截至2025年9月8日 10:38，中证主要消费指数强势上涨1.04%，成分股贝泰妮上涨6.41%，华熙生物上涨4.67%，新希望上涨3.69%，梅花生物、温氏股份等个 股跟涨。消费ETF嘉实(512600)上涨0.82%。 从估值层面来看，消费ETF嘉实跟踪的中证主要消费指数最新市盈率（PE-TTM）仅19.85倍，处于近3年11.11%的分位，即估值低于近3年88.89%以上的时 间，处于历史低位。 消费ETF嘉实(512600)跟踪中证主要消费指数，该指数汇集A股必选消费龙头，从白酒、猪肉、乳业、调味品到食品加工，全方位承包国民餐桌，其中白酒 为第一大行业，权重占比45%，接近一半。这是一只含"酒"度高、但又不仅仅是白酒的消费基。 | 股票代码 | 股票简称 | 涨跌幅 | 权庫 | | --- | --- | --- | --- | | 600887 | 伊利股份 | -0.39% | 10.02% | | 600519 | 贵州茅台 | 0.27% | 9.85% | | 000858 | 五粮液 | 0.80% | 9.85% | | 002714 | 牧原股份 | 2.92% | 7.82% | ...

Q&A 如何进行食品饮料行业的研究？ 食品饮料行业研究方法与框架 20250905 摘要 白酒市场受房地产下行影响，但消费刚性使其波动较小，春节期间自饮 送礼宴席需求支撑。2021 年后投资收藏属性减弱，风险释放。未来发 展驱动力在于价格提升能力，依赖社交及投资属性。 啤酒行业销量增长缓慢，但单价有望提升。竞争格局为多强并立，各头 部企业有利润池市场。即饮市场偏弱，即时零售崛起，企业需适应渠道 变化。 大众品行业"量"的逻辑优于"价"，渗透率提升是成长关键。提价依 赖产品结构升级和创新，直接提价较难。关注人群数量和消费频次，喝 类产品频次更高。 软饮料市场规模近 7,000 亿，品类繁多。包装水市场竞争格局良好，无 糖茶、能量饮料渗透率提升迅速，有望成为未来增长点。碳酸饮料市场 由可口可乐和百事可乐主导。 乳制品行业常温奶和常温酸奶饱和，鲜奶和奶酪有渗透空间。伊利与蒙 牛寡头垄断，利润率受原奶价格和竞争影响，目前更注重利润和分红。 零食行业受益于渠道变革，价格敏感度提升推动量贩店和电商发展。健 康化趋势显著，需抓住渠道和品类变化红利。单品销量增长慢于饮料。 调味品市场体量近 5,000 亿，酱油、榨菜等表现突 ...

丨证券研究报告丨 公司研究丨点评报告丨海天味业（603288.SH） [Table_Title] 海天味业 2025 年半年报点评：线上渠道引领增 长，降本增效改善盈利 报告要点 [Table_Summary] 公司2025年H1营业总收入152.3亿元（同比+7.59%）；归母净利润39.14亿元（同比+13.35%）， 扣非净利润 38.17 亿元（同比+14.77%）。公司 2025Q2 营业总收入 69.15 亿元（同比+7%）； 归母净利润 17.12 亿元（同比+11.57%），扣非净利润 16.69 亿元（同比+13.93%）。单看调味 品主业，上半年实现营收 145.62 亿元（同比+10.45%），2025Q2（同比+10.59%）。 分析师及联系人 [Table_Author] 董思远 徐爽 陈硕旸 SAC：S0490517070016 SAC：S0490520030001 SAC：S0490524020002 SFC：BQK487 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 海天味业（603288.SH） cjzqdt11111 [Ta ...

丨证券研究报告丨 公司研究丨点评报告丨恒顺醋业（600305.SH） [Table_Title] 恒顺醋业 2025 年半年报点评：需求仍承压，降 费增效提升盈利 报告要点 [Table_Summary] 恒顺醋业 2025 年 H1 营业总收入 11.25 亿元（+12.03%）；归母净利润 1.11 亿元（+18.07%）， 扣非净利润 1 亿元（+22.83%）。单看 2025Q2，营业总收入 4.99 亿元（-8.22%）；归母净利润 5409.03 万元（+40.61%），扣非净利润 5190.47 万元（+43.94%）。 分析师及联系人 [Table_Author] 董思远 徐爽 陈硕旸 SAC：S0490517070016 SAC：S0490520030001 SAC：S0490524020002 SFC：BQK487 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 恒顺醋业（600305.SH） cjzqdt11111 [Table_Title 恒顺醋业 2025 2] 年半年报点评：需求仍承压，降 费增效提升盈利 [Table_Summary ...

丨证券研究报告丨 公司研究丨点评报告丨中炬高新（600872.SH） [Table_Title] 中炬高新 2025 年半年报点评：收入降幅收窄， 静待改革成效释放 报告要点 [Table_Summary] 公司 2025 年 H1 营业总收入 21.32 亿元（同比-18.58%）；归母净利润 2.57 亿元（同比-26.56%）， 扣非净利润 2.63 亿元（同比-22.53%）。公司 2025Q2 营业总收入 10.3 亿元（同比-9.11%）； 归母净利润 7578.07 万元（同比-31.57%），扣非净利润 8278.31 万元（同比-19.46%）。 分析师及联系人 [Table_Author] 董思远 徐爽 陈硕旸 SAC：S0490517070016 SAC：S0490520030001 SAC：S0490524020002 SFC：BQK487 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 中炬高新（600872.SH） cjzqdt11111 [Table_Title 中炬高新 2025 2] 年半年报点评：收入降幅收窄， 静待改革成效释 ...

丨证券研究报告丨 公司研究丨点评报告丨千禾味业（603027.SH） [Table_Title] 千禾味业2025年半年报点评：舆情影响致收入、 利润承压 报告要点 [Table_Summary] 千禾味业 2025 年 H1 营业总收入 13.18 亿元（同比-17.07%）；归母净利润 1.73 亿元（同比- 30.81%），扣非净利润 1.71 亿元（同比-30.45%）。单看 2025Q2，公司营业总收入 4.87 亿元 （同比-29.86%）；归母净利润 1275.14 万元（同比-86.66%），扣非净利润 1259.29 万元（同 比-86.69%）。 分析师及联系人 [Table_Author] 董思远 徐爽 陈硕旸 SAC：S0490517070016 SAC：S0490520030001 SAC：S0490524020002 SFC：BQK487 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 千禾味业（603027.SH） cjzqdt11111 [Table_Title 千禾味业 2025 2] 年半年报点评：舆情影响致收 入、利润承压 ...

丨证券研究报告丨 [Table_Summary] 天味食品 2025 年 H1 营业总收入 13.91 亿元（同比-5.24%）；归母净利润 1.9 亿元（同比- 23.01%），扣非净利润 1.63 亿元（同比-22.58%）。公司 2025Q2 营业总收入 7.49 亿元（同比 +21.93%）；归母净利润 1.15 亿元（同比+62.72%），扣非净利润 1.12 亿元（同比+77.2%）。 分析师及联系人 [Table_Author] 董思远 徐爽 陈硕旸 SAC：S0490517070016 SAC：S0490520030001 SAC：S0490524020002 SFC：BQK487 公司研究丨点评报告丨天味食品（603317.SH） [Table_Title] 天味食品 2025 年半年报点评：外延支撑收入增 长，盈利能力显著改善 报告要点 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 天味食品（603317.SH） cjzqdt11111 [Table_Title 天味食品 2025 2] 年半年报点评：外延支撑收入增 长，盈利能力显著改善 ...

Group 1 - The "Chubang-Jiangnan University Condiment Joint Innovation Center" was officially established on September 4, marking a significant breakthrough in the integration of government, industry, academia, research, and application in the Zhongshan Torch High-tech Zone [1] - The center will focus on the development of healthy soy sauce processes, fermentation technology optimization, and industry standard formulation, aiming to achieve breakthroughs in key technologies and create a number of influential patents, enhancing the technological added value and market competitiveness of Chubang products [3][4] - The establishment of the center aligns with the strategic actions of the Zhongshan Torch High-tech Zone to enhance the core competitiveness of enterprises and promote high-quality regional economic development [3] Group 2 - The collaboration between Chubang and Jiangnan University aims to leverage top-tier research capabilities to accelerate breakthroughs in common key technologies in the food sector, enhancing the driving force and control of state-owned capital in this field [4] - The initiative is in line with Guangdong Province's strategy to promote the intelligent, green, and high-end development of the food industry, contributing to the establishment of a technology innovation hub in the Guangdong-Hong Kong-Macao Greater Bay Area [4] - Jiangnan University will fully utilize its research and talent advantages to support the construction of the joint innovation center and facilitate the transformation of scientific achievements in Zhongshan [4]

Core Viewpoint - The company reported continuous revenue and net profit growth in the first half of 2025, although there was a noticeable pressure in the single quarter performance [1] Financial Performance - In the first half of 2025, the company achieved revenue of 15.23 billion yuan, an increase of 7.59%, and a net profit attributable to shareholders of 3.91 billion yuan, up 13.35% [1] - The gross profit margin was 40.12%, an increase of 3.26 percentage points year-on-year [1] - For Q1 and Q2 of 2025, revenues were 8.31 billion yuan and 6.91 billion yuan, respectively, with year-on-year growth of 8.08% and 7.00% [1] - The net profit for Q1 and Q2 was 2.20 billion yuan and 1.71 billion yuan, reflecting year-on-year growth of 14.77% and 11.57% [1] - The gross profit margins for Q1 and Q2 were 40.04% and 40.21%, showing year-on-year increases of 2.73% and 3% [1] Product Performance - The core condiment categories, including soy sauce, oyster sauce, and seasoning sauces, continued to lead the market, with revenues of 7.93 billion yuan, 2.50 billion yuan, 1.63 billion yuan, and 2.51 billion yuan, respectively [1] - Year-on-year growth rates for these products were 9.14%, 7.74%, 12.01%, and 16.73%, with respective market shares of 54.44%, 17.18%, 11.17%, and 17.21% [1] Strategic Initiatives - The company is advancing its domestic channel penetration and enhancing coverage in town and village markets, building a fully digital ecosystem to improve sales efficiency and user experience [1] - The global strategy is being accelerated through the establishment of subsidiaries in the US and Indonesia, leveraging the A+H share listing platform [1] Capital Structure and Shareholder Returns - The company significantly increased its cash reserves by 35.65% year-on-year through H-share issuance, with capital reserves surging by 6224.15% [1] - A cash dividend of 2.60 yuan per 10 shares (including tax) is proposed for all shareholders, totaling approximately 1.52 billion yuan, which accounts for 39.1% of the net profit for the first half of the year [1] Investment Outlook - The company is positioned as a leading player with a clear first-mover advantage, likely to benefit from the industry's increasing concentration [1] - The management team has substantial experience, effectively navigating industry adjustments [1] - The ongoing A+H share listing is expected to support the implementation of the global strategy and accelerate the internationalization of the company's expertise [1]

Group 1 - The core viewpoint is that Fuling Zhacai is reassessing its key pickled vegetable business due to changing market dynamics and declining sales volume [1][2] - In the first half of 2025, Fuling Zhacai reported a revenue increase of 0.5% to 1.31 billion yuan, while net profit attributable to shareholders decreased by 1.7% to 440 million yuan [1] - The revenue breakdown shows that pickled vegetables, radishes, and pickled cabbage generated 1.12 billion yuan, 30 million yuan, and 120 million yuan respectively, with year-on-year growth rates of 0.5%, 38.35%, and a decline of 8.4% [1] Group 2 - The company acknowledges challenges in sales channels, attributing them to changing consumer preferences and a reduction in the target population due to urban population shifts [2] - To address these challenges, Fuling Zhacai is focusing on expanding product categories and market reach, enhancing new product development, and increasing channel expansion efforts [2] - The company is also adjusting its production plans by reducing conventional pickled vegetable production lines and adding multi-specification product lines, as well as new production lines for sauce products [2][3]