（来源：搞钱基地测评） 转自：搞钱基地测评 文 | 食悟（ID：food-gnosis） 昨晚，亿万观众在马年春晚的欢声笑语中迎来新春，但在这场全民狂欢背后，有一个群体正以独特的视 角关注着春晚舞台——全国各地的食品经销商们。 对于他们而言，春晚不仅是辞旧迎新的仪式，更是筛选新一年核心代理品牌的"磁力场"。在消费市场趋 于理性、竞争愈发激烈的当下，经销商最迫切的需求，莫过于找到一个可靠、稳定、有实力、能长期共 赢的品牌伙伴。一位食品行业资深人士在接受食悟采访时分析：当下，经销商其实是很困惑迷茫 的，"代理即亏损""换品无休止"不仅是大环境下的渠道缩影，更让经销商对于未来畏首畏尾。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 而2025年、2026年连续两登央视春晚、获得国家层面认可的国民品牌白象，无疑已成经销商们2026年 的"放心选"。 连登央视春晚，"中国面"深入人心 中央广播电视总台春晚不仅是全球华人收视规模最大的文化工程，更是一套极其严苛的品牌背调系统。 公开资料显示，春晚对合作品牌的筛选通常经过三重关卡：品牌调性是否契合"家国情怀、文化认同"的 春晚叙事基调、社会口碑有 ...

Core Insights - The rapid development of information technology and the internet has led to the significant growth of e-commerce in various industries, particularly in the food sector, which is crucial for national economy and people's livelihoods [1] - The food e-commerce market in China is projected to grow from 130 billion yuan in 2016 to 1,279.4 billion yuan by 2025, with a compound annual growth rate (CAGR) of 28.93% [1] Group 1: Industry Overview - Food e-commerce, defined as the sale of food products through online platforms, has emerged as a new business model driven by technological advancements and improved living standards [4] - The operational models of food e-commerce include B2C (business-to-consumer), C2C (consumer-to-consumer), and O2O (online-to-offline) [4][5] - The industry has evolved through distinct phases: exploration (2005-2009), initiation (2009-2012), development (2012-2017), and maturity (2017-present) [6] Group 2: Market Dynamics - The food e-commerce sector has seen a rise in various product categories, including fresh food, imported food, snacks, health food, and baby food [5] - The increasing consumer preference for online food purchases is driven by convenience, product variety, and promotional offers, leading to a steady rise in online food sales penetration [1] - The logistics system's improvement has accelerated food delivery speeds, further enhancing the growth of food e-commerce [1] Group 3: Industry Structure - The food e-commerce industry participants can be categorized into four types: self-operated food e-commerce, vertical food e-commerce, comprehensive e-commerce platforms, and platform-based food e-commerce [9] - Major players in the market include JD Group, Alibaba Group, and various specialized food e-commerce platforms [2][3] Group 4: Future Trends - The future of food e-commerce will be driven by technology, enhancing user experience and integrating online and offline channels [11] - There will be a focus on sustainable practices and supply chain resilience, including green supply chain initiatives and collaboration with eco-friendly suppliers [12] - The industry will increasingly cater to specific consumer segments, offering customized products and health-oriented solutions [13]

经济观察网近期，麦当劳在中国市场发生食品安全事件，同时面临成本压力与本土化竞争，其股价近期 呈现小幅波动。 2026年2月5日，麦当劳中国在2025年12月对部分核心餐品涨价0.5-1元，同期肯德基也调整外送价格， 反映快餐行业面临成本压力。涨价话题曾登上热搜。 2026年2月10日，汉堡王与麦当劳在中国市场加速本土化，关键人物Patrick Siewert曾参与麦当劳中国合 作，凸显跨国企业调整决策层以贴近本地市场的趋势。这一策略可能影响长期增长。 2026年2月4日，麦当劳推出《一灯一愿》春节营销短片，融合非遗文化，旨在提升品牌情感连接。活动 覆盖全国超7700家餐厅。 2026年2月6日，麦当劳叔叔之家庆祝在华十周年，累计服务1890户家庭，展示公司在公益领域的长期投 入。项目计划进一步扩容。 股票近期走势 近7天(2026年2月5日至11日)，麦当劳(MCD.N)股价区间跌0.22%，振幅2.24%。2月11日最新股价报 322.99美元，单日跌0.92%，成交额约2.00亿美元；2月5日成交额达12.78亿美元，显示交易活跃。年初 至今该股上涨5.68%，但同期表现低于标普500指数。 2026年2 ...

Group 1 - Tencent Holdings (00700) had a net inflow of 4.316 billion, representing a 22.17% increase in net inflow ratio [2][3] - Alibaba-W (09988) experienced a net inflow of 1.658 billion, with a net inflow ratio of 13.70% [2][3] - Pop Mart (09992) saw a net inflow of 588 million, with a net inflow ratio of 17.52% [2][3] Group 2 - Kangfang Biotech (09926) faced a net outflow of -285 million, with a net outflow ratio of -33.89% [2][3] - Yingfu Fund (02800) had a net outflow of -248 million, with a net outflow ratio of -1.88% [2][3] - Yum China (09987) recorded a net outflow of -213 million, with a net outflow ratio of -30.90% [2][3] Group 3 - Huaxia Hang Seng Technology (03088) led in net inflow ratio at 89.30% with a net inflow of 54.532 million [2][3] - Southern East Selection (03441) followed with a net inflow ratio of 68.86% and a net inflow of 14.5209 million [2][3] - China Foods (00506) had a net inflow ratio of 59.26% with a net inflow of 4.9995 million [2][3] Group 4 - Jinyuan International (02232) had the highest net outflow ratio at -50.27% with a net outflow of -40.079 million [3] - iFlytek Medical Technology (02506) recorded a net outflow ratio of -49.63% with a net outflow of -15.2262 million [3] - Sinopec Crown (00934) had a net outflow ratio of -45.08% with a net outflow of -5.1472 million [3]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | | | 公司名稱: 中國食品有限公司 呈交日期: 2026年2月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00506 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 4,000,000,000 | HKD | | 0.1 | HKD | | 400,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 4,000,000,000 | HKD | | 0.1 | HKD | | 400,000,000 | 本月底法定/註冊股本總額： HKD 400,000,000 第 1 頁 共 10 頁 v 1 ...

红星资本局1月26日消息，今日，俞敏洪个人社交账号发布声明称，发现有个别人士在互联网平台上，恶意拼接中国食品安全报社与新东方教 育科技集团总公司或其下属机构存在间接股权投资关系的信息，此事严重失实，纯属谣言。公司将采取法律手段追究造谣者的法律责任。 公开信息显示，中国食品安全报社成立于1994年8月，是我国食品安全领域国家级专业性新闻媒体，由中国食品工业协会主办。 天眼查App显示，新东方教育科技集团有限公司由北京世纪友好教育投资有限公司全资控股，与中国食品安全报社并无股权关联。 | 股东信息 ② ● 富股权结构 | | | | | | | 2天眼查 | | --- | --- | --- | --- | --- | --- | --- | --- | | VIP 股东信息1 股权变更历程42 | | 2 持股比例 ▼ | 때 음田 | | | | | | 序号 | | 股东名称 持股比例 ; 认缴出资额(万元) : 认缴出资日期 : 首次持股日期 ; | | | | | | | 北京世纪友好教育投资有限公司 品 | | | | 100% O | 5000 | 2003-10-30 | 2014-02-28 ...

近日，《21辟谣》注意到，有部分网友称中国食品安全报社与新东方教育科技集团总公司或其下属机构存在间接股权投资关系 的信息，引发舆论关注。 1月26日，俞敏洪在社交平台上发布严正声明，称此事严重失实，纯属谣言。公司将采取法律手段追究造谣者的法律责任。 公开资料显示，中国食品安全报社是我国食品安全领域国家级专业性新闻媒体，其前身为中国食品质量报社，创立于1994年， 2011年正式更名，创办人朱长学。2015年由国家事业单位转为全民所有制企业单位，成立中国食品安全报社有限公司，组建中 国食品安全报网传媒集团。 天眼查信息显示，中国食品安全报社由中国食品工业协会全资控股，报社持有北京中瑞源食品工业有限公司51%的股份；而新 东方教育科技集团有限公司的核心股东为北京世纪友好教育投资有限公司。二者的股权结构及对外投资均无交集。 （文章来源：21世纪经济报道） ...

俞敏洪个人社交账号发布严正声明：近日，我们发现有个别人士在互联网平台上，恶意拼接中国食品安全报 社与新东方教育科技集团总公司或其下属机构存在间接股权投资关系的信息。我们对此严正声明：此事严重 失实，纯属谣言。公司将采取法律手段追究造谣者的法律责任。 （文章来源：第一财经） ...

Summary of the Conference Call Transcript Industry Overview - **Industry**: China Consumer Sector - **Outlook**: The sector is believed to be in the early stage of a multi-year recovery cycle that began in Q3 2024, with expectations for gradual improvement in consumer sentiment and spending through 2026E [2][11][12] Key Insights - **Valuation**: MSCI China Consumer Discretionary and Staples are trading at 17x and 15x 12-month forward PE, approximately one standard deviation below the 10-year averages, indicating that current valuations do not reflect a potential consumption recovery [2][9] - **Consumer Confidence**: The China Consumer Confidence Index has been trending upwards since September 2024, suggesting a gradual restoration of consumer confidence despite ongoing challenges in the property market [12][19] - **K-shaped Recovery**: The recovery is characterized by a K-shaped trend, where mid- to high-income consumers in tier-1 cities are expected to lead spending, while lower-tier city consumers remain focused on value for money [3][48] Consumer Behavior Trends - **Shifting Preferences**: A UBS Evidence Lab survey indicates a divergence in consumer behavior, with over 50% of mid- to high-income consumers reporting investment gains and showing strong spending intentions, particularly in premium and experiential categories [3][37] - **Spending Intentions**: The strongest spending intentions are noted in beauty and skincare (41%) and tourism (37%), reflecting a shift towards experiential and premium spending [51] - **Investment Gains**: 64-74% of mid- to high-income consumers reported increased investment returns, with many planning to reinvest or spend on travel, health services, and consumer electronics [40][41] Stock Implications - **Company Ratings**: - Upgrades to Neutral for Fenjiu due to expected benefits from non-business baijiu consumption - Buy ratings maintained for companies like MIXUE, Guming, China Foods, CR Beer, and YUM China, among others [4] - **Dividend Payouts**: Premium baijiu companies are noted for their >75% dividend payout, which is expected to protect share prices from downside risks [4] Structural Growth Opportunities - **Emerging Themes**: Key investment themes for 2026E include changing consumer preferences, corporate restructuring, and industry consolidation, particularly in sectors like home appliances and mass-market consumption [14][50] - **Corporate Restructuring**: Companies are expected to adapt their business models to align with changing consumer behaviors, which may lead to sustainable long-term earnings growth [4][50] Risks and Challenges - **Property Market Downturn**: The ongoing downturn in the property market is anticipated to weigh on household balance sheets, potentially impacting consumer spending [13][48] - **Policy Support**: The pace of recovery is contingent on stabilizing the property market and effective policy implementation to boost consumption [13][48] Conclusion - The China consumer sector is poised for a recovery, driven by improving consumer confidence and shifting spending patterns. However, the recovery will be uneven across different income groups and city tiers, necessitating a nuanced investment approach to capture emerging opportunities while being mindful of potential risks associated with the property market downturn.

Core Viewpoint - Citigroup forecasts that Nongfu Spring's sales will grow by 22% in 2025, which is 7 percentage points higher than the management's guidance and 4 percentage points above market expectations, driven by a stronger-than-expected recovery in bottled water sales and better-than-expected performance in ready-to-drink tea beverages in the second half of the year [1] Group 1 - The expected net profit growth for 2025 is 25%, which is 3 percentage points higher than market expectations [1] - Citigroup has raised its net profit forecasts for Nongfu Spring for 2025 and 2026 by 4% and 3% respectively [1] - The target price for Nongfu Spring has been increased from HKD 53.3 to HKD 58.5, and a 30-day positive catalyst observation has been initiated [1] Group 2 - Citigroup maintains a "Buy" rating and lists Nongfu Spring alongside Dongpeng Beverage as the top picks in the Chinese food and beverage sector [1]