自2017年以来，从国家到地方层面构筑了多层次、系统化的政策支持体系。从国家《"十四五"规划和 2035年远景目标纲要》的宏观指引，到北京《培育建设国际消费中心城市实施方案》的具体落地，再到 《北京老字号认定管理办法》等专项政策的精细化管理，政策覆盖了改革创新、品牌保护、产业融合、 国资发展等关键环节。政策的多维支撑，使老字号从商业主体升级为兼具文化使命和城市服务功能的重 要载体。 到2025年，北京已形成覆盖14个行业的老字号发展格局，政策体系的多层次支持为老字号创新发展注入 了强劲动力。老字号的规模扩张并非简单的数量增长，而是品牌集群效应与产业价值重构的双重结果。 在274家老字号中，前8家百亿级以上企业贡献67.7%的营收，这不仅仅是头部效应的体现，更是老字号 企业通过品牌矩阵和产业链延伸实现的价值倍增。 在守正创新中激活发展动能，将历史文化底蕴转化为现实消费吸引力和行业竞争力，承载深厚文化与商 业价值的传统优势，正为老字号产业集群赋予新的时代使命。北京青年报记者昨天从北京老字号协会获 悉，根据协会近期发布的《北京老字号传承创新发展报告（2021—2025）》，对老字号阶段性发展实践 进行的系统性梳理与 ...

A股马年首个交易日迎来普涨，多数核心指数的涨幅都在1%～2%。从2010年以来的统计数据来看，春节假期过后，A股短期实现"开门红"的概率较高。 不过，今年春节假期期间，在港股市场大热的AI大模型、机器人，以及假期数据不错的消费板块今天在A股"意外"遇冷，真正领跑的却是石化、建材、基础 化工、有色金属、煤炭、钢铁等一众"老登"资产。 券商：春季行情仍将延续 今日，A股市场呈现普涨格局，多数核心指数的涨幅都落在1%-2%的区间，其中上证指数上涨 0.87%，收于 4117.41 点，重回 4100 点上方。相比之下，科技 板块走势相对偏弱，科创50、科创100指数分别下跌0.34%、1.55%。 | 指数 | T-20 | T-10 | T-5 | T+5 | T+10 | T+20 | T+ | | --- | --- | --- | --- | --- | --- | --- | --- | | 万得全A | -1.10% | 0.41% | 1.43% | 1.77% | 2.71% | 4.06% | 4.83 | | 上证指数 | -0.86% | 0.44% | 1.01% | 1.04% | 1.6 ...

Summary of Conference Call Records Industry Overview - The conference call primarily discusses the A-share market in China, focusing on market trends, sector performance, and investment opportunities post-Chinese New Year [1][2][3]. Key Points and Arguments Market Performance and Trends - The A-share market exhibited a strong oscillation pattern before the Chinese New Year, with the Shanghai Composite Index peaking at 4,142 points, aligning with the expected range of 4,000 to 4,150 points [2][3]. - Major indices failed to break above the 5-week moving average due to large funds suppressing market movements, indicating a preference for maintaining a range-bound market rather than a rapid upward trend [3][5]. - The market is currently in an ABC adjustment structure, with the B phase ongoing, suggesting that a clear upward movement is unlikely until the C phase is completed [9][14]. Sector Performance - Sectors that performed well before the holiday include technology growth, computing, electronics, media, and telecommunications, which are closely related to the mainstream market trends since September 24, 2022 [4]. - The consumer sector, particularly retail and general consumption, saw significant capital outflows, reflecting a lack of investor confidence in economic recovery [7]. - The food and beverage sector is not expected to experience a major upward trend, with a clear bearish pattern observed [8]. Investment Opportunities - Short-term investment strategies are recommended, focusing on sectors with lower price levels and potential for quick gains, such as brokers, building materials, and banks [20]. - The technology growth sector, including AI applications and robotics, may present localized investment opportunities, but significant upward trends are not anticipated [18]. - The first quarter of 2026 may see the non-ferrous metals sector forming a significant bottom, with a notable increase in the index by 97.5 points in 2025 [21]. Market Sentiment and Future Outlook - The market is expected to maintain a high-risk preference in the short term, with potential for continued focus on technology growth sectors, although caution is advised due to the last trading day before the holiday [6][15]. - New funds are advised to wait for clearer investment opportunities post-March, as the current environment does not favor long-term investments [19][16]. - The overall market structure is likely to remain balanced, with a mix of growth and value styles emerging [30]. Other Important Insights - The recent appreciation of the RMB, surpassing 6.89, is seen as beneficial for the A-share market, supporting a positive outlook for capital markets [11]. - The upcoming political events, such as the two sessions in March, are anticipated to provide clearer investment signals [16]. - The historical context of spring market movements suggests a potential for short-term volatility, but with a cautious approach to avoid chasing high prices [28][31]. This summary encapsulates the key insights from the conference call, providing a comprehensive overview of the current state and future outlook of the A-share market and relevant sectors.

春节食品动销表现几何？后市如何看？20260223 摘要 春节期间，社会消费呈现强劲复苏态势，零售餐饮企业日均销售额同比 增长 8.6%，为主要长假中高增速水平。春运期间人员流动量显著增加， 节后流动量同比增速达 11.1%，途牛数据显示人均出游天数同比增加 1.1 天，达 5.9 天，反映消费意愿增强。 大众食品消费方面，企业库存清理完毕，渠道新鲜度高，经销商信心恢 复，备货充足。礼盒消费依然火热，但消费者更注重性价比，价格集中 在 50-100 元区间。下沉市场表现良好，价格折扣竞争减缓，零售终端 价格坚挺。 乳制品行业表现分化，华东和华中地区增长显著，常温液奶增长约 7%，伊利、蒙牛分别增长 8-9%和 5-6%，常温酸奶结束下跌态势，实 现正增长。华南地区表现偏弱，但渠道库存不高，高端品类保持增长， 君乐宝低温产品增速约 20%。 现制茶饮行业受益于暖冬天气和出行旺盛，同店 GMV 表现良好，蜜雪 冰城、古茗、瑞幸等品牌均有超过 10%的增长。堂食消费为主，加盟商 利润较高，外卖补贴压力有限，预计全年同店 GMV 将保持平稳。 Q&A 2026 年春节期间大众食品整体表现如何？ 2026 年春节期间， ...

近期A股IPO市场的回暖信号越来越清晰，在审项目数量较去年同期大幅增长超146%，终止审核数量却下滑超85%，新质生产力相关领域成了全年布局的核 心方向。很多普通投资者可能会问，这和我们日常投资有什么直接关联？其实市场的任何趋势变化，最终都会反映在资金的交易行为上。过去我们只能靠盘 面走势猜测资金意图，很容易被表象误导，现在随着量化大数据技术的成熟，资金的真实态度已经可以被精准捕捉。尤其是当不同类型的资金达成共识时， 相关标的往往会有超出市场平均的表现，而这正是我们可以借助量化工具去把握的核心逻辑。 | 序号 | | 2026年在車IPO情況 | 一览 | | | | --- | --- | --- | --- | --- | --- | | | 最新公告日 | 企业名称 | 保存机构 | 拟上市板 | 受理目期(交易所披露) | | 1 | 2月13日 | 上海珈凯生物股份有限公司 | 东吴证券 | 北交所 | 2025年6月30日 | | 2 | 2月13日 | 湖北龙辰科技股份有限公司 | 国泰海通证券 | 北交所 | 2025年6月30日 | | 3 | 2月13日 | 广州通则康威科技股份有限公司 ...

[tabl中e_山pa每ge日1点] 评 [table_subject] 2026 年 2 月 24 日 证券研究报告·中山每日点评 马年首日收涨 ——2 月 24 日 A 股市场点评 [中ta山bl证e_券inv研es究t]所 [[分ttaa析bbll师ee__：rree唐ssee晋aarr荣cchh]] 登记编号：S0290517120002 邮箱：tangjr@zszq.com 分析师：方鹏飞 登记编号：S0290519010001 邮箱：fangpf@zszq.com 分析师：葛淼 登记编号：S0290521120001 邮箱：gemiao@zszq.com 1.市场整体表现 表 1 主要指数涨跌幅度 | 指数名称 | 涨跌幅（%） | 指数名称 | 涨跌幅（%） | | --- | --- | --- | --- | | 上证指数 | 0.87 | 北证 50 | 0.37 | | 深证成指 | 1.36 | 万得全 A | 1.06 | | 沪深 300 | 1.01 | 中证 500 | 1.12 | | 科创 50 | -0.34 | 红利指数 | 1.86 | 资料来源：Wind，中山证券研 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1][12] Core Insights - Overall industry sales performance slightly exceeded expectations; liquor met expectations while the restaurant chain outperformed [4] - The food and beverage sector showed strong sales during the Spring Festival, with a positive outlook for post-holiday inventory replenishment [7] Summary by Category - **Liquor**: Overall performance met expectations, with a projected decline in single to double digits. Notable performances from Guizhou Moutai and Wuliangye, while real estate liquor brands like Yingjia Gongjiu and Jinhui Jiu performed better [4] - **Snacks**: Maintained good sales during the Spring Festival, with double-digit growth expected. High-end gift boxes performed well, although high-priced gift boxes showed weaker sales. Positive feedback from bulk snack channels [4] - **Restaurant Chain**: B-end performance of condiments exceeded pre-holiday expectations, with overall sales expected to grow by double digits. Leading frozen food company Anjijia performed exceptionally well [4] - **Dairy Products**: Sales during the Spring Festival showed recovery, with liquid milk returning to positive growth and significant improvements in freshness, while price competition has eased [5] Investment Recommendations - Focus on the restaurant chain, followed by snacks and certain liquor brands. Recommended liquor stocks include Guizhou Moutai, Wuliangye, Yingjia Gongjiu, and Jinhui Jiu. For consumer goods, recommended stocks include Anjijia, Angel Yeast, Yihai International, Weidong, and Wancheng Group [7]

Group 1: Macroeconomic Insights - In 2023, the market discussed a peak of 16 trillion yuan in "excess savings," with approximately 76-77 trillion yuan of residential time deposits maturing in 2026, indicating a historical peak[5] - The maturing deposits in the first quarter of 2026 are expected to reach 32-34 trillion yuan, highlighting a significant seasonal pattern[6] - The actual pressure from maturing deposits is limited, with a year-on-year increase of 9.6-10.8 trillion yuan in 2026, corresponding to a growth rate of 14.4%-16.3%, which is lower than the 17.7% growth rate in 2025[6] Group 2: Interest Rate and Asset Allocation - Approximately 25 trillion yuan of high-interest deposits are set to mature, with 32% of the total maturing deposits being two years or older, indicating a core pressure for renewal[6] - The renewal rate for deposits in 2025 remained close to 90%, suggesting that low interest rates do not automatically trigger a shift in risk appetite among residents[7] - The anticipated migration of deposits to other assets is expected to occur slowly and in a dispersed manner, with a potential 10% outflow rate from the 77 trillion yuan in time deposits being a marginal pricing variable for equity and bond markets[7] Group 3: Trade and Tariff Impacts - As of November 2025, the effective tariff rate in the U.S. reached 9.8%, the highest since 1946, with China facing the highest actual tariff rate of 30.9%[9] - The actual tariff increases have significantly impacted trade dynamics, with China and India experiencing the largest increases in effective tariffs compared to 2024, at 20.2 and 17.3 percentage points respectively[10] - Despite tariff pressures, China's export position remains robust, maintaining the largest share of global exports, while the U.S. has shifted its import structure towards North America and Europe[11] Group 4: Economic Recovery and Consumer Behavior - The Chinese economy is shifting focus towards domestic demand as a long-term strategy, with consumer spending projected to account for 56.6% of GDP by 2024, still below developed economies[39] - Consumer confidence is stabilizing, with improvements in disposable income growth and a reduction in the crowding-out effect of precautionary savings on consumption[40] - The recovery in domestic demand is supported by a reasonable rise in prices, which is expected to stimulate consumption and improve corporate profitability[40]

Market Overview - The A-share market experienced a strong opening for the Year of the Horse, with the Shanghai Composite Index rising 0.87% to close at 4117.41 points, surpassing the 4100 mark. The Shenzhen Component Index increased by 1.36% to 14291.57 points, and the ChiNext Index rose by 0.99% to 3308.26 points. Over 4000 stocks gained, with a trading volume of 2.22 trillion yuan, an 11% increase from the previous trading day [2][5][7]. Sector Performance - Cyclical sectors led the market rally, with significant gains in oil and petrochemicals (up 5.25%), building materials (up 3.50%), non-ferrous metals (up 3.34%), coal (up 3.14%), and basic chemicals (up 2.85%). Notable stocks included Tongyuan Petroleum and China National Petroleum, which hit the daily limit [5][7]. - AI hardware stocks showed strong performance, with Tianfu Communication rising nearly 13% to a new historical high. The cultivated diamond index surged by 12.05%, indicating a transformative opportunity in the diamond industry for applications in AI chips and new energy vehicles [5][7]. Economic Indicators - The bond market saw a comprehensive rise, with the 30-year main contract closing at 112.96 yuan, up 0.20%. The People's Bank of China conducted a significant reverse repo operation, resulting in a net withdrawal of 926.4 billion yuan, indicating a tightening liquidity environment [7][11]. - The LPR remained unchanged, with the 1-year LPR at 3.0% and the 5-year LPR at 3.5%, reflecting the central bank's focus on targeted measures rather than broad monetary easing [7][11]. Commodity Market - The commodity index rose by 3.05%, led by precious metals, with silver and lithium carbonate increasing by 12.84% and 10.56%, respectively. Crude oil prices also surged, closing at 493.30 yuan per barrel, up 6.18%, driven by geopolitical tensions in the Middle East [7][11]. - The uncertainty surrounding U.S. tariffs has led to a resurgence in precious metal prices, with gold and silver showing strong upward trends [7][11]. Investment Opportunities - The report suggests a balanced allocation in technology and consumer sectors, with a focus on cyclical stocks as the spring market is expected to continue its upward trajectory. Key sectors to watch include photovoltaic technology, commercial aerospace, and non-ferrous metals, which may see new catalysts in the near future [7][11].

贝因美公告称，公司因专利合同纠纷起诉黑龙江丰佑，涉案金额5685.24万元，杭州中院已受理但未开 庭。同时，黑龙江丰佑反诉贝因美，要求赔偿经济损失7725.39万元及承担反诉费用，该反诉案也已被 受理且未开庭。由于案件未审理，暂无法预计对公司利润的影响，公司将关注进展并及时披露。 ...