策略配置研究 2026 年 2 月 3 日 中观行业比较月报（2026 年 1 月） 轮动中把握景气线索，关注涨价与科技 证券分析师 平安观点： 1. 上游周期：地缘风险、流动性偏宽等多重驱动下，1 月商品走强波动加大。 有色涨幅最为显著，月末价格回落、波动加大，多数品种已升至近两年 90% 以上高分位区间；石油、化工品接力上涨，但价格水平多数仍处于历史中枢以 下，化工品内部分化明显；煤炭价格波动向上，钢铁、建材表现平淡。 2. 中游制造：新能源产业链材料涨价，出口支撑部分行业量的景气。1 月新 能源光伏、电池产业链材料价格普遍上涨，多数品种已处近两年 80%以上分 位，但仍远低于 2022 年高点；12 月电池出口有支撑；电网设备迎"十五五" 政策支持。机械制造的近一年价格指数相对平稳，12 月通用机械、挖掘机出 口维持高增，机器人产量延续高增。汽车内销偏弱出口韧性，12 月乘用车、 新能源车销量环比负增，但出口相对韧性；商用车内销、出口环比同步增长。 3. TMT：存储引领半导体涨价周期，AI 软硬件需求延续向好。1 月存储 DXI 指数环比上涨 28.3%，同比涨幅超 10 倍，智能设备销售均价同步上涨 ...

na I 08 8 8 8 2 2 000 e 4 4 it 止业综合服务专区 INTERPRISE INTEGRATED SERVICE ZONE 政务经心办 企业开心办 a your CDDDG NET 岁末年初，内江经济技术开发区（以下简称内江经开区）产业园区内一派抢抓"开门红"的繁忙景象：飞速运转的 智能生产线上"内江造"产品不断下线、塔吊林立的项目建设现场热潮奔涌、政务服务窗口高效运转。 "十四五"期间，内江经开区持续推进"产业强区"战略，锚定新质生产力培育方向，加快培育先进制造业集群，构 建起以食品饮料、电子信息、生物医药、装备及汽车零部件、新材料等为主导的现代化产业体系和集聚区。"十五 五"开局之年，内江经开区将继续朝着"川渝领先、西部示范、全国50强"高质量发展园区的目标笃定前行。新征 程，新挑战，何处着力、如何破题？ 以改革试点破解发展难题 新年伊始，内江经开区达成内江市首宗"先租后让"工业用地供应试点地块交易。通过"先租后让"模式，企业只需 支付1.8万元/亩的5年期租金就能启动项目，破解传统供地模式下企业初期购地资金压力大、项目落地周期长的痛 点。 这一举措，不仅是内江经开区创新产业用地 ...

1月28日，承载着内江市资中县千年文化传承的地标——重龙山，为即将举办的资中古城大庙会做最后的准备。这 次庙会将唤醒沉睡的文旅资源，象征着资中这座千年古城的新生。 过去5年，118万资中人民以梦为马、砥砺前行，以勤劳的双手将蓝图变成答卷，奋力建设成渝发展主轴绿色产业 强县活力文化名城。 "十四五"期间，资中县地区生产总值从2020年的283.78亿元提升至2025年的383.53亿元，书写了县域经济高质量发 展的"资中答卷"。资中县大力实施文化旅游专项行动，坚持保护和利用并举，激活文旅资源，推进城市更新和农 村面貌改善，不断改善民生，让发展成果更多更公平地惠及全体人民。 文化"活" 千年古城迎新生 □张啸 （图片由资中县委宣传部提供） 1月28日，重龙山一派繁忙的景象，工作人员正在悬挂彩灯、布置展位，为即将到来的资中古城大庙会游园活动做 准备。重龙山经过大规模修缮并重新布展后的文化遗产——苌弘阁、赵雄楼也即将开门迎客。 "春节前，资中县修缮布展的10余处文化古迹将重新开放，包括状元文化、盐文化、武术文化等在内的资中特色文 化IP将一一呈现。结合精心安排的文旅活动，相信这个春节定能让老百姓感受到节日的喜庆氛围。 ...

近年来，人们对日常饮食与身体状态的关系有了更多关注。在这一背景下，一种创新复合小分子肽饮品正式推向市场，为关注免疫健康的人群提供了新的选 择。 这类饮品的研发基于对蛋白质营养学的深入探索。小分子肽是蛋白质经过定向酶解技术处理后形成的小片段，其分子量较小，易于人体吸收。与完整蛋白质 相比，小分子肽在体内的利用途径可能有所不同，这使其在营养领域受到重视。 以下将从几个方面对这一创新饮品进行说明。 一、小分子肽的基本概念与特性 小分子肽是由氨基酸通过肽键连接而形成的化合物，通常由数个至数十个氨基酸组成。在食品工业中，通过现代生物技术手段，可以将大豆、小麦、牛奶等 天然食物来源的蛋白质分解为特定分子量范围的小分子肽。 这类成分的特点在于其溶解性较好，稳定性较高，可以较好地融入水基饮品中。同时，由于分子较小，它们在人体内的消化吸收过程可能与较大分子的蛋白 质有所差异，这使得小分子肽成为一种值得研究的营养成分。 二、复合配方的研发理念 这款饮品的创新之处在于"复合"这一概念。研发团队并非单一使用某一种来源的小分子肽，而是将多种植物来源与动物来源的小分子肽进行科学配比，形成 复合配方。 不同来源的小分子肽其氨基酸组成各不相 ...

Investment Rating - The report does not explicitly provide an investment rating for the industry or specific companies Core Insights - The "Work Plan" issued by the State Council aims to accelerate the cultivation of new growth points in service consumption, focusing on six key areas and three potential areas, which is expected to open up incremental space for service consumption [3][6] - By 2025, the per capita service consumption expenditure in China is projected to reach 13,602 yuan, with a year-on-year increase of 4.5%, accounting for 46.1% of total per capita consumption expenditure [3][11] - The domestic tourism market is expected to see 6.522 billion trips in 2025, a year-on-year increase of 16.2% [3][14] - The ice and snow industry is projected to generate over 187.5 billion yuan in consumption during the 2024-2025 season, with a growth rate exceeding 25% [3][30] - The emotional economy market in China is expected to reach 23,077.67 billion yuan in 2024 and surpass 45,000 billion yuan by 2029 [3][36] Summary by Relevant Sections Service Consumption Growth - The "Work Plan" focuses on optimizing service supply and fostering new service consumption models, particularly in transportation, housekeeping, automotive aftermarket, online audio-visual services, travel services, and inbound consumption [3][6] - The report highlights the increasing contribution of final consumption expenditure to economic growth, projected to be 52% in 2025, up by 5 percentage points from 2024 [9] Market Performance - The median price-to-earnings (P/E) ratio for the North Exchange service consumption sector decreased from 48.2X to 47.7X, with a total market capitalization dropping from 114.684 billion yuan to 112.981 billion yuan [46][51] - The median market cap for companies in this sector fell from 2.038 billion yuan to 1.978 billion yuan [51] Company Insights - Notable companies in the service consumption sector include: - Elderly care: Zhisheng Information, Beiyikang - Sports: Huayang Racing, Kangbiter - Tourism: Meiya Technology - Emotional/experiential consumption: Taihu Snow, Lusi Co., Baixinglong - Education: Digital Human, Tonghui Information - Online audio-visual: Xiange International, Haifiman - Apparel: Zhongfangbiao, Tianfangbiao [3][40] Performance Highlights - The report indicates that 29% of companies in the North Exchange service consumption sector saw stock price increases, with the median stock price change being -2.41% [46] - Top performers included Qiule Seed Industry (+22.55%), Kangnong Seed Industry (+13.50%), and Oufu Egg Industry (+7.05%) [46][56]

Core Insights - The event "Guanghuo Xing Tianxia - Yuexiang Nianji" held in Shenzhen showcased nearly 400 specialty products from 18 enterprises in Chaozhou, aiming to integrate agricultural products from supported regions into the Guangdong-Hong Kong-Macao Greater Bay Area market [1][2] Group 1: Event Overview - The event lasted for three days and was organized by the Shenzhen Rural Revitalization and Cooperation Exchange Bureau and Shenzhen Media Group, featuring nearly 100 enterprises from Chaozhou, Shantou, Heyuan, and Shanwei [1] - The event included cultural performances and interactive technology projects, creating an immersive shopping experience for attendees [1] Group 2: Product Highlights - Chaozhou enterprises showcased products such as Phoenix Dan Cong tea, beef balls, and traditional snacks, with significant sales reported within the first hour of the event [2] - The event featured a special promotion for Chaozhou products, highlighting the brand advantages of local companies and their commitment to cultural heritage [2] Group 3: Cultural Promotion - The Deputy Commander of the Shenzhen-Chaozhou Cooperation Command emphasized the three dimensions of Chaozhou's beauty: culinary, scenic, and cultural, promoting the region as a historical and gastronomic destination [3] - Chaozhou plans to offer exclusive cultural and tourism packages for Shenzhen residents, encouraging them to explore the region's natural beauty and cultural heritage [3] Group 4: Future Initiatives - The Shenzhen-Chaozhou Cooperation Command aims to deepen collaboration, enhance product integration into the Greater Bay Area supply chain, and improve brand competitiveness for Chaozhou products [4] - The initiative is part of the "Hundred Million Thousand Project," which seeks to translate economic cooperation into tangible benefits for local communities [4]

Core Viewpoint - The company plans to implement a mid-term cash dividend of 91,957,634.64 yuan in 2025, aimed at balancing short-term shareholder returns with long-term value [1] Group 1: Dividend Strategy - The cash dividend plan is based on a comprehensive assessment of industry trends, company planning, profitability, funding needs, and shareholder preferences [1] - The company aims to enhance the shareholder return system by increasing the frequency of dividends and ensuring the effective implementation of the mid-term dividend plan [1] - The focus on cash dividends reflects the company's commitment to rewarding investors and sharing operational success while considering business performance and sustainable development [1] Group 2: Project Update - The company has a 1,000-ton raw milk deep processing project in Yinchuan, with further details to be disclosed in related announcements [1]

Core Insights - The Ministry of Commerce and nine other departments have launched the "2026 'Happy Shopping Spring Festival' Special Activity Plan," aiming to create a comprehensive consumption festival during the Spring Festival, focusing on six aspects: food, accommodation, transportation, tourism, shopping, and entertainment [1] Group 1: Industry Opportunities - The new policy provides multiple benefits and broad development space for food and beverage companies, supporting their efforts to seize peak seasons, expand sales, and enhance brand influence [1] - Companies in the Shenzhen Stock Exchange's food and beverage sector are actively leveraging policy benefits through strong product capabilities, improved supply chains, and diversified marketing strategies [2][3] Group 2: Business Strategies - Companies are focusing on core business areas, optimizing product structures, enhancing industry layouts, and strengthening cost control to achieve steady growth in operating performance [2] - For instance, Beijing Yanjing Beer Co., Ltd. has improved revenue and profit through product structure optimization and cost management, while Salted Dried Fruit Co. has developed a full industry chain in leisure foods [2] Group 3: Innovation and R&D - Companies are integrating quality assurance into the entire production and R&D chain, with a strong emphasis on innovation as a key driver of long-term growth [2][3] - Yanjing Beer has established a market-oriented innovation system, achieving significant R&D milestones, including 5 world-leading innovations and numerous patents [3] Group 4: Quality Improvement Initiatives - The Shenzhen Stock Exchange has initiated the "Quality Return Dual Improvement" special action to enhance the quality and investment value of listed companies, with around 500 companies already publishing action plans [4] - Food and beverage companies are actively participating in this initiative, improving operational quality and enhancing their ability to reward investors [5] Group 5: Shareholder Returns - Yanjing Beer has prioritized shareholder returns, distributing significant cash dividends, including a 90% increase in cash dividends compared to the previous year, reflecting a commitment to sharing profits with shareholders [5] - The practices of food and beverage companies illustrate a development path focused on quality foundation and return empowerment, with expectations for continued optimization of shareholder return mechanisms [5]

Market Overview - The A-share market experienced a collective decline on February 2, with the Shanghai Composite Index falling by 2.48%, the Shenzhen Component Index by 2.69%, and the ChiNext Index by 2.46% [12] - The total trading volume across the three markets was 26,069.20 billion, a decrease of 2,558.2 billion from the previous day, with over 4,600 stocks declining [12][14] - The smart grid sector showed resilience, with several stocks such as Tongguang Cable and Baobian Electric reaching their daily limit [12] Sector Performance - The white wine sector rebounded, driven by rising consumption and increasing prices, with Moutai's wholesale price rising by 160 yuan to 1,770 yuan per bottle [12] - The commodity futures market saw significant declines, with precious metals and energy sectors experiencing sharp drops, including a more than 15% decline in gold [13] - The electronic industry faced the largest net outflow of funds, with Zhongji Xuchuang leading the outflow [25][26] Investment Insights - The current market conditions suggest a potential shift in investment styles, with discussions around inflation recovery and corporate profit recovery gaining traction [11] - The relative PE-TTM ratio of the CSI 1000 compared to the CSI 300 is at 3.55, indicating a high valuation level [11] - The market is characterized by crowded trades in certain sectors, necessitating significant fundamental changes for excess returns, while less crowded sectors may yield better returns with minor improvements [11] Key Stocks and Funds - Notable net inflows were observed in the electric power equipment, banking, and food and beverage sectors, while the electronic and non-ferrous metal sectors saw significant outflows [26] - Major stocks with net inflows included Xinye Technology and West Materials, while Zhongji Xuchuang and Zhaoyi Innovation faced the largest outflows [26][30]

Core Viewpoint - The food and beverage sector showed resilience in the market, with the Huabao Food and Beverage ETF (515710) experiencing a price increase of 0.86% by the end of trading on February 2, 2026, despite an initial surge of 3.28% during the day [1][4]. Group 1: Market Performance - The food and beverage ETF Huabao (515710) opened strong, reaching a peak increase of 3.28% before closing up 0.86% [1]. - Major liquor stocks saw significant gains, with Jinhuijiu hitting the daily limit, Shuijingfang rising by 7.44%, and Jinzongzi Jiu increasing by 5.17% [1]. - Leading liquor brands such as Kweichow Moutai, Wuliangye, Luzhou Laojiao, Shanxi Fenjiu, and Yanghe also closed in the green [1]. Group 2: Industry Insights - CITIC Construction pointed out that the surge in the liquor sector is driven by Moutai's sales price exceeding expectations, recognized reforms, and easing real estate policies, alongside a positive outlook for PPI [1]. - Moutai's payment and delivery progress has surpassed last year's levels, and industry reforms are advancing, with expectations for the industry to bottom out by 2026, potentially increasing market share for leading brands [1]. - Current valuations in the food and beverage sector remain low, with the PE ratio of the Huabao ETF at 19.81, placing it in the 3.33% percentile of the last decade, indicating strong medium to long-term investment potential [1][3]. Group 3: Future Outlook - Xiangcai Securities noted that the food and beverage industry's valuation is at a historical low, despite weak market data such as retail sales and consumer confidence [3]. - The prolonged adjustment period has led to a pricing of pessimistic expectations, and with inflation showing signs of mild recovery, investment opportunities in the consumption sector are emerging [3]. - Investors are encouraged to focus on core assets within the food and beverage sector, particularly the Huabao ETF, which has a significant allocation to leading high-end liquor stocks and other beverage segments [3].