中国必需消费 - 12 月跟踪及企业日总结：2026 年展望谨慎，关注人民币走势与分化的业绩基数-China Consumer Staples_ Dec Check-in & Corp Day Wrap_ Cautious outlook into 2026, eyeing CNY trends with mixed comps

15 January 2026 | 7:59PM HKT Equity Research CHINA CONSUMER STAPLES Dec Check-in & Corp Day Wrap: Cautious outlook into 2026, eyeing CNY trends with mixed comps Dec trends reflected limited impact from LNY calendar shift with idiosyncratic drivers continuing to drive growth: We see wider divergence for beer and beverages brands performance. For beverages, Nongfu/Eastroc continued strong momentum at DD% though in beverage slack season backed by strong product cycles, while Tingyi/UPC beverage continued a dip ...