百事仍维持去年 12 月公布的年度核心每股收益增长 5% 至 7% 的目标。 受通胀影响，再加上去年美国政府停摆导致食品券福利发放延迟等问题，美国消费者纷纷缩减开支、精 打细算。与宝洁、可口可乐等其他消费类企业一样，百事也将经营重心转向低价入门款产品和小规格包 装。 来源：环球市场播报 百事公司周二公布四季度营收超市场预期，得益于其汽水产品在国际市场的强劲需求，以及低糖饮料在 美国市场的良好表现。 尽管百事正调整美国市场的产品组合以迎合消费者口味变化，但印度、巴西等国市场对本土化风味零食 和汽水的需求增长，仍推动了公司销售额上涨。 去年 12 月，百事宣布对北美供应链展开评估。此前数周，激进投资机构埃利奥特管理公司增持了百事 股份，并敦促这家食品业务表现不佳的企业进行重大改革。 百事国际饮料业务销量同比增长 3%，饮料板块整体销量同比增长 1%。 百事北美饮料业务正进行焕新升级，推出了益生元汽水及各类低糖、零糖饮料产品。 公司核心的北美食品业务销量持续下滑，四季度同比下降 1%，而此前三季度的销量降幅为 4%。 据伦敦证券交易所集团汇总的数据，截至 12 月 27 日的四季度，这家佳得乐生产商实现营收 293 ...

格隆汇2月3日｜百事公司第四季度净营收293.4亿美元，预估289.5亿美元；核心每股收益2.26美元，预 估2.23美元。 ...

Core Insights - The article emphasizes that despite the prevailing narrative of economic hardship, certain industries are thriving and generating substantial profits, particularly in Japan and China [3][4]. - It identifies eight key sectors that are capitalizing on changing consumer behaviors and preferences, presenting significant business opportunities [5]. Group 1: Key Industries - **Second-Hand Economy**: The second-hand luxury market in Japan, exemplified by companies like Daikokuya, has seen explosive revenue growth. In China, platforms like Hongbulin and Panghu are experiencing similar success, indicating a shift in consumer spending from new luxury goods to second-hand items [6][7][8]. - **Pet Economy**: With declining birth rates, young consumers are increasingly spending on pet products. Companies like Inaba in Japan and Guobao in China are witnessing strong stock performance due to rising demand for pet food and healthcare products [12][13][15]. - **Adult Care**: The adult diaper market in Japan has surpassed $10 billion, highlighting the economic potential of the aging population. This sector is viewed as a significant opportunity rather than a burden [17][18][19]. Group 2: Health and Wellness - **Health Food and Beverages**: The rise in health consciousness and demographic changes have led to increased demand for sugar-free beverages and functional foods. Brands like Suntory and various Chinese counterparts are experiencing significant growth in this area [21][22]. - **Beauty and Aesthetics**: The demand for beauty products, including collagen supplements and at-home beauty devices, remains strong. Companies like Jinbo Biological and U like are achieving substantial sales, indicating that consumers prioritize beauty even in economic downturns [23][24][26]. Group 3: Outdoor and Leisure - **Outdoor Recreation**: Companies in the outdoor equipment sector, such as Snow Peak in Japan and various Chinese brands, are benefiting from a growing interest in outdoor activities and camping, with significant sales increases reported [29][31]. - **Convenience Economy**: The trend towards convenience is driving growth in frozen food and smart home appliances. Brands like Anjijia and various AI-driven home devices are gaining traction as consumers seek to save time [39][40][42]. Group 4: Market Dynamics - The article posits that the current low-desire economic environment presents unique opportunities for businesses that can identify and invest in counter-cyclical trends. Companies that adapt to changing consumer needs and preferences are likely to emerge as winners in this landscape [44].

来源：品饮汇观察 前言：卖断货的"繁荣"还在吗？ 距离春节仅有二十天，礼盒市场再次成为关注的焦点。 然而，与往年相比，今年的春节礼盒市场正在发生新变化，厂家压货压不了，经销商的利润也越来越薄。礼盒市场"没量没利润"，已经成为大多数经销商 的真实写照。 那么，经销商们还敢卖春节礼盒吗？ 礼盒遇冷？ 对于春节而言，作为礼盒销售的最大节庆日，近年来，春节礼盒市场的销量呈现出下滑趋势。 许多消费者在当前的经济环境下更加理性，对礼盒产品的需求减少，导致销量增长乏力。 有经销商表示："我代理的某品牌，往年都是抢手货，但今年大促节点的销量同比大幅下滑。"这种销量下滑的现象并非个例，而是普遍存在于整个春节礼 盒市场中。 除了销量下滑外，经销商还面临着渠道谨慎、铺货难度加大的问题。许多终端门店在当前的经济环境下更加谨慎，对礼盒产品的进货量有所控制，以避免 库存积压。 江苏地区某经销商指出："春节前礼盒的销售氛围还不是很足，同时在终端铺货方面也存在一定难度。去年很多门店的老板还很积极地要货，但今年铺货 时却有些不配合，回复说有需要的时候再打电话送货。" 面对市场的变化，许多品牌厂商也主动下调了销售任务，以减少经销商的库存压力。 ...

导读： 2025年，港交所的锣声格外密集，2026年开年，依然火爆。 作者丨FOFWEEKLY 2026年伊始，港股IPO市场延续了去年的强劲势头，呈现供需两旺的活跃景象。 这波热潮正为一级市场带来了新的活力与期待。 投资升温，递表激增 2026年开年，一级市场活力满满。 很多投资机构都在疯狂的出手，而且决策速度明显加快，甚至满市场都是fomo情绪。 日前多家机构公开表示，2026年的投资节奏将会持续，甚至高于2025年。 随着市场信心恢复，长期资金的配置需求正在释放，资金端正在加速进入市场，投资机构都在跃跃 欲试中。一方面，项目融资节奏显著加快。另一方面，LP的出资意愿也在增强。随着市场信心的 恢复，长期资金的配置需求正在释放。 与此同时，IPO节奏也延续去年的火爆程度。 据Wind数据显示，截至2月2日，今年以来已有13家公司在港上市，较去年同期有所增加。而在1 月份，共有139家公司向港交所递交上市申请材料，整体覆盖新能源、半导体、AI、机器人、消 费、生物医药等多个细分领域。 中国证监会最新披露的备案情况显示，近期多家涉及医药、半导体、新消费等领域的企业赴港IPO 备案材料已被接收，为港股市场储备了丰 ...

Core Viewpoint - The company emphasizes a prudent approach to expense management for 2025, focusing on precise control to improve cost-effectiveness while maintaining profitability [1] Group 1: Expense Management - For 2025, the company plans to manage expenses with a "steady" principle, aiming for precise control to enhance cost-effectiveness while also considering profit [1] - In 2026, the company intends to increase promotional spending on new products that receive positive feedback, thereby enhancing brand visibility [1] Group 2: Inventory and Channel Management - The company reports that its current channel inventory is healthy, with fresh product ages and good stock levels [1] - On the marketing front, the company will strengthen brand communication efforts [1] - In terms of channel strategy, the company is systematically advancing the display and layout in the gift market to support sales during peak seasons [1]

Economic Performance - In 2025, the GDP of Tianjin Economic Development Zone grew by 5.1% year-on-year, accounting for 14% of the total GDP of Tianjin [1] - Fixed asset investment reached 72.53 billion yuan, a year-on-year increase of 39.5%, representing 15% of the city's total [1] - General budget revenue was 16.01 billion yuan, with a year-on-year growth of 5.1%, and tax revenue accounted for 91% [1] - Retail sales of consumer goods increased by 15.1%, while the accommodation and catering industry saw a revenue growth of 14.7% [1] Industrial Development - In 2025, the zone attracted 78.35 billion yuan in domestic investment, making up 22% of Tianjin's total [1] - A total of 321 key projects were launched with a total investment of 111.8 billion yuan [1] - New projects included Shanhe Optoelectronics and SEW Intelligent Manufacturing Phase II, as well as new supply chain projects from companies like FAW Toyota and Yanshan Petrochemical [1] - 25 new advanced intelligent factories were established, with Otis Elevator and Nestlé recognized as national-level excellent intelligent factories [1] Asset Activation - The zone activated 2,670 hectares of land and 624,300 square meters of state-owned enterprise properties, generating 5.379 billion yuan in revenue [2] - The TaiDa MSD activated 194,400 square meters of buildings, achieving over 40% area clearance [2] - Notable companies such as JD Finance and FAW Toyota established headquarters in the zone, with JD MALL's first store in Binhai opening during the National Day holiday, generating over 100 million yuan in quarterly revenue [2] Innovation and R&D - The zone was approved as one of Tianjin's first future industry pilot areas, establishing 201 provincial-level R&D institutions [2] - 46 companies were recognized as national specialized and innovative "little giants," and 28 as single champions, leading the city with respective shares of 16.1% and 11.6% [2] - R&D investment exceeded 10 billion yuan, and technology contract transaction volume surpassed 22.3 billion yuan, both ranking first in the city [2] Foreign Investment and Trade - In 2025, the zone hosted the first investment promotion event for the Shanghai Cooperation Organization, resulting in 18 projects signed [3] - Actual foreign investment reached 986 million USD, a growth of 15.4%, accounting for 24% of the city's total [3] - The zone's import and export volume was 255.53 billion yuan, with a year-on-year growth of 7.3%, and exports increased by 20.7% [3] Reforms and Talent Development - The zone opened a channel for employee transfer to salaried personnel, completing the selection of the first batch of 30 employees [3] - A "培优计划" (Talent Cultivation Plan) was implemented to recruit 20 outstanding young talents [3] - State-owned enterprise market-oriented reforms were deepened, with five major groups achieving revenues of 23.851 billion yuan and profits of 745 million yuan [3] Environmental and Social Development - The "泰达工改" (Taida Industrial Reform) 5.0 showed effectiveness, completing the city's first project with all four certificates issued for immediate construction [4] - The PM2.5 concentration decreased to 35 micrograms per cubic meter, with the number of good air quality days increasing to 280 [4] - The zone established a balanced function layout in the "于响" area, showing initial results in balancing residential and employment needs [4] Party Building and Governance - The zone conducted in-depth education on the spirit of the Central Eight Regulations and cooperated with the municipal inspection to address issues [4] - A comprehensive party organization coverage rate of 81.6% was achieved through the establishment of a new party committee for the green chemical new materials industry [4] - The "渐进式党建" (Gradual Party Building) and "三个一" (Three Ones) work methods were recognized as innovative cases in grassroots party building [4]

Investment Rating - The industry investment rating is "Overweight" [1] Core Views - The report highlights a recovery opportunity in the restaurant sector, with overall performance in food and beverage categories showing improvement in Q4 2025. Sales of frozen foods increased by 6.5% year-on-year, with specific categories like hot pot balls, frozen sausages, and shrimp slides seeing sales growth of approximately 15%, 45%, and 55% respectively [3][4] - The listing of "Mingming Hen Mang" on the Hong Kong Stock Exchange has attracted attention to the snack sector, with the company being the largest chain retailer in China, maintaining rapid growth and expanding its market share [4] - Raw milk prices have stabilized and are showing signs of recovery, with the average price of fresh milk at 3.04 yuan/kg as of January 23, 2026, reflecting a slight increase. The report suggests a positive outlook for meat and dairy prices in 2026 due to favorable import policies [4][6] Summary by Sections 1. Market Performance - The food and beverage sector rose by 1.56%, outperforming the CSI 300 index by 1.48 percentage points, ranking 6th among 31 sectors [5][11] - The liquor sub-sector performed well, increasing by 3.86% [5][11] 2. Major Consumer Goods and Raw Material Prices - As of January 23, 2026, the retail price of milk was 12.20 yuan/liter, and yogurt was 15.88 yuan/kg. The price of fresh milk was 3.04 yuan/kg, showing a year-on-year decrease of 2.60% [28] - The price of live pigs was 12.30 yuan/kg, reflecting a year-on-year decrease of 21.10% [28] 3. Industry Dynamics - In 2025, the profit of the liquor, beverage, and refined tea manufacturing industry decreased by 9.1%, with total revenue of 1,468.93 billion yuan, a year-on-year decline of 4.4% [56] - The wholesale and retail industry's added value reached 14.6 trillion yuan in 2025, growing by 5% year-on-year, marking a historical high [56] 4. Core Company Dynamics - "Gu Jing Gong Jiu" announced a cash dividend of 10 yuan per 10 shares, totaling 529 million yuan. "Yi Ming Food" expects a net profit increase of 62.38% to 90.02% [57]

Core Viewpoint - The ongoing reforms at iMoutai are gradually demonstrating their effectiveness, with online consumer engagement strengthening and offline demand for regular Moutai returning to rational consumption levels, leading to a significant increase in sales velocity for Feitian Moutai compared to the same period last year [1][2] Group 1: iMoutai Reforms and Market Dynamics - The iMoutai reforms are effectively expanding the consumer base, attracting and nurturing new consumer groups, and driving high growth in distributor demand [1] - The price of regular Moutai has returned to the consumer-friendly price range of 1500 yuan, releasing substantial potential demand for business, family gatherings, and gifting [1] - The supply of high-value products has decreased, with regular Moutai filling the supply gap, leading to accelerated turnover [1][3] Group 2: Pre-Festival Demand and Sales Performance - Pre-festival demand for Feitian Moutai is heating up, with a collection progress of 33% and sufficient inventory turnover among distributors [2] - The expected additional sales volume from iMoutai is around 20%, driven by enhanced consumer reach and a slight increase in price per ton [2] Group 3: High-Value Products and Inventory Levels - The supply of high-value products is focused on inventory reduction, with low inventory levels reported [3] - The sales performance of premium and aged wines is showing positive growth, with some distributors seeking to increase their inventory from self-operated stores [3] Group 4: Regional Market Observations - There is a noticeable divergence in sales performance across different regions, with high-end brands like Feitian Moutai experiencing strong sales growth while other brands face significant declines [4] - In regions with better economic conditions and drinking culture, such as East China and Henan, sales declines are around 10%, while provinces like Shandong and Hunan report declines exceeding 10% [4] Group 5: Investment Recommendations - The investment outlook suggests focusing on Moutai and Guojiao, as the sales and pricing of Moutai have exceeded expectations, indicating a concentration of seasonal effects in leading brands [7] - For the broader market, recommendations include stable dividend-paying stocks like Guizhou Moutai and Gujing Gongjiu, while also monitoring the sales rhythm of brands like Wuliangye and Shanxi Fenjiu [7][8]

1. Report Industry Investment Rating No information about the report industry investment rating is provided in the given content. 2. Core Viewpoints - On February 2, most industries in the convertible bond market experienced corrections, and valuations compressed on a month - on - month basis. The trading sentiment in the convertible bond market weakened, and multiple market indices declined [1]. - The convertible bond price center decreased, and the proportion of high - priced bonds dropped. Valuations also compressed, with different types of convertible bonds showing various price and valuation changes [2]. - The underlying stocks in most industries fell in the A - share and convertible bond markets. Only a few industries such as food and beverage, and banking in the A - share market, and the light manufacturing industry in the convertible bond market rose [3]. 3. Summary by Relevant Catalogs I. Market Main Index Performance - Multiple market indices declined on February 2. The CSI Convertible Bond Index decreased by 2.39% month - on - month, the Shanghai Composite Index by 2.48%, the Shenzhen Component Index by 2.69%, the ChiNext Index by 2.46%, the SSE 50 Index by 2.07%, and the CSI 1000 Index by 3.39%. In terms of market styles, large - cap value stocks were relatively dominant [1][7]. II. Market Fund Performance - The trading volume in the convertible bond market decreased. The trading volume of the convertible bond market was 76.16 billion yuan, a 7.15% month - on - month decrease; the total trading volume of the Wind All - A was 2606.638 billion yuan, an 8.94% month - on - month decrease. The net outflow of main funds from the Shanghai and Shenzhen stock markets was 53.977 billion yuan, and the yield of the 10 - year Treasury bond rose by 0.88bp to 1.82% [1]. III. Convertible Bond Price and Valuation - Convertible Bond Price: The weighted average closing price of convertible bonds was 137.99 yuan, a 2.14% month - on - month decrease. The closing price of equity - biased convertible bonds was 218.00 yuan, a 5.16% month - on - month increase; that of bond - biased convertible bonds was 120.49 yuan, a 1.84% month - on - month decrease; and that of balanced convertible bonds was 132.26 yuan, a 0.27% month - on - month decrease. The proportion of high - priced bonds above 130 yuan was 69.76%, a 5.04pct month - on - month decrease [2]. - Convertible Bond Valuation: The fitted conversion premium rate of 100 - yuan par value was 35.71%, a 1.40pct month - on - month decrease; the overall weighted par value was 101.95 yuan, a 2.78% month - on - month decrease. The premium rate of equity - biased convertible bonds was 19.84%, a 0.23pct month - on - month increase; that of bond - biased convertible bonds was 88.47%, a 5.59pct month - on - month decrease; and that of balanced convertible bonds was 28.94%, a 0.33pct month - on - month decrease [2]. IV. Industry Performance - A - share Market: 28 industries fell, with the top three decliners being non - ferrous metals (-7.62%), steel (-5.93%), and basic chemicals (-5.69%); only two industries rose, namely food and beverage (+1.11%) and banking (+0.17%) [3]. - Convertible Bond Market: 27 industries fell, with the top three decliners being non - ferrous metals (-4.62%), automobiles (-4.57%), and media (-4.13%); the only rising industry was light manufacturing (+10.53%) [3]. - Different Industry Indicators: In terms of closing prices, large - cycle decreased by 2.73%, manufacturing by 0.25%, technology by 3.07%, large - consumption by 1.67%, and large - finance by 1.47%. In terms of conversion premium rates, large - cycle increased by 2.0pct, manufacturing decreased by 0.6pct, technology increased by 0.29pct, large - consumption decreased by 0.28pct, and large - finance increased by 1.3pct. In terms of conversion values, large - cycle decreased by 4.06%, manufacturing increased by 1.65%, technology decreased by 3.03%, large - consumption decreased by 2.02%, and large - finance decreased by 2.55%. In terms of pure bond premium rates, large - cycle decreased by 4.0pct, manufacturing decreased by 0.96pct, technology decreased by 5.7pct, large - consumption decreased by 2.2pct, and large - finance decreased by 1.7pct [3]. V. Industry Rotation - Only the food and beverage and banking industries rose. The food and beverage industry had a daily increase of 1.11% in the underlying stocks and - 1.67% in convertible bonds; the banking industry had a daily increase of 0.17% in the underlying stocks and - 0.15% in convertible bonds. Other industries mostly declined [58].