丨证券研究报告丨 行业研究丨专题报告丨食品、饮料与烟草 [Table_Title] 食品饮料行业周度更新：如何把握春节旺季备货 行情？ 报告要点 [Table_Summary] 白酒板块阶段性仍沿着"供给优化，需求弱复苏"演绎，四季度仍然处于库存去化过程中，短 期随着茅台控货批价有所回升，关注春节回款及动销变化。大众品需求边际有望回暖，春节备 货滞后，一月份有望迎来开门红。最新推荐：千禾味业、锅圈、安琪酵母、巴比食品、立高食 品、万辰集团、安井食品、若羽臣、东鹏饮料、贵州茅台、山西汾酒、洋河股份、会稽山等。 分析师及联系人 [Table_Author] 董思远 徐爽 SAC：S0490517070016 SAC：S0490520030001 SFC：BQK487 请阅读最后评级说明和重要声明 [Table_Summary2] 观点更新：春节备货行情应聚焦旺季效应强、业绩兑现度高的品种 春节日期的前后移动会对以公历年核算的上市公司业绩带来跨期影响，食饮板块在春节后置的 年份（近 10 年主要包括：2018 年、2021 年、2024 年和 2026 年）更容易出现"备货行情"， 而相关机会的筛选会或优先：产品具 ...

近年来，中国咖啡市场呈现出强劲增长态势与显著结构性变化，其中"功能性"正成为行业创新焦点。益 生菌凭借其健康多元特性，成为咖啡功能化发展的首选成分。。然而，益生菌与热饮结合面临关键挑战 ——多数益生菌不耐高温。，微康益生菌研发的凝结魏茨曼氏菌BC99作为 耐热型"不怕烫"孢子菌株， 可完美融入热咖啡，并确保菌株顺利抵达肠道，发挥调节肠道健康、护胃清幽等功效，从而保障消费者 充分体验益生菌咖啡的功能价值。 中国咖啡市场近年来呈现高速增长态势，新品牌快速崛起，同时健康化、功能化成为重要创新方向。根 据调研数据显示，中国咖啡市场规模从2016年的868.8亿元增长至2023年的1777.2亿元，预计2030年将达 3754.9亿元，年复合增长率约10.19%。瑞幸、库迪等本土品牌通过快速扩张占据主导，Manner、Seesaw 等新品牌快速崛起，消费人群90后为主力军：90后占咖啡消费人群的五成左右，人均年饮咖啡杯数从 2016年的9杯增至2023年的16.74杯，消费者年轻化，消费习惯逐渐日常化，展现巨大消费潜力。 随着疫情后，人们对健康的关注度增多，据Mordor Intelligence数据显示，2025年全 ...

Core Viewpoint - The energy drink market in China is experiencing rapid growth, with significant contributions from brands like Dongpeng and Red Bull, driven by changing consumer needs and effective marketing strategies [5][7][39]. Group 1: Market Performance - Dongpeng Beverage reported a revenue exceeding 10 billion yuan in the first half of 2025, marking a year-on-year growth of 36.37%, with its flagship product, Dongpeng Special Drink, generating sales of 8.36 billion yuan [5][11]. - Red Bull's revenue for 2024 reached 21 billion yuan, surpassing its initial targets, indicating a resurgence in its market performance [7]. - The energy drink market in China is projected to reach a scale of 111.4 billion yuan by 2024, making it the fastest-growing segment within the soft drink category [10][11]. Group 2: Historical Development - The energy drink category was introduced to China in 1995 with the entry of Red Bull, which dominated the market for over two decades [19]. - Numerous domestic brands emerged, initially imitating Red Bull's product and packaging, leading to a market share of over 80% for Red Bull [23]. - Dongpeng's innovative packaging and strategic targeting of blue-collar workers helped it gain market share, especially after Red Bull's market stagnation following a trademark dispute in 2015 [25][26]. Group 3: Marketing and Consumer Trends - The marketing strategies for energy drinks have evolved to target younger consumers, with brands sponsoring sports and esports events to engage with this demographic [34][39]. - The primary consumption scenarios for energy drinks now include sports (31.21%), night shifts (30.12%), and late-night studying (29.44%), reflecting a shift from traditional blue-collar consumers to a broader audience [40][42]. - The trend towards functional and cost-effective products continues to drive the energy drink market, appealing to a diverse range of consumers seeking quick energy boosts [39][42].