6 证券研究报告 点评报告 2026 年 1 月 8 日 晨会纪要 核[心Ta观bl点e_：Summary] 第一创业证券研究所 一、宏观经济组： 事件： 1 月 5 日晚 11 点美国 ISM（供应管理协会）公布 12 月制造业 PMI 数据,1 月 7 日 晚 9 点 15 分美国 ADP 公司公布 12 月 ADP 就业（"小非农"）数据；晚 11 点美 国 ISM 公布公布 12 月服务业 PMI 数据。 评论： 12 月美国制造业 PMI 为 47.9%，预期为 48.3%，前值 11 月为 48.2%。美国 12 月 制造业 PMI 低于预期，呈现"供强需弱"的格局。12 月产出指数为 51%，虽较 11 月回落 0.4 个百分点，但仍处于扩张区间。 从需求方面看，12 月新订单指数为 47.7%，较上月回升 0.3 个百分点；新出口订 单为 46.8%，虽较上月回升 0.6 个百分点，但也处于收缩区间；而 12 月进口订单 为 44.6%，较上月回落 4.3 个百分点。 从库存上看，12 月自有库存为 45.2%，较上月回落 3.7 个百分点；客户库存为 43.3%，较上月回升 1.4 个百分点 ...

Group 1: Core Insights - The report emphasizes the recovery stage of consumer spending, highlighting that different sectors exhibit both commonalities and differences in their recovery rhythms, driven by supply-demand dynamics and industry structure [4][5] - ROA (Return on Assets) is identified as a leading indicator for the operational recovery of consumer companies, with a focus on analyzing various sub-sectors [4][13] Group 2: Sector Performance - The current recovery sequence indicates that soft drinks and snacks are leading, followed by the catering supply chain, condiments, dairy products, beer, and finally, liquor [5][25] - The report draws parallels with Japan's 1990s consumption differentiation, noting that sectors addressing consumer pain points and with low penetration rates are likely to succeed [5][6] Group 3: Investment Strategy - The report suggests focusing on sectors where ROA is stabilizing, indicating potential valuation recovery opportunities, particularly in traditional sectors like liquor, beer, and dairy [6][8] - It recommends identifying sub-sectors with either price or volume growth, with a preference for price-driven strategies [6][8] Group 4: Detailed Sector Analysis - The frozen food sector is showing signs of marginal improvement, with leading companies enhancing operational efficiency through product innovation and channel reforms [27][28] - The snack sector is experiencing high demand, driven by new channel developments, although competition is intensifying [33][35] - The beer industry is under pressure, with a focus on high-end products, but overall growth is slowing due to external economic factors [39][41] - The dairy sector is nearing the end of its adjustment phase, with expectations of improved performance as raw milk prices rise [41][42] - The liquor sector is currently in a phase of inventory reduction, with performance risks gradually clearing as channels stabilize [43][48]

（来源：华宝国际） 南北落子 产品图为AI生成 政策与市场双轮驱动下，中国大健康产业规模预计在2030年达到16万亿元。其中，营养保健品、功能性食品等细分赛道增速显著。华宝股份精准锁定这一 历史性机遇，将大健康产业确立为公司战略升级的核心方向。鹰潭、济南双基地的投资建设，正是公司战略落地的关键举措，为抢占产业高地、释放内生 增长潜力筑牢根基。 战略落地：南北协同驱动，深耕产业核心生态 双擎赋能 近日，华宝股份在大健康领域的产业化布局接连取得关键进展。 旗下江西省嘉萃生物科技有限公司与山东商河经济开发区正式签署"嘉萃生物济南大健康产业基地项目"协议。几乎同时，江西嘉萃大健康产业基地建设项 目组正式成立，标志着华宝股份"一北一南"双基地战略进入实质落地阶段。两大基地遥相呼应，形成战略协同与产能互补，共同构建起覆盖研发、生产与 市场的双向支撑体系，为华宝在全国乃至全球大健康产业链的深入整合与拓展奠定坚实基础。一幅跨区域、高协同的产业生态蓝图，正徐徐展开。 洞察趋势：锚定高速增长的黄金赛道 华宝股份此次布局，源于对宏观趋势与市场脉搏的深刻洞察。当前，全球健康经济规模已突破6.3万亿美元，并保持高速增长。在中国，"健康 ...

关键词 | 未来食品&农业 |路德科技 【SynBioCon】 获 悉， 近日，生物制造上市龙头 路德科技 宣布与杭州市属国企杭实集团子公司 杭化新材料 在杭州正式签署战略合作协议。 据悉，双方将围绕 生物发酵、功能性饲料、功能性食品等领域 展开项目共建，联合组建专班， 深入挖掘酒糟资源的高值利用路径 ，推动关键技术与产 品快速落地。 同时，12月12日， 路康德生物科技（杭州）有限公司 在杭州萧山区正式成立，该公司注册资本3000万。 路德科技 成立于2006年，是一家深耕 高含水废弃物 资源化利用领域的企业，近年来该公司坚定聚焦生物制造主业，以生物发酵饲料为核心，大力拓展功 能性生物饲料原料业务。 杭化新材料 具有合成生物、酶制剂、工业菌株开发等领域具备强大的研发和产业化能力，母公司是大名鼎鼎的 杭实集团 。 目前，杭实重点锚定"先进制造、智能物联、生物医药、新能源新材料"等前沿产业，致力于培育优势产业集群，推动城市产业转型升级与现代化。 ▌参考信息：本文部分素材来自全网。由作者重新编写，系作者个人观点，本平台发布仅为了传达一种不同观点，不代表对该观点赞同或支持。如果有任何问题，请联系我们：1535674 ...

Group 1 - The "Healthy China 2030" initiative is driving the development of the health industry as a key engine for high-quality economic growth, with a focus on improving life expectancy and health levels [1] - The integration of agriculture and biotechnology is seen as a new approach to advance the health industry, supported by the recent "14th Five-Year Plan" which emphasizes the implementation of health priority development strategies [1] - A recent symposium aimed at promoting collaborative efforts among government, industry, finance, academia, and media to explore new pathways for high-quality development in the health industry [1] Group 2 - San Zhu Grain Group has developed a complete industrial system for oat production over nearly 30 years, holding over 80 national technology patents, including an award-winning project for drought-resistant oat varieties [3][4] - Oats are recognized as a functional food with significant health benefits, particularly for chronic disease patients, and are positioned to change the traditional staple food landscape in northern China [6] - Research collaboration between San Zhu Grain and Peking University has demonstrated that daily intake of 50-100g of naked oats has significant nutritional therapeutic effects for type 2 diabetes patients, providing scientific evidence for functional food development [6] - The development of oat peptides represents a key breakthrough for San Zhu Grain's transition to biotechnology, enhancing the absorption of oat protein and retaining its physiological activity [6]

瑞财经 王敏 12月10日，据港交所披露，石药创新制药股份有限公司（以下简称"石药创新"）向港交所主板递交上市申请，中信证券 为其独家保荐人。 | 纂 項下的[編纂]數目 | :[编纂]股H股(視乎[編纂]) | | --- | --- | | [編纂]數目 | :[編纂]股H股(可予[編纂]) | | [編纂]數目 | : [編纂]股H股(可予[編纂]及[編纂]) | | 最高 編纂] | : 每股H股[編纂]港元,另加[編纂] | | | ([編纂]港元,多繳款項可予退還) | | 面值 | : 每股H股人民幣1.00元 | | [編纂] | :[編纂] | 2024年，石药创新取得了巨石生物控制权，将主营业务扩展至生物制药行业，标志着该公司在企业发展战略转型中迈出关键一步。 于2025年11月，石药创新自恩必普药业收购巨石生物额外29%的股权，现金对价为11亿元。收购后，石药创新于巨石生物的所有权 权益增至80%，而恩必普药业保留余下20%的所有权权益。 石药创新原名创为石药集团新诺威制药股份有限公司，是香港恒生指数成分股石药集团（股票代码：1093.HK）的子公司，现已发展 为集生物制药、原料药和功能 ...

Core Insights - The Jiangsu Rudong (Shanghai) Foreign Investment Manufacturing Investment Conference was held, focusing on advanced fields such as intelligent equipment, life health, and functional foods, attracting over 50 domestic and international enterprises and institutions to explore new opportunities for industrial cooperation and development [1] Group 1: Economic Development - Rudong is strategically located at the northern wing of the Yangtze River estuary, with rich marine resources, including an 86-kilometer coastline and 4,555 square kilometers of sea area, positioning it as a potential city for maritime development [3] - The GDP of Rudong has consistently surpassed the 10 billion mark, with nearly 1,000 industrial enterprises achieving an industrial output value exceeding 220 billion [3] - The leading industries in new energy, new materials, and new equipment have surpassed 100 billion in output value, and Rudong ranks 28th among the top 100 counties (cities) in terms of basic economic competitiveness this year [3] Group 2: Industrial Cooperation - Over 50% of Rudong's investment projects originate from Shanghai, with more than 60% of enterprises closely cooperating with Shanghai, and over 70% of imports and exports relying on Shanghai ports [3] - The collaboration between Shanghai's "3+6" industrial system and Rudong's "1+3+N" system continues to expand, particularly in the life health sector [3] Group 3: Infrastructure and Innovation - Rudong Economic Development Zone, one of the first provincial-level development zones in Jiangsu, has established platforms such as semiconductor and life health industrial parks, attracting high-tech enterprises like Tokyo Semiconductor and China-US Ruikang [4] - The South Tong agricultural comprehensive development zone supports the food and health industry with specialized food parks and modern agricultural demonstration parks [4] - The conference featured a keynote speech on the development trends and innovative paths of marine food and health industries, emphasizing the integration of academia and industry [4]

Group 1: Industry Development - The food industry in Linying County is well-developed with distinct characteristics, particularly in the health sector, as exemplified by Wo Health (Henan) Industry Group Co., Ltd., which focuses on rehabilitation medical devices and functional foods [3] - The emphasis on the "Healthy China" initiative aligns with the development of the health industry, providing new opportunities for enterprises [3] - The company Henan Zhongda Hengyuan Biotechnology Co., Ltd. is a pioneer in the application of natural pigments in the food sector, highlighting the importance of innovation and market expansion in the food industry [3] Group 2: Cultural and Tourism Integration - The need to strengthen the protection and utilization of cultural relics while developing rural tourism and leisure agriculture is emphasized, promoting the integration of agriculture, culture, and tourism [3] Group 3: Grassroots Governance and Community Engagement - The grassroots governance in the Ma Lu Street community is noted for its unique characteristics, with a focus on effective governance and community service [5] - The integration of "Party building + grid + big data" governance methods is encouraged to resolve conflicts and improve community services [5] - The development of new e-commerce models, such as "live streaming + culture + food," is promoted to leverage the digital economy and enhance local brand strength [5]

Core Viewpoint - The article discusses the evolution and opportunities within the functional food sector in China, highlighting the shift in consumer preferences towards health-oriented products and the potential for market growth driven by innovation and changing dietary habits [4][70]. Group 1: Definition and Characteristics of Functional Foods - Functional foods are defined as products that provide specific health benefits beyond basic nutrition, often targeting particular health needs without replacing traditional medical treatments [9][12]. - The concept of functional foods has expanded to include a variety of product forms, such as gummies, dairy drinks, and even ice cream, which appeal to consumers' preferences while maintaining health benefits [10][11]. Group 2: Market Demand and Consumer Behavior - There is a growing diversity in consumer demands, with preferences shifting towards products that are convenient, affordable, and align with personal health goals [16][18]. - The functional food market in China is currently underdeveloped, with per capita spending at only $29, significantly lower than countries like Japan and the U.S., indicating substantial growth potential [25][27]. Group 3: Trends and Innovations - The article identifies key trends in the functional food market, including the rise of snack-sized products, ready-to-eat options, and the increasing demand for functional benefits such as weight management and immune support [71]. - Innovations in product formulation and marketing strategies are crucial for brands to differentiate themselves and capture market share in a competitive landscape [70][72]. Group 4: Specific Product Categories - Plant-based products are gaining traction, with a notable market shift towards plant-based dairy and meat alternatives, driven by health and environmental concerns [33][36]. - Probiotics and gut health products are also highlighted as a significant segment, with a growing consumer base interested in the health benefits associated with these products [45][47]. Group 5: Future Opportunities - The potential for market expansion is significant, with estimates suggesting that if per capita spending on functional foods reaches half of Japan's level, it could unlock a market size of approximately 500 billion yuan [27]. - The article emphasizes the importance of aligning product offerings with local dietary preferences and cultural practices to maximize acceptance and growth in the functional food sector [66].

Core Viewpoint - The article discusses the evolution of Japan's functional food market over the past 50 years, highlighting the transformation from chaotic growth to a regulated and innovative industry, and drawing parallels to the emerging functional food market in China [3][5][69]. Group 1: Historical Development - The functional food market in Japan has undergone significant changes since the Heisei era, reflecting a shift in consumer health concepts and the establishment of a rigorous regulatory framework [3][5]. - The market experienced explosive growth in the 1970s and 1980s, with sales skyrocketing from 1.8 billion yen in 1965 to 400 billion yen in 1983, but this was accompanied by severe market chaos and misleading advertising [8][9]. - In response to market confusion, the Japanese Ministry of Health began regulating health foods in 1971, prohibiting claims of efficacy and establishing a foundation for future market development [9][10]. Group 2: Scientific Foundations and Market Innovation - The 1980s saw the emergence of scientific research into food functions, leading to the formal definition of functional foods by the Ministry of Health in 1987, which categorized food functions into nutritional, sensory, and physiological regulation [14][17]. - The introduction of innovative products like sports drinks and balanced nutrition foods marked the beginning of a new market era, with significant sales successes such as the 2.4 million bottles sold in the first year of FIBE MINI [18][22]. Group 3: Regulatory Framework and Market Expansion - The 1990s brought a price revolution, making health foods accessible to the general public, with companies like FANCL and Otsuka Pharmaceutical leading the charge by offering products at lower prices [27][30]. - The establishment of the "FOSHU" (Foods for Specified Health Uses) system in 1991 allowed products to be marketed with health claims, significantly boosting consumer confidence and market growth [33][35]. Group 4: Challenges and Recovery - The 2000s were marked by a dual crisis of media-driven hype and product safety scandals, notably the EKONA incident in 2009, which severely damaged consumer trust in the FOSHU system [41][47]. - Despite these challenges, the market began to recover with innovative products like METS COLA and Iyemon Tea, which successfully restored consumer confidence and demonstrated the resilience of the functional food sector [49][51]. Group 5: Current Trends and Future Directions - The introduction of the functional labeling food system in 2015 has catalyzed market growth, allowing companies to make health claims with less stringent requirements, leading to a surge in product submissions [57][59]. - Consumer trends are shifting towards more personalized health solutions, with a focus on gut health, emotional management, and overall wellness, indicating a move away from single-ingredient products [61][65]. - The Japanese functional food market is now characterized by a diverse range of products and a complex regulatory environment, presenting both opportunities and challenges for future growth [67][69]. Group 6: Lessons for China - The article emphasizes that Japan's experience in developing a mature functional food market offers valuable insights for China's rapidly growing sector, particularly in building brand trust and navigating regulatory landscapes [69][71]. - Key strategies for success in China include creating value exposure through effective communication, fostering category innovation, and enhancing user stickiness to ensure long-term consumer engagement [71][73].