中新社北京9月22日电 (记者 刘亮)近日，连锁餐饮集团西贝和网络名人罗永浩的"口水战"，让预制 菜再次站在舆论风口浪尖。这场争议背后，既反映出消费者与餐饮经营者之间对预制菜的认知差异，也 折射消费者对餐厅使用预制菜信息不透明的担忧。 清华大学新华国际传播研究院院长助理苏婧也表示，与居家准备餐食不同，餐厅和食堂的后厨对消 费者而言是陌生的、不可控的、不透明的，也因此需要餐饮业和监管者充分理解消费者对餐饮业食品安 全的担忧情绪。 近年来，预制菜市场发展迅速。机构数据显示，预计到2030年中国预制菜市场规模有望达到6749亿 元人民币，十年复合年均增长率或超10%。但其发展也面临着"标准不完善""消费者信任度低"等"成长 的烦恼"。 早在去年，中国就已出台《关于加强预制菜食品安全监管 促进产业高质量发展的通知》(下称《通 知》)，首次在国家层面明确预制菜的定义和范围。据该《通知》，预制菜不添加防腐剂，经工业化预 加工制成，是加热或熟制后方可食用的预包装菜肴，不包括主食类食品。同时，国家市场监管总局相关 司局负责人表示，连锁餐饮企业广泛应用的中央厨房制作的菜肴，不纳入预制菜范围。 "由于缺少认定标准与强制性明示要求 ...

| 申万期货品种策略日报——股指 | 2025/9/23 星期二 | | | | --- | --- | --- | --- | | 申银万国期货研究所 贾婷婷（从业资格号：F3056905；交易咨询号：Z0016232 ）jiatt@sywgqh.com.cn;15921620356 | | | | | 申银万国期货研究所 柴玉荣 （从业资格号：F03111639；交易咨询号：Z0018586）chaiyr@sywgqh.com.cn;18802979529 | | | | | 一、股指期货市场 | | | | | IF当月 | IF下月 IF下季 | IF隔季 | | | 前两日收盘价 | 4510.00 4487.00 4464.40 | 4440.40 | | | 前日收盘价 | 4506.40 4493.40 4484.00 | 4459.00 | | | 沪深300 | 涨跌 -3.38 -1.60 13.60 | 12.40 | | | 涨跌幅 | -0.07 -0.04 0.30 | 0.28 | | | 成交量 | 33705.00 2045.00 65934.00 | 8437.00 | ...

Core Viewpoint - The company is considering entering the prepared food market, prompted by the lack of trusted brands in the current offerings available online [1] Group 1 - The prepared food market has been experiencing rapid growth in recent years, yet major food brands have not significantly participated in this sector [1] - The company plans to test a wide range of prepared food products available in the market to identify which ones are safe for consumers [1] - The inquiry into why established food giants are not producing prepared meals raises questions about consumer trust and market dynamics [1]

Group 1 - Luo Yonghao responded to debt issues, stating that his frozen equity totals approximately 17.58 million yuan [9] - The company "Taier Suancaiyu" and other prepared dishes have been launched at Sam's Club, with prices for dishes like Taier Suancaiyu at 119.9 yuan per serving [10] - Baiguoyuan plans to raise about 300 million yuan to repay debts, reporting a loss of over 300 million yuan in six months and closing more than 1,600 stores in a year [10] Group 2 - Guizhou Moutai denied rumors of lowering its annual performance targets, confirming that it has completed its target progress for the first half of the year as planned [15] - OpenAI has confirmed collaboration with domestic supply chains for related projects, indicating ongoing partnerships with companies like Luxshare Precision [16] - Nvidia announced an intention to invest up to 100 billion dollars in OpenAI to support data center and infrastructure development [3]

大多数在大城市里生活的打工人，每天似乎都会经历这样的日常。 傍晚的地铁口，人流被推着往前走，外卖骑手的保温箱和白领的电脑包擦肩而过，谁也没空打量谁，便利店的灯把即食区照得亮堂，货架上摆着关东煮、 烤肠和各种微波餐，俨然一个深夜食堂。 大多数人都想吃到小时候那碗锅气十足的热饭，可城市的生存手册教会大家精打细算，时间要留给工位、地铁、会议和加班，厨房成了奢侈的场所，一部 分学会精致生活的年轻人，开始囤预制菜了。 图源：@静静上班吃什么 人们的理由十分现实，也很充分，"买什么都感觉贵，钱要花在刀刃上。" "轻食外卖减脂，还健康，自己买来囤就好了。" 西贝和罗永浩的那场争论，已经告一段落，如今，关于"如何吃饭"的焦虑，却摆到了桌面上。 年轻人开始重新打量自己的饭碗，社区小饭桌、便利店即热餐、外卖平台的"健康套餐"，这些成了都市人续航的工具。真正的炉火味道，反而慢慢淡出了 生活。 他们追求平衡，不想浪费力气，属于想让生活看起来有点仪式感的那类。 在很多人的印象里，预制菜像是"科技与狠活"的代名词，跟转基因油站在同一个角落。国家标准虽然还没出，但对它的定义其实挺规矩：没有防腐剂和奇 怪添加物，常见做法是冷链锁鲜、巴氏杀菌 ...

Core Viewpoint - The Chinese government is accelerating the establishment of national standards for pre-prepared dishes to enhance transparency and protect consumer rights in the food service industry [1][3]. Group 1: Industry Development - The rapid development of the catering industry has led to increased industrialization, with many dishes being prepared in a semi-finished state to improve kitchen efficiency [2]. - The business model is evolving towards a combination of central kitchens and chain stores, but there remains a significant consumer perception that food service should involve fresh ingredients and made-to-order cooking [2]. - The pre-prepared dish market in China is projected to reach 674.9 billion RMB by 2030, with a compound annual growth rate exceeding 10% over the next decade [2]. Group 2: Consumer Concerns - Consumers express concerns about the transparency of pre-prepared dishes used in restaurants, emphasizing the need for clear labeling and information about the food they consume [3]. - The lack of established standards and mandatory disclosure requirements has led many operators to avoid informing consumers about the use of pre-prepared dishes [3]. - Regions such as Guangdong, Shanghai, and Hunan are actively exploring ways to promote transparency in pre-prepared dishes, including labeling them clearly as "pre-prepared dishes" [3].

Core Viewpoint - The recent public dispute between the restaurant chain Xibei and internet celebrity Luo Yonghao highlights the differing perceptions of prepared dishes between consumers and restaurant operators, as well as consumer concerns regarding the transparency of information about the use of prepared dishes in restaurants [1] Group 1: Regulatory Developments - The Chinese State Council's Food Safety Committee has organized multiple departments to expedite the formulation of national standards for prepared dishes and promote transparency in their use within the restaurant sector, thereby better protecting consumer rights [1] - A notification issued last year defined prepared dishes at the national level, stating that they do not contain preservatives and are pre-processed for heating or consumption, excluding staple foods [1] - The National Market Supervision Administration clarified that dishes made in central kitchens by chain restaurants do not fall under the category of prepared dishes [1] Group 2: Consumer Perception and Market Trends - The rapid industrialization of the restaurant sector has led to a significant increase in the use of semi-finished products, enhancing kitchen efficiency, while the business model has evolved to combine central kitchens with chain stores [2] - Despite the growth of the prepared dish market, which is projected to reach 674.9 billion RMB by 2030 with a compound annual growth rate exceeding 10%, challenges such as incomplete standards and low consumer trust persist [2] - The ongoing consumer debate emphasizes the need for transparency regarding the use of prepared dishes, with consumers expressing a preference for clear labeling of such products [2][3] Group 3: Consumer Rights and Industry Practices - The Consumer Rights Protection Law in China grants consumers the right to know the true nature of the products or services they purchase, which aligns with the push for clear labeling of prepared dishes in restaurants [3] - Some regions, including Guangdong, Shanghai, and Hunan, are actively exploring measures to promote transparency in the use of prepared dishes, such as requiring labels that indicate "prepared dishes" or "central kitchen production" [3] - Researchers suggest that if operators proactively disclose their definitions of prepared dishes, they could gain consumer trust and benefit from a market return based on integrity [3]

Core Viewpoint - The article emphasizes the urgent need for transparency in the pre-prepared food industry in China, highlighting the lack of internal motivation among companies and the necessity for mandatory national standards to protect consumer rights and choices [3][4][5]. Group 1: Current Situation and Standards - The State Council's Food Safety Office is accelerating the development of national standards for pre-prepared foods due to rising public concern, particularly following a public dispute involving a well-known figure and a restaurant chain [3][4]. - Currently, there are no national standards for pre-prepared foods in China, although various industry and local standards exist, which lack the enforcement power of national regulations [3][4][8]. - The definition of pre-prepared foods has been clarified by the National Market Supervision Administration, but there are no mandatory labeling requirements for restaurants regarding their use of such foods [4][8]. Group 2: Industry Dynamics and Consumer Perception - The restaurant industry in China is experiencing significant growth in chain operations, with the chain rate increasing from 12.8% in 2018 to 23% in 2024, driven by advancements in supply chain technologies [5]. - Consumers are increasingly confused about pre-prepared foods, often associating higher prices with freshly made dishes, leading to skepticism about the value of pre-prepared options [5][6]. - The blurred lines between "freshly made" and "pre-prepared" foods have created a need for clear national standards to restore consumer trust and address industry chaos [4][5]. Group 3: Challenges and Recommendations - There is a lack of proactive transparency among pre-prepared food companies, with few voluntarily disclosing their use of such products, as it is seen as a burden without clear consumer benefits [4][8]. - The complexity of the supply chain for pre-prepared foods, from sourcing to consumption, lacks unified management, complicating the establishment of standards [8]. - Experts suggest that third-party oversight and legislative measures are necessary to improve transparency and safety in the pre-prepared food sector, with a national standard expected to clarify the identity and usage of pre-prepared foods [8].

Investment Rating - The report maintains a "Recommended" investment rating for the food and beverage industry [8][52]. Core Viewpoints - The white liquor sector is expected to see differentiated performance in sales channels and regions as the National Day and Mid-Autumn Festival approach, with traditional channels under pressure while new retail channels show growth [6][52]. - The pre-prepared food sector is poised for growth with the introduction of national safety standards, benefiting leading brands and enhancing industry self-regulation [7][53]. - The new consumption sector is supported by initiatives like the "Gaode Street Ranking" which aims to boost offline dining, indicating a positive trend for restaurant traffic [7][53]. Summary by Sections Industry News - Beer enterprise registrations increased by 10.83% year-on-year from January to August [5][19]. - The retail sales of tobacco and alcohol reached 419.4 billion yuan in the first eight months [5][19]. - White liquor production decreased by 9% cumulatively [5][19]. Investment Insights - In the white liquor sector, sales are under pressure, particularly in group purchase channels, while instant retail and live streaming channels are growing rapidly [6][52]. - The report suggests focusing on leading companies with high dividends such as Kweichow Moutai, Wuliangye, and Luzhou Laojiao, as well as more elastic stocks like JiuGuiJiu and SheDeJiuYe [6][52]. - The pre-prepared food industry is expected to benefit from clearer safety standards, which will help leading brands expand their market share [7][53]. Key Company Feedback - The report highlights several companies with strong growth potential, including Xiamen Food, Youyou Food, and Dongpeng Beverage, as well as beverage brands like Nayuki Tea and others [8][56]. - The report provides earnings forecasts for key companies, indicating a positive outlook for their performance [8][56]. Industry Data Trends - The cumulative production of white liquor in 2024 was 4.145 million tons, a decrease of 7.72% year-on-year, while the industry revenue reached 796.4 billion yuan, an increase of 5.3% [32][33]. - The pre-prepared food market is projected to grow at a CAGR of 23%, reaching 749 billion yuan by 2026 [51][53].

Industry Overview - The pre-prepared food sector is experiencing significant growth, with a market size projected to reach 485 billion yuan in 2024, reflecting a year-on-year increase of 33.8%, and expected to reach 749 billion yuan by 2026 [1] - The sector is facing challenges such as low entry barriers, product homogeneity, and consumer awareness issues, which could impact future growth [1] Company Performance - **Delisi**: Achieved revenue of 1.616 billion yuan in the first half of the year, up 17.04% year-on-year, but net profit decreased by 27.24% to 10.303 million yuan. Pre-prepared food contributed 643 million yuan to revenue, a growth of 35.77%, accounting for 39.77% of total revenue [1] - **Huifa Food**: Reported revenue of 735 million yuan, down 17.75% year-on-year, with a net loss of 29.993 million yuan, indicating worsening financial performance despite efforts to diversify product offerings [2] - **Longda Meishi**: Generated revenue of 4.975 billion yuan, a decrease of 1.38% year-on-year, with net profit down 39.52% to 35.169 million yuan. The pre-prepared food segment saw a revenue drop of 19.5% [2] - **Guolian Aquatic Products**: Recorded revenue of 1.651 billion yuan, down 18.36% year-on-year, and a net loss of 54 million yuan, indicating a significant decline in the main pre-prepared seafood business [2] - **Weizhi Xiang**: Achieved revenue of 343 million yuan, up 4.70% year-on-year, but net profit fell by 24.46% to 31.947 million yuan, marking two consecutive years of profit decline [3] - **Qianwei Central Kitchen**: Reported revenue of 886 million yuan, a slight decrease of 0.72%, with net profit down 39.67% to 35.789 million yuan. The fastest-growing segment was frozen prepared dishes, but overall revenue from main and snack categories declined [3] Market Dynamics - The pre-prepared food market is expanding due to improvements in cold chain technology and increased coverage, but companies must find growth points and establish competitive barriers to succeed [1][3]