Core Viewpoint - The report from China Galaxy Securities highlights the investment opportunities arising from the new trends in the snack retail industry, indicating a shift from rapid expansion to high-quality growth, with leading companies driving revenue and profitability improvements [1] Downstream - The traditional snack retail sector has significant room for expansion, with an expected increase to nearly 50,000 stores by 2025, creating a total potential of about 74,000 stores, which represents an increase of over 20,000 stores [2] - Profitability is expected to continue improving, with adjusted net profit margins for Mingming Hen Mang rising from 2.3% to 3.9% and Wancheng's net margin increasing from -1.6% to 4.4% from 2023 to the first three quarters of 2025, driven by reduced store opening subsidies and category structure adjustments [2] - New store formats are supporting expansion and improving single-store performance, with both Mingming Hen Mang and Wancheng planning to open discount supermarket formats by 2025, currently accounting for less than 20% of new store formats, with potential for further growth [2] - The development of private label products is boosting revenue and gross margins, with the share of private label income for the two leading companies expected to be in the single digits, indicating significant room for growth compared to competitors like Don Quijote, where private label shares are around 20-30% [2] Upstream - Downstream stores are expanding their product categories to include dairy, baked goods, and frozen foods, which is expected to benefit related upstream supply chain companies, particularly mid-tier brands with significant revenue elasticity [3] - The focus on developing private label products by downstream stores may lead to market share differentiation among supply chain companies, as the relationship between upstream and downstream evolves from simple trade to deep product collaboration, favoring manufacturers with strong product development and customization capabilities [3]

Consumption - Dongpeng Beverage has launched its H-share offering with a price not exceeding 248 HKD per share, expecting to end on January 29, and reported revenue exceeding 16.8 billion CNY for the first three quarters [2] - Xibei's founder, Jia Guolong, announced a return to core business focus, abandoning personal branding efforts, as the company faces losses exceeding 600 million CNY [2] - Yanghe Distillery anticipates a net profit decline of over 60% for 2025, primarily due to deep adjustments in the liquor industry and reduced market demand [2] - KFC has slightly raised prices on some delivery items by an average of 0.8 CNY starting January 26, while in-store prices remain unchanged [2] Technology - Jieyue Star has appointed Yin Qi as chairman, responsible for overall strategic direction and technology, and has reportedly completed a multi-billion B+ round of financing [2] - Samsung has raised NAND flash supply prices by 100% in Q1, indicating severe supply-demand imbalance in the semiconductor market [3] - AI chip supplier Aixin Yuanzhi has passed the Hong Kong Stock Exchange hearing [3] Health - Yiling Pharmaceutical expects a net profit of 1.2 to 1.3 billion CNY for 2025, driven by stable market performance in its cardiovascular and respiratory product lines [3] Mobility - Wuxi Xian Dao Intelligent Equipment has passed the Hong Kong Stock Exchange main board listing hearing, with CITIC Securities and JPMorgan as joint sponsors [4] - GAC Group has received nearly 2,000 orders for its GOVY AirCab by the end of 2025 [4] - Ideal Auto plans to close approximately 100 underperforming retail stores in a channel transformation effort [7] Health (Continued) - The first version of the commercial health insurance innovative drug directory took effect on January 1, 2026, aimed at providing more access to innovative drugs through commercial insurance [11] - Nine departments have issued a document encouraging innovative drugs to enter retail pharmacies, aiming to enhance the quality of the pharmaceutical retail industry [13]

Market Overview - Global markets showed mixed performance, with the Hang Seng Index closing at 26,766, up 0.06% for the day and up 4.43% year-to-date [1] - The US markets saw gains, with the Dow Jones up 0.64% and the S&P 500 up 0.50%, while the Nasdaq increased by 0.43% [1] - The Chinese stock market exhibited mixed results, with A-shares declining, particularly in defense, automotive, and social services sectors, while non-ferrous metals, oil, and coal sectors showed gains [3] Sector Performance - In the Hong Kong market, the Hang Seng Financial Index rose by 0.74%, while the Hang Seng Real Estate Index increased by 1.84%, indicating strong performance in these sectors [2] - Conversely, the Hang Seng Industrial Index fell by 0.44%, reflecting weaker performance in industrial stocks [2] Company Analysis - China Resources Beverage (2460 HK) is projected to see a 35.5% decline in net profit for FY2025, estimated at RMB 1.06 billion, primarily due to increased marketing expenditures and slower capacity expansion [4] - Despite the anticipated profit drop, there are positive indicators such as a new experienced chairman likely to drive significant reforms, and potential increases in dividend payouts [4] - The report maintains a "Buy" rating for China Resources Beverage, with a target price adjusted down by 8% to HKD 11.87, reflecting the earnings downgrade [4]

Group 1: Hotel Industry Insights - The hotel industry is entering a new phase characterized by non-linear growth among leading players, driven by expectations of cyclical turning points and capital consolidation, with a long-term focus on scale and efficiency [17][18] - The valuation of hotels follows a three-dimensional framework: macro supply-demand mismatches determine valuation turning points, structural upgrades amplify volatility, and individual company cycles provide alpha opportunities [17] - The current cycle's bottom is marked by increased differentiation within the industry, with leading hotels expected to see RevPAR (Revenue per Available Room) recover as supply stabilizes and demand rebounds, particularly in leisure travel [17][18] Group 2: Social Services Sector - The social services sector has seen a 1.52% increase during the reporting period, outperforming the broader market by 2.71 percentage points, with notable stocks including Tongdao Liepin and Keri International [19][20] - The sector is actively responding to the silver economy, with policies promoting the development of elderly care services and companies like New Oriental launching local interest courses for retirees [21] - The Spring Festival is expected to drive significant travel demand, with predictions of approximately 95 million air passengers during the holiday period, indicating a strong recovery in travel-related services [21] Group 3: Food and Beverage Sector - The food and beverage sector has experienced a decline of 1.37%, with A-share food and beverage indices falling by 1.57%, while H-share indices showed a slight increase [26] - The sector is characterized by differentiated performance, with alcoholic beverages, particularly baijiu, showing stable prices and a focus on demand recovery during the Spring Festival [27] - Recommendations include leading companies in various categories, such as Moutai for baijiu, Yili for dairy, and Nongfu Spring for beverages, highlighting their strong growth potential and market positioning [27][28] Group 4: Pharmaceutical Industry - The pharmaceutical industry is witnessing a robust outflow of innovative drugs and a recovery in the CXO sector, driven by favorable clinical data and supportive policies [33][34] - The domestic supply-demand landscape remains stable, with a focus on innovative drug forms and technologies such as AI in healthcare and brain-machine interfaces, which are expected to see significant growth [35] - Investment recommendations include companies with strong competitive advantages in innovation and cost control, such as Mindray Medical and WuXi AppTec [35][36]

信心与底气十足 按最高发售价发行 1月26日，东鹏饮料启动H股招股，按最高发售价发行（即不高于每股248港元），并引入了一个堪称近 年来最豪华的港股IPO基石阵容——以全球主权财富资金牵头，15家基石投资者累计认购约6.4亿美元。 以最高发售价定价，彰显了东鹏饮料对自身实力的绝对自信，而基石投资者"众星云集"、积极认购，更 代表了专业资本对东鹏饮料价值的认可。东鹏饮料港股上市，是其借助港股舞台迈向国际资本市场的重 要一步，也将打出民族饮料品牌全球化发展的亮眼名片。 东鹏饮料本次港股上市，发行价将按照最高发售价不高于248港元/股进行。最高定价的实现，本质上是 市场对公司价值达成共识的结果。 这首先源于公司管理层对其未来发展前景、盈利能力和行业地位抱有极强的信心。他们相信公司展现出 的成长性和稀缺性，能够支撑这一较高的估值水平。根据弗若斯特沙利文报告，按销量计，东鹏饮料在 中国功能饮料市场自2021年起连续4年排名第一。在A股上市近五年来，东鹏饮料以连续稳健增长闻 名，是高ROE的典范，A股市值已经超1300亿元人民币。 可以说，多年来东鹏饮料的业绩表现就没有让投资者失望过。招股书显示，2022年~2024年， ...

来源：21世纪经济报道 继2025年IPO筹资额重回全球榜首后，进入2026年，港股IPO市场持续火爆。 2026年1月以来（截至1月26日），港交所上市新股数量已经达到了12家，总募资金额为347.47亿元，同比增长了480.87%。其中，国产GPU龙 头壁仞科技以及大模型企业智谱AI、MiniMax相继登陆港股市场，进一步强化了港股在前沿科技领域的融资地位。 1月28日、2月3日，港交所还将迎来两家消费企业，分别是量贩零食企业鸣鸣很忙和功能饮料企业东鹏饮料。前者在1月23日已经完成招股，认 购倍数超过1500倍，首发募资金额33.36亿港元；后者1月26日启动招股，预计募资101.41亿港元。 这也就意味着，截至目前，港股IPO市场已经锁定的融资规模达到482.24亿港元。而当前，还有越来越多的企业对港股市场展现出浓厚的兴 趣，形成了庞大的后备上市梯队。 近日，香港交易所行政总裁陈翊庭在瑞士达沃斯世界经济论坛期间接受采访时表示，香港IPO排队企业数量已超过350家，其中包括保密递交 上市申请的公司。 | 名称 | 上市日期 | 募资总额(亿港元) | | 所属Wind行业 | | --- | --- | ...

Core Viewpoint - Dongpeng Beverage Group Co., Ltd. plans to invest in a new production base in Chengdu, with a total investment of 110 million RMB, aimed at enhancing its operational efficiency and market competitiveness in the southwestern and northwestern regions of China [2][10]. Group 1: Investment Overview - The investment project is named "Dongpeng Beverage Chengdu Production Base Project" [3][14]. - The total investment amount for the project is 110 million RMB [2][7]. - The company will establish a wholly-owned subsidiary, Chengdu Dongpeng Vitamin Beverage Co., Ltd., with a registered capital of 10 million RMB to manage the project [3][14]. Group 2: Approval and Compliance - The investment proposal was approved during the 20th meeting of the third board of directors on January 22, 2026, and does not require shareholder approval [4][5]. - The investment does not constitute a related party transaction or a major asset restructuring [5]. Group 3: Project Details - The project will involve the construction of a modern high-end beverage production line, including a production workshop, intelligent finished product warehouse, employee dormitory, and other supporting facilities [7]. - The project will utilize 280 acres of industrial land in the Chengdu Wenjiang High-tech Industrial Park [7]. - Construction is expected to commence within six months of signing the land use rights transfer contract and to be completed within 40 months, with production expected to start eight months after completion [8]. Group 4: Impact on the Company - The establishment of the new production base is a strategic move to optimize the company's production capacity and enhance market coverage and supply chain efficiency in the targeted regions [10]. - The project is anticipated to positively impact the overall operational efficiency and market competitiveness of the company [10].

Major Events - Dongpeng Beverage (09980) will conduct its IPO from January 26 to January 29, with an expected listing date of February 3 [1] - Zijin Mining (02899) plans to acquire 100% of Allied Gold Corporation for approximately CAD 5.5 billion [2] - AsiaInfo Technologies (01675) collaborates with ABB Robotics to establish an "Embodied Intelligence Laboratory" [3] - Dongyang Sunshine Pharmaceutical (06887) signs a strategic cooperation agreement with Shenzhen Jingtai to form a joint venture for an AI-driven drug research platform [4] - Howie Group (00501) intends to invest up to USD 50 million to subscribe for shares in Aixin Yuanzhi's initial public offering [5] - Singularity Guofeng (01280) enters a GPU distribution cooperation agreement with Muxi Co., aiming to penetrate the domestic AI computing power market [6] - Guorui Life (00108) signs a strategic cooperation memorandum with Mingzhi Medical to promote deep integration and industrial upgrading of "medical + technology + scenarios" [7] Financial Reports - Harbin Electric (01133) anticipates a net profit attributable to shareholders of approximately CNY 2.65 billion for 2025 [8] - Joyson Electronics (00699) expects an annual net profit of about CNY 1.35 billion, representing a year-on-year growth of approximately 40.56% [9] - Guotai Junan International (01788) projects an annual net profit between HKD 1.28 billion and HKD 1.38 billion, a significant increase of 265% to 293% year-on-year [10] - Tianyue Advanced (02631) forecasts annual revenue of CNY 1.45 billion to CNY 1.5 billion [11] - China Power (02380) estimates a consolidated total electricity sales volume of approximately 126 million megawatt-hours for 2025 [12] - Chalco International (02068) expects a total new contract amount of CNY 46.836 billion for 2025, a year-on-year increase of 51.94% [13]

资本与产业的动作紧密相连。就在登陆港股市场前夕，1月23日，东鹏饮料与成都市温江区签署协议， 将投资不低于10亿元建设成都生产基地。该项目的落地，是东鹏饮料完善全国化供应链布局的关键举 措，企业将依托该项目进一步辐射西南广阔市场，提升区域供应链响应效率，为消费者提供更优质、更 便捷的健康饮品。 1月26日，国内"功能饮料第一股"东鹏饮料宣布正式启动H股全球招股，计划于2月3日在港交所主板上 市。此举完成后，公司将实现"A+H"两地上市，为国内首家登陆A+H两市的功能饮料企业。这一关键的 资本布局步骤，恰紧随其近期一项重要的实体投资决定：三天前（1月23日），东鹏饮料刚刚完成了成 都生产基地项目的签约。 根据招股信息，本次H股发行价格最高不超过每股248港元，公司已成功引入包括卡塔尔投资局、淡马 锡在内的多家基石投资者。从2025年4月递交招股书至最终上市，预计流程历时仅约10个月，推进迅 速。分析人士认为，赴港上市有利于公司拓宽融资渠道，提升国际化水平，是全球化战略的关键一步。 记者 吴茜 王柳 编辑 史童 据公司最新业绩预告，2025年预计营业收入与净利润均将实现超过30%的显著增长。按销量计，东鹏饮 料已 ...

Investment Rating - The industry is rated positively, with expectations of overall returns exceeding the CSI 300 Index by more than 5% in the next six months [24]. Core Views - The food and beverage sector is currently at a phase of bottoming out, with a focus on the upcoming Spring Festival inventory buildup as a catalyst for growth [1][5]. - The liquor sector is experiencing a slow recovery in demand, with a focus on stabilizing expectations before discussing recovery, particularly for leading brands like Kweichow Moutai and Shanxi Fenjiu [6][19]. - The snack sub-sector has shown strong performance, with significant growth in companies like Mingming Hen Mang, which plans to go public in Hong Kong [20][22]. Summary by Sections Sub-industry Ratings - No ratings for liquor, beverages, and food sectors [3]. - Recommended companies include: - Kweichow Moutai: Buy - Shanxi Fenjiu: Buy - Guming: Buy - Mixue Group: Increase Holding - Ximai Food: Buy - Dongpeng Beverage: Buy - Wancheng Group: Buy - Pop Mart: Buy [3]. Industry Performance - The food and beverage sector saw a decline of 1.57%, ranking 28th among 31 sub-industries [5][14]. - The top-performing sub-sectors were snacks, pre-processed foods, and cooked foods, with increases of 6.44%, 5.02%, and 4.25% respectively [5][14]. - The top five stocks in the sector included: - Haoxiangni (+19.59%) - Weizhi Xiang (+17.23%) - Wancheng Group (+14.32%) - Quanyuan (+13.57%) - CITIC Nia (+9.69%) [5][14]. Liquor Sector Insights - The liquor index fell by 2.80%, with a focus on the upcoming Spring Festival for potential recovery [6][19]. - Current prices for Moutai products are: - Feitian Moutai (loose bottle): 1560 RMB, up 10 RMB from last week - Pu'er Moutai: 810 RMB, unchanged from last week [6][19]. Consumer Goods Sector Insights - Several companies are planning IPOs in Hong Kong, with Mingming Hen Mang aiming to raise between 32.37 billion to 33.36 billion HKD [20][22]. - The company reported a GMV of 661 billion RMB for the first three quarters of 2025, a 74.5% year-on-year increase [20][22]. - Dongpeng Beverage plans to issue 40.89 million H shares, with an expected listing date of February 3, 2026 [20][22].