and Yanjinpuzi [2][7]. Market Trends - The report emphasizes a three-stage market strategy from expectation recovery to performance realization for 2026 [2]. - The essential consumer sector is expected to see a gradual improvement in retail sales growth, projected to reach 4.8% in 2026 [25]. - The consumer confidence index has shown some recovery but remains in a low range, indicating cautious consumer sentiment [26]. Sub-Industry Insights - Specific sub-industries are highlighted: 1. Frozen food is showing signs of bottoming out, with expectations for a reduction in price wars in 2026 [6][10]. 2. The dairy sector is anticipated to see a rebalancing of the raw milk cycle, enhancing domestic substitution logic [6][10]. 3. The beer industry is expected to maintain profit resilience due to rational competition and a diminishing demand dividend [6][10]. 4. Traditional condiment leaders are actively adjusting strategies to capture market share [6][10]. Conclusion - The essential consumer sector is positioned for a potential recovery, with various sub-industries adapting to market changes and focusing on innovation and strategic adjustments to enhance competitiveness [1][2][6].