随着2026年春节临近，节日氛围愈发浓厚，置办年货也成为了家家户户绕不开的议题。作为国内啤酒行 业的领军企业，青岛啤酒在马年推出涵盖生肖产品、新春装和文创礼盒在内的一系列新春新品，为观察 当下年货消费的新变化提供了一个颇具代表性的样本。 马年将至，青岛啤酒生肖新品唤醒年味 在中国传统文化中，"马"是充满力量、美感与希望的意象。这种文化心理，使马年常被视为适合启程与 进取的年份，也让它在春节语境中显得格外喜庆和热闹。 对于青岛啤酒而言，马年同样具有特殊意义。品牌于2014年首次推出"鸿运当头"生肖系列，并在随后多 年持续围绕生肖进行新春产品创作。2026年马年，正是其生肖系列开启第二轮周期的重要起点。 青岛啤酒本次新春系列由马年生肖版、马年新春装、博物馆文创产品、文创礼盒及海外版产品共同构 成，覆盖不同消费层级与使用场景。系列产品在视觉与表达上形成关联的设计语言，将生肖意象、传统 吉祥符号与新潮艺术元素相结合，既唤起人们对春节的集体文化记忆，也塑造出鲜明的艺术风格与辨识 度。 具体来看，"鸿运当头"马年生肖版作为高端节庆代表，通过"立马"造型、唐风美学与吉祥色彩，传递新 年启程的祝福意味；马年新春装系列则覆盖经 ...

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The January e-commerce data shows a significant increase in sales and promotional heat, driven by the successful New Year shopping festival, which has injected strong momentum into the market [5][58] - Various product categories, particularly in food and beverages, have experienced high growth rates, indicating a robust consumer demand during the festive season [14][27] Summary by Sections January E-commerce Data Review - The sales heat increased by 1.87% and promotional heat by 0.91% compared to December [5] - The New Year shopping festival, starting on January 15, successfully stimulated consumer purchasing behavior, leading to multiple sales peaks throughout the month [5] Industry Marketing Situation - The food and beverage sector saw a surge in consumer interest, with gift box products becoming a market focal point [14] - Key high-growth categories included snacks, beverages, and alcoholic drinks, with specific products like nuts and chocolates leading the sales [10][25][29] January Category Sales Overview - The sales heat for nuts and snacks grew by 286.58%, with promotional heat increasing by 32.96% [20] - The beverage category saw substantial growth, particularly in fruit juices and carbonated drinks, with some segments experiencing over 600% growth [27] February E-commerce Trend Forecast - Key marketing dates for February include Valentine's Day and the Spring Festival, with brands encouraged to launch themed products and promotions [41][45] - The report highlights the importance of targeting family gatherings and gifting needs during the festive season to drive sales [48] Monthly Rankings - The report includes a sales ranking of brands across various categories, with notable mentions in jewelry, clothing, and food products, indicating strong market competition [62][64][66]

作者｜酒high 方圆 编者按：随着酒业调整的持续深入，市场竞争愈发激烈，精准把握市场趋势已成为酒企发展的必备技能。酒讯将携飞瓜数据周期性观察部分电商平台酒类 消费数据，对市场需求进行及时洞察，以期为企业发展战略、销售策略调整提供数据参考和事实依据。 春节倒计时，酒水销售"黄金档"却弥漫着复杂的气息。 一方面，商务宴请、过节送礼、团圆欢聚等饮酒场景集中性爆发，是酒水需求增长的绝佳时机；但另一方面，酒水行业数据反复印证着"旺季不旺"的共 识：终端库存审慎，渠道利润稀薄，高端酒的价格光环趋于理性。 然而，在线上，这一共识却被一股截然不同的消费力量重新定义。酒讯携手飞瓜数据对1月快手酒水销售情况进行梳理了解到，区域名酒正在这里以一种 更亲民、更灵活的姿态"站起来"。 白酒：区域名酒起立 2026年1月的白酒消费市场，正清晰地演绎着行业深度调整的典型症候。 受高库存和低利润的双重压力，一瓶千元名酒的渠道利润被压缩至30-50元，"增量不增利"成为渠道商的普遍困局。以至于，终端零售商只能采用"订单 式"补货，维系最低安全库存。 线下渠道的战战兢兢，一度让人产生"高端酒不香了"的错觉。然而，当我们把视线转向快手，这一认知 ...

食品饮料 2026 年 02 月 08 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -12% 0% 12% 24% 36% 2025-02 2025-06 2025-10 食品饮料 沪深300 相关研究报告 《修复趋势确立，坚定板块布局—行 业点评报告》-2026.2.5 《茅台春节需求韧性超预期，大众品 底 部 改 善 趋 势 明 确 — 行 业 周 报 》 -2026.2.1 《白酒持仓环比降低，茅台需求超韧 性超预期—行业点评报告》-2026.1.30 复苏态势明朗，板块预期乐观 ——行业周报 张宇光（分析师） 张思敏（分析师） zhangyuguang@kysec.cn 证书编号：S0790520030003 zhangsimin@kysec.cn 证书编号：S0790525080001 核心观点：多因素共振，板块有上行动力 2 月 2 日-2 月 6 日，食品饮料指数涨幅为 4.3%，一级子行业排名第 1，跑赢沪深 300 约 5.6pct，子行业中白酒（+5.3%）、软饮料（+4.7%）、啤酒（+4.5%）表 现相对领先。食品饮料板块行情持续上行，核心驱动力源于政策、交易、基本面 及外 ...

Investment Rating - The report assigns an "Accumulate" rating for the food and beverage industry [1] Core Insights - Recent policies have strengthened consumer expectations, leading to marginal improvements in consumption during the Spring Festival peak season. The performance of high-end liquor, particularly Moutai, has rebounded, and the stability in pricing has improved market sentiment [3][4] - The report highlights the potential for recovery in the food and beverage sector, driven by improved domestic demand and consumption patterns as the Spring Festival approaches [4][7] Summary by Sections Investment Recommendations - The report suggests focusing on high-end liquor stocks with price elasticity, recommending companies such as Guizhou Moutai, Wuliangye, and Luzhou Laojiao. It also identifies potential stocks for gradual clearance, including Yingjia Gongjiu and Gujing Gongjiu [7] - Beverage companies are expected to benefit from favorable travel conditions, with recommendations for Dongpeng Beverage and Nongfu Spring. Low valuation and high dividend stocks like China Foods and Master Kong are also highlighted [7] - For snacks and food raw materials, recommended stocks include Bailong Chuangyuan and Weilong [7] - Beer recommendations include Qingdao Beer and Zhujiang Beer, while condiment and catering sectors are expected to recover, with recommendations for Qianhe Flavor Industry and Baoli Food [7] Liquor Sector Insights - The high-end liquor sector is leading market sentiment, with Moutai's sales data boosting confidence. The report notes that Moutai's monthly active users exceeded 15.31 million, with over 2.12 million orders in January [8][9] - The liquor industry is currently at a cyclical bottom, with expectations for recovery in sales and pricing as the Spring Festival approaches. Positive trends in inventory and demand could catalyze stock prices further [9] Consumer Goods Insights - The approval of D-allohexose-3-epimerase as a food additive is expected to expand the market for this product, benefiting leading companies like Bailong Chuangyuan. The report anticipates significant growth potential for this company [10][11] - The catering supply chain is expected to recover, with companies like Baobi Food showing promising growth driven by new store formats. The report notes Baobi's revenue of 1.859 billion in 2025, a year-on-year increase of 11.22% [11]

责任编辑：卢昱君 香港联交所最新资料显示，1月29日，摩根大通增持青岛啤酒股份（00168）128.5412万股，每股作价 50.5129港元，总金额约为6492.99万港元。增持后最新持股数目约为3317.1万股，最新持股比例为 5.06%。 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 责任编辑：卢昱君 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 香港联交所最新资料显示，1月29日，摩根大通增持青岛啤酒股份（00168）128.5412万股，每股作价 50.5129港元，总金额约为6492.99万港元。增持后最新持股数目约为3317.1万股，最新持股比例为 5.06%。 ...

智通财经APP获悉，香港联交所最新资料显示，1月29日，摩根大通增持青岛啤酒股份(00168)128.5412 万股，每股作价50.5129港元，总金额约为6492.99万港元。增持后最新持股数目约为3317.1万股，最新 持股比例为5.06%。 ...

香港联交所最新资料显示，1月29日，摩根大通增持青岛啤酒（600600）股份(00168)128.5412万股，每 股作价50.5129港元，总金额约为6492.99万港元。增持后最新持股数目约为3317.1万股，最新持股比例 为5.06%。 ...

转自：前瞻产业研究院 以下数据及分析来自于前瞻产业研究院啤酒研究小组发布的《中国啤酒行业品牌竞争与消费需求投资预 测分析报告》 行业主要上市公司：华润啤酒(00291.HK);青岛啤酒(600600);百威亚太(01876.HK);重庆啤酒(600132);燕 京啤酒(000729)等 本文核心数据：行业供需分析;行业竞争格局;行业市场规模等 行业概况 1、定义 啤酒是一种以小麦芽和大麦芽为主要原料，并加啤酒花，经过液态糊化和糖化，再经过液态发酵酿制而 成的酒精饮料。 啤酒可根据工艺分类为纯生啤酒、干啤酒、全麦芽啤酒、黑啤酒等。可根据酵母分为顶部发酵啤酒和底 部发酵啤酒。可根据色泽分为淡色啤酒、浓色啤酒和黑啤。从啤酒产品上来说，市场上多数啤酒的酿造 工艺较为接近，产品存在严重同质化。 2、产业链剖析：行业进入成熟期，产业链结构稳简洁 啤酒行业目前在我国已经拥有较为成熟的产业链。上游企业以原材料、酿造设备以及啤酒包装等部分构 成，其中原材料以麦芽、啤酒花、酵母等产品为主。中游为啤酒生产商，目前我国中游啤酒生产商已形 成垄断趋势，市场份额主要由华润啤酒、青岛啤酒、百威亚太、重庆啤酒以及燕京啤酒垄断，五大品牌 产量 ...

Investment Focus - The report highlights the value of consumer stocks in a volatile market, recommending a focus on companies like Guizhou Moutai, Eastroc Beverage, and Yili Group, all rated as "Outperform" [1]. Industry Overview - In January 2026, four out of eight tracked essential consumer sectors showed positive growth, including condiments, frozen foods, soft drinks, and dining, while four sectors, such as mid-to-high-end baijiu, dairy products, and beer, experienced declines [3][9]. - The overall consumer industry is characterized by a recovery in basic demand while hedonic consumption remains under pressure, indicating a shift in consumer spending towards essential goods [9]. Revenue and Growth Analysis - The revenue for the mid-to-high-end baijiu sector in January was 470 billion yuan, down 14.0% year-on-year, while the revenue for the mass-market baijiu sector was 229 billion yuan, down 3.0% year-on-year [10][11]. - The soft drink sector reported a revenue of 962 billion yuan in January, with a year-on-year growth of 1.1%, indicating a cautious recovery in demand [17]. - The frozen food sector saw a revenue of 150 billion yuan, with a year-on-year increase of 8.0%, driven by pre-Spring Festival stocking and low temperatures [16]. Price Trends - The report notes that the wholesale prices of major baijiu brands like Guizhou Moutai remained stable, while some brands faced downward price pressures due to high inventory levels [4][21]. - The average discount rates for liquid milk and condiments increased compared to the previous month, reflecting intensified market competition [35][37]. Market Dynamics - The report identifies four favorable funding factors for the essential consumer sector, including significant volatility in global capital markets, declining risk-free interest rates, increased foreign capital allocation to China, and low institutional allocation levels [6]. - The report suggests focusing on companies that align with both domestic and foreign institutional preferences, as well as those showing improvements in fundamentals and dividend yields [6].