2026年中国速冻食品行业报告 ——连锁餐饮标准化提速，驱动速冻食品B端市场扩容 速冻食品是指以水产食材、肉类、谷物、粉末状配料、豆类等为主要原材料，配以水、油、调味品等辅料，经清洗、切配、调味、 腌制、烹饪、速冻等工序制作而成，专为用餐场景设计的预包装食品。速冻工艺能够使食品的热中心温度迅速降至-18℃以下。 速冻食品应在该温度下进行存储、运输和销售。 中国的速冻食品主要包括速冻调制食品、速冻菜肴制品、速冻面米制品，以及其他如速冻汤羹制品等。 懒人经济"推动中国方便食品市场规模稳步增长 目录 中国速冻食品行业现状： 从基础饱腹转向 对"便捷与品质"的双重追求 1 中国速冻食品产业链： 连锁餐饮标准化提速 驱动速冻食品B端市场扩容 2 中国速冻食品竞争格局： "一超多强" 行业整合预期加速 3 中国速冻食品定义及分类 速 冻 食 品 二级分类 速冻调制 食品 q 指以水产食材及/或肉类为主要原材料，搭配谷物、豆类和蛋类等其他原材料及调味料，经 调制、加工成型、速冻等工艺生产的预包装食品。 速冻菜肴 制品 q 指以水产食材或肉类为主要原材料，配以其他原料及调味料，经预加工（如分切、搅拌、腌 制、滚揉、成型和调味 ...

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].

行业点评报告 · 食品饮料行业 供需关系有望改善，看好价格修复相关机会 —— 行业点评报告 2026 年 02 月 10 日 核心观点 食品饮料行业 推荐 维持评级 分析师 刘光意 ：021-20252650 ：liuguangyi_yj@chinastock.com.cn 分析师登记编码：S0130522070002 研究助理：彭潇颖 ：pengxiaoying_yj@chinastock.com.cn 相对沪深 300 表现图 2026 年 02 月 09 日 -10% 0% 10% 20% 30% 2025/2/10 2025/3/10 2025/4/10 2025/5/10 2025/6/10 2025/7/10 2025/8/10 2025/9/10 2025/10/10 2025/11/10 2025/12/10 2026/1/10 SW食品饮料 沪深300 资料来源：中国银河证券研究院 相关研究 1.【银河食饮】行业动态_茅台飞天批价回暖，关注 春节动销催化 2.【银河食饮】零食行业专题报告：鸣鸣很忙港股上 市，关注产业链投资新趋势 3.【银河食饮】行业动态_12 月茅台批价环比回暖， 头部酒企 ...

证券研究报告 | 2026年02月09日 食品饮料周报（26 年第 6 周） 优于大市 白酒春节动销渐起，预制菜国标公开征求意见 行情回顾：本周食品饮料（A 股和 H 股）累计上涨 4.48%，其中 A 股食品饮 料（申万食品饮料指数）上涨 4.44%，跑赢沪深 300 约 5.77pct；H 股食品饮 料（恒生港股通食品饮料）上涨 4.99%，跑赢恒生消费指数 0.69pct。本周 食品饮料板块涨幅前五分别为皇台酒业(13.50%)、海欣食品(11.90%)、日辰 股份(11.36%)、东鹏饮料(10.25%)和麦趣尔(10.25%)。 品类基本面延续分化，白酒＞食品＞饮料。（1）酒类。白酒：春节动销渐 起，茅台动销表现较好。投资建议上，首推贵州茅台（2026 年预计录得独立 行情，稳健穿越、长期定价权）、山西汾酒（产品及区域 alpha 支撑，份额 逆势提升）、泸州老窖（产品布局纵深，管理赋能全国化空间），也建议关 注古井贡酒/迎驾贡酒/五粮液/舍得酒业等。啤酒：行业库存良性，静待需 求回暖。我们预计后续啤酒板块对政策发力、需求回暖的感知较快。优先推 荐大单品快速增长、内部改革持续深化、业绩成长性强的燕京 ...

东海证券发布研报称，预制菜国家标准的落地有利于行业健康发展，头部企业在生产、运输、品控和供 应链管理上具有优势，受益于短期行业规范化提升的红利。长期来看，B端预制菜口味标准化，制作简 易，有效解决餐饮业的人力成本高企、出餐速度较慢的核心痛点，增长驱动为餐饮连锁化率的提升。C 端预制菜随着消费者信任度的不断提升，行业增长空间广阔。 健全明示制度，保障消费者知情权与选择权 《推广餐饮环节自主明示的公告》指出，一是，餐饮服务提供者应当接受社会监督，采取必要措施保障 消费者知情权和选择权。二是鼓励餐饮服务自主明示菜品加工制作方式。三是，餐饮服务提供者可以通 过菜单、点餐小程序标注、门店显著位置展示，或应消费者询问后回应等多种方式进行明示。该行认为 在当前快节奏的生活下，消费者不是拒绝预制菜，而是要吃得明白、吃得放心。明示有助于消费者了解 产品制作环节的真实情况，也能提高对于餐饮的信任度。 东海证券主要观点如下： 事件 2月6日，国家卫生健康委发布《食品安全国家标准预制菜》（征求意见稿），明确规定了预制菜的范 围、保质期时长、营养品质要求、包装要求、添加剂使用要求等关键内容，对推动行业高质量发展具有 重要战略意义；同日 ...

证券研究报告 吕若晨 研究员 SAC No. S0570525050002 SFC No. BEE828 lvruochen@htsc.com +(86) 755 8249 2388 | 王可欣 | 研究员 | | --- | --- | | SAC No. S0570524020001 | wangkexin019215@htsc.com | | SFC No. BVO215 | +(86) 21 2897 2228 | 行业走势图 (8) (0) 8 15 23 Feb-25 Jun-25 Oct-25 Feb-26 (%) 食品 沪深300 资料来源：Wind，华泰研究 食品 预制菜国标推出助力行业规范 华泰研究 2026 年 2 月 07 日│中国内地 动态点评 重点推荐 | | | 目标价 | | | --- | --- | --- | --- | | 股票名称 | 股票代码 | (当地币种) | 投资评级 | | 安井食品 | 2648 HK | 99.38 | 买入 | | 安井食品 | 603345 CH | 113.04 | 买入 | | 三全食品 | 002216 CH | 13.44 | ...

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]

Core Insights - The article discusses how certain industries are thriving despite a general perception of economic downturn, highlighting eight key sectors that present significant business opportunities in a low-desire society [3][4]. Group 1: Key Industries - **Second-Hand Economy**: The second-hand luxury market in Japan, represented by companies like Daikokuya, has seen a surge in revenue. In China, platforms like Hongbulin and Panghu are experiencing similar growth, indicating a shift in consumer spending towards second-hand goods [6][7][8][9]. - **Pet Economy**: With declining birth rates, young people are spending more on pets, leading to significant growth in pet food and healthcare products. Companies like Inaba in Japan and Guobao in China are capitalizing on this trend [11][12][14][15]. - **Adult Care Products**: The adult diaper market in Japan has surpassed $10 billion, indicating a growing demand for adult care products in China, with companies like Kexin showing potential for growth [16][17][18]. - **Health Food and Beverages**: The rise in health consciousness has led to increased demand for sugar-free beverages and functional drinks. Brands like Dongfang Shuye and Jianchun are gaining traction in this sector [21][22]. - **Beauty Economy**: The demand for beauty products, including collagen supplements and at-home beauty devices, is on the rise. Companies like Jinbo Biological are seeing significant market value growth [23][25]. - **Outdoor and Leisure Products**: The outdoor equipment market is thriving, with brands like Kailas and Camel experiencing rapid sales growth, as consumers seek leisure activities despite economic constraints [25][26][27]. - **Emotional Economy**: Brands like Labubu and Rio are tapping into the emotional needs of consumers, providing products that offer comfort and joy, even in a tight economic climate [28][29][30]. - **Convenience Economy**: The demand for convenience products, such as frozen foods and smart home appliances, is increasing as younger generations spend less time cooking. Companies like Anjijia and Kewot are benefiting from this trend [33][35][36]. Group 2: Market Trends - The article emphasizes that the current economic climate, often viewed as a "winter," presents opportunities for those willing to invest in counter-cyclical sectors. The key to success lies in recognizing and seizing these opportunities [39].

安井食品（02648）盘中涨近4%，高见80.80港元，股价创上市以来新高。截至发稿，股价上涨2.77%， 现报79.80港元，成交额9645.09万港元。 财信证券指出，展望未来，该行认为安井食品从渠道导向转型为产品导向，转变下有望重新捕获行业发 展机遇、抢占市场份额。其中，速冻调理制品作为公司基本盘，在"锁鲜装"等产品带动下有望恢复量价 齐升；速冻米面制品在产品转型和渠道支撑下，有望逐步恢复增长；速冻菜肴产品，则有望在虾滑、小 酥肉、烤肠、牛羊肉卷等系列产品的布局下，保持快于整体的增速。 来源：新浪港股 ...

安井食品（603345）(02648)涨近4%，高见80.8港元创上市以来新高。截至发稿，涨3.8%，报80.6港 元，成交额7860.93万港元。 消息面上，据东海证券研报，根据马上赢，2025年Q4，食饮各类目整体表现有所好转，速冻食品销售 额同比+6.5%，环比改善。分品类来看，火锅丸料、速冻肠和虾滑占比提升，销售额同比增长约15%、 45%和55%，披萨和速冻调理牛肉销售额同比增速超过35%、25%，小酥肉销售额同比增长约20%，增 长较快。安井在C端火锅丸料、速冻肠发力，市场份额进一步增长。 财信证券指出，展望未来，该行认为安井食品从渠道导向转型为产品导向，转变下有望重新捕获行业发 展机遇、抢占市场份额。其中，速冻调理制品作为公司基本盘，在"锁鲜装"等产品带动下有望恢复量价 齐升；速冻米面制品在产品转型和渠道支撑下，有望逐步恢复增长；速冻菜肴产品，则有望在虾滑、小 酥肉、烤肠、牛羊肉卷等系列产品的布局下，保持快于整体的增速。 ...