海通国际主要观点如下： 智通财经APP获悉，海通国际发布研报称，元旦期间和新年首个交易日，A、H 两市明显上涨，投资者 风险偏好回升。如果风格延续，必选消费板块预计将跟随上涨，但整体基本面缺少催化剂。从跟踪的月 度数据来看25年第四季度忧多于喜，主要体现在多数行业需求持续低迷，成本红利逐步减小。展望26 年，该行认为上半年多数行业基本面仍将延续这些趋势。其中乳业有望率先底部回升，迎来业绩和估值 的"戴维斯双击";白酒需求底部和龙头战略影响不确定，买入仍有风险。展望1月，该行建议关注两条主 线：一是符合高风险偏好风格;二是符合基本面和股息率改善逻辑。 资金 截至12月底，港股通资金当月净流入208.25亿元(上月净流入1115.76亿元)，必需消费板块市值占比为 5.61%，较上月提高0.2pct。乳制品港股通市值占比为16.7%，较上月增持0.38pct;食品添加剂行业港股通 占比为13.7%，排名次之，较上月增持0.48pct。按港股通持股比例排名，青岛啤酒(48.4%)港股通比例最 高，优然牧业(24.5%)、安德利果汁(23.8%)次之。 估值 12月底A股食品饮料的PE历史分位数为16%(20.3x) ...

嘉必优公告称，公司第二期以集中竞价交易方式回购股份，预计金额1500万元（含）-3000万元 （含），用于股权激励。截至2025年末，累计回购106.06万股，占总股本0.63%，累计已回购金额 2792.13万元，实际回购价格区间为23.52元/股-28.58元/股。本次回购符合规定，公司将按规实施并披露 进展。 ...

企查查数据显示，截至2025年12月31日，国内现存食品添加剂相关企业69.98万家。近十年相关企业注 册量呈整体增长态势，其中2023年全年注册16.13万家相关企业，同比增长51.91%，达近十年注册量峰 值。2025年全年注册14.74万家食品添加剂相关企业，同比增长6.28%。 （原标题：食品添加剂新规发布，国内食品添加剂相关企业近70万，超四成在华东） 近日，市场监管总局正式发布《食品添加剂生产许可审查细则（2025版）》（以下简称《细则》），进 一步加强对食品添加剂生产的全链条监管。《细则》自发布之日起施行，将作为食品添加剂企业申请生 产许可的重要审查依据，与《食品生产许可审查通则》配套使用。 企查查数据显示，截至2025年12月31日，国内现存食品添加剂相关企业69.98万家。注册量方面，近十 年相关企业注册量呈整体增长态势，2025年全年注册14.74万家食品添加剂相关企业，同比增长6.28%。 存量方面，从经营时间来看，食品添加剂相关企业主要成立于近三年，成立年限在1-3年的相关企业占 比32.81%。从地区分布来看，食品添加剂相关企业主要集中分布在华东地区，占比高达41.66%。 1.现存 ...

（来源：河北新闻网） 您知道吗？我国每五辆童车，就有一辆河北制造。您知道吗？全国六成以上的宠物食品来自河北。您知道吗？红油火锅 里的主要成分辣椒红色素，河北的产销量稳居全球第一。河北现有县域特色产业集群333个，是名副其实的"县县有集 群"。争创国家中小企业特色产业集群17个，位列全国第二。特色产业集群是因地制宜发展新质生产力的重要基础。中 央广播电视总台河北总站联合河北省人民政府办公厅新闻联络处共同深入产业一线调研，开设《河北经济向"新"力》专 栏，探寻河北特色产业集群高质量发展的密码。 转自：河北新闻网 ...

Core Viewpoint - The State Administration for Market Regulation has released the "Food Additive Production License Review Guidelines (2025 Edition)" to standardize the production licensing of food additives and enhance supervision of production enterprises [1][2]. Group 1: Production Licensing Requirements - The guidelines specify production access requirements and detail enterprise system regulations, including basic conditions related to production sites, facilities, and processes [1]. - Enterprises are required to establish and implement a series of food safety management systems, including raw material procurement, production process control, sanitation, food safety traceability, and label management [1]. Group 2: Risk Prevention and Classification - The production licensing for food additives is categorized into six specific types: single variety food additives, food flavorings, compound food additives, food nutrition enhancers, basic substances in gel-based candies, and enzyme preparations [1]. - The guidelines emphasize the prohibition of repackaging certain high-risk products, particularly those classified as hazardous chemicals [1]. Group 3: Additional Review Requirements - The guidelines focus on high-risk products, particularly compound food additives and food flavorings, which will have additional review requirements related to formula development management, quality control, and labeling [2]. - The new licensing requirements aim to raise the entry barriers for production and enhance overall safety standards in the industry [2].

在生产场所方面，《细则》要求企业必须合理划分作业区域，采取有效分离或分隔措施，避免交叉污 染。可能产生有害气体、粉尘或污水的生产环节需独立设置，并配备相应防护设施。同时，车间地面、 墙面、门窗等须符合卫生标准，其中酶制剂、复配食品添加剂等类别的生产环境要求更为严格，需接近 食品生产企业的卫生水平。 设备设施管理也迎来细化规定。企业须配备与生产规模相适应的设备，并定期对监测仪器进行检定或校 准。直接接触产品的设备与工器具需采用无毒、无味、耐腐蚀的材料，清洁与消毒措施不得对产品造成 污染。此外，企业还需设置更衣室、洗手消毒设施及规范的废弃物存放处，保持生产环境持续合规。 新京报讯（记者陈琳）近日，市场监管总局正式发布《食品添加剂生产许可审查细则（2025版）》（以 下简称《细则》），进一步加强对食品添加剂生产的全链条监管。《细则》自发布之日起施行，将作为 食品添加剂企业申请生产许可的重要审查依据，与《食品生产许可审查通则》配套使用。 值得注意的是，《细则》对生产过程提出更高要求。企业应建立从原料采购到成品出厂的全流程管理制 度，严格投料核对与工艺控制。关键环节需明确技术参数，并鼓励采用信息化手段实现精准管理。对于 ...

Core Viewpoint - The State Administration for Market Regulation has released the "Food Additive Production License Review Guidelines (2025 Edition)" to further standardize food additive production and enhance quality safety supervision [1] Group 1: Regulatory Changes - The guidelines specify additional review requirements for compound food additives and food flavorings, including formulation development management, quality safety control, and labeling management, thereby raising the production licensing standards [1] - Food additive production licenses are categorized into six subcategories: single variety food additives, food flavorings, compound food additives, food nutrition enhancers, basic substances in gel-based candies, and enzyme preparations, implementing classified licensing review [1] Group 2: Safety Management - The guidelines prohibit the repackaging of high-risk food additives and those classified as hazardous chemicals, which have special management requirements [1] - Basic conditions for enterprises are outlined, including requirements for production sites, facilities, layout, and process flow, as well as the establishment of food safety management systems covering raw material procurement, production process control, and labeling management [1]

其中指出，厂区、厂房和车间、库房要求应当符合《食品安全国家标准食品添加剂生产通用卫生规范》 (GB31647)中生产场所相关规定。厂区不应选择对食品添加剂有显著污染的区域。厂区周围无虫害大量 孳生的潜在场所，无有害废弃物以及粉尘、有害气体、放射性物质和其他扩散性污染源。各类污染源难 以避开时应当有必要的防范措施，能有效清除污染源造成的影响。 人民财讯12月29日电，为规范食品添加剂生产许可工作，加强对食品添加剂生产企业的监督管理，依据 相关法律法规、部门规章和食品安全国家标准，市场监管总局组织制定了《食品添加剂生产许可审查细 则(2025版)》，现予公告，自发布之日起施行。 ...

Core Viewpoint - The Qinghai Provincial Market Supervision Administration has implemented strict measures to address issues related to food additives and edible vegetable oils, ensuring food safety for consumers [1][2] Group 1: Regulatory Actions - The administration has launched a special rectification campaign focusing on the abuse of food additives and issues with edible vegetable oils, emphasizing the "four strictest" principles and the "two responsibilities" for food safety [1] - A notification regarding the inspection and rectification of prominent issues related to edible vegetable oils has been issued, along with an initiative to standardize the production and use of food additives [1] Group 2: Inspection and Compliance - A total of 2,359 food production and operation entities have been inspected, achieving full coverage of 21 food additive production enterprises and 31 edible vegetable oil production enterprises [2] - 19 issues were identified during inspections, all of which have been rectified; 1,110 batches of edible vegetable oils were sampled, with a 99.73% pass rate, and 3 batches were found non-compliant [2] Group 3: Enforcement and Penalties - Five cases have been filed with fines totaling 35,000 yuan, and 192 barrels of non-compliant finished oil were confiscated [2] - A total of 42,007 batches of food safety samples were tested, with 21 batches of food additives found non-compliant, leading to 9 cases filed and fines amounting to 126,000 yuan [2]

Group 1 - The company announced a change in control agreement where Qin Benjun will transfer 60 million shares (8.09%) to Guangzhou Defu Nutrition and relinquish voting rights for 189,141,310 shares (25.50%), retaining voting rights for 22,248,282 shares (3.00%) [1] - Following the completion of the share transfer and board restructuring, Guangzhou Defu Nutrition will become the controlling shareholder, with Hou Ming and Li Zhenfu as the joint actual controllers of the company [1] - The company plans to acquire 80% of Beijing Jinkangpu Food Technology Co., Ltd. through a share issuance to Defu Jinkangpu Holdings and Xiamen Defu Jinkangpu Investment [1] Group 2 - The target company specializes in the formulation, production, testing, sales, and technical services of food nutrition fortifiers, serving various sectors including dairy products and functional beverages [2] - The target company is a leading enterprise in the food nutrition fortifier industry, supplying to numerous infant formula manufacturers [2] - The acquisition will enhance the company's business structure, making it more diversified and improving operational stability and risk resistance [2] Group 3 - The company's stock will resume trading on December 24, 2025 [3]