证券研究报告 2026 年 1 月 11 日 湘财证券研究所 行业研究 食品饮料行业周报 CPI 温和修复，消费早春将至 相关研究： | 1《. 传统饮料行业面对革新变化》 | | | --- | --- | | 2026.1.7 | | | 2.《茅台推进市场化转型，关注 | | | 旺季需求表现》 | 2026.1.4 | | 3.《白酒创新求变，关注战略定 | | | 调》 | 2025.12.22 | 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 | -3.1 | -3.6 | -28.5 | | 绝对收益 | 0.4 | -2.6 | -2.6 | 注：相对收益与沪深 300 相比 分析师：张弛 证书编号：S0500525110001 Tel：17621838100 Email：zc08241@xcsc.com 分析师：李育文 证书编号：S0500523060001 Tel：021-50295328 Email：liyw3@xcsc.com 地址：上海市浦东新区银城路88号 中国人 ...

Group 1 - The Ministry of Commerce is implementing a special action to boost consumption, organizing various activities such as the Spring Festival Consumption Season and online New Year goods festivals to drive consumption through a combination of policies and events [1] - The New Year goods market is showing new characteristics this year, with younger consumers becoming the main force, shifting from bulk purchasing for families to more personalized and immediate satisfaction [2][4] - The concept of "inventory goods" has evolved into everyday choices, with the pet economy emerging as a new consumption hotspot, and upgraded instant delivery services making it possible to shop for New Year goods anytime and anywhere [3] Group 2 - The Taobao Flash Sale New Year Festival data reflects this trend, with over 75 million imported cherries sold and over 10 million Dandong strawberries sold, indicating a shift in New Year consumption logic from material reserves to emotional satisfaction and social investment [5] - Offline supermarkets are adapting to this trend, with retailers like RT-Mart launching New Year goods promotions and creating festive atmospheres in stores to enhance customer experience [9][21] - The pet economy is becoming an essential part of New Year consumption, with products like pet New Year dinners and smart feeders gaining popularity, reflecting the growing status of pets in families [10][14] Group 3 - Instant delivery services are a core driver of the shift from bulk purchasing to immediate satisfaction, with platforms enhancing logistics capabilities to offer same-day and even hourly delivery options [16][19] - JD Logistics has introduced the industry's first "AI New Year Map" to predict demand accurately, ensuring efficient distribution and timely delivery of New Year goods [19] - The introduction of government subsidies for replacing old consumer goods has stimulated consumer enthusiasm, with significant financial incentives for purchasing new digital and home appliances [20][21]

Core Viewpoint - Calcium is essential for the human body, playing a crucial role in bone health, nerve signal transmission, muscle contraction, and blood coagulation. However, many individuals experience calcium deficiency as they age, leading to health issues such as osteoporosis and fractures. Proper calcium supplementation is necessary to avoid common misconceptions and ensure effective intake. Misconceptions about Calcium Supplementation - Misconception 1: More calcium leads to stronger bones. The truth is that the body has a limited capacity to absorb calcium, with recommended daily intake for adults being 800-1000mg, and 1000-1200mg for those over 50. Excessive calcium can lead to health risks such as hypercalcemia and kidney stones [1]. - Misconception 2: Bone broth and shrimp shells are excellent calcium sources. In reality, bone broth contains only about 2-3mg of calcium per bowl, significantly less than milk [2]. - Misconception 3: Only calcium is needed, without vitamin D. Vitamin D is crucial for calcium absorption, and both should be supplemented together [4]. - Misconception 4: Taking calcium on an empty stomach is better. The absorption of calcium carbonate requires stomach acid, so it is better taken with meals [5]. - Misconception 5: Only the elderly need calcium. Calcium intake is important throughout life, as peak bone mass is reached between ages 25-30 [6]. - Misconception 6: Calcium can cure osteoporosis. Osteoporosis requires comprehensive treatment, and calcium alone is not a solution [7]. Proper Calcium Supplementation - The principle of calcium supplementation is to prioritize dietary sources first, and then use supplements if necessary [8]. - Dairy products such as milk, yogurt, and cheese are excellent sources of calcium, with 100ml of milk containing over 100mg of calcium. For those who are lactose intolerant, other dairy products can be alternatives [9]. - Leafy greens like bok choy, edamame, and shepherd's purse have high calcium content, with 100g containing 108mg, 135mg, and 294mg of calcium respectively [9]. - Certain soy products can also be good sources of calcium, such as firm tofu (138mg/100g) and soft tofu (116mg/100g) [9]. Vitamin D and Its Importance - Vitamin D is essential for calcium absorption, and individuals should ensure adequate levels through sunlight exposure, diet, or supplements [10][11]. - Daily supplementation of 800-1000 IU is recommended for adults, with an increase to 1000-1200 IU for the elderly [13]. Choosing Calcium Supplements - Calcium supplements are categorized into inorganic calcium (e.g., calcium carbonate), organic acid calcium, natural calcium, and new-type calcium. Inorganic calcium is the most commonly used but may not be suitable for individuals with low stomach acid [14]. - Organic acid calcium can be taken with or without food and is suitable for those with low stomach acid [15]. - Natural calcium sources, while labeled as "natural," may not be suitable for long-term use [16]. - New-type calcium supplements have better absorption but are generally more expensive and contain lower calcium levels [17]. Key Details for Calcium Supplementation - It is more effective to take calcium in divided doses rather than all at once, especially if the daily requirement exceeds 500mg [18]. - Timing of calcium intake is important; calcium carbonate should be taken with meals, while calcium citrate can be taken at any time [18]. - Certain medications can interfere with calcium absorption, and individuals should space out calcium intake from these medications [18]. - Some foods high in oxalates and phytic acid can hinder calcium absorption and should be consumed cautiously [18]. Caution for Specific Populations - Certain individuals, such as those with hypercalcemia, kidney stones, hyperthyroidism, or renal insufficiency, should consult a doctor before supplementing calcium [19].

宠物食品八大禁 忌，你踩坑了 吗？_南方+_南 方plus 随着生活水平提 升，宠物早已成 为不少家庭 的"毛孩子"，在 生活中占据重要 地位。《2026年 中国宠物行业白 皮书（消费报 告）》显示，城 镇犬猫总数已达 1.26亿只！但很 多人养宠全凭一 腔热爱，却忽略 了关键的饮食常 要知道，宠物和 人类的生理结构 差别很大，不少 识。 我们常吃的美 食，对它们来说 就是"隐形毒 药"——轻则上 吐下泻，重则器 官衰竭危及生 命。今天就来盘 点宠物饮食的八 大禁忌，养宠人 速来避坑！ 禁忌一 体内不断堆积， 刺激中枢神经和 心血管系统。其 中黑巧克力、可 可粉毒性最强， 一旦误食，会出 现呕吐、腹泻、 心跳加速、抽搐 甚至昏迷，最终 可能因心脏衰竭 丧命，所有常见 宠物都要严格避 开。 禁忌二 葡萄及葡 萄干 颗颗 藏风险 很多家长觉得葡 萄营养丰富，给 毛孩子吃也没问 题，这可大错特 错！虽然科学界 还没明确葡萄的 毒性成分，但可 以确定的是，它 会直接损伤宠物 巧克力 甜 蜜的致命 诱惑 巧克力是人类的 甜蜜零食，但对 毛孩子来说，却 是剧毒之物。因 为宠物（尤其是 猫狗）体内缺少 分解可可碱和咖 啡因 ...

Core Viewpoint - Yisheng Co., Ltd. has shown a positive stock performance with a 6.68% increase year-to-date and a 2.64% rise on January 8, 2025, indicating potential investor interest in the company [1]. Group 1: Company Overview - Yisheng Co., Ltd. is located in Yantai, Shandong Province, and was established on April 22, 1997, with its stock listed on August 10, 2010 [1]. - The company's main business includes breeding and sales of various generations of meat chickens, pig farming, agricultural equipment production, feed production, dairy farming, and organic fertilizer production [1]. - The revenue composition is as follows: chicken income accounts for 76.18%, pig income for 15.47%, livestock equipment for 5.48%, dairy products for 1.72%, and other income for 1.14% [1]. Group 2: Financial Performance - For the period from January to September 2025, Yisheng Co., Ltd. reported a revenue of 2.036 billion yuan, a year-on-year decrease of 5.44%, and a net profit attributable to shareholders of 31.7869 million yuan, down 89.42% year-on-year [2]. - The company has distributed a total of 1.692 billion yuan in dividends since its A-share listing, with 602 million yuan distributed over the last three years [3]. Group 3: Shareholder and Market Activity - As of September 30, 2025, the number of shareholders for Yisheng Co., Ltd. was 42,200, a decrease of 12.13% from the previous period, while the average circulating shares per person increased by 13.80% to 17,754 shares [2]. - The top ten circulating shareholders include the Guotai Zhongzheng Livestock Breeding ETF, which holds 14.8357 million shares, an increase of 5.3849 million shares from the previous period, and Hong Kong Central Clearing Limited, which is a new shareholder holding 7.1349 million shares [3].

Core Insights - The company aims to establish itself as a global leader in the dairy industry, focusing on innovation and quality control in its production processes [1][2] - The company has made significant advancements in technology, particularly in preserving lactoferrin in long-life milk, enhancing its retention rate from below 10% to over 90% [1] Group 1: Production and Innovation - The company operates a state-of-the-art production facility in Hohhot, Inner Mongolia, with a daily processing capacity of 6,500 tons of fresh milk [1] - A comprehensive quality control system is implemented throughout the production chain, ensuring high standards are met at every stage [1] - The company has established a national dairy technology innovation center to facilitate the transition of research outcomes from laboratories to production lines [1] Group 2: Market Position and Strategy - The company is projected to remain among the top five global dairy companies by 2025 and has held the title of the leading dairy company in Asia for 12 consecutive years [2] - The company currently operates 15 research and innovation centers and 81 production bases globally, with over 2,000 partners worldwide [2] - The company plans to enhance its international market share and product value, contributing to a reshaping of the global dairy landscape [2]

Core Viewpoint - The launch of the first dedicated milk train from Qiqihar to the Guangdong-Hong Kong-Macao Greater Bay Area marks a significant advancement in the transportation of high-quality milk from Heilongjiang, enabling large-scale and professional logistics for dairy products [1] Group 1: Transportation and Logistics - A special train carrying 54 insulated containers of fresh milk departed from Qiqihar to the Guangzhou East Rail-Road and Rail-Water Intermodal Hub, indicating the establishment of a direct temperature-controlled transport route for milk [1] - The train utilizes specially upgraded insulated containers designed for dairy products, maintaining appropriate temperatures throughout the journey without additional insulation [1] - The new direct train service reduces transportation time by approximately 30% compared to conventional methods, thanks to a tailored "direct train" plan developed by the Harbin Railway Bureau [1] Group 2: Industry Impact - The Qiqihar region, located in the world's golden milk source belt, is a core production area for Mengniu Dairy, with strong demand for milk exports [1] - The company anticipates that by 2025, it will ship 116,000 tons of fresh milk via rail, with expectations for further growth in 2026 as the dedicated train model becomes standardized [1] - The new transport model is expected to enhance market supply in the Guangdong-Hong Kong-Macao Greater Bay Area and promote the development of local breeding, processing, and packaging industries [1]

Core Insights - The New Year consumption market has seen a significant boost during the New Year's Day holiday, driven by a focus on instant gratification and self-rewarding consumption patterns [1][3] - The sales data from Taobao Flash Sale indicates that several popular New Year products have achieved record-breaking sales, with over 75 million cherries sold and more than 10 million strawberries sold [1][3] Group 1: Consumption Trends - The consumption of New Year goods has shifted from a focus on material accumulation to an emphasis on emotional satisfaction and social investment, reflecting a change in consumer behavior [3] - The sales patterns during the holiday show distinct time-based consumption characteristics, with seafood and hot pot ingredients being popular in the morning, gifts and snacks in the afternoon and evening, and beer and fruits during late-night hours [3] Group 2: Sales Data and Impact - The sales of cherries alone could cover 33 standard football fields, equivalent to the yield of over 15,000 cherry trees, while the weight of sold strawberries is comparable to that of over 60 adult elephants [1] - The total volume of sold cola, if transported by truck, would require 303 trucks, stacked to a height equivalent to 108 Mount Everests, indicating the scale of consumption during this period [1] Group 3: Future Outlook - The Taobao Flash Sale New Year Festival is set to continue throughout the Spring Festival, with enhanced logistics and supply chain capabilities to ensure continuous availability of goods [4] - Consumers can access significant discounts and a wide range of products, including fresh produce and beverages, from New Year's Day to the Spring Festival, promoting personalized shopping experiences [4]

Group 1 - The core viewpoint of the articles highlights the surge in consumer spending during the New Year holiday, particularly driven by the "instant gratification" and self-reward consumption patterns [1][2] - During the New Year holiday, significant sales were recorded for various products, including over 75 million cherries and more than 10 million strawberries, indicating a strong demand for festive items [1][2] - The sales data reflects a shift in consumer behavior, where traditional New Year purchases are evolving from mere stockpiling to immediate emotional satisfaction and social investment [2] Group 2 - The consumption patterns during the holiday show distinct time-based trends, with seafood and hot pot ingredients being popular in the morning, gifts and snacks in the afternoon and evening, and beer and fruits late at night [2] - The success of the instant retail platform during the holiday season underscores its adaptability to festive scenarios, suggesting a transformation in traditional New Year consumption models [2] - The New Year consumption trend is expected to continue, with plans for ongoing promotions throughout the Spring Festival, ensuring that supply chains are prepared to meet demand [2]

Core Insights - The holiday consumption market was ignited by a focus on instant gratification and self-reward during the New Year period [1] Group 1: Sales Performance - Taobao Flash Sale reported record high sales for several New Year products, with over 75 million cherries sold [1] - Sales of Dandong Hongyan strawberries exceeded 10 million [1] - Boston lobsters, once considered a luxury, have become a regular choice for young consumers, with over 100 stores selling out of live lobsters [1] - Milk sales reached 1.2 million liters, while both cola and beer sold over 1.5 million liters during the holiday [1] Group 2: Consumer Behavior - The purchasing behavior during the New Year showed distinct characteristics of scene-based and instant consumption [1] - In the morning, consumers focused on seafood and hot pot ingredients, aligning with party preparation needs [1] - From noon to night, sales of gifts, flowers, and snacks increased, catering to social and relaxation needs [1] - Late-night purchases included beer, fruits, and health supplements, reflecting young people's pursuit of a balanced lifestyle between enjoyment and health [1]