体检报告上 " 血糖偏高 " 的年轻人，面对同事递来的奶茶只能摆手拒绝；确诊糖尿病的老人，看着儿女买来的 " 专用食品 " 却毫无食欲。这个 看似万亿规模的健康食品市场，正陷入 " 难吃 - 不吃 - 更差 " 的死亡循环。 "0 糖 " 饮料已占据超市饮料货柜的半壁江山。 2023 年中国无糖饮料行业市场规模达到 401.6 亿元，同比增长 101.2%。 与此同时，中国有接近 1.4 亿糖尿病患者 ，还有数亿血糖偏高人群，共同构成了这个市场的潜在用户基础。 然而令人困惑的是，这个理应蓬勃发展的市场却呈现出一个奇怪的现象：消费者一边追捧 " 无糖 " 概念，一边又对大多数无糖产品感到不满； 企业看到了巨大商机，却难以推出真正赢得人心的产品。 ——大健康食品系列第五篇 双重困境：用户之困与行业之困 在无糖食品市场，需求与供给之间横亘着一条巨大的鸿沟。一边是消费者"既想吃好又想健康"的本能渴望，一边是整个行业在技术、认知和商业模式上的 系统性困境。 消费者的三大核心痛点交织在一起，形成了难以突破的心理防线： 第一，概念混乱引发的信任危机是首要障碍。 超市货架上，"0糖""无蔗糖""无添加糖"等标签令人眼花缭乱。 ...

Core Insights - The article discusses the paradox in the sugar-free food market, where consumer demand for "sugar-free" products is high, yet satisfaction with these products is low, leading to a cycle of disappointment and unhealthy eating habits [2][3]. Group 1: Market Overview - The sugar-free beverage market in China reached a size of 40.16 billion yuan in 2023, showing a year-on-year growth of 101.2% [2]. - There are approximately 140 million diabetes patients in China, along with several hundred million individuals with elevated blood sugar levels, representing a significant potential user base for sugar-free products [2]. Group 2: Consumer Pain Points - The first major consumer pain point is a trust crisis caused by confusing product labels such as "0 sugar," "no added sugar," and "sugar-free," leading to consumer uncertainty about what these terms actually mean [4][8]. - The second pain point is the psychological conflict where consumers desire both taste and health, struggling to find products that satisfy both needs [4][5]. - The third pain point is the disappointing taste and texture of many sugar-free products, which often leads to a negative experience and a return to high-sugar options [6][8]. Group 3: Industry Challenges - The industry faces a "compensation dilemma" where removing sugar necessitates the use of various additives to replicate sugar's functional roles, complicating ingredient lists and conflicting with consumer desires for "clean labels" [8][9]. - The confusion surrounding product labeling is exacerbated by existing regulations that allow misleading terms until new standards are fully implemented in 2027 [9]. - Companies are caught in a dual dilemma of either serving the limited market of diabetes patients or competing with regular snacks for a broader health-conscious audience [9][10]. Group 4: Strategic Paths - Three distinct strategies are emerging among companies in the sugar-free market: 1. **Medical Trust Approach**: Companies like Masala leverage medical-grade trust to cater to diabetes patients, focusing on innovative formulations that slow sugar absorption [12][14]. 2. **Vertical Focus Approach**: Companies like Sugar Friends concentrate on specific needs of diabetes patients, providing low-carb staple alternatives and fostering community engagement through online platforms [12][14]. 3. **Traffic-Driven Approach**: Companies like Ruiji Foods capitalize on the sugar-free trend by creating a diverse range of sugar-free candies and utilizing e-commerce and social media for growth [12][16][17]. Group 5: Future Trends - The future of the sugar-free food industry will shift from vague marketing to transparent ingredient labeling, as new regulations prohibit misleading terms [18][20]. - There will be a move from generic "sugar-free" products to those with precise health benefits, integrating functional ingredients like probiotics and vitamins [21][23]. - The evolution from "traffic products" to "trust brands" will require companies to provide comprehensive solutions, including health data interpretation and personalized dietary plans [24].

证券研究报告 2026 年 1 月 7 日 湘财证券研究所 行业研究 食品饮料行业点评 传统饮料行业面对革新变化 相关研究： | 1.《年底关注企业战略定调，把握 | | --- | | 底部机遇》 2025.12.7 | 行业评级：买入（维持） 近十二个月行业表现 % 1 个月 3 个月 12 个月 相对收益 -3.7% -3.8% -28.3% 绝对收益 -0.1% -2.1% -2.1% 注：相对收益与沪深 300 相比 分析师：张弛 优质感官体验已成为现阶段饮料消费市场的核心趋势之一，与健康诉求的 追求共同引领行业发展方向。饮料行业不仅仅面临的是在内卷中如何创新、 生存，还面临着消费形态和场景的巨大变化。现制饮料变成传统饮料行业 最大的竞争对手，它的优势分为四类：心理价值，消费者亲眼目睹制作过 程，产生心理满足感；温度与口感：可自由选择冰量、甜度，获得即时的 最佳饮用体验；灵活搭配：消费者可自选茶底、小料，创造适合自己的口 味；情感连接：像蜜雪冰城的"雪王"IP、洗脑神曲、门店氛围，创造了 有温度的品牌互动。 ❑ 渠道与营销维度：全域融合下的"组合拳" 全渠道覆盖：百亿级企业要进行立体的渠道覆盖，将渠 ...

Core Viewpoint - The article highlights the misconception surrounding "sugar-free" beverages, emphasizing that they may still contain low levels of sugar or sugar substitutes, which can pose health risks, particularly for certain populations [2][4][5]. Group 1: Health Risks of Sugar-Free Beverages - A case of an 18-year-old diabetes patient hospitalized due to long-term consumption of sugar-free drinks illustrates the potential dangers of these products [2]. - Sugar-free beverages are not completely devoid of sugar; they may contain low levels of sugar and often use artificial or natural sweeteners, which can be unsuitable for certain individuals [4][5]. - A study from Australia indicates that daily consumption of sugar-free sweetened beverages increases the risk of developing type 2 diabetes by 38% [4]. Group 2: Consumer Awareness and Behavior - Consumers are increasingly choosing sugar-free options under the impression that they contain no sugar, leading to a lack of awareness about the presence of sugar substitutes [4]. - The marketing of sugar-free products often emphasizes "0 sugar, 0 fat, 0 calories," which can mislead consumers regarding their health implications [3]. - Individuals like Mr. Zeng have begun to scrutinize ingredient lists for sugar substitutes after realizing that some sugar-free drinks do contain them [4]. Group 3: Recommendations for Specific Populations - Certain groups, including children, pregnant women, and individuals with specific health conditions, are advised against consuming sugar-free beverages due to potential health risks [5]. - Children may experience adverse effects on taste development and increased likelihood of obesity from long-term consumption of sugar substitutes [5]. - Pregnant women and individuals with a history of thrombosis or cardiovascular issues may face additional risks from consuming sugar-free drinks containing specific sweeteners [5].

来源：环球网 随着人们健康意识的提升，无糖、低糖产品如今更受到青睐。从汽水饮料用赤藓糖醇掀起前所未有 的"无糖"流行风潮，到超市货架上琳琅满目的"零糖"食品，一场围绕味觉与健康的饮食革命，正悄然改 变着我们的生活方式。 《健康中国行动（2019—2030年）》中提到，居民蔗糖的摄入量每人每天不超过25克。甜味剂既能满足 消费者对甜味的渴求，又能做到低糖、无糖，近年来颇受消费者追捧。 甜味剂的健康密码 每当甜味剂成为话题，总有人问："这东西真的安全吗？" 答案是：安全并非空谈，而是建立在科学机构的严谨评估与共识之上。 无论是联合国粮农组织与世界卫生组织旗下的食品添加剂联合专家委员会（JECFA），还是美国食药监 局（FDA）、欧洲食品安全局（EFSA）等权威机构，均对甜味剂的安全性作出了一致结论：在规定日 最大摄入量用量范围内，甜味剂是安全的。 据艾媒咨询数据显示，2015-2022年，中国无糖饮料行业市场规模逐年增长，由此前的22.6亿元增至 199.6亿元，预计2025年将达615.6亿元。未来，中国无糖饮料市场规模将保持持续增长态势。这不仅是 商业现象，更反映出当代消费者——"既要甜，也要健康"的真实需求 ...

Group 1 - The core viewpoint of the news is the implementation of a plan to enhance the adaptability of supply and demand in consumer goods, aiming for consumption upgrades to lead industrial upgrades and achieve a dynamic balance between supply and demand [1] - The plan outlines goals for 2027, including optimizing the supply structure of consumer goods, forming three trillion-level consumption fields, and ten hundred-billion-level consumption hotspots [1] - By 2030, the plan aims to establish a high-quality development pattern where supply and consumption interact positively, with a steady increase in the contribution of consumption to economic growth [1] Group 2 - The article highlights the role of technological innovation, particularly the rise of artificial intelligence, in creating new markets and driving consumption upgrades through the integration of AI with traditional products [2] - It points out the structural issues in the supply side, where there is an excess of low-end products and a lack of high-end supply, which affects the industrial upgrade process [2] - The article emphasizes the need for a transformation in consumer culture to support consumption upgrades, drawing on experiences from developed countries where lifestyle, aesthetic values, and values evolve to drive consumption changes [2] Group 3 - The article suggests that cultural development should be strengthened to drive supply upgrades through new demands arising from evolving lifestyles, particularly given the potential of over 400 million middle-income individuals in China [3] - It notes the emergence of new industries driven by changing lifestyles, such as camping gear and chain coffee, as well as the importance of addressing the needs of the aging population in the market [3] - The article concludes that consumption upgrades require not only technological revolutions but also a shift in societal values and lifestyles to create sustainable new demands and guide supply-side innovation [3]

Investment Rating - The report indicates a stable outlook for the food and beverage industry, with a focus on potential recovery driven by policy support and consumer demand [1][43]. Core Insights - The food and beverage industry is experiencing weak demand due to insufficient consumer confidence, but overall operations remain stable aided by policies to expand domestic demand and promote consumption [1][3]. - The report highlights a trend of structural optimization and increased concentration in the liquor sector, while the meat processing industry shows improvement in profitability for leading companies [1][11]. - The dairy sector is facing a downturn, but high-end products like pasteurized milk are seeing growth, and the overall consumption of dairy products is expected to rise with increasing income and health awareness [1][19]. - The snack food industry is performing well due to product diversification and channel development, while the soft drink sector faces limited growth potential despite a large market size [1][27][32]. Summary by Sections 1. Industry Overview - The food and beverage industry is a crucial pillar of the national economy, closely linked to agriculture and consumer spending [3]. - The industry is characterized by low entry barriers and intense competition, with demand closely tied to disposable income levels [3]. 2. Analysis of Sub-sectors A. Liquor Industry - The liquor industry is seeing a decline in total demand, with a significant drop in production and revenue growth for major companies [4][6]. - The number of large liquor enterprises has decreased from 1593 in 2017 to 887 in 2025, indicating increased market concentration [6][8]. - Revenue for major liquor companies was reported at 796.38 billion yuan in 2024, with a growth rate of 5.3% [6]. B. Meat Processing Industry - The meat processing sector is stable, with leading companies enhancing brand building and deep processing capabilities [11][12]. - In 2024, the total meat production reached 96.63 million tons, with pork accounting for 60% of the total [12]. - The industry is gradually moving towards scale and intensive development, benefiting larger companies with capital and brand advantages [11][17]. C. Dairy Industry - The dairy sector is experiencing a decline in sales and production, with a 3.6% drop in production in 2024 [20][23]. - High-end pasteurized milk is growing, but the overall market remains dominated by ambient milk [19][24]. - The competition is characterized by a few strong players, with the potential for growth as consumer health awareness increases [19][25]. D. Snack Food Industry - The snack food market is projected to grow to 933 billion yuan in 2024, with a year-on-year increase of 4.6% [27][28]. - The industry is benefiting from product upgrades and a focus on health trends, with a diverse range of products [29][30]. - Companies with strong brand influence and multi-channel strategies are expected to capture more market share [31]. E. Soft Drink Industry - The soft drink market is large but faces limited growth opportunities, with a concentration ratio exceeding 60% among the top five companies [32][36]. - The total production of soft drinks increased by 7.5% in 2024, reaching 188 million tons [32][34]. - Consumer preferences are shifting towards healthier options, driving innovation among leading brands [35][36]. 3. Credit Analysis of Issuers - The report identifies 27 issuers in the food and beverage sector, with a total bond balance of 133.58 billion yuan [37]. - The average credit rating distribution shows 8 issuers rated AAA, 7 rated AA+, and 8 rated AA [37]. 4. Policy and Outlook - The food and beverage industry is expected to benefit from government policies aimed at boosting consumption and stabilizing demand [43][44]. - The market is likely to see a bifurcation with high-end products catering to upgraded consumer needs and affordable options for the mass market [45][46].

Group 1 - The article discusses common misconceptions about "sugar-free" foods and their impact on blood sugar levels [2][4] - "Sugar-free" foods are defined as those containing no more than 0.5 grams of sugar per 100 grams or 100 milliliters, but they may still contain other ingredients that can affect blood sugar [4] - The popularity of sugar-free beverages is noted, but these may include high glycemic index additives like dextrin or maltodextrin, which can raise blood sugar levels [4] Group 2 - Concerns about insulin dependency among diabetes patients are addressed, clarifying that insulin is necessary for blood sugar regulation and does not lead to drug dependency [6] - Experts emphasize that insulin use is a response to the body's inability to produce or utilize insulin effectively, and proper dosage does not harm the body [6]

Core Points - The definition of "sugar-free" according to national food safety regulations indicates that solid or liquid foods must contain no more than 0.5 grams of sugar per 100 grams or 100 milliliters [1] Group 1 - The claim that "sugar-free" foods do not raise blood sugar levels is misleading, as these products can still contain carbohydrates that provide calories [1] - Sugar-free cakes, for example, may contain fats and other ingredients that can impact blood sugar levels [1] - Sugar-free beverages are popular in the market, but the term "sugar-free" primarily refers to the absence of simple sugars like sucrose, glucose, and maltose, while other high glycemic index ingredients may still be present [1]

Group 1 - A recent study from Monash University in Australia indicates that consuming one cup of sugar-free drinks daily increases the risk of developing type 2 diabetes by 38%, compared to a 23% increase from sugary drinks [1] - The study's findings have sparked discussions on social media regarding the safety of sugar-free beverages [1] - Experts, including Zhong Kai from the China Center for Food and Health Information, criticize the study for relying on self-reported data, which may be inaccurate, and for not establishing a direct causal relationship between artificial sweeteners and diabetes [1] Group 2 - Zhong Kai emphasizes that diabetes is a metabolic disease not directly linked to sugar intake or sweeteners, and that moderate consumption of sweeteners does not significantly affect blood sugar levels [1] - The guidelines from the "Chinese Type 2 Diabetes Prevention and Treatment" and "Dietary Guidance for Adult Diabetes Patients" indicate that it is safe for diabetes patients to consume foods and beverages containing non-nutritive sweeteners [1] - Chen Junshi, a senior consultant at the National Center for Food Safety Risk Assessment, asserts that the safety of sweeteners has been validated by over 100 countries and international food safety organizations [2]