格隆汇1月5日丨贝因美（维权）(002570.SZ)公布，截至2025年12月31日，公司通过股份回购专用证券 账户以集中竞价交易方式累计回购公司股份1773.03万股，占公司总股本的1.6416%，最高成交价为7.21 元/股，最低成交价为6.01元/股，成交总金额为111,728,763.92元(不含交易费用)。 ...

（记者 曾健辉） 每经头条（nbdtoutiao）——秒光！1499元飞天茅台上线即空，i茅台App冲上苹果购物榜第一，10万用 户已下单！经销商同价做回馈，1000箱很快卖完 每经AI快讯，贝因美1月5日晚间发布公告称，截至2025年12月31日，公司通过股份回购专用证券账户 以集中竞价交易方式累计回购公司股份约1773万股，占公司总股本的1.6416%，最高成交价为7.21元/ 股，最低成交价为6.01元/股，成交总金额约为1.12亿元。 ...

Core Viewpoint - The company plans to repurchase A-shares through centralized bidding, with a total amount ranging from 150 million to 300 million yuan, aimed at employee stock ownership plans or equity incentives [1] Group 1: Repurchase Details - The repurchase price will not exceed 9.06 yuan per share, with an expected total of 33.11 million shares to be repurchased, accounting for 3.07% of the total share capital [1] - As of the end of 2025, the company has cumulatively repurchased 17.73 million shares, representing 1.6416% of the total share capital, with a total transaction amount of 112 million yuan [1] - The highest transaction price recorded was 7.21 yuan per share, while the lowest was 6.01 yuan per share [1] Group 2: Future Plans - The company will continue to implement the repurchase plan and will disclose information in a timely manner [1]

Group 1 - The company, Yili Co., announced the successful issuance of the 17th, 18th, and 19th phases of ultra-short-term financing bonds, with total issuance amounts of 5 billion, 5.5 billion, and 3.5 billion yuan respectively [1] - The issuance interest rate for all three phases is set at 1.42%, with a maturity period of 54 days, starting from November 6, 2025 [1] - The total amount of principal and interest to be paid on December 30, 2025, will be 5.011 billion, 5.512 billion, and 3.507 billion yuan respectively, with payments processed by the interbank market clearing house [1]

Core Viewpoint - The A-share market is experiencing an upward trend, driven by sectors such as pharmaceuticals, media, and non-bank financials, with significant gains in online consumption ETFs and leading companies in the consumer goods sector [1] Group 1: Market Performance - As of 13:50, the online consumption ETF (159728.SZ) rose by 4.35%, with BlueFocus up 19.97%, Tianxiashow up 10%, and 37 Interactive Entertainment up 10% [1] - The consumer goods sector is seeing robust growth due to category innovation and new channel expansion strategies [1] Group 2: Policy Support - The government is promoting consumption recovery through the "Special Action Plan to Boost Consumption," focusing on increasing residents' income, promoting bulk consumption, and fostering new consumption types [1] - The "14th Five-Year Plan" emphasizes consumption as a key driver of economic growth, indicating ongoing policy support [1] Group 3: Industry Trends - Traditional consumer categories are approaching a fundamental recovery point, supported by both policy catalysts and improving macroeconomic indicators [1] - The online retail sector is evolving towards precision and digitalization, with market vitality expected to continue being released under the influence of both incremental and stock policies [1] Group 4: Investment Opportunities - The online consumption ETF (159728.SZ) is positioned to benefit from the steady growth of online retail and the continuous release of policy dividends, presenting good allocation value [1]

Core Viewpoint - The story of Feihe and its chairman, Leng Youbin, illustrates the transformation of China's dairy industry from a low point to a leading position globally, emphasizing the importance of strategic focus on infant formula and quality assurance [1][25]. Group 1: Company Background and Development - Feihe was founded in 1962 as Zhao Guang Dairy Factory and has evolved significantly over the years, particularly under the leadership of Leng Youbin, who took over in 2001 with over 10 million yuan in debt [29]. - The company initially struggled as a small local factory but has grown to become a benchmark for domestic infant formula, focusing on high-quality production and strategic investments [1][25]. Group 2: Strategic Decisions and Innovations - In 2006, Feihe invested 450 million yuan to build two large-scale farms, marking a shift towards a full supply chain model, which was contrary to the prevailing reliance on smallholder dairy farming [12][33]. - The company faced significant challenges during the 2008 melamine scandal but managed to increase its market share as consumers sought trustworthy brands, highlighting the importance of quality assurance in the dairy sector [14][35]. Group 3: Market Position and Future Outlook - Feihe has positioned itself as a leader in the infant formula market by focusing on the unique nutritional needs of Chinese babies, establishing a breast milk database, and developing formulas tailored to local dietary habits [15][36]. - The company aims to lead in deep processing of dairy products, recognizing the potential for growth in functional and diverse dairy offerings, which remain underdeveloped in the Chinese market [16][37]. Group 4: Global Expansion and Responsibility - Feihe's international strategy includes establishing a factory in Kingston, Canada, to enhance its global presence, emphasizing the importance of technology and standards in its expansion efforts [17][40]. - The company is committed to addressing nutritional deficiencies in Southeast Asia, reflecting a broader corporate responsibility to contribute positively to global health outcomes [20][40].

2. 政策利好叠加公司主动调整，其他品类有望改善。 3. 原奶价格低位运行，26Q1仍有望受益成本红利。 山姆渠道低温新品实现热销，预计贡献收入增量。2025年乳制品行业需求整体承压，而公司在前三季度已实现逆势增长，其中低温品类是增长的核心引 擎。低温品类，1）公司品牌，活润积极推新、唯品与会员店渠道紧密合作，实现较好增长。近期公司在山姆渠道再次取得亮眼表现，25Q3上市的新品朝 日唯品"焦糖烧生牛乳布丁"月销快速提升，当前位列山姆"下午茶热榜TOP"。2）渠道品牌，公司亦进入盒马供应链体系，为多款盒马自有品牌代工，与 新渠道的合作有望推动收入增长。 政策利好叠加公司主动调整，其他品类有望改善。1）常温品类，2025年三季度受到行业环境、消费习惯以及渠道结构等多方面影响，增长有所承压。公 司主动对常温占比较高的子公司进行调整，其中夏进在区域结构、渠道结构、产品结构多维度实现提升，预计公司常温业务有所改善。2）奶粉品类，政 策层面，2025年12月国家医保局在全国医疗保障工作会议提出，力争2026年全国基本实现政策范围内分娩个人"无自付"；伴随政策持续加码生育支持，有 望促进奶粉消费。 原奶价格低位运行，26Q ...

Group 1: Talent Demand in Key Industries - The Shaanxi Provincial Human Resources and Social Security Department has released a directory of talent demand for key industrial, agricultural, cultural tourism, and health care sectors, identifying 696 critical job types [1] - The industrial talent demand is primarily concentrated in semiconductor and integrated circuits, new power industries, and modern chemical industries, with Xi'an and Xianyang having the highest demand for critical positions [1] - Over 60% of the urgently needed positions require a bachelor's degree, with a significant demand for innovation and research roles [1] Group 2: Agricultural Sector Talent Needs - In agriculture, the demand for talent is mainly in the dairy, apple, and poultry meat industries, with notable shortages in specialized sectors like kiwi and traditional Chinese medicine [1] - The current workforce is predominantly in marketing roles, but there is a clear shift towards a demand for research, technical, and skilled positions, with research roles being the most sought after [1] Group 3: Cultural Tourism Sector Talent Needs - The cultural tourism sector shows a high demand for talent in cultural creativity, entertainment performances, and tourism scenic routes, while rural tourism and sports event economies lag behind [2] - Marketing roles are particularly in demand, followed by innovation and research positions, with a lower demand for skilled roles [2] Group 4: Health Care and Elderly Care Sector Talent Needs - The health care sector has the highest demand for talent, with a shortage of 47,500 positions, while the elderly care sector has a shortfall of 23,100 positions, the highest among all sectors [2] - The health care sector's critical roles include highly needed positions such as elderly capability assessors and health care providers, with a range of roles classified by urgency from high to low [2]

Investment Rating - The investment rating for the essential consumer goods sector in China is "Outperform" for multiple companies including Kweichow Moutai, Wuliangye, and Yili [1]. Core Insights - In December 2025, four out of eight monitored essential consumer sectors showed positive growth, while four experienced negative growth. The growing sectors included condiments, frozen foods, soft drinks, and catering services, while the declining sectors comprised mid-to-high-end baijiu, mass-market baijiu, dairy products, and beer. The overall performance indicates a slight improvement in growth rates for most sectors, driven by policy support and changing consumer preferences [27]. Revenue Forecasts - The revenue for mid-to-high-end baijiu in December was 28.4 billion yuan, down 17.0% year-on-year, with a cumulative revenue of 377.6 billion yuan for the year, reflecting a 7.1% decline [28]. - The mass-market baijiu sector generated 25.2 billion yuan in December, a 3.1% year-on-year decline, with a total revenue of 206.1 billion yuan for the year, down 7.9% [29]. - The beer industry reported revenue of 8.2 billion yuan in December, a decrease of 5.7% year-on-year, with a cumulative revenue of 170.5 billion yuan for the year, down 0.3% [30]. - The condiments sector achieved revenue of 41.1 billion yuan in December, up 1.4% year-on-year, with a total of 453.9 billion yuan for the year, reflecting a 1.3% increase [31]. - Dairy products generated 31 billion yuan in December, down 3.4% year-on-year, with a cumulative revenue of 450 billion yuan for the year, down 2.3% [32]. - The frozen food sector's revenue reached 9.57 billion yuan in December, up 4.0% year-on-year, with a total of 106 billion yuan for the year, a 2.3% increase [33]. - The soft drink industry reported revenue of 40.2 billion yuan in December, up 3.6% year-on-year, with a cumulative revenue of 698.5 billion yuan for the year, a 4.1% increase [35]. - The catering sector recorded revenue of 13.9 billion yuan in December, up 0.7% year-on-year, with a total of 174.6 billion yuan for the year, down 0.6% [36]. Subsector Performance - The mid-to-high-end baijiu market showed a pattern of initial growth followed by a downturn, with significant price corrections observed at the end of December [28]. - The mass-market baijiu segment remained resilient, supported by government policies and year-end holiday spending [29]. - Beer consumption faced challenges due to cold weather and seasonal factors, impacting outdoor consumption scenarios [30]. - The condiments sector benefited from promotional activities and a slight recovery in catering demand, although profitability remains under pressure [31]. - Dairy products continued to experience weak demand, with increased discounting observed in retail channels [32]. - The frozen food sector maintained robust consumer demand, with stable growth in customized orders [33]. - The soft drink sector saw a narrowing of discount margins, indicating reduced competition during the off-season [35]. - The catering industry showed signs of stabilization, although mid-to-high-end dining demand remains sluggish [36].

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The food and beverage index experienced a decline of 2.3% from December 29 to January 2, ranking 27th among primary sub-industries, underperforming the CSI 300 by approximately 1.7 percentage points. The sub-industries of soft drinks (+0.5%), other foods (+0.0%), and other alcoholic beverages (-0.2%) performed relatively better [3][11] - The report expresses a cautious optimism for 2026, despite the poor performance of the food and beverage sector in 2025, which was impacted by factors such as the alcohol ban, declining prices of Moutai, and a weak consumption environment. The recent market adjustments by leading liquor companies indicate that the industry is nearing a bottom [4][11] - The report suggests focusing on three stock selection strategies for consumer goods in 2026: identifying cyclical recovery opportunities, seeking growth stocks driven by channel innovation and product upgrades, and looking for companies in turnaround situations due to internal business cycles [4][12] Summary by Sections Weekly Viewpoints - The food and beverage sector is in a phase of adjustment, with a focus on the liquor market's recovery and the strategic layout of consumer goods [11] Market Performance - The food and beverage index underperformed the market, with a 9.7% decline in 2025, ranking last among all sectors. The report highlights the need for strategic adjustments in response to market conditions [11][13] Upstream Data - Some upstream raw material prices are declining, with the price of whole milk powder down 18.7% year-on-year as of December 16, 2025, and fresh milk prices down 2.6% year-on-year as of December 26, 2025 [17][19] Liquor Industry Data - The report notes that leading liquor companies are implementing market-oriented reforms to adapt to changing demand, with Moutai's recent sales strategy indicating a shift towards a more sustainable business model [4][41] Recommended Portfolio - The recommended stocks include Moutai, Shanxi Fenjiu, Ximai Food, Weilong, and Ganyuan Food, with each company showing potential for growth or stability in the upcoming year [5][12]