Investment Rating - The report maintains a "Buy" rating for the food and beverage sector, suggesting investors take advantage of low prices to acquire quality leading companies [6]. Core Insights - The report highlights a positive outlook for the food and beverage sector, driven by seasonal demand and improved sales performance during the Chinese New Year [1]. - It emphasizes the importance of focusing on leading brands with strong fundamentals, particularly in the liquor and dairy segments, as they are expected to outperform their peers [2][4]. Summary by Category Liquor - The liquor industry is experiencing a divergence in performance, with top brands like Kweichow Moutai and Wuliangye showing strong sales, while others face challenges [1]. - Kweichow Moutai benefits from marketing reforms and strong demand, with its product prices stabilizing above 1600 RMB [1]. - Recommendations include Kweichow Moutai, Wuliangye, and other leading brands for investment [1]. Dairy Products - Major dairy companies like Yili and Mengniu are expected to achieve strong sales during the Chinese New Year, with inventory levels remaining healthy [2]. - The report anticipates a turning point in the raw milk cycle, with prices expected to stabilize, benefiting leading dairy firms [2]. - Recommended stocks include Yili and Mengniu, which are expected to gain market share in 2026 [2]. Restaurant Supply Chain and Condiments - The report sees a recovery in the restaurant sector, supported by government policies and improved consumer confidence [3]. - Leading companies are adjusting pricing strategies to enhance profitability, with inventory levels remaining healthy [3]. - Key recommendations include Anjijia and Haitian Flavoring, which are expected to benefit from improved market conditions [3]. Snacks - The snack industry is poised for growth, with increased sales during the Chinese New Year and a shift towards efficient retail channels [4]. - Recommended stocks include Weilian and Qiaqia, which are expected to maintain high profitability levels [4].

中国发展改革报社记者杜壮 据了解，该产品采用伊利奶酪专利生产工艺，在风味还原与口感平衡方面实现突破。业内人士认为，当 前奶酪市场竞争日趋激烈，伊利此举体现了从"概念借势"到"标准定义"的战略升级。 伊利集团奶酪事业部方面表示，从早前推出的泡面芝士条、涂抹奶酪酱到如今的文化风味芝士片，企业 正通过场景深潜、形态创新与文化味觉挖掘，系统性拓宽奶酪消费边界。未来，伊利将继续依托技术研 发实力，推动网红风味向经典产品转化，以"可感知的高品质"满足消费者多元化需求，助力中国奶酪产 业高质量发展。 春节前夕，在可感知高品质探寻荟（北京站）活动现场，伊利集团奶酪事业部发布行业首款奶皮子味芝 士片，以现代工艺还原草原传统风味。该产品已同步入驻沃尔玛、胖东来、盒马等重点零售渠道，成为 伊利布局高端奶酪市场的又一力作。 近年来，"奶皮子"风味在食品饮料行业快速流行，从奶茶、面包延伸至冰淇淋品类。面对这一源自内蒙 古草原的传统美食概念，伊利研发团队回归风味本源，解构传统奶皮子在制作过程中形成的复杂风味物 质：除标志性的焦香外，更包含浓缩乳脂的醇厚、自然发酵的微酸及隐约甜感。通过精密配比，实现多 重风味与芝士本身浓郁口感的有机融合， ...

徐爽 长江证券食品分析师: 各位投资者大家早上好，欢迎收听由长江农业和长江实银联合开播的牛牧大周期系列汇报 那么今天我们是第五期，主题是围绕关于乳制品的供需结构趋势及肉牛价格的趋势更新那 我是长江食品的徐爽，我给大家先更新汇报一下我们在这乳制品相关的这个情况的一个汇 报。那么首先我们看到就是这个在过去几年，2024 年度我国的整个乳制品的销售规模， 大概是在 6535 亿元，其中液态奶占到这个 3550 亿元，然后奶粉是 1766 亿元，其他乳 制品还有 1219 亿元。 那么在这个当中，椰奶和奶粉是有，这个 2024 年是有同比下滑的。而其他的乳制品，包 括这个奶油、奶酪等深加工的产品是在延续增长那么并且，预计未来几年，这个所谓其他 乳制品的增长，仍然有望快于液奶跟奶粉。那么这是这个从整个大类的角度来看，可能这 个所谓深加工所代表的这一个宽泛的范畴，它的一个增长会比液奶和奶粉会更好然后其次 在 24 年，我国的人均乳制品消费量大概是在 40 千克出头。每一年，相较于这个世界发达 水平，其他的经济体，以及这个我国的建议消费量，都是有比较大的提升空间的。 但是，共通的是这个 26 年两家公司制定的这个收入目标。 ...

长江农业&食品 | 牛牧大周期第五期——乳制品供需结构趋势及肉牛价格趋势更新 1、乳制品行业供需与消费趋势 乳制品规模与品类表现：从乳制品大类表现来看，2024年椰奶和奶粉同比下滑，奶油、奶酪等深加工乳制品延续 增长，预计未来几年这类深加工乳制品的增长仍有望快于液奶与奶粉，整体增长表现更优。 2024年我国人均乳制品消费量约40千克出头，与世界发达经济体水平及我国建议消费量相比，存在较大提升空 间。 < 长江农业&食品 | 牛牧大周期第五期——乳制品供需结构趋势及肉牛价格趋势更新 1、乳制品行业供需与消费趋势 乳制品规模与品类表现：从乳制品大类表现来看，2024年椰奶和奶粉同比下滑，奶油、奶酪等深加工乳制品延续 增长，预计未来几年这类深加工乳制品的增长仍有望快于液奶与奶粉，整体增长表现更优。 2024年我国人均乳制品消费量约40千克出头，与世界发达经济体水平及我国建议消费量相比，存在较大提升空 间。 低温常温奶消费格局趋势：低温奶各线城市消费规模方面，一线城市约366亿元，二线城市合计246亿元，三线以 下约300亿元，预计未来五年三线以下市场仍将是低温奶消费总量快速扩容的核心区域。 2024年低温奶渗透率为 ...

春节前夕，可感知高品质探寻荟（北京站）活动成功举办。活动现场，伊利集团酸奶事业部旗下宫酪与 畅轻两大酸奶品牌同步发布创新产品，分别推出呼伦贝尔菌株奶皮子酸奶"草原大奶桶"和柠檬燕麦爆珠 酸奶，以地域文化深耕与清爽口感创新，展现出伊利在健康酸奶领域的差异化布局能力。 据介绍，宫酪新品以"挖着吃的奶皮子，嚼得到的草原香"为核心概念，独特的Yilife-SST 01菌株，来源 于呼伦贝尔新巴尔虎右旗呼伦湖畔牧民传统酸奶，带有草原印记。被中国普通微生物菌种保藏管理中心 （CGMCC）收录，为产品注入草原基因。 在工艺上，产品传承传统熬乳智慧，结合现代精准发酵技术，成功凝结出标志性的醇香厚奶皮，实现 了"挖着吃"的满足感与"嚼得到"的层次感，带来沉浸式的草原风味体验。产品包装以草原牧民传统奶桶 为灵感，打造"可拎可抱"的差异化造型，规格设定为520克，寓意新春爱意。 畅轻作为爆珠酸奶赛道的开创者和引领者，继推出蓝莓紫米爆珠、西柚芒果青稞爆珠等深受消费者喜爱 的爆款酸奶后，这次又带来了口感进一步突破的柠檬燕麦爆珠酸奶，在活动现场凭借其惊喜口感受到大 家的一致好评。 据介绍，这款全新亮相的柠檬燕麦爆珠酸奶拥有美味"五重奏" ...

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]

Core Viewpoint - Yuran Dairy has announced a share placement to raise approximately HKD 2.33 billion, equivalent to around RMB 2.07 billion, primarily supported by its major shareholder, Yili [1] Group 1: Company Overview - Yuran Dairy, headquartered in Hohhot, is the largest raw milk supplier globally, covering the entire industry chain from pasture planting, feed processing to dairy cattle breeding [1] - The company has over 100 modern farms and raises more than 620,000 dairy cows, producing 2.08 million tons of raw milk in six months [1] Group 2: Financial Impact - The capital injection from Yili is expected to significantly improve Yuran Dairy's financial condition, with approximately 55% of the raised funds allocated for repaying interest-bearing debts and optimizing the capital structure [1] - Following the transaction, Yili's stake in Yuran Dairy will increase from 33.93% to 36.07%, indicating strong support from the major shareholder during a cyclical low in the raw milk industry [1] Group 3: Strategic Collaboration - The increase in shareholding by Yili is anticipated to deepen the strategic collaboration between the two companies, enhancing their operational synergy [1]

春节前夕，可感知高品质探寻荟(北京站)活动成功举办。活动现场，伊利集团奶酪事业部发布奶皮子味 芝士片，以现代工艺还原草原传统风味，展现出其在乳制品深加工领域的技术创新能力。该产品已同步 入驻沃尔玛、胖东来、盒马等重点零售渠道，成为伊利布局高端奶酪市场的又一力作。 值得注意的是，该产品一上市就同步上线盒马、胖东来、沃尔玛等精选渠道。渠道方表示，选择上架此 款新品，不仅基于"奶皮子"这一地域文化IP的市场热度，更看重伊利在品控稳定性、产品差异化及可持 续溢价能力方面的综合优势。 伊利集团奶酪事业部方面表示，从早前推出的泡面芝士条、涂抹奶酪酱到如今的文化风味芝士片，企业 正通过场景深潜、形态创新与文化味觉挖掘，系统性拓宽奶酪消费边界。未来，伊利将继续依托技术研 发实力，推动网红风味向经典产品转化，以"可感知的高品质"满足消费者多元化需求，助力中国奶酪产 业高质量发展。 （文章来源：中国新闻网） 近年来，"奶皮子"风味在食品饮料行业快速流行，从奶茶、面包延伸至冰淇淋品类。面对这一源自内蒙 古草原的传统美食概念，伊利研发团队回归风味本源，解构传统奶皮子在制作过程中形成的复杂风味物 质：除标志性的焦香外，更包含浓缩乳脂的 ...

春节前夕，可感知高品质探寻荟（北京站）活动成功举办。活动现场，伊利集团旗下高端牛肉品牌伊知 牛首次亮相该系列活动，展示其国产安格斯冷鲜牛肉及烤肠产品，凭借72小时排酸工艺与三阶段定制饲 养标准，伊利在高品质牛肉领域的布局与品质追求引发关注。 据了解，伊知牛品牌于2020年10月设立，依托伊利集团全球资源优势，经走访优质肉牛养殖基地，调研 上万名牛肉爱好者口味后，最终选定北纬40度附近的三代纯种安格斯小公牛作为核心牛种。产品采用20 至24月龄去势小公牛，经6个月奶饲、8个月草饲补饲、8个月谷饲的三阶段专研喂养方案，以毫克级 TMR（全混合日粮）定制饲料配方科学饲养，确保肉质香嫩、营养丰富。 如遇作品内容、版权等问题，请在相关文章刊发之日起30日内与本网联系。版权侵权联系电话：010- 85202353 在加工工艺上，伊知牛坚持72小时低温排酸。排酸工艺需在特定温度、湿度、风速条件下进行，使牛肉 发生营养物质分解转化，酸碱度改变，进而提升口感与营养价值。该工艺能耗较高，排酸时间越长成本 越高，伊知牛选择72小时标准，以保障产品品质。通过预冷处理的冷鲜肉相较传统热鲜肉，水分流失 少，肉质更鲜嫩，纹理清晰，色泽鲜亮 ...

华源证券发布研报称，基于对原奶周期拐点与深加工产品国产替代的积极判断，预计头部乳企后续不仅 将受益于奶价上行期市场份额的修复，还将通过引领产业升级、切入高毛利深加工产品，提升盈利水 平。 华源证券主要观点如下： 供需矛盾驱动原奶价格低位震荡，但人均乳制品消费量亦有结构性提升空间，奶价低迷预计为乳企创造 产业升级窗口期，进而推动深加工产品国产替代。 1）供给侧：奶价有望上行，最直接利好上游牧业公司基本面。近年来，由于宏观环境扰动叠加上轮原 奶价格上行期多由大型规模企业主导扩产，导致本轮奶价下行周期持续时间较长。截至2026年1月末， 我国生鲜乳主产区价格已连续下滑4年多，价格跌至3.04元/公斤，较21年高点4.38元/公斤的价格下滑 30.6%。该行认为伴随上游牧业公司持续的亏损出清，近年来供给侧亦在持续收缩，2025年下半年奶价 基本平稳，该行预计后续供给侧收缩趋势不改，原奶价格拐点预计将于2026年到来，届时或将大幅提振 上游牧业公司业绩表现。 2）需求侧：乳制品需求仍存结构性机遇，深加工国产替代或为乳企新增长曲线。2024年我国人均乳制 品消费量为40.6公斤，距《中国食物与营养发展纲要（2025 —2 ...