当前我国居民蛋白摄入存在量不足、优质蛋白占比不足等问题，为此建议，由国家卫健委牵头联合多部 门分人群制定《国民优质蛋白摄入指南》；市场监管总局牵头统一"高蛋白"食品标识标准，将酪蛋白等 优质蛋白纳入保健食品原料目录，强化科学膳食指导与认知提升；出台税收减免、研发补贴等鼓励性政 策，加大乳蛋白深加工等核心技术的创新扶持，提升优质蛋白自主供给能力；构建需求侧-供给侧-监管 侧全流程监管链条和体系，以产业发展与供给升级，夯实人口高质量发展的营养基础。飞鹤自2011年起 启动乳蛋白深加工研究，去年实现乳蛋白提取技术产业化落地，基于此，飞鹤正着力打造全生命周期产 品，满足国民健康需求。 （文章来源：每日经济新闻） ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 China Feihe Limited 中國飛鶴有限公司 （於 開 曼 群 島 註 冊 成 立 的 有 限 公 司） （股 份 代 號：6186） 須予披露交易 認購金融產品 認購金融產品 茲 提 述 本 公 司 日 期 為 二 零 二 五 年 五 月 八 日、二 零 二 五 年 五 月 十 四 日、二 零 二 五 年 八 月 四 日、二 零 二 五 年 九 月 十 日、二 零 二 五 年 九 月 十 七 日、二 零 二 五 年 十 月 二 十 七 日、二 零 二 五 年 十 一 月 五 日、二 零 二 五 年 十 一 月 二 十 六 日、二 零 二 五 年 十 二 月 八 日 及 二 零 二 五 年 十 二 月 二 十 八 日 的 公 告，內 容 有 關 本 集 團 認 購 若 干 浦發銀行的理財及結構性存款金融產品（「認購浦發銀行金融產品」）。 ...

研究报告 Research Report 27 Feb 2026 中国必需消费 China (Overseas) Staples 中国必选消费品 2 月成本报告：环比平稳，同比仍处低位 February CGCI: Month-on-month flat, year-on-year still low [Table_yemei1] 观点聚焦 Investment Focus | [Table_Info] | | | | | --- | --- | --- | --- | | | | | 市盈率 P/E | | 股票名称 | 评级 目标价 | PE(2025E) | PE(2026E) | | 百威亚太 | Neutral 7.90 | 27 | 24 | | 海底捞 | Outperform 18.22 | 18 | 17 | | 华润啤酒 | Outperform 36.00 | n.a. | n.a. | | 康师傅 | Outperform 17.74 | 18 | 16 | | 中国飞鹤 | Outperform 7.00 | 8 | 7 | | 优然牧业 | Outperform 5.50 | n. ...

Investment Rating - The investment rating for the consumer staples sector in China is "Outperform" for multiple companies including Moutai, Wuliangye, and others [1]. Core Insights - Premium baijiu wholesale prices have rebounded month-on-month, while discounts on liquid milk and condiments have narrowed [1][11]. - The report highlights the resilience of consumer stocks amidst a volatile market, emphasizing their value [3]. Summary by Relevant Sections Baijiu Pricing - Moutai's wholesale prices for Feitian (case and single bottle) are 1700 and 1650 yuan respectively, with month-on-month increases of +100 and +70 yuan. Year-to-date changes are +100 and +60 yuan, but year-on-year changes are -530 and -560 yuan [10][40]. - Wuliangye's eighth-generation price remains stable at 830 yuan, with a year-to-date increase of +10 yuan and a year-on-year decrease of -105 yuan [4][40]. - Luzhou Laojiao's Guojiao 1573 price is 870 yuan, up by +20 yuan month-on-month and +20 yuan year-to-date, with a year-on-year increase of +10 yuan [4][40]. - Other notable prices include Shanxi Fenjiu and various products from Yanghe and Gujing Gongjiu, showing mixed trends in pricing [10][40]. Discounts on Consumer Products - Discounts on liquid milk products have decreased from an average of 62.8% to 61.4% and from 63.4% to 61.7% for median values [19][37]. - Discounts on condiments have also narrowed from 87.1% to 85.0% (average) and from 88.2% to 84.9% (median) [19][37]. - Conversely, discounts on convenience foods have slightly increased, with average discounts moving from 94.8% to 94.6% [20][37]. - Beer, soft drinks, and infant formula discounts have remained stable, with slight variations in average and median rates [21][38].

Core Viewpoint - The traditional business model of the liquor industry, particularly in the high-end white liquor segment, is failing, leading to a collapse of the pricing system and the emergence of new business models and consumer behaviors driven by the Z generation [3][4][14]. Industry Overview - In 2025, the Chinese consumer market is undergoing profound changes, with high-end liquor prices, such as those of Moutai, continuously declining, raising questions about their investment and stockpiling attributes [3][4][14]. - The Z generation (born between 1995 and 2009) has become the main consumer force, reshaping market rules and consumer preferences [3][4][14]. Pricing and Sales Performance - The prices of major white liquor products have significantly dropped, with Moutai's wholesale price falling from over 2200 yuan per bottle at the beginning of the year to below 1500 yuan by December 2025 [5][16]. - The overall performance of white liquor companies has deteriorated, with 20 A-share listed companies reporting a combined revenue of 317.78 billion yuan, a year-on-year decrease of 5.90%, and a net profit drop of 6.93% [5][17]. Corporate Strategies and Changes - Many liquor companies are experiencing frequent personnel changes, with over ten major companies, including Moutai and Yanghe, adjusting their core leadership positions in 2025 [6][18]. - Companies are exploring new business models and channels, such as switching from a "payment before delivery" to a "delivery before payment" model [8][20]. New Business Models - Moutai has announced a restructuring of its product system and pricing strategy, moving towards a direct sales model through its app, aiming to connect directly with consumers [9][20]. - The rise of "health liquor" has been notable, with a growth rate of 66%, indicating a shift in consumer preferences towards healthier options [10][21].

华东食品综合大商要点20260222 春节整体动销： ■1-2月食品大类各品类均实现正向增长（出货销售额口径，下同），主因：1）春节错期，今年动销期更长；2） 返乡消费拉动性强。 ■结构性特征：刚需品增长更好，下沉市场动销积极，礼赠需求有所修复，价格促销同比收敛。 ■节后补库预期：良性动销下， 分品类： ■休闲食品：同比增长约10 华东食品综合大商要点20260222 春节整体动销： 分品类： ■休闲食品：同比增长约10%。 盐津、劲仔双位数增长，品类内表现最优；卫龙、洽洽增长较稳。 礼盒装分化明显，高价位礼盒复购乏力。 ■冻品：同比增长约7%。 安井增长约18%，全品类均表现积极（丸子、预制菜、肉类冻品等），思念、三全等增长约5~10%。 ■饮料：同比增长约5%，大规格（1L装）增速高。 东鹏特饮增长12%+，电解质水20%；农夫水品类同比个位数增长，无糖茶双位数增长。 ■1-2月食品大类各品类均实现正向增长（出货销售额口径，下同），主因：1）春节错期，今年动销期更长；2） 返乡消费拉动性强。 ■结构性特征：刚需品增长更好，下沉市场动销积极，礼赠需求有所修复，价格促销同比收敛。 ■节后补库预期：良性动销下， ...

近年来，克东县工商联坚持在招商引资工作中下真功、出实招，巧打"乡情牌"、做实"服务功"，以一个 个招商小分队为触角，以真诚高效的服务为保障，成功探索出一条"以情招商、以诚留商"的特色路径， 为县域经济高质量发展引入了源源不断的"活水"。 乡音牵线，招商小分队化身"暖心之家" 克东县工商联积极落实县委、县政府"百企敲门行动"，创新工作方法，组建5支由本土企业家构成的招 商小分队，每队10人，发挥深厚的乡情纽带和人脉网络优势，精准聚焦"乳、豆、水、肉、菜"五大主导 产业，在延链、补链、壮链上寻找突破口。 （来源：中华工商时报） 转自：中华工商时报 乡情引来"回头雁"，但要让企业真正安心落户，靠的是实打实的服务和诚意。 初次对接后，工商联便与企业家保持高频、顺畅的沟通，持续传递家乡的期待与支持。很快，这份诚意 升级为真诚的行动。2023年7月，县委书记、县长亲自带队，远赴南京对企业进行回访考察。面对家乡 这份真诚与重视，双方就天然苏打水深度开发达成共识，坚定了企业家投资家乡的决心。 2024年1月，总投资1.5亿元的天然苏打水产品开发项目正式签约落户克东宝泉镇。项目分两期建设，涵 盖化妆用水、医疗用水等高端产品研发 ...

黑龙江省西部的齐齐哈尔市，因栖息着世界珍禽丹顶鹤，素有"鹤城"美誉。这里既有广袤的草原风光， 也积淀着厚重的工业记忆。从稻香四溢的田间，到机械轰鸣的工业园区与生产车间，装备制造、绿色食 品加工、智慧农业等产业在这片土地上蓬勃发展、生机盎然。 （来源：中华工商时报） 转自：中华工商时报 齐齐哈尔不仅孕育丰厚物产，更推动民营经济蓬勃成长。"用心倾听民声，用实际行动解决难题。"齐齐 哈尔市委统战部副部长、市工商联党组书记郁喆表示。齐齐哈尔市工商联立足职能定位，强化责任担 当，积极探索服务民营经济健康发展、高质量成长的创新举措，为地方振兴发展持续注入强劲动能。 深化思想引领，凝聚发展共识 齐齐哈尔市工商联紧紧抓住新时代民营经济人士思想政治工作特点，创新教育载体，策划发起"爱上齐 齐哈尔--企业家为鹤城代言"大型城市形象传播活动，将思想引领具象化为可感可知的城市认同与家乡 情怀，引导企业家将企业发展与家乡建设紧密融合。 创新载体，打造"企业家矩阵"传播新范式。活动摒弃传统宣传模式，以齐齐哈尔籍企业家和扎根鹤城创 新创业的异地企业家为主角，联合专业文化公司进行系统策划与制作。通过深度访谈，挖掘企业家创业 守业故事、人生感 ...

经济观察报记者 王雅洁 大年初四，2月20日，齐齐哈尔。 火车站前的候车大厅里，推着行李箱的旅客排起了队。与一周前不同，此刻的队伍方向已经调转，广州、深圳等方向的检票口前排着长队，而抵达出口处， 拖着行李箱的人们正抖落身上的寒气，快步走向公交站台。他们是回家过年的游子，短暂的团聚之后，又将启程南下。 站前广场上，出租车、网约车司机热情地招呼着来客。他们身后那座建于1979年的站房，保留着苏式建筑风格，墙面已经斑驳。 这座车站见证了这座城市四十年来的人口流动曲线：20世纪80年代，这里是全国重要的铁路枢纽，日均发送旅客超过三万人；20世纪90年代，南下的务工潮 开始涌动，春节后的售票窗口前排起长龙；2000年以后，候车室里拖着行李箱的年轻人越来越多，目的地越来越远。从沈阳、大连延伸到北京、上海，再到 深圳、海南。 齐齐哈尔火车站附近的景象。王雅洁/摄。 这座城市曾是新中国工业版图上的明珠。重型装备制造、特种钢材生产、铁路货车制造，这些产业写进了共和国的工业史。20世纪80年代，齐齐哈尔的工业 产值位居全国前十，城区人口超过百万，是东北老工业基地的典型样本。 三十年间，这座城市经历了体制转轨的阵痛、市场经济的冲刷 ...

Recent Events - On January 6, 2026, Nestlé announced a precautionary recall of certain infant formula products in 31 countries due to potential contamination with Bacillus cereus from a supplier's arachidonic acid oil. This recall affects 30 batches of products in the Chinese market, including brands like "力多精" and "铂初能恩." The potential impact on brand trust and supplier relationships warrants ongoing attention [2]. Strategic Initiatives - In October 2025, Nestlé announced plans to lay off approximately 16,000 employees globally (6% of total workforce) over the next two years, focusing on optimizing white-collar and marketing positions. The goal is to achieve annual cost savings of 1 billion Swiss francs by 2027. The Chinese market is included in this restructuring framework. Starting January 1, 2026, Nestlé will merge its infant nutrition business with Wyeth Nutrition to form the "Nestlé Nutrition Business," led by谢国耀. Additionally, the CEO of the China region, 马凯思, is driving a shift from a "channel-driven" to a "demand-driven" approach, integrating e-commerce teams to enhance efficiency [3]. Performance Overview - For the first three quarters of 2025, Nestlé's organic growth rate in the Greater China region was -6.1%, with the third quarter dropping to -10.4%. The pricing contribution rate remained negative at -3.2%, indicating that price reductions did not effectively boost sales. Global sales amounted to 65.9 billion Swiss francs, reflecting a year-on-year decline of 1.9% [4]. Stock Performance - On January 6, 2026, Nestlé's U.S. stock trading volume surged by 88.91%, with the stock price declining by 1.22% to $95.55. Over the past 60 days, the cumulative increase was 3.21%, but there was a cumulative decline of 3.27% from the beginning of the year to January 6 [5]. Industry Environment - The competitive landscape in the Chinese market is intensifying, with domestic brands such as 飞鹤 and 君乐宝 increasing their market share in the infant formula sector. Brands like 瑞幸 and Manner are also diverting coffee consumption demand. Additionally, historical food safety issues, such as the 2023 recall incident in Canada, combined with the recent recall, may prolong the brand trust recovery period [6].