新春伊始，香港资本市场便上演了一出"一马当先"的开年大戏。 2月24日，华依科技正式向香港联交所提交了上市申请，成为绿云软件后又一家在马年递表的企业。 "随着越来越多中国龙头企业开始前瞻性布局第二、第三增长曲线，国际投资者对中国企业核心竞争力的认知也在不断深化。我 们在多个海外市场与投资者沟通中明显感受到，中国企业在供应链效率、产品研发能力、渠道执行力以及数字化运营等方面， 已经形成了具有国际竞争力的系统性优势。"谌戈进一步补充道。 与此同时，在这轮资本热潮中，市场不仅见证了募资规模的量级跃升，更看到了新股成色从传统金融地产向人工智能、半导体 等新经济动力的策马扬鞭。 尽管春节假期让新股发行短暂"歇脚"，但开年至今港股IPO赛道呈现出的万马奔腾之势，已然为全年市场定下了沸腾的基调。 数据显示，截至2月25日，年内已有24家企业完成港股IPO，融资额合计892.26亿港元，同比增长1013.59%，超过了去年全年IPO 募资的三成。3月19日，岚图汽车也将在港交所上市，不过，由于其采用的是介绍方式，不涉及发行新股和即时融资，对港股 IPO融资额不产生影响。 在发行上市持续火爆的同时，港股"后备军"的阵容亦持续扩 ...

智通财经APP获悉，摩根大通发布研报称，首次覆盖东鹏饮料(09980)，相信其在中国市场份额的增长将 带领其持续超越同业。据公司2025年初步业绩预测，2025年第四季度收入和核心净利润的平均增长率分 别为25%和16%，对于2026年，该行预料，能量饮料、运动饮料和其他产品将分别同比升15%、42%和 50%，以支撑总收入同比增长22% 。该行给予其目标价为315港元，评级为"增持"。 ...

摩根大通发布研报称，首次覆盖东鹏饮料（605499）(09980)，相信其在中国市场份额的增长将带领其 持续超越同业。据公司2025年初步业绩预测，2025年第四季度收入和核心净利润的平均增长率分别为 25%和16%，对于2026年，该行预料，能量饮料、运动饮料和其他产品将分别同比升15%、42%和 50%，以支撑总收入同比增长22%。该行给予其目标价为315港元，评级为"增持"。 ...

摩根大通发表研报，首次覆盖东鹏饮料港股并予"增持"评级及目标价315港元，相信其在中国市场份额 的增长将带领其持续超越同业。据公司2025年初步业绩预测，第四季收入和核心净利润的平均增长率分 别为25%和16%，低于市场预期。对于2026年，该行预计能量饮料、运动饮料和其他产品将分别按年升 15%、42%和50%，以支撑总收入按年增长22%。 ...

24 February 2026 | 12:16AM HKT Equity Research China Consumer Staples: LNY expert calls: Spirits: Moutai/Wuliangye pivoting to recovery path; Dairy saw disciplined pricing yet unexciting On Feb 23, we hosted an expert call with a large spirits and F&B distributor located in Hunan province. Key highlights: 1) Spirits: Feitian Moutai volume/pricing topped expectations during the CNY period in the expert's region, with Feitian Moutai spirits retail sales volume up >20% yoy offsetting shipment control on non-st ...

公司跟踪报告 · 食品饮料行业 | 东鹏饮料（股票代码：605499） | | --- | 推荐 维持评级 分析师 迈向平台型公司，再迎布局时点 —— 东鹏饮料动态更新报告 2026 年 02 月 24 日 核心观点 主要财务指标预测 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入(百万元) | 15,839 | 21,108 | 27,085 | 32,964 | | 收入增长率% | 40.63 | 33.27 | 28.31 | 21.71 | | 归母净利润(百万元) | 3,327 | 4,547 | 5,914 | 7,271 | | 利润增长率% | 63.09 | 36.69 | 30.06 | 22.93 | | PE | 44.65 | 32.66 | 25.11 | 20.43 | 资料来源：公司公告，中国银河证券研究院 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 ： ...

今日（2.24），大消费板块冲高回落，盘初一度涨超1%，规模领先的消费ETF（159928）转跌0.64%，盘中成交额已超3.6亿元！资金再度青睐，盘中获2400 万份净申购。最新规模超223亿元，同类持续领先！ 消息面上，春节出行强度提升，春节假期前6日全社会累计跨区域人员流动量增速较春运返乡阶段进一步上行。消费迎来开门红，商品消费需求旺盛、服务 消费活力满满。旅游市场热度高涨，"分段式过年"普及，主题上"南下避寒、北上冰雪"双线并行，出入境旅游双向增长。春节档电影方面，票房明显走弱。 政策面上，高层杂志发表重要文章《当前经济工作的重点任务》；我国将对53个非洲建交国全面实施零关税举措；加大农村地区企业上市辅导培育力度，帮 助更多企业利用多层次资本市场进行融资；三部门发布重要五年规划期间支持科技创新进口税收优惠政策。 东吴证券指出，历史上A股"春节效应"特征显著，节后资金有望"重振旗鼓"带动量价共振修复，A股有望迎来积极开局。春节休市期间全球股市多数上涨， 全球风险偏好较优。流动性层面，美降息路径虽存变数，但市场对全年流动性预期未显著恶化；离岸人民币汇率假期运行平稳。内需方面，动能稳步修复。 产业趋势层面， ...

Investment Rating - The report maintains a "Buy" rating for the company [3][57]. Core Insights - The company is transitioning from a single-product model to a platform-based beverage giant, with energy drink sustainability and new product expansion being key factors influencing performance and stock price [8]. - The energy drink segment is expected to stabilize in the short term, with long-term growth potential remaining significant due to market expansion and increasing consumer demographics [11][14]. - New product launches, particularly in milk tea and unsweetened tea, are anticipated to catalyze sales growth in the upcoming months [18][23]. - Multiple internal and external factors are expected to contribute to margin improvement, including raw material cost reductions and operational efficiencies [29]. - The company is focusing on expanding its presence in Southeast Asia, with significant revenue potential projected for the region by 2030 [37]. Financial Forecasts - Revenue projections for 2025 to 2027 are estimated at 211 billion, 271 billion, and 330 billion CNY, respectively, with year-on-year growth rates of 33%, 28%, and 22% [48]. - The net profit for the same period is forecasted to be 45 billion, 59 billion, and 73 billion CNY, reflecting growth rates of 37%, 30%, and 23% [49]. - The company's price-to-earnings (PE) ratios are projected to be 33, 25, and 20 for the years 2025, 2026, and 2027, respectively, indicating a favorable valuation compared to industry peers [57].

[Table_Page] 跟踪分析|食品饮料 证券研究报告 [Table_Title] 食品饮料行业 春节走访：五省白酒动销跟踪反馈 [Table_Summary] 核心观点： | [Table_Grade] 行业评级 | 买入 | | --- | --- | | 前次评级 | 买入 | | 报告日期 | 2026-02-24 | [Table_PicQuote] 相对市场表现 -10% -3% 4% 10% 17% 24% 02/25 05/25 07/25 09/25 12/25 02/26 食品饮料 沪深300 | [分析师： Table_Author]符蓉 | | | --- | --- | | | SAC 执证号：S0260523120002 | | | SFC CE No. BWC944 | | | 021-38003552 | | | furong@gf.com.cn | | 分析师： | 郝宇新 | | | SAC 执证号：S0260523120010 | | | SFC CE No. BVZ687 | | | 021-38003553 | | | haoyuxin@gf.com.cn | | ...

Investment Rating - The report rates the industry as "Buy" [5] Core Insights - The 2026 Spring Festival consumption exceeded expectations, with service consumption leading the growth, driven by a significant increase in dining and travel demand [2][7] - The report highlights a notable recovery in the travel sector, with an expected total of 9.5 billion people traveling during the Spring Festival, marking a historical high [10][12] - The report emphasizes the importance of quality and experience in consumer spending, with a shift towards premium products and services [7][19] Summary by Sections 1. Spring Festival Consumption Trends - The Spring Festival holiday from February 15 to 23, 2026, saw a "good start" in consumption, with key retail and dining enterprises reporting a 10.6% increase in average daily sales compared to the same period in 2025 [10][22] - The first four days of the holiday recorded an 8.6% increase in average daily sales for key retail and dining enterprises compared to the previous year [10][19] - Government initiatives, including a 20.5 billion yuan fund for consumer subsidies, significantly boosted consumer spending [11][10] 2. Baijiu (Chinese Liquor) Market - The Baijiu market showed signs of improvement, with a narrowing decline compared to previous major holidays, although brand differentiation became more pronounced [27][30] - High-end Baijiu brands like Moutai and Wuliangye continued to lead the market, with a focus on price elasticity and rational consumer behavior [27][30] - The report identifies three key changes in the Baijiu market: increased importance of personal consumption, a more relaxed approach from manufacturers regarding sales targets, and improved channel sentiment [30][31] 3. Snack and Food Market - The snack market is expected to benefit from an extended peak season, with a longer preparation and sales cycle compared to 2025 [33][34] - Offline channels, particularly membership-based supermarkets and discount stores, are performing better than online channels, with significant growth in sales during the holiday period [34][35] - The report notes a diversification in snack offerings, with strong performance in high-quality nut gift boxes and innovative packaging strategies enhancing brand visibility [35][36]