[Table_Page] 投资策略月报|食品饮料 证券研究报告 | [Table_Title] 食品饮料行业 | | --- | | 如何布局零食"春季躁动"？——月聚焦 | [Table_Summary] 核心观点： [Table_Grade] 行业评级 买入 前次评级 买入 报告日期 2026-01-20 | | | | 食品饮料行业:春节走访：河 | 2026-01-18 | | --- | --- | | 南&上海市场跟踪 | | | 食品饮料行业:华南市场跟 | 2026-01-11 | | 踪：旺季开启，龙头表现较 | | | 优 | | | 食品饮料行业:餐饮供应链专 | 2026-01-09 | | 题：供需重构，拐点渐显 | | 识别风险，发现价值 请务必阅读末页的免责声明 [Table_PicQuote] 相对市场表现 [分析师： Table_Author]符蓉 SAC 执证号：S0260523120002 SFC CE No. BWC944 021-38003552 furong@gf.com.cn 分析师： 胡慧 SAC 执证号：S0260524020002 huhui@gf.com. ...

第 800 期 2026-01-20 焦点事件 君乐宝乳业申请港股上市！市场份额行业第三，年收入近200亿元 1月19日，君乐宝乳业集团向港交所递交上市申请材料。招股书显示，以2024年中国市场零售额计，君乐宝乳业集团位列综合性乳制品公司第三，市场份额 为4.3%。2024年，君乐宝乳业实现营收198.32亿元。 1月19日，浙江证监局披露行政处罚决定书，对金永荣罚没8324万元，并对其采取3年证券市场禁入措施。雪球"大V"金永荣公开推荐"启迪环境""路维光 电""光华科技"等32只股票，再大量反向卖出交易，交易金额合计6.3亿元。 A股首份2025年年报出炉！盈利大增163％，拟分红8427万元 1月19日晚间，沃华医药披露A股上市公司首份2025年年报。 2025年，沃华医药实现营收8.17亿元，同比增长6.96%；归母净利润9571.53万元，同比增长162.93%。同时， 沃华医药董事会审议通过利润分配预案，拟以 577,209,600股为基数，向全体股东每10股派发现金红利1.46元（含税），分红总额合计8427万元。 宏观要闻 事关经济！两场重要发布会今日举行 今日上午10时，国新办将举行新闻发布 ...

Group 1 - The core viewpoint of the article highlights the recognition of the brand "Shouyi Ren" as the top seller in the Chinese bulk liquor market for three consecutive years, awarded by iResearch Consulting [1][9] - The Chinese liquor industry is experiencing an "intensive growth" pattern characterized by a decline in volume but an increase in profit, with a total production of 4.145 million kiloliters in 2024, down 1.8% year-on-year, while sales revenue reached 796.384 billion yuan, up 5.3% [6] - The profit of the liquor industry in 2024 was 250.865 billion yuan, reflecting a year-on-year growth of 7.76%, indicating a positive trend in profitability despite declining production volumes [6] Group 2 - E-commerce platforms are becoming a significant driver for growth in the liquor industry, with online sales exceeding 60 million bottles and total sales surpassing 30 billion yuan in the first five months of 2025 [7] - 42.9% of liquor producers reported an increase in the proportion of online business in the first half of 2025 compared to the previous year, showcasing the alignment of e-commerce with modern consumer behavior [7] - The trend towards bulk liquor, particularly 5L packaging, is gaining traction as it meets the demand for high capacity and affordability, reflecting a shift in consumer behavior towards self-satisfaction rather than external display [8][9] Group 3 - The brand "Shouyi Ren" has been deeply involved in the sauce-flavored liquor sector for over 30 years, focusing on traditional brewing techniques and offering competitively priced products that cater to diverse consumer needs [9] - The 5L bulk liquor from "Shouyi Ren" is noted for its purity and versatility, making it suitable for personal consumption as well as for herbal and health drinks [9] - The brand's strong market performance is attributed to its large capacity, high cost-effectiveness, and quality, which have helped maintain its leading position in the online bulk liquor market [9]

Company News - DingTong Technology expects a net profit attributable to shareholders of 242 million yuan for 2025, representing a growth of 119.59% compared to the previous year [3] - ShuiJingFang anticipates a net profit attributable to shareholders of 392 million yuan for 2025, a decrease of 71% year-on-year [3] - Trina Solar forecasts a net loss attributable to shareholders ranging from 6.5 billion to 7.5 billion yuan for 2025 [3] - Chengdu Huamei expects a net profit attributable to shareholders between 213 million and 255 million yuan for 2025, an increase of 74.35% to 108.73% year-on-year [3] - China Great Wall anticipates a net loss attributable to shareholders between 35 million and 70 million yuan for 2025, significantly reducing losses compared to the previous year [4] - Hunan YN expects a net profit attributable to shareholders between 1.15 billion and 1.4 billion yuan for 2025, an increase of 93.75% to 135.87% year-on-year [4] - Easy Point Tianxia announced the completion of its stock suspension review and will resume trading on January 20, with no significant changes in its business operations [4][5] - Hualing Cable announced the termination of the acquisition of Hunan Xingxin Aerospace New Materials Co., Ltd. due to failure to reach agreement on specific terms [5] - Yingfang Micro plans to acquire 100% of Shanghai Xiaokeli Information Technology Co., Ltd. and FIRST TECHNOLOGY CHINA LIMITED through a combination of share issuance and cash payment, with the transaction expected to constitute a major asset restructuring [5] - Jianghua Micro announced a share transfer agreement where its controlling shareholder will transfer 92.38 million shares at a price of 20 yuan per share, totaling 1.848 billion yuan, changing the controlling shareholder to Shanghai Fuxun Technology [6] - *ST Aowei issued a risk warning regarding potential delisting due to its market capitalization being below 500 million yuan for 12 consecutive trading days [6] Industry News - The Civil Aviation Administration of China predicts that the national civil aviation will operate 780,000 flights during the 2026 Spring Festival, with a daily average of 19,400 flights, a year-on-year increase of 5% [2] - The predicted passenger transport volume for the 2026 Spring Festival is expected to reach a historical high of 95 million, with a daily average of 2.38 million passengers, representing a year-on-year growth of approximately 5.3% [2] - The National Bureau of Statistics reported that China's GDP reached 140 trillion yuan in 2025, growing by 5.0% year-on-year, with an average urban unemployment rate of 5.2% [1] - The International Monetary Fund (IMF) has raised its forecast for China's economic growth in 2025 by 0.2 percentage points to 5% [1]

// 热点头条 // 1. OpenAI 2025年经常性收入（ARR）首次突破200亿美元，算力规模达1.9GW，三年内实现收入增长10 倍、算力提升9.5倍的超高速发展。OpenAI计划在2026年下半年发布首款硬件设备，可能为无屏幕可穿 戴设备。 2. 美光科技：以18亿美元现金收购力积电苗栗铜锣P5晶圆厂，交易预计于2026年第二季完成。此次收 购将加速美光在全球DRAM产能布局调整，强化其在HBM与高阶内存市场的供应能力，对全球内存产 业格局产生重要影响。美光科技公司表示，内存芯片短缺在过去一个季度愈演愈烈，并重申供应紧张状 况将持续到今年之后，原因是人工智能(AI)基础设施建设对高端半导体的需求激增。 3. 特斯拉：Neuralink首例受试者称无需手术即可升级脑机接口设备，类似于特斯拉OTA更新模式。该技 术进展标志着脑机接口设备向更便捷、低侵入性方向发展，为其商业化应用奠定基础。此外，特斯拉宣 布重启Dojo 3超级计算机项目，因AI5芯片设计进展顺利，单芯片性能比肩英伟达Hopper，双芯片接近 Blackwell水平；同时计划推出廉价版Model 3/Y，起售价或杀入20万元内，瞄准中国1 ...

证券代码：600779 证券简称：水井坊 公告编号：2026-001 四川水井坊股份有限公司 2025年度业绩预告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 重要内容提示： ● 本期业绩预告适用于实现盈利，且净利润与上年同期相比下降50%以上的情形。 ● 四川水井坊股份有限公司（以下简称"公司"）预计2025年度公司实现归属于母公司所有者的净利润为 39,185万元，与上年同期相比，预计减少94,918万元，同比下降71%；预计2025年度公司实现营业收入 303,776万元，预计减少217,900万元，同比下降42%。 ● 预计2025年度公司实现归属于母公司所有者的扣除非经常性损益的净利润为38,072万元。 一、本期业绩预告情况 （一）业绩预告期间 2025年1月1日至2025年12月31日。 （二）业绩预告情况 1、经财务部门初步测算，预计2025年度公司实现归属于母公司所有者的净利润为39,185万元，与上年 同期相比，预计减少94,918万元，同比下降71%；预计2025年度公司实现营业收入303,776万元 ...

盘后，大家都情绪化了，有些事情确实很憋屈，好好的上涨被人踩急刹车了，没有坐稳扶好的人，直接连续跌停板摔的鼻青脸肿了。 这个位置，大多数人看不懂市场了，那就简单了。市场就是用颠簸让大家晕头转向，之后把你震荡出去了，他们就可以好好拉升。 说白了，市场可以上涨，但是上涨之前还有人没有进货，所以砸盘回来了让他们进货。最近的宽基ETF成交量很异常，不会是散户买的，那么会是谁呢？ 这些筹码都是A股的优质筹码，在3000点以下的时候，大家都割肉，汇金含泪都吃下了。目前市场涨了，大家又喊自己没有优质筹码，只能去炒中小盘题材 概念股，那可不行！ 调整结束？ | 12.011 | 91 555 7 | | રી કરેય પર | | | --- | --- | --- | --- | --- | | 9.869.46 | (+46.93) | Eh She is | | | | (+43.13) | 15.432.98 | (-76,45) | 56.942.19 | | | 86'2EN'SL | (55.87) | 65,235,76 | ટી ટિપડ પર | | | (-55,87) | 65.235.76 (+46 ...

Key Points - Yidian Tianxia's stock will resume trading on January 20, 2026, after a suspension for price volatility investigation, confirming no significant changes in its business operations [1] - Trina Solar expects a net loss of 6.5 billion to 7.5 billion yuan for 2025 due to supply-demand imbalance and rising raw material costs, despite a slight recovery in product prices [1] - Tianjian Technology anticipates a net loss of 176 million to 250 million yuan for 2025, which may trigger delisting risk warnings [2] - Jiangxi Copper plans to register and issue debt financing tools not exceeding 25 billion yuan, including medium-term notes and short-term financing bonds [2] - Shuijingfang forecasts a 71% decline in net profit for 2025, attributed to a deep adjustment phase in the liquor industry and high inventory levels [3] - Hualing Cable terminated its acquisition of Hunan Xingxin Aerospace due to failure to reach agreement on specific terms, with no adverse impact on its operations [3] - Jianghuai Microelectronics will change its controlling shareholder to Shanghai State-owned Assets Supervision and Administration Commission, with stock resuming trading on January 20, 2026 [4][5] - Dingtong Technology expects a 120% increase in net profit for 2025, while other companies like Mingtai Aluminum and Anfu Technology also project significant profit growth [6] - Several companies, including Shanghai Petrochemical and Sanfangxiang, anticipate substantial net losses for 2025, indicating ongoing challenges in their respective sectors [10]

周五的抽奖结果，还在统计，明天下午再公布哈，大家稍等一下。 今天有几个热点话题，但都不是很方便聊，所以先岔开去聊点别的。 我本周下半周准备出门转转，发了个狠，中午去商场买了一台大疆的无人机，算是支持科技+消费行业了，店员小妹说内置的内存很小，拍4K素 材的话，很快就不够用了，所以推荐我再买块存储卡，我想可以啊，SD卡也没几个钱，直接干一块512G的。 结账的时候就傻眼了，特么一块512G的SD卡要649块，接近半瓶飞天茅台了...要知道，入门级的无人机本身也就小几千块钱，心疼坏了。 店员说，最近一段时间，这么一块存储卡，价格翻倍了...诶，难怪存储芯片板块股价炒成这样。 不过，这种"零部件"价格的上涨，对下游就很不友好了，对需要存储芯片的整车厂、手机厂，都是坏消息，而对于既产车，又卖手机的 小米 来 说，就是double kill了—— 不过反过来说，涨成这样，如果价格无法继续向消费端传导，那么上游的趋势可能也就到头了。 今天小米又跌了1.7%，最新收盘价是36.48，下图（黄色是小米，红色是wind全A），去年4月7日，对等关税当日的收盘价，是36.45，快跌破 了，再往下跌几个点，25年以来的涨幅就全部清 ...

Group 1 - The core point of the article is that Jinhui Liquor announced the approval of its profit distribution plan for the first three quarters of 2025 during the first temporary shareholders' meeting of 2026 [2]