| 袁闯 | 分析师 | | --- | --- | | 执业证书编号:S0530520010002 | | | yuanchuang@hnchasing.com | | | 陈郁双 | 分析师 | | 执业证书编号:S0530524110001 | | | chenyushuang@hnchasing.com | | 晨会聚焦 晨会纪要（R3） 晨会纪要 2026 年 01 月 23 日 | 市场数据 | | | | --- | --- | --- | | 指数名称 | 收盘 | 涨跌% | | 上证指数 | 4122.58 | 0.14 | | 深证成指 | 14327.05 | 0.50 | | 创业板指 | 3328.65 | 1.01 | | 科创 50 | 1541.64 | 0.41 | | 北证 50 | 1530.24 | 0.69 | | 沪深 300 | 4723.71 | 0.01 | 上证指数-沪深 300 走势图 -6% 4% 14% 24% 34% 2025-01 2025-04 2025-07 2025-10 上证指数 沪深300 一、财信研究观点 二、重要财经资讯 【宏观经济 ...

2026年是"十五五"开局之年，系统性提振消费、切实扩大内需、推动消费高质量发展成为经济社会发展 的重要课题。近日，新京报2025"消费质量提升年度案例"正式揭晓，经过一个多月的征集与严格评选， 29家政府部门、企业团体脱颖而出，涵盖年度社会责任、品质匠心、创新实践三大类别。 创新驱动：产品健康升级，契合责任新需求 百年民族品牌李锦记，凭借深度责任实践成功入选2025"消费质量提升年度案例"社会责任案例，其以责 任担当赋能消费提质的实践路径，为行业高质量发展提供了可借鉴的范本。 创新是责任担当的演进，直接呼应消费升级的时代趋势。面对消费者对健康生活的追求，李锦记以技术 革新履行产品责任。其推出的薄盐系列产品，通过专利技术实现"减盐不减鲜"，成功打造出健康调味标 杆。该系列不仅屡获行业创新奖项，更在细分市场保持领先，真正让健康消费从理念落地为日常。这种 以需求为导向的创新，既升级了消费体验，也推动了行业向健康化、高品质方向发展。 李锦记案例入选新京报"消费质量提升年度案例"社会责任案例 李锦记中国企业事务总监赖洁珊表示："当下，消费者寻求的不仅是产品功能，更是品牌背后的价值认 同。企业的责任担当，已成为构建核心 ...

机构：西部证券 研究员：于佳琦/田地 长期来看，我们认为底料、复调行业依然还有成长空间，并非存量市场。根据弗若斯特沙利文数据，我 国复合调味品市场规模约1265 亿，其中鸡精鸡粉、火锅调味料、菜谱式调料、其他复调规模分别为 307、269、216、473亿元。2020 年前后行业快速增长，现在进入稳步增长阶段。随着餐饮连锁化率提 升、城镇化率提升、家庭厨房烹饪越来越非专业化等趋势，复合调味品依然是渗透率提升的量增赛道。 关联方业务有望回暖，餐饮 B 端与海外市场成为核心增长点。关联方收入有望跟随海底捞企稳改善， 国内C 端业务销量稳步增长，公司在大 B、小 B两端同步发力，并自 2025 年起组建小 B 团队，依托供 应链与研发优势，完善产品体系，直接对接餐饮客户。海外业务增长迅速，本土化推进成效显著，东南 亚、美国、韩国为主要市场，未来几年海外业务有望保持稳定增长。 股息托底，向上具备弹性，首次覆盖给予"买入"评级。公司现金分红积极，股息回报具备吸引力。我们 预测2025-2027 年公司营收分别为65.7 亿元/69.6亿元/73.8 亿元，同比+0.5%/+5.9%/+6.0%，同期归母净 利润分别为8 ...

本次交易前，一名自然人持有吉香居31.24%股份并单独控制吉香居。本次交易后，方源GP4公司间接控 制吉香居92%股份并间接单独控制吉香居。 近日，据重庆市市场监管局官网公示的经营者集中简易案件显示，FountainVestCapital Partners GP4 Ltd. （"方源GP4公司"）宣布通过其间接100%控制的川香四溢（上海）食品有限公司（"川香四溢"）与吉香 居食品股份有限公司（"吉香居"）以及吉香居所有现有股东签订《股权购买协议》，约定由川香四溢收 购吉香居现有股东持有的吉香居合计92%股份。吉香居主要从事酱腌菜和复合调味料的研发、生产和销 售业务。 ...

Group 1 - The core viewpoint of the articles highlights the performance of the consumer sector in China, particularly the growth of brand value for Kweichow Moutai, which increased by 2.2% to reach $59.63 billion, ranking first in the global liquor industry [1] - The China Securities Index shows that the major consumer index has risen by 0.20%, with significant gains from stocks such as Hainan Rubber (+2.15%), Yanjing Beer (+1.64%), and Dongpeng Beverage (+1.53%) [1] - The market is currently favoring sectors like snacks and dairy, which are experiencing clear growth and higher elasticity, driven by policy support and improving monthly data, while the liquor sector is in a "bottoming out" phase [1] Group 2 - The major consumer index includes leading A-share consumer stocks across various categories, with liquor being the largest sector, accounting for over 38% of the index [2] - The top ten weighted stocks in the major consumer index, which include Yili, Kweichow Moutai, and Wuliangye, collectively account for 68.63% of the index [1] - Investors can also access the consumer recovery trend through the Consumption ETF linked fund (009180) [3]

Industry Environment - The emergence of diverse business formats such as fresh food restaurants, smart products, and health management is noted, with the pet economy driving demand for quality and refined consumption [3][4] - The Chinese baking market has expanded to 365,000 stores, with a focus on health-conscious options and social experiences, while pet baking is growing rapidly with a year-on-year growth rate of 51.43% [5] - A report by Hema outlines five consumer trends for 2025, including the rise of night economy, increased demand for health products, and the popularity of new Chinese-style products among young consumers [6] - The ready-to-drink coffee market is being reshaped by local brands like Dongpeng and Nongfu Spring, with a sales growth of 50.49% and a shift towards affordable pricing and innovative flavors [7] Key Brand Dynamics - The acquisition of yogurt brand Suan Nai Guan by Mo Yogurt reflects a trend of consolidation in the ready-to-drink tea and coffee industry, as brands adapt to a competitive landscape [25] - Yili is engaging in significant capital operations, including repaying 36 billion yuan in short-term debt and establishing five investment subsidiaries, amidst a challenging dairy market [26][27] - Huabin Group is revitalizing its "War Horse" brand to compete with Dongpeng, launching new sugar-free products to align with health trends [28] - The retail market in Shanghai is witnessing a shift from traditional hypermarkets to new hybrid formats that integrate supermarkets, markets, and restaurants, emphasizing supply chain integration [29] Emerging Trends - The market for sugar-free beverages is expected to double in the next five years, driven by rising health awareness, with a projected market size of 22.74 billion yuan by 2025 [21] - The new trend of "lazy health" is emerging, with new Chinese health drinks gaining popularity, indicating a shift towards convenient health solutions [11][12] - The rise of community bakeries is characterized by precise targeting and emotional connections with customers, enhancing loyalty and operational efficiency [10]

Group 1 - The core message emphasizes the importance of integrating party leadership into the governance of state-owned enterprises (SOEs) to enhance their core functions and market competitiveness, ensuring high-quality development through strong party building [1] - The Jiangsu Hengshun Food Technology Co., Ltd. is highlighted for its party branch construction, with a focus on enriching branch activities to boost cohesion and the entrepreneurial spirit of party members [1] - The need for the group party committee to implement a "Five Responsibilities Jointly Managed" work system is stressed, aiming to leverage party building in market expansion, product innovation, and mechanism optimization for better development [1] Group 2 - The Zhenjiang Guokong Group is noted for its commitment to deep integration of party building and business, creating a "Heart Towards Integration" brand that empowers development [2] - The group is recognized for extending service chains through initiatives like the "Sai Zhenzhu" volunteer explanation team, which enhances property management services [2] - The importance of strengthening ideological and political guidance within SOEs is emphasized, with a call to deeply understand and uphold the significance of the "Two Establishments" and "Two Safeguards" [2]

北京商报讯（记者 郭秀娟 王悦彤） 1月21日，北京商报记者获悉，保宁醋近日推出两款药食同源新 品"醋泡黑豆"与"醋泡姜"，据介绍，"醋泡黑豆"以绿芯黑豆搭配特级保宁醋，低温慢焙七成熟，口感软 糯不硬，配料只有黑豆、醋、蜂蜜，富含维生素A和花青素；"醋泡姜"以保宁醋泡莱芜姜，配料表只有 姜、醋、少许糖盐，姜脆嫩无渣，搭配醋汁温胃散寒，化解湿寒不燥热，实现零食级暖养自由。 ...

Group 1: Consumer Confidence and Market Trends - UBS believes that consumer confidence is improving, with a notable shift in preferences among consumers [3] - The firm conducted discussions with approximately 35 consumer companies and observed a recovery in consumer sentiment despite a short-term downturn in the real estate market [3] - UBS indicates that the valuation of the consumer sector remains attractive, being about one standard deviation below the 10-year average, and has not yet reflected the recovery in consumption [3] Group 2: Sector-Specific Insights - The snack industry is expected to benefit from category expansion and channel restructuring, presenting structural growth opportunities [6] - In the liquor sector, private consumption and potential easing of drinking bans for government institutions may support mid-range liquor demand, with companies accelerating channel transformation for sustainable long-term earnings growth [5] - The ready-to-drink beverage (FMB) segment is projected to capture market share from bottled beverages, driven by rapid store expansion and more efficient business models [5] Group 3: Dairy and Other Beverages - Despite resilience in fresh milk, liquid milk sales are expected to remain weak in 2025, with a slight recovery anticipated in 2026 due to improved raw milk supply and demand, alongside marketing and innovation efforts [5] - The beer segment is experiencing short-term consumption fatigue, but product diversification and home consumption channel expansion continue to drive premiumization [5] Group 4: Other Consumer Goods - The pet food sector shows confidence in domestic market growth despite varying overseas growth prospects [7] - The home appliance industry is expected to see higher growth overseas compared to the domestic market, with strategies to cope with rising material costs differing among companies [9] - In the jewelry sector, brands with differentiated product designs and craftsmanship may pursue consolidation following VAT reforms [10]

Group 1 - The company Sichuan Tianwei Food Group Co., Ltd. has signed a four-party supervision agreement for the storage of raised funds [3][4] - The company raised a total of RMB 1,629,999,987.00 from a non-public stock issuance, with a net amount of RMB 1,621,689,990.31 after deducting issuance costs [1][2] - The funds will be used for projects including the expansion of the food and seasoning production base and the digital upgrade of the marketing service network, with a total investment of RMB 202,363,000 allocated to its wholly-owned subsidiary Tianwei Heyuan Food Co., Ltd. [2][3] Group 2 - A special account for the management of raised funds has been established, which is solely for the storage and use of funds related to the projects [4][5] - The agreement stipulates that any withdrawal exceeding RMB 50 million or 20% of the net raised funds must be reported to the sponsor [6][7] - The agreement will remain effective until all funds in the special account are fully utilized and the account is legally closed [7][8]