新春佳节，铺前三婆糟粕醋作为海南2026年一季度"非遗好物"代表，展现出非遗在当代消费市场的新活 力。2026年，"壮大糟粕醋特色产业"被写入海南省政府工作报告，海南文昌、定安、陵水等地正协同发 展，共同推动海南糟粕醋从地方走向全国、走向世界。 在海南省文昌市铺前老街，新春的喜庆与人气交织。斑驳的骑楼间，一家装修一新的店铺门前，食客正 排起长队。 "店里环境有特色，糟粕醋的味道也很有特色。"来自石家庄的年轻食客吴雪跟家人自驾游到海南，过了 海口就直奔店里。 店内墙上，一幅幅老照片静静诉说着糟粕醋近一个世纪的传承故事。三婆糟粕醋的故事始于1936年：创 始人李春花以番薯酿酒，用剩余酒糟加祖传酒曲制成糟粕醋。第2代传人黄花美1979年起在铺前小学旁 设摊，被很多学生喜爱。因丈夫在家排行第三，她被邻里亲切称为"三婆"，品牌自此萌芽。转折发生在 第3代传人叶美娥手中。她于2008年在海口开设行业首家糟粕醋门店，将地道口味带到省城。 真正让三婆糟粕醋从传统小作坊迈向现代产业的，是第四代传人李肖云。大学毕业后，她邀投资人林冠 加盟，合力推动品牌化发展。2021年建成首批标准化工厂，首创袋装浓缩糟粕醋。2024年，产品首次 ...

Group 1 - The core focus of the company in 2025 is to empower chefs and restaurants while redefining the role of seasonings in the food service value chain [1] - The company has launched a comprehensive brand upgrade in May, collaborating with culinary masters and industry leaders to enhance operational efficiency for restaurants and support chefs in unleashing creativity [1] - The "One Flavor, One City" initiative showcases local delicacies and chef stories in five cities, emphasizing the importance of regional flavors [6] Group 2 - The company organized the "Youth Fresh Chef Competition" in September, which lasted nearly 100 days and attracted hundreds of young chefs across five major competition areas [1] - A short film titled "One Flavor, One Reunion" highlights the dedication of chefs during the New Year's Eve, portraying their commitment to preserving hometown flavors [8] - The company has initiated an online activity inviting the culinary community to share their hometown flavors through a dedicated app, promoting the visibility and transmission of diverse regional cuisines [12]

新华社北京2月12日电 题：老字号闯新路 新华社记者董素玉、叶前、赵旭 腊月的街巷，年味渐浓。酱菜醇香、点心酥甜，历经岁月沉淀的老字号，在寻常烟火里焕新。 2月10日，丙午马年春节即将来临之际，习近平总书记在北京考察时，走进一家稻香村糕点店，了解糕 点品类和特色，观看糕点现场制作，希望店主把这一北京老字号传承发展好。 老字号藏于市井，载着文脉，用时光镌刻着属于国人共同的味道、牵挂与记忆。从北京稻香村的焕新体 验店到古都西安的陕菜文化体验博物馆，从津门故里的非遗工坊到扬帆出海的东方匠品，在古法技艺与 时代新潮之间，老字号穿越百年，依然滚烫。 每一块金字招牌都藏着一份坚守 岁月不语，匠心留痕。 走进北京隆福寺街区的稻香村零号店，展示柜里的各色点心，一下子就把许多人儿时的滋味、团圆的记 忆勾了出来。 创立于1895年，跨越三个世纪，以"一块糕点"守着北京城的烟火气。北京稻香村糕点师谢道云说，枣花 酥要手工翻扭出十几个花瓣，牛舌饼要用"酥皮八擀法"，一碰就掉渣。"捏制"环节依赖师傅的手工经 验，靠的是口传心授。 "我们借着零号店项目，恢复了一批已消失多年的传统产品，例如老北京人比较喜欢的眉毛肉饺、眉宫 饼等，还在糕点 ...

Performance Overview - The company, Lianhua Holdings, has announced a profit forecast for 2025, expecting a net profit attributable to shareholders of between 290 million to 330 million yuan, representing a year-on-year growth of 43.15% to 62.90% [1] Contract Developments - Lianhua Zixing Intelligent Computing Technology Co., a subsidiary of the company, signed a procurement contract with EⅫ for accelerated cards worth 200 million yuan on December 16, 2025. Future attention is needed on the delivery, acceptance, and contribution of this contract to the company's computing service revenue [2] Industry Policies and Environment - The Ministry of Industry and Information Technology has issued a notice to develop a national computing interconnection node construction plan, which may provide external growth opportunities for the company's computing leasing business [3] - The company's main business in condiments is experiencing steady growth under a brand revival strategy, with online sales revenue increasing by 154.47% year-on-year in the first three quarters of 2025. However, attention is required on the sustainability of seasonal sales data following the peak season around the Spring Festival in early February 2026 [3]

Core Insights - Hong Kong's IPO fundraising reached a record high of $37.4 billion in 2025, surpassing the total of the previous three years combined, marking a return to the top of the global IPO market after four years [1][3] - The surge in IPOs is attributed to explosive growth in listed companies, with 612 applications received and 119 successful listings, a 68% increase year-on-year [3][5] - Key sectors driving this growth include pharmaceuticals and technology, with significant participation from companies already listed on A-shares [3][5] IPO Performance - The top 10 IPOs in Hong Kong raised a total of approximately 142.5 billion HKD, accounting for about 50% of the total fundraising for the year [6][7] - Notable IPOs include CATL, which raised over 41 billion HKD, and Zijin Mining, which raised approximately 28.7 billion HKD [6][7] - The average first-day gain for new listings was significant, with the highest being 363.75% for Nobikang [10][12] Market Trends - The proportion of IPOs with a market capitalization exceeding 10 billion HKD reached 56%, significantly higher than the 30% average over the past five years [5] - The IPO market showed signs of confidence, with a record low first-day failure rate of 28.83% [5] - A total of 19 companies achieved dual listings (A+H), the highest in recent years, primarily in information technology and new consumption sectors [16][18] Industry Highlights - The emergence of "first stocks" in various sectors, such as high-end tea and AI, reflects the market's recognition of leading companies in niche areas [19][20] - The IPO market remains active into 2026, with 21 companies already listed by February, raising a total of 791.17 million HKD, indicating a 1220% increase [29][30] - Predictions for 2026 suggest the potential for 150 to 200 new listings, with fundraising expected to exceed 300 billion HKD, reinforcing Hong Kong's position as a leading global IPO market [29][30]

新京报讯（记者刘欢）2月12日，北京市东城区隆福寺街区节日氛围浓厚，六必居、稻香村、丰年灌肠等老北京人耳熟能详的品牌摊位前挤满了顾客，部分 门店排起长龙，产品供不应求。六必居高级技师陈杰向新京报记者介绍，总书记2月10日在六必居摊位前驻足了解酱菜和品牌历史，近两日，隆福寺街区摊 位的销量翻了4倍，麻仁金丝、甜酱瓜等经典产品尤为抢手。 "从其他展位向前走的时候，总书记一眼就看到了六必居。"陈杰说，当时，他给总书记介绍了六必居产品，"我主要介绍了六必居非遗传承技艺制作的甜酱 瓜，以及传承创新产品麻仁金丝。总书记还问我，六必居今年有多少年了？我回答，六必居今年590岁了，再过10年就600岁了。" 陈杰表示，总书记还关注到六必居二八酱奶茶，他向总书记介绍，为了迎合时代发展以及年轻人的口味变化，公司创新研发，将老北京麻酱风味融入奶茶， 独特的风味吸引了很多年轻人来消费和打卡。 北京东城区隆福寺街区市集上，六必居摊位前有顾客在买酱菜。 新京报记者 刘欢 摄 作为老字号的非遗技艺传承人，陈杰感慨："我很激动，70岁了还能赶上这么光荣的时刻，这也说明总书记始终关心老字号的发展。这是对老字号的巨大鼓 舞。守正与创新，正是我们 ...

Investment Rating - The report maintains a "Recommended" rating for the company [3] Core Views - The company has completed internal adjustments and successfully executed an acquisition, positioning itself for a strong performance in 2026 [9] - The acquisition of a 55% stake in Sichuan Weizimei Foods aims to expand the company's product offerings in the compound seasoning sector, particularly in Sichuan-style products [9] - The company is expected to recover and grow its business in 2026, following a year of adjustments in 2025, with anticipated revenue growth driven by seasonal demand and improved management strategies [9] Financial Forecasts - Projected revenue for 2024 is 5,519 million yuan, with a growth rate of 7.4%. For 2025, revenue is expected to decline to 4,546 million yuan, a decrease of 17.6%, before rebounding to 4,957 million yuan in 2026, reflecting a growth of 9.1% [2][10] - The net profit attributable to shareholders is forecasted to be 893 million yuan in 2024, dropping to 567 million yuan in 2025 (-47.4%), and then increasing to 660 million yuan in 2026 (+16.4%) [2][10] - Earnings per share (EPS) is expected to be 1.15 yuan in 2024, decreasing to 0.73 yuan in 2025, and recovering to 0.85 yuan in 2026 [2][10] - The price-to-earnings (P/E) ratio is projected to be 16 in 2024, increasing to 26 in 2025, and then decreasing to 22 in 2026 and 19 in 2027 [2][10]

Investment Rating - The report maintains a "Recommended" rating for the company [3] Core Viewpoints - The company has completed internal adjustments and successfully executed an acquisition, positioning itself for a strong performance in 2026 [9] - The acquisition of a 55% stake in Sichuan Weizimei Foods aims to expand the company's product offerings in the compound seasoning sector, enhancing its market presence [9] - The company is expected to recover from operational challenges in 2025, with a focus on improving management efficiency and product diversification [9] Financial Forecast and Key Metrics - Projected revenue for 2024 is 5,519 million yuan, with a growth rate of 7.4%. For 2025, revenue is expected to decline to 4,546 million yuan, a decrease of 17.6%, followed by a recovery to 4,957 million yuan in 2026, reflecting a growth of 9.1% [2][10] - Net profit attributable to shareholders is forecasted to be 893 million yuan in 2024, dropping to 567 million yuan in 2025 (-36.6%), and then increasing to 660 million yuan in 2026 (+16.4%) [2][10] - Earnings per share (EPS) is expected to be 1.15 yuan in 2024, decreasing to 0.73 yuan in 2025, and recovering to 0.85 yuan in 2026 [2][10] - The price-to-earnings (P/E) ratio is projected to be 16 in 2024, increasing to 26 in 2025, and then decreasing to 22 in 2026 [2][10]

Investment Rating - The industry investment rating is "Buy" indicating an expected performance that will exceed the market by more than 10% over the next 12 months [27]. Core Insights - The report highlights that the Chinese liquor market, particularly in Chengdu, is showing signs of recovery as the Spring Festival approaches, with increased sales velocity for major brands like Guojiao and Wuliangye [6][8]. - The seasoning market is also experiencing improved sales, with brands like Qianhe and Haitian gaining market share, and promotional activities increasing in supermarkets [11][12]. - The report suggests a positive outlook for the liquor sector in 2026, with recommendations for key stocks including Luzhou Laojiao, Shanxi Fenjiu, and Kweichow Moutai among others [2][4]. Summary by Sections Chengdu Liquor Market Tracking - Sales velocity for Wuliangye and Guojiao has accelerated as the Spring Festival approaches, with Wuliangye's current batch price at 790 CNY per bottle and Guojiao at 850 CNY per bottle [7][9]. - Feedback from distributors indicates that inventory levels are healthy, with a focus on maintaining good stock levels to avoid excess [8][9]. Chengdu Seasoning Market Tracking - Soy sauce sales have improved year-on-year, with Qianhe and Haitian leading in market share, and promotional activities in supermarkets have increased significantly [11][12]. - The overall health of inventory levels in the seasoning market is noted, with major brands maintaining shorter inventory ages, indicating strong sales performance [11][15]. Investment Recommendations - For the liquor sector, the report recommends stocks such as Luzhou Laojiao, Shanxi Fenjiu, and Kweichow Moutai, anticipating a new growth cycle starting in 2026 [2][4]. - In the consumer goods sector, companies like Anjuke Foods and Yanjing Beer are highlighted as having potential for outperforming the market due to new products and channels [2][4].

食品饮料行业 超配（维持） 食品饮料行业双周报（2026/01/30-2026/02/12） 预制菜国标公开征求意见，关注春节需求表现 2026 年 02 月 13 日 投资要点： ◼ 风险提示：原材料价格波动、产品提价不及预期、渠道开展不及预期、 行业竞争加剧、食品安全风险、宏观经济波动风险等。 本报告的风险等级为中风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 行 业 周 报 分析师：黄冬祎 SAC 执业证书编号： S0340523020001 电话：0769-22119410 邮箱： huangdongyi@dgzq.com.cn ◼ 行情回顾：1月30日-2月12日，SW食品饮料行业指数整体下跌0.95%，板 块涨幅位居申万一级行业第二十四位，跑输同期沪深300指数约0.23个 百分点。细分板块中，多数细分板块跑输沪深300指数。其中，调味品板 块上涨0.64%，板块涨幅最大；其他酒类板块跌幅最大，为6.40%。 ◼ 行业周观点：预制菜国标公开征求意见，关注春节需求表现。白酒板块： 受房地产政策、飞天动销、市场风格切换等因 ...