证券研究报告 | 2026年01月27日 $\Delta$H${}_{\rm H}$H${}_{\rm H}$H${}_{\rm H}$H${}_{\rm H}$H${}_{\rm H}$H${}_{\rm H}$H${}_{\rm H}$H${}_{\rm H}$H${}_{\rm H}$H${}_{\rm H}$H${}_{\rm H}$H${}_{\rm H}$H${}_{\rm H}$H${}_{\rm H}$H${}_{\rm H}$H${}_{\rm H}$H${}_{\rm H}$H${}_{\rm H}$H${}_{\rm H}$H${}_{\rm H}$H${}_{\rm H}$H${}_{\rm H}$H${}_{\rm H}$H${}_{\rm H}$H${}_{\rm H}$ 公募 FOF 基金 2025 年四季度概览 截至 2025Q4，全市场已成立FOF产品数量 549 只，合计规模为 2441.88 亿元，相比 2025Q3 增加 26.20%。根据穿透后权益资产占比将FOF划 分为偏债型FOF、平衡型FOF和偏股型FOF，2025Q4 规模分别为 1611.13 亿元、454. ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The food and beverage sector is currently at a low position in terms of valuation and fundamentals, presenting significant layout value. The CPI in December 2025 increased by 0.8%, indicating a mild recovery trend. The policy focus on expanding domestic demand and promoting consumption is becoming clearer, signaling a potential bottoming out of industry demand. The current valuation and policy bottom are resonating, gradually releasing pessimistic expectations and providing a safety margin for investment [7][35] - The upcoming Spring Festival is expected to catalyze performance in the sector, with resilient demand for consumer goods and a continuous upward trend in the snack sector. The mismatch in the timing of the Spring Festival is anticipated to lead to a concentrated release of stocking demand. The sector is expected to achieve rapid growth in Q1 2026 [7][35] Summary by Sections Fund Positioning - In Q4 2025, the allocation ratio for food and beverage in the overall market funds dropped to a new low of 6.1%, down from 6.4% in Q3 2025. The allocation ratio for active equity funds was 4.0%, slightly down from 4.1% in the previous quarter, indicating a continued reduction in food and beverage allocations by active equity funds [4][13] - The overall number of shares held by funds in the food and beverage sector decreased in Q4 2025, with a general trend of reduced allocation to food and beverage companies. Notably, companies like Yurun Agriculture, Yili, and West Wheat Food saw an increase in market value held by funds, while companies like Wuliangye, Shanxi Fenjiu, and Kweichow Moutai experienced significant decreases [6][29][32] Investment Recommendations - The report suggests focusing on two main lines for investment: first, consider companies like Shede Liquor that have undergone sufficient adjustments and possess high elasticity; second, allocate to industry leaders such as Kweichow Moutai and Shanxi Fenjiu, which have strong performance stability and risk resistance. The Spring Festival stocking is expected to be a core catalyst for the sector's performance [7][34] - Specific investment opportunities are highlighted in three sub-sectors: raw milk/dairy products, the snack sector, and the catering supply chain. Companies such as Wei Long, Gan Yuan Food, Yan Jin Pu Zi, West Wheat Food, and Yili are identified as key investment targets, with beneficiaries including Yurun Agriculture, Mengniu Dairy, Anjixin Food, and Guoquan [7][38]

麦趣尔公告称，债权人铭慧机械以公司欠595.49万元货款未付为由，向昌吉州中院申请对其进行破产清 算。截至公告披露日，公司未收到法院相关裁定，已按规定提出异议。公司目前经营正常，未达破产清 算法定条件。2024年、2025年1-9月，公司营收分别为6.35亿元、4.63亿元，净利润分别为-2.3亿 元、-0.33亿元。后续公司是否进入破产清算程序尚不确定，若法院受理，公司股票或被实施退市风险 警示。 ...

河南作为农业大省和全国重要的粮食生产核心区，食品产业是其重要的支柱产业。当前，该省正聚力打 造万亿级现代食品产业集群，目标是实现从"中原粮仓""国人厨房"到"世界餐桌"的跨越。 在2026年河南省两会期间，河南省人大代表、锅圈食品（上海）股份有限公司执行董事杨童雨继续关注 河南食品产业高质量发展。她认为，我省多数区域食品产业在产业链协同、品牌价值提升、科技创新转 化等方面仍有巨大提升空间。培育和发挥龙头企业的引领带动作用，对于推动产业高质量发展至关重 要。 《中国经营报》记者了解到，长期以来，河南都是农业大省，小麦产量、生猪饲养量均位居全国第一， 蔬菜产量和粮食总产量位居全国第二，肉蛋奶产量位居全国第三。 杨童雨表示，河南已形成规模庞大的食品工业体系，拥有超过6000家规模农产品加工企业。以漯河为代 表的食品名城集聚效应明显，吸引了众多国内外500强企业。 "然而，部分区域产业链内部衔接不够紧密，'集而不聚'现象依然存在，上下游企业间的技术共享、市 场联动不足，整体协同效应尚未完全发挥；同时，品牌矩阵初具，但国际影响力有待提升。相较于国际 食品巨头，豫企品牌的全球知名度、溢价能力和文化输出能力仍有较大差距；创 ...

当市场从开年的热烈中稍稍降温，成交额从近4万亿的高位回落，我们或许需要跳出K线的起伏，从更沉静的视角理解正在 发生的变化。 时值一月尾声，公募基金四季报的集中披露，恰如一本适时打开的投资风向手册。 它记录的不只是基金经理们上一季的"作业"，更像是一面镜子，映照出聪明资金的集体思考与时代脉搏的深层走向。 在红绿交错的行情之外，这些真实的数据与持仓轨迹中，正藏着关于未来更清晰的线索。 线索1：时代的浪潮 被动指数基金成为大势所趋 最直观的变化，藏在资金入市的路径里。 与上一轮牛市主动权益基金主导的格局不同，本轮牛市中，以ETF为代表的被动指数基金正成为大势所趋，"被动型>主动 型"的分化格局持续拉大，甚至重塑着A股的定价逻辑。 2024年三季度，指数型基金持股市值首次超越主动偏股型基金。这一趋势，在2025年四季度进一步强化。 指数型基金股票市值达到4.70万亿元，环比增长3.4%，而主动偏股型基金则降至3.37万亿元，环比下滑5.2%，两者差距从 上季度的1万亿元，扩大至1.3万亿元。 来源：Wind，东吴证券 | | | 最大回撤(均值) | | | | | --- | --- | --- | --- | - ...

Core Viewpoint - VITASOY INTERNATIONAL (00345) announced a share buyback plan, indicating a strategic move to enhance shareholder value through the repurchase of shares at a specified price [1] Group 1: Share Buyback Details - The company will spend HKD 847,900 to repurchase 122,000 shares [1] - The buyback price is set at HKD 6.95 per share [1]

作为全国老字号嘉年华重点活动、广东"广货行天下"春季行动的重要组成部分，大湾区年味消费季活动 将持续至1月28日。位于陈家祠广场和1906科技园的老字号主题市集，汇集了广州及大湾区其他城市特 色老字号产品。王老吉国际罐、珠江啤酒茶啤新品、双鱼十五运会纪念球等一众广州老字号潮品齐齐亮 相，非遗体验、国潮演出、消费福利轮番上阵，让市民游客沉浸式感受广府老字号的传统底蕴与新潮活 力。 老字号是刻在广州这座千年商都基因里的瑰宝，广州拥有35个中华老字号、82个广东老字号、150个广 州老字号，涵盖食品、餐饮、医药、住宿、文化娱乐、工业制造等行业，构成了岭南商业文化的鲜活版 图。 近年来，广州以政策为支撑、以创新为引擎，为老字号高质量发展保驾护航。2025年出台的《广州老字 号认定管理办法》，将老字号认定移交政府部门规范管理，强化其在商贸流通、消费促进、质量管理等 方面的示范引领作用；将老字号纳入消费新业态新模式新场景试点城市重点支持范畴，对符合条件的项 目给予专项扶持。同时，发挥老字号振兴基金效能，2025年新增投资超1.8亿元，支持惠如楼、白云山 生物、万力轮胎等多个项目发展，建立国资收益后补助激励机制，指导企业" ...

2026年全国"老字号嘉年华"在广州启动 中新网广州1月27日电 (记者 许青青)记者从26日在广州举行的全国"老字号嘉年华"暨大湾区年味消费季 启动仪式获悉，广州拥有35个中华老字号、82个广东老字号、150个广州老字号，涵盖食品、餐饮、医 药、住宿、文化娱乐、工业制造等行业。 本次活动由商务部联合广东省人民政府举办，以"国货潮品焕彩焕新"为主题，活动将采取"1+4"形式， 以启动仪式为起点，围绕"老字号创意市集""老字号全民共赏""老字号名品博览""老字号匠心出海"四大 主题，组织各地举办35场形式多样、内容丰富的特色活动，扩大优质商品和服务供给，打造多元化、融 合化消费场景，更好满足人民美好生活需要。 编辑：熊思怡 广告等商务合作，请点击这里 本文为转载内容，授权事宜请联系原著作权人 其中，围绕即将到来的马年春节，将集中推出8场全国性主题活动，打造"一站式"购物平台和"打卡 地"消费场景，让消费者在喜庆祥和的节日氛围中享受老字号带来的独特魅力。 中新经纬版权所有，未经书面授权，任何单位及个人不得转载、摘编或以其它方式使用。 关注中新经纬微信公众号(微信搜索"中新经纬"或"jwview")，看更多精彩财经 ...

Group 1 - Chengdu is enhancing its duty-free shopping experience by increasing the variety of products available in duty-free stores, aiming to promote local brands and products internationally [3][5] - As of November 30, 2025, Chengdu has over 600 duty-free stores, with more than 180 offering an "immediate purchase and refund" service, which has been optimized to include multiple refund methods [3][4] - The Chengdu Business Bureau is actively analyzing consumer preferences among international tourists to better tailor product offerings in duty-free stores, focusing on local cultural products and high-tech items [4][6] Group 2 - Local companies, such as Qianli Beiyikang Medical Technology Co., are keen to enter duty-free stores to enhance brand visibility and access high-value consumer segments, with products already reaching 70 countries [5][6] - The strategy of including more local products in duty-free stores is expected to improve the shopping experience for tourists and increase inbound consumption [5][6] - The competitive edge of domestic products is being validated through sales data, with popular categories including clothing, bags, and electronics, indicating a strong market for culturally significant items [6]

Group 1 - The core focus of the article is the upcoming IPOs of leading companies in the consumer sector on the Hong Kong Stock Exchange, including Mingming Hen Mang, Dongpeng Beverage, and Muyuan Foods, highlighting a shift in the market towards domestic consumer brands after a wave of biotech and AI listings [2][3][4] - Dongpeng Beverage, known as the "first stock of energy drinks," is set to issue 40.89 million H-shares at a price not exceeding 248 HKD, aiming to raise approximately 10.14 billion HKD, with a significant portion of the funds allocated for capacity expansion and brand enhancement [5][6] - Mingming Hen Mang, the largest snack and beverage retail chain in China, reported a revenue of 46.37 billion CNY for the first nine months of 2025, marking a 75.2% year-on-year increase, and a net profit of 1.81 billion CNY, up 240.8% [8][9] Group 2 - Muyuan Foods, the world's largest pig farming company by production capacity, is expected to see a decline in net profit for 2025, projected between 14.7 billion to 15.7 billion CNY, due to fluctuations in the pork market [9] - The article discusses the changing dynamics of the Hong Kong IPO market, noting that the average winning rate for retail investors has dropped significantly to 20%, the lowest in nearly a decade, as institutional investors dominate the allocation process [14][17] - The performance of consumer stocks in the Hong Kong market has been strong, with indices showing significant gains, but there has been a recent pullback in the second half of 2025, indicating a potential correction in high valuations [17][18]