{"entry_id": "58e67bc7-e128-421d-b551-dc42d5b1bc29", "infos": [{"txt": "header", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 0, "bbox": [[0.788, 0.027, 0.957, 0.059]]}]}, "tags": ["header"], "label": "O", "web_segment_id": -1, "global_sentence_id": 0, "edu_l1_label": "EDU_O"}, {"txt": "header", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 0, "bbox": [[0.094, 0.015, 0.34, 0.056]]}]}, "tags": ["header"], "label": "O", "web_segment_id": -1, "global_sentence_id": 1, "edu_l1_label": "EDU_O"}, {"txt": "食品饮料春节旺季平稳度过，把握顺周期回升机会", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 100000, "bbox": [[0.09, 0.072, 0.225, 0.095], [0.09, 0.104, 0.575, 0.122]]}]}, "tags": ["title"], "label": "article_title", "web_segment_id": 14, "global_sentence_id": 2, "edu_l1_label": "BOT"}, {"txt": "投资要点：", "language": 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"建议关注保价控量、具备降维打击、市占率提升能力的茅台、五粮液，以及alpha 势能延续的汾酒、古井。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 300000, "bbox": [[0.09, 0.215, 0.657, 0.228], [0.09, 0.231, 0.349, 0.244]]}]}, "tags": ["text"], "label": "abstract", "web_segment_id": 0, "global_sentence_id": 6, "edu_l1_label": "IOS"}, {"txt": "【啤酒】重点推荐高端化核心标的青岛啤酒、提效改革叠加大单品逻辑的燕京啤酒。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 400000, "bbox": [[0.09, 0.248, 0.657, 0.26], [0.09, 0.264, 0.178, 0.276]]}]}, "tags": ["text"], "label": "abstract", "web_segment_id": 8, "global_sentence_id": 7, "edu_l1_label": "IOS"}, {"txt": "【软饮料】建议关注：", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 500000, "bbox": [[0.09, 0.28, 0.265, 0.292]]}]}, "tags": ["text"], "label": "abstract", "web_segment_id": 10, "global_sentence_id": 8, "edu_l1_label": "IOS"}, {"txt": "1）功能饮料赛道龙头且逐步探索出第二增长曲线的东鹏饮料；", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 500000, "bbox": [[0.265, 0.28, 0.657, 0.292], [0.09, 0.296, 0.178, 0.308]]}]}, "tags": ["text"], "label": "abstract", "web_segment_id": 10, "global_sentence_id": 9, "edu_l1_label": "IOS"}, {"txt": "2）基本面具备积极预期的香飘飘。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 500000, "bbox": [[0.178, 0.296, 0.452, 0.308]]}]}, "tags": ["text"], "label": "abstract", "web_segment_id": 10, "global_sentence_id": 10, "edu_l1_label": "IOS"}, {"txt": "【预调酒】百润股份作为预调酒行业龙头企业，公司历史行情通常为大单品所驱动的PE 扩张，行情较快，操作上更适合左侧布局，目前公司威士忌已正式上市，当前公司25 年PE 为28 倍上下，我们认为具备较大赔率。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 600000, "bbox": [[0.09, 0.312, 0.657, 0.325], [0.09, 0.328, 0.657, 0.341], [0.09, 0.345, 0.648, 0.357]]}]}, "tags": ["text"], "label": 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"abstract", "web_segment_id": 1, "global_sentence_id": 17, "edu_l1_label": "IOS"}, {"txt": "中炬高新：", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 800000, "bbox": [[0.551, 0.458, 0.639, 0.47]]}]}, "tags": ["text"], "label": "abstract", "web_segment_id": 1, "global_sentence_id": 18, "edu_l1_label": "IOS"}, {"txt": "旺季、渠道备货前置叠加低基数催化下，改革红利逐步兑现等有助于盈利延续高弹性。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 800000, "bbox": [[0.639, 0.458, 0.657, 0.47], [0.09, 0.474, 0.657, 0.486], [0.09, 0.49, 0.178, 0.503]]}]}, "tags": ["text"], "label": "abstract", "web_segment_id": 1, "global_sentence_id": 19, "edu_l1_label": "IOS"}, {"txt": "推荐天味食品、宝立食品、安井食品。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 800000, "bbox": [[0.178, 0.49, 0.479, 0.503]]}]}, "tags": ["text"], "label": "abstract", "web_segment_id": 1, "global_sentence_id": 20, "edu_l1_label": "IOS"}, {"txt": "【烘焙供应链】烘焙供应链重点推荐立高食品：", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 900000, "bbox": [[0.09, 0.506, 0.462, 0.519]]}]}, "tags": ["text"], "label": "abstract", "web_segment_id": 4, "global_sentence_id": 21, "edu_l1_label": "IOS"}, {"txt": "稀奶油高增，商超、餐茶饮渠道持续华福证券扩张，全年业绩弹性较强；", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 900000, "bbox": [[0.462, 0.506, 0.657, 0.519], [0.09, 0.522, 0.388, 0.535]]}]}, "tags": ["text"], "label": "abstract", "web_segment_id": 4, "global_sentence_id": 22, "edu_l1_label": "IOS"}, {"txt": "海融科技：", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 900000, "bbox": [[0.388, 0.522, 0.474, 0.535]]}]}, "tags": ["text"], "label": "abstract", "web_segment_id": 4, "global_sentence_id": 23, "edu_l1_label": "IOS"}, {"txt": "未来出海逻辑最为通顺，已有海外产能&渠道且有扩产预期，有望持续放量。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 900000, "bbox": [[0.474, 0.522, 0.666, 0.535], [0.09, 0.539, 0.491, 0.551]]}]}, "tags": ["text"], "label": "abstract", "web_segment_id": 4, "global_sentence_id": 24, "edu_l1_label": "IOS"}, {"txt": "【保健品&代糖】长期来看“银发一族”和“年轻一代”作为驱动行业增长的核心群体，在健康意识提升、老龄化背景下，行业发展动能充足、空间广阔。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 1000000, "bbox": [[0.09, 0.555, 0.657, 0.567], [0.09, 0.571, 0.657, 0.583], [0.09, 0.587, 0.16, 0.6]]}]}, "tags": ["text"], "label": "abstract", "web_segment_id": 2, "global_sentence_id": 25, "edu_l1_label": "IOS"}, {"txt": "重点推荐百龙创园：", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 1000000, "bbox": [[0.16, 0.587, 0.327, 0.6]]}]}, "tags": ["text"], "label": "abstract", "web_segment_id": 2, 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"【宠物】推荐海内外双循环的中宠股份，自有品牌三大要素齐具的乖宝宠物，境外业务同环比改善、境内业务持续布局的佩蒂股份，出口业务具有较强弹性的依依股份，建议关注：", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 1200000, "bbox": [[0.09, 0.7, 0.657, 0.713], [0.09, 0.717, 0.657, 0.729], [0.09, 0.733, 0.356, 0.745]]}]}, "tags": ["text"], "label": "abstract", "web_segment_id": 3, "global_sentence_id": 36, "edu_l1_label": "IOS"}, {"txt": "流动性改善带来估值回升的路斯股份，食品和用品双轮驱动的源飞宠物。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 1200000, "bbox": [[0.356, 0.733, 0.657, 0.745], [0.09, 0.749, 0.355, 0.761]]}]}, "tags": ["text"], "label": "abstract", "web_segment_id": 3, "global_sentence_id": 37, "edu_l1_label": "IOS"}, {"txt": "【黄金珠宝】需持续关注高金价下终端消费情况，等待旺季表现。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 1300000, "bbox": [[0.09, 0.772, 0.604, 0.785]]}]}, "tags": ["text"], "label": "abstract", 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"language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 3600000, "bbox": [[0.839, 0.44, 0.928, 0.453], [0.285, 0.465, 0.63, 0.477]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 0, "global_sentence_id": 100, "edu_l1_label": "IOS"}, {"txt": "其中，公司24Q4 预计实现营收506.77亿元，同比增长12.01%。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 3600000, "bbox": [[0.63, 0.465, 0.928, 0.478], [0.285, 0.489, 0.477, 0.502]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 0, "global_sentence_id": 101, "edu_l1_label": "IOS"}, {"txt": "公司年初制定的经营目标为营业总收入较上年增长同比15%左右，今年顺利完成，龙头实力在压力环境下进一步凸显。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 3600000, "bbox": [[0.477, 0.489, 0.928, 0.503], [0.285, 0.513, 0.746, 0.526]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 0, "global_sentence_id": 102, "edu_l1_label": "IOS"}, {"txt": "分系列看，2024 年公司系统梳理形成陈年、飞天、低度三大系列为主体的“橄榄型”产品结构，推进了60余款新品开发。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 3600000, "bbox": [[0.746, 0.513, 0.928, 0.526], [0.285, 0.538, 0.924, 0.551], [0.285, 0.562, 0.409, 0.574]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 0, "global_sentence_id": 103, "edu_l1_label": "IOS"}, {"txt": "2025 年，公司已明确“保持飞天53 度500ml 茅台酒价格相对稳定”的目标，将调整飞天和珍品等产品的投放量，进一步强化普茅大单品作为橄榄型产品矩阵“金字塔”底座的地位，增量主要通过开发750ml、700ml 等规格的茅台酒新品及非标产品贡献。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 3600000, "bbox": [[0.409, 0.562, 0.934, 0.574], [0.285, 0.586, 0.928, 0.599], [0.285, 0.611, 0.928, 0.623], [0.285, 0.635, 0.444, 0.647]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 0, "global_sentence_id": 104, "edu_l1_label": "IOS"}, {"txt": "系列酒方面，2025 年系列酒预计进一步承担公司增长主引擎，帮助茅台酒缓解压力、维稳价格。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 3700000, "bbox": [[0.321, 0.668, 0.928, 0.681], [0.285, 0.693, 0.427, 0.705]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 2, "global_sentence_id": 105, "edu_l1_label": "IOS"}, {"txt": "2025 年茅台酱香酒公司的任务目标为销售额增速不低于贵州茅台过去5 年的平均增速（约14%）。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 3700000, "bbox": [[0.427, 0.693, 0.928, 0.705], [0.285, 0.717, 0.554, 0.729]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 2, "global_sentence_id": 106, "edu_l1_label": "IOS"}, {"txt": "在费用投入方面，茅台酱香酒明年投入费用额度较2024 年计划增加15 亿元，增幅超50%。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 3700000, "bbox": [[0.554, 0.717, 0.928, 0.729], [0.285, 0.741, 0.622, 0.754]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 2, "global_sentence_id": 107, "edu_l1_label": "IOS"}, {"txt": "其中，大单品茅台1935 将以500-800 元价格段，围绕长三角、珠三角、京津冀等地区精耕；", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 3700000, "bbox": [[0.622, 0.741, 0.928, 0.754], [0.285, 0.765, 0.696, 0.778]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 2, "global_sentence_id": 108, "edu_l1_label": "IOS"}, {"txt": "此外，公司力争用2 年左右时间把茅台王子打造成茅台酱香酒的第二支百亿元大单品，预计或将加大铺货和投入力度，进一步抢夺大众消费市场。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 3700000, "bbox": [[0.696, 0.765, 0.928, 0.778], [0.285, 0.79, 0.928, 0.802], [0.285, 0.814, 0.55, 0.826]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 2, "global_sentence_id": 109, "edu_l1_label": "IOS"}, {"txt": "此外，近期五粮液多地暂停供货。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 3800000, "bbox": [[0.321, 0.847, 0.588, 0.86]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 4, "global_sentence_id": 110, "edu_l1_label": "IOS"}, {"txt": "我们认为，虽然旺季停货较为罕见，但普五批价走势现阶段对经销商回款等方面也有较大影响，挺价重要性较高。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 3800000, "bbox": [[0.588, 0.847, 0.928, 0.86], [0.285, 0.872, 0.838, 0.884]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 4, "global_sentence_id": 111, "edu_l1_label": "IOS"}, {"txt": "当前普五渠道库存相对不高，在旺季刚需的促进下，预计停货对价格的影响预计在相对短的时间内可实现。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 3800000, "bbox": [[0.838, 0.872, 0.928, 0.884], [0.285, 0.896, 0.928, 0.908], [0.285, 0.92, 0.392, 0.933]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 4, "global_sentence_id": 112, "edu_l1_label": "IOS"}, {"txt": "根据酒价参考，普五1 月10 日当天批价已上涨5 元。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 3800000, "bbox": [[0.392, 0.92, 0.812, 0.933]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 4, "global_sentence_id": 113, "edu_l1_label": "IOS"}, {"txt": "结合1218 经销", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 3800000, "bbox": [[0.812, 0.92, 0.928, 0.933]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 4, "global_sentence_id": 114, "edu_l1_label": "IOS"}, {"txt": "footer", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 3900000, "bbox": [[0.073, 0.966, 0.208, 0.977]]}]}, "tags": ["footer"], "label": "O", "web_segment_id": -1, "global_sentence_id": 115, "edu_l1_label": "EDU_O"}, {"txt": "footer", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 3900000, "bbox": [[0.728, 0.966, 0.911, 0.978]]}]}, "tags": ["footer"], "label": "O", "web_segment_id": -1, "global_sentence_id": 116, "edu_l1_label": "EDU_O"}, {"txt": "footer", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 3900000, "bbox": [[0.486, 0.968, 0.496, 0.975]]}]}, "tags": ["footer"], "label": "O", "web_segment_id": -1, "global_sentence_id": 117, "edu_l1_label": "EDU_O"}, {"txt": "header", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 3900000, "bbox": [[0.087, 0.018, 0.363, 0.061]]}]}, "tags": ["header"], "label": "O", "web_segment_id": -1, "global_sentence_id": 118, "edu_l1_label": "EDU_O"}, {"txt": "header", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 3900000, "bbox": [[0.702, 0.05, 0.927, 0.063]]}]}, "tags": ["header"], "label": "O", "web_segment_id": -1, "global_sentence_id": 119, "edu_l1_label": "EDU_O"}, {"txt": "header", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 3900000, "bbox": [[0.013, 0.017, 0.083, 0.036]]}]}, "tags": ["header"], "label": "O", "web_segment_id": -1, "global_sentence_id": 120, "edu_l1_label": "EDU_O"}, {"txt": "商大会上，五粮液已表示会“加大力度抓好产品量价平衡，破除经销商盈利问题“，我们认为本次旺季停货也彰显了公司对量价平衡、渠道利润保障的决心", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 3900000, "bbox": [[0.285, 0.07, 0.937, 0.082], [0.285, 0.094, 0.832, 0.107]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 4, "global_sentence_id": 121, "edu_l1_label": "IOS"}, {"txt": "考虑到板块仓位回落幅度及时长相对充分，白酒作为顺周期板块，预期带动估值修复往往先于基本面。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 4000000, "bbox": [[0.321, 0.128, 0.928, 0.14], [0.285, 0.152, 0.48, 0.164]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 2, "global_sentence_id": 122, "edu_l1_label": "IOS"}, {"txt": "从估值端来看，目前白酒板块虽较Q2 极低位置有所修复，但从历史估值来看仍处于较低水平，安全边际足够。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 4000000, "bbox": [[0.48, 0.152, 0.936, 0.164], [0.285, 0.176, 0.696, 0.189]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 2, "global_sentence_id": 123, "edu_l1_label": "IOS"}, {"txt": "建议关注保价控量、具备降维打击、市占率提升能力的茅台、五粮液，以及alpha 势能延续的汾酒、古井。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 4000000, "bbox": [[0.696, 0.176, 0.928, 0.189], [0.285, 0.2, 0.885, 0.213]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 2, "global_sentence_id": 124, "edu_l1_label": "IOS"}, {"txt": "2 啤酒", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 4100000, "bbox": [[0.0, 0.0, 0.0, 0.0], [0.357, 0.265, 0.397, 0.279]]}]}, "tags": ["title"], "label": "title1", "web_segment_id": 10, "global_sentence_id": 125, "edu_l1_label": "BOS"}, {"txt": "本周，青岛啤酒/华润啤酒/燕京啤酒/重庆啤酒/珠江啤酒/乐惠国际涨跌幅分别为2.4%/7.52%/-0.18%/2.88%/1.31%/-0.92%", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 4200000, "bbox": [[0.321, 0.292, 0.927, 0.305]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 8, "global_sentence_id": 126, "edu_l1_label": "IOS"}, {"txt": "销量方面，我们预计25 年全年啤酒销量将保持稳定，而啤酒板块各公司由于基地市场的不同，销量方面预计将有所差异。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 4300000, "bbox": [[0.321, 0.347, 0.928, 0.36], [0.285, 0.372, 0.62, 0.384]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 6, "global_sentence_id": 127, "edu_l1_label": "IOS"}, {"txt": "高端化方面，由于此前高端餐饮前期恢复进度略低于预期，一定程度上压制了高端档次啤酒的销售，但在各厂商高端化战略下，吨酒价格增速持续，23 年华润啤酒、青岛啤酒均保持了吨酒价格增速的中单位数增长，考虑到啤酒价格绝对值较低我们预计高端化趋势将得以延续。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 4400000, "bbox": [[0.321, 0.405, 0.928, 0.418], [0.285, 0.43, 0.928, 0.442], [0.285, 0.454, 0.919, 0.466], [0.285, 0.478, 0.55, 0.49]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 1, "global_sentence_id": 128, "edu_l1_label": "IOS"}, {"txt": "展望2025 年，我们认为啤酒市场总量增长预计较为有限，收入端增长主要来自结构升级，当前啤酒高端化升级方兴未艾，而高端啤酒更高毛利的属性，预计也将持续抬升各厂商的盈利水平。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 4500000, "bbox": [[0.321, 0.512, 0.928, 0.524], [0.285, 0.536, 0.928, 0.548], [0.285, 0.56, 0.517, 0.573]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 0, "global_sentence_id": 129, "edu_l1_label": "IOS"}, {"txt": "同时，在我国终止对原产于澳大利亚的进口大麦征收反倾销税和反补贴税的背景下，大麦价格的下行预计将给啤酒企业贡献高端化以外的盈利弹性。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 4500000, "bbox": [[0.517, 0.56, 0.928, 0.573], [0.285, 0.584, 0.928, 0.597], [0.285, 0.609, 0.391, 0.621]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 0, "global_sentence_id": 130, "edu_l1_label": "IOS"}, {"txt": "重点推荐高端化核心标的青岛啤酒、提效改革叠加大单品逻辑的燕京啤酒", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 4600000, "bbox": [[0.321, 0.642, 0.887, 0.655]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 11, "global_sentence_id": 131, "edu_l1_label": "IOS"}, {"txt": "3 软饮料", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 4700000, "bbox": [[0.0, 0.0, 0.0, 0.0], [0.357, 0.707, 0.418, 0.721]]}]}, "tags": ["title"], "label": "title1", "web_segment_id": 9, "global_sentence_id": 132, "edu_l1_label": "IOS"}, {"txt": "本周，东鹏饮料/李子园/香飘飘/承德露露/养元饮品/农夫山泉/欢乐家这几大主要软饮料上市企业的涨跌幅分别为-1.21%/0.09%/-0.76%/-1.72%/-1.36%/0.98%/0.42%本周，东鹏饮料/李子园/香飘飘/承德露露/养元饮品/农夫山泉/欢乐家这几大主要软饮料上市企业的涨跌幅分别为-1.21%/0.09%/-0.76%/-1.72%/-1.36%/0.98%/0.42%对比食品饮料板块的超额收益分别为-3.55%/-2.25%/-3.1%/-4.06%/-3.7%/-1.36%/-1.92%", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 4800000, "bbox": [[0.321, 0.734, 0.928, 0.747], [0.285, 0.758, 0.91, 0.772], [0.285, 0.783, 0.928, 0.795]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 3, "global_sentence_id": 133, "edu_l1_label": "IOS"}, {"txt": "我们维持此前观点，认为饮料板块中的个别公司有一定的超额收益机会，主要来自单个企业展现的复苏形态。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 4900000, "bbox": [[0.321, 0.838, 0.928, 0.85], [0.285, 0.862, 0.532, 0.874]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 7, "global_sentence_id": 134, "edu_l1_label": "IOS"}, {"txt": "总体来看，我们认为饮料板块复苏态势显著，但投资机会更多为个股α而非板块β，对于在该板块寻找投资机会而言，我们认为应精选具备两大要素的企业：", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 5000000, "bbox": [[0.321, 0.895, 0.928, 0.908], [0.285, 0.92, 0.902, 0.932]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 5, "global_sentence_id": 135, "edu_l1_label": "IOS"}, {"txt": "footer", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 5100000, "bbox": [[0.072, 0.966, 0.209, 0.977]]}]}, "tags": ["footer"], "label": "O", "web_segment_id": -1, "global_sentence_id": 136, "edu_l1_label": "EDU_O"}, {"txt": "footer", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 5100000, "bbox": [[0.727, 0.966, 0.91, 0.977]]}]}, "tags": ["footer"], "label": "O", "web_segment_id": -1, "global_sentence_id": 137, "edu_l1_label": "EDU_O"}, {"txt": "footer", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 5100000, "bbox": [[0.485, 0.968, 0.496, 0.975]]}]}, "tags": ["footer"], "label": "O", "web_segment_id": -1, "global_sentence_id": 138, "edu_l1_label": "EDU_O"}, {"txt": "header", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 5100000, "bbox": [[0.086, 0.018, 0.364, 0.061]]}]}, "tags": ["header"], "label": "O", "web_segment_id": -1, "global_sentence_id": 139, "edu_l1_label": "EDU_O"}, {"txt": "header", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 5100000, "bbox": [[0.702, 0.05, 0.926, 0.063]]}]}, "tags": ["header"], "label": "O", "web_segment_id": -1, "global_sentence_id": 140, "edu_l1_label": "EDU_O"}, {"txt": "header", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 5100000, "bbox": [[0.013, 0.017, 0.083, 0.036]]}]}, "tags": ["header"], "label": "O", "web_segment_id": -1, "global_sentence_id": 141, "edu_l1_label": "EDU_O"}, {"txt": "1）所处赛道潜力高：", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 5200000, "bbox": [[0.321, 0.07, 0.488, 0.082]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 6, "global_sentence_id": 142, "edu_l1_label": "IOS"}, {"txt": "在负贝塔环境中寻找阿尔法机会，往往收益也将被一定程度上抵消，因此我们应首选具备增长潜力的细分赛道，如无糖茶、能量饮料、植物蛋白饮料等；", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 5200000, "bbox": [[0.488, 0.07, 0.928, 0.082], [0.285, 0.094, 0.928, 0.107], [0.285, 0.118, 0.391, 0.131]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 6, "global_sentence_id": 143, "edu_l1_label": "IOS"}, {"txt": "2）企业自身管理能力优秀：", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 5300000, "bbox": [[0.321, 0.151, 0.541, 0.164]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 5, "global_sentence_id": 144, "edu_l1_label": "IOS"}, {"txt": "若企业自身管理能力较强，加之行业向好发展，往往能够取得较强的市场地位，基本面将同时享受行业扩容和格局改善的双重提振，而EPS 的高增往往伴随着市场信心的增强，PE 扩张将有望收获戴维斯双击的收益。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 5300000, "bbox": [[0.541, 0.151, 0.928, 0.164], [0.285, 0.176, 0.928, 0.189], [0.285, 0.2, 0.931, 0.213]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 5, "global_sentence_id": 145, "edu_l1_label": "IOS"}, {"txt": "建议关注：", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 5400000, "bbox": [[0.325, 0.234, 0.413, 0.246]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 8, "global_sentence_id": 146, "edu_l1_label": "IOS"}, {"txt": "1）功能饮料赛道龙头且逐步探索出第二增长曲线的东鹏饮料;", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 5400000, "bbox": [[0.413, 0.234, 0.885, 0.247]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 8, "global_sentence_id": 147, "edu_l1_label": "IOS"}, {"txt": "2）基本面具备积极预期的香飘飘。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 5400000, "bbox": [[0.885, 0.234, 0.928, 0.246], [0.285, 0.258, 0.515, 0.271]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 8, "global_sentence_id": 148, "edu_l1_label": "IOS"}, {"txt": "4 预调酒", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 5500000, "bbox": [[0.0, 0.0, 0.0, 0.0], [0.357, 0.323, 0.418, 0.337]]}]}, "tags": ["title"], "label": "title1", "web_segment_id": 9, "global_sentence_id": 149, "edu_l1_label": "BOS"}, {"txt": "市场普遍对预调酒行业销量能否实现持续增长有一定的分歧，我们认为未来预调酒行业的规模将稳定扩张。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 5600000, "bbox": [[0.321, 0.35, 0.928, 0.363], [0.285, 0.375, 0.515, 0.387]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 7, "global_sentence_id": 150, "edu_l1_label": "IOS"}, {"txt": "a)从大方向出发，低度酒板块为全球销量占比最大的酒饮市场，我们认为伴随消费场景的持续丰富和消费习惯在代际变迁下的多样化，板块或存在结构性机会，而预调酒作为我国最具创新潜力的一大低度酒品类，预计将受益于该类消费趋势。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 5700000, "bbox": [[0.321, 0.408, 0.928, 0.42], [0.285, 0.432, 0.928, 0.445], [0.285, 0.456, 0.902, 0.469]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 1, "global_sentence_id": 151, "edu_l1_label": "IOS"}, {"txt": "b)从行业出发，我们认为当前大众对预调酒的认知逐步提升，匹配的消费场景也逐渐开辟，如露营、飞盘、桌游等，行业已步入健康发展道路，预计行业规模将伴随新消费群体的崛起、新场景的开辟及消费习惯的高线城市化而有序扩容。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 5800000, "bbox": [[0.321, 0.49, 0.928, 0.502], [0.285, 0.514, 0.928, 0.527], [0.285, 0.539, 0.867, 0.551]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 3, "global_sentence_id": 152, "edu_l1_label": "IOS"}, {"txt": "我们认为，当前我国预调酒行业未来发展预计有三大路径：", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 5900000, "bbox": [[0.321, 0.572, 0.779, 0.584]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 0, "global_sentence_id": 153, "edu_l1_label": "IOS"}, {"txt": "1）城镇化率提升带动消费习惯高线化，预调酒触达面积增大，行业渗透率被动提升；", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 5900000, "bbox": [[0.779, 0.572, 0.928, 0.584], [0.285, 0.596, 0.803, 0.609]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 0, "global_sentence_id": 154, "edu_l1_label": "IOS"}, {"txt": "2）“她经济”进一步发展，同时Z 世代崛起承接酒类主要消费群体，新消费场景和分众化的消费需求成为主流趋势，驱动具备个性化基因的预调酒行业扩容；", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 5900000, "bbox": [[0.803, 0.596, 0.928, 0.609], [0.285, 0.621, 0.928, 0.633], [0.285, 0.645, 0.761, 0.657]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 0, "global_sentence_id": 155, "edu_l1_label": "IOS"}, {"txt": "3）行业供给侧推力增强，市场教育力度提升，即参与者增多，包括但不限于传统啤酒、饮料企业；", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 5900000, "bbox": [[0.761, 0.645, 0.928, 0.657], [0.285, 0.669, 0.892, 0.682]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 0, "global_sentence_id": 156, "edu_l1_label": "IOS"}, {"txt": "切割不同细分市场的大单品频频涌现，连线成面带动消费者认知深化。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 5900000, "bbox": [[0.892, 0.669, 0.928, 0.682], [0.285, 0.693, 0.797, 0.706]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 0, "global_sentence_id": 157, "edu_l1_label": "IOS"}, {"txt": "我们认为我国预调酒行业仍处于发展初期，消费人群和场景仍在培育中，短期内行业规模主升浪仍需要素积累，包括但不限于城镇化率提升、啤酒高端化增速放缓等，但长期来看，随着Z 世代崛起、消费场景的多元化，行业具备较大增长空间。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 6000000, "bbox": [[0.321, 0.727, 0.928, 0.739], [0.285, 0.751, 0.928, 0.764], [0.285, 0.775, 0.937, 0.788]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 4, "global_sentence_id": 158, "edu_l1_label": "IOS"}, {"txt": "百润股份作为预调酒行业龙头企业，公司历史行情通常为大单品所驱动的PE扩张，行情较快，操作上更适合左侧布局，目前公司威士忌已正式上市，当前公司25 年PE 为28 倍上下，我们认为具备较大赔率，重点推荐。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 6100000, "bbox": [[0.321, 0.809, 0.928, 0.822], [0.285, 0.833, 0.928, 0.846], [0.285, 0.857, 0.754, 0.87]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 2, "global_sentence_id": 159, "edu_l1_label": "IOS"}, {"txt": "Un 乳制品", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 6200000, "bbox": [[0.0, 0.0, 0.0, 0.0], [0.357, 0.922, 0.418, 0.936]]}]}, "tags": ["title"], "label": "title1", "web_segment_id": 10, "global_sentence_id": 160, "edu_l1_label": "IOS"}, {"txt": "footer", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 6300000, "bbox": [[0.072, 0.966, 0.208, 0.977]]}]}, "tags": ["footer"], "label": "O", "web_segment_id": -1, "global_sentence_id": 161, "edu_l1_label": "EDU_O"}, {"txt": "footer", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 6300000, "bbox": [[0.728, 0.966, 0.911, 0.977]]}]}, "tags": ["footer"], "label": "O", "web_segment_id": -1, "global_sentence_id": 162, "edu_l1_label": "EDU_O"}, {"txt": "footer", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 6300000, "bbox": [[0.482, 0.968, 0.496, 0.975]]}]}, "tags": ["footer"], "label": "O", "web_segment_id": -1, "global_sentence_id": 163, "edu_l1_label": "EDU_O"}, {"txt": "footer", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 6300000, "bbox": [[0.284, 0.924, 0.298, 0.936]]}]}, "tags": ["footer"], "label": "O", "web_segment_id": -1, "global_sentence_id": 164, "edu_l1_label": "EDU_O"}, {"txt": "header", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 6300000, "bbox": [[0.086, 0.018, 0.364, 0.061]]}]}, "tags": ["header"], "label": "O", "web_segment_id": -1, "global_sentence_id": 165, "edu_l1_label": "EDU_O"}, {"txt": "header", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 6300000, "bbox": [[0.702, 0.05, 0.927, 0.063]]}]}, "tags": ["header"], "label": "O", "web_segment_id": -1, "global_sentence_id": 166, "edu_l1_label": "EDU_O"}, {"txt": "header", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 6300000, "bbox": [[0.013, 0.017, 0.083, 0.036]]}]}, "tags": ["header"], "label": "O", "web_segment_id": -1, "global_sentence_id": 167, "edu_l1_label": "EDU_O"}, {"txt": "2 月7 日，主产区生鲜乳平均价3.12 元/公斤，环比1 月底-0.32%；", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 6400000, "bbox": [[0.321, 0.07, 0.839, 0.082]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 2, "global_sentence_id": 168, "edu_l1_label": "IOS"}, {"txt": "本周，伊利股份/ 蒙牛乳业/ 光明乳业/ 天润乳业/ 新乳业涨跌幅分别为1.14%/5.79%/0.37%/3.94%/4.5% ，对比食品饮料板块的超额收益分别为-1.2%/3.45%/-1.97%/1.6%/2.16%。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 6400000, "bbox": [[0.839, 0.07, 0.928, 0.082], [0.285, 0.094, 0.928, 0.107], [0.285, 0.118, 0.928, 0.131], [0.285, 0.142, 0.545, 0.155]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 2, "global_sentence_id": 169, "edu_l1_label": "IOS"}, {"txt": "我们预计24 年原奶价格仍处于下行区间，企业端的降本控费、龙头乳企追求净利率目标、区域乳企新品新渠道的拓展拉动营收增长仍将是整个竞争格局的主旋律，双寡头伊利蒙牛的竞争趋于常态化，并且全国性乳企也在布局低温品类，蚕食区域乳企的竞争优势，全国性乳企的竞争优势更加明确。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 6400000, "bbox": [[0.545, 0.142, 0.928, 0.155], [0.285, 0.167, 0.928, 0.179], [0.285, 0.191, 0.928, 0.203], [0.285, 0.215, 0.937, 0.228]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 2, "global_sentence_id": 170, "edu_l1_label": "IOS"}, {"txt": "我们认为产能去化仍需时间，奶价短期还将在低位，供需平衡的拐点预计将在25 年下半年到来。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 6400000, "bbox": [[0.285, 0.24, 0.928, 0.252], [0.285, 0.264, 0.391, 0.276]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 2, "global_sentence_id": 171, "edu_l1_label": "IOS"}, {"txt": "重点推荐：", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 6500000, "bbox": [[0.321, 0.297, 0.41, 0.31]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 3, "global_sentence_id": 172, "edu_l1_label": "IOS"}, {"txt": "利润导向明显的全国乳企巨头伊利股份，关注其产品结构优化带来的毛利率改善情况以及费用率投放情况.建议关注低温奶乳企新乳业", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 6500000, "bbox": [[0.41, 0.297, 0.928, 0.31], [0.285, 0.322, 0.803, 0.334]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 3, "global_sentence_id": 173, "edu_l1_label": "IOS"}, {"txt": "6 休闲食品", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 6600000, "bbox": [[0.0, 0.0, 0.0, 0.0], [0.357, 0.386, 0.438, 0.4]]}]}, "tags": ["title"], "label": "title1", "web_segment_id": 4, "global_sentence_id": 174, "edu_l1_label": "BOS"}, {"txt": "我国休闲零食行业受渠道革新红利影响较大，由于量贩零食渠道重度红利期已过，市场对板块渠道红利可持续性有一定担忧。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 6700000, "bbox": [[0.321, 0.414, 0.928, 0.426], [0.285, 0.438, 0.66, 0.45]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 1, "global_sentence_id": 175, "edu_l1_label": "IOS"}, {"txt": "我们认为，长期来看，量贩零食市场距离饱和期还有较远距离，从万辰集团的表现来看，受收入规模增长和门店密度的提升，量贩零食业务规模效应日益显现，同时仓储利用率和周转效率、拓展和运营人效持续提升，物流费率不断优化，推动量贩零食业务的费效比有效提升，带动量贩净利率仍在持续提升。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 6700000, "bbox": [[0.66, 0.438, 0.928, 0.45], [0.285, 0.462, 0.928, 0.475], [0.285, 0.487, 0.928, 0.499], [0.285, 0.511, 0.928, 0.523], [0.285, 0.535, 0.497, 0.547]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 1, "global_sentence_id": 176, "edu_l1_label": "IOS"}, {"txt": "今年前三季度，万辰量贩零食业务累计营收202.28 亿元，净利润3.92 亿元，剔除计提的股份支付费用后净利润5.41 亿元；", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 6700000, "bbox": [[0.497, 0.535, 0.937, 0.547], [0.285, 0.559, 0.79, 0.572]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 1, "global_sentence_id": 177, "edu_l1_label": "IOS"}, {"txt": "单三季度实现累计营收95.54 亿元，净利润2.01 亿元，剔除计提的股份支付费用后净利润2.61 亿元。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 6700000, "bbox": [[0.79, 0.559, 0.928, 0.572], [0.285, 0.584, 0.933, 0.596]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 1, "global_sentence_id": 178, "edu_l1_label": "IOS"}, {"txt": "随着龙头企业大量收并购，现阶段门店数量已不再是龙头企业的最高目标，随着行业格局逐渐清晰，量贩龙头在发展速度上更追求高质量、可持续地发展，行业从野蛮快速增长逐渐进入健康发展新阶段", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 6700000, "bbox": [[0.285, 0.608, 0.928, 0.62], [0.285, 0.632, 0.928, 0.644], [0.285, 0.656, 0.567, 0.669]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 1, "global_sentence_id": 179, "edu_l1_label": "IOS"}, {"txt": "此外，2024 年12 月18 日，微信团队宣布，微信小店正式开启“送礼物”功能的灰度测试，除去珠宝首饰、教育培训两个类目，商品款式原价不高于1 万元的商品将默认支持“送礼物”功能，带动板块大涨。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 6800000, "bbox": [[0.321, 0.69, 0.928, 0.702], [0.285, 0.714, 0.928, 0.727], [0.285, 0.738, 0.66, 0.751]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 0, "global_sentence_id": 180, "edu_l1_label": "IOS"}, {"txt": "节日需求叠加腾讯社交功能的一个过往案例是2015 年微信与央视春晚达成合作，用户可以通过微信“摇一摇”抢红包，微信官方数据显示，除夕当天微信用户互动总量达110 亿次，微信钱包绑卡用户突破2 亿，除夕至初八期间吸引超800 万用户。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 6800000, "bbox": [[0.66, 0.738, 0.928, 0.751], [0.285, 0.763, 0.937, 0.775], [0.285, 0.787, 0.928, 0.799], [0.285, 0.811, 0.642, 0.824]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 0, "global_sentence_id": 181, "edu_l1_label": "IOS"}, {"txt": "我们认为，从长期视角来看，微信作为即时通讯APP，用户规模和用户使用频次上具有先天优势；", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 6800000, "bbox": [[0.642, 0.811, 0.928, 0.824], [0.285, 0.835, 0.767, 0.848]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 0, "global_sentence_id": 182, "edu_l1_label": "IOS"}, {"txt": "从短期视角看，年货节拉开序幕，礼赠作为电商新场景，品牌受益大于白牌；", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 6800000, "bbox": [[0.767, 0.835, 0.928, 0.848], [0.285, 0.86, 0.731, 0.872]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 0, "global_sentence_id": 183, "edu_l1_label": "IOS"}, {"txt": "个股中，产品属性中礼赠属性较强、同时企业相对重视线上流量打造的企业或将率先收益。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 6800000, "bbox": [[0.731, 0.86, 0.928, 0.872], [0.285, 0.884, 0.797, 0.896]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 0, "global_sentence_id": 184, "edu_l1_label": "IOS"}, {"txt": "零食步入年货节旺季、经销商备货积极叠加新渠道微信小店的催化，板块景气度维持在较好水平。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 6900000, "bbox": [[0.321, 0.918, 0.928, 0.93], [0.285, 0.942, 0.445, 0.954]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 5, "global_sentence_id": 185, "edu_l1_label": "IOS"}, {"txt": "建议关注西麦食品、甘源食品、三只松鼠。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 6900000, "bbox": [[0.445, 0.942, 0.781, 0.954]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 5, "global_sentence_id": 186, "edu_l1_label": "IOS"}, {"txt": "footer", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 7000000, "bbox": [[0.072, 0.966, 0.208, 0.977]]}]}, "tags": ["footer"], "label": "O", "web_segment_id": -1, "global_sentence_id": 187, "edu_l1_label": "EDU_O"}, {"txt": "footer", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 7000000, "bbox": [[0.727, 0.966, 0.91, 0.977]]}]}, "tags": ["footer"], "label": "O", "web_segment_id": -1, "global_sentence_id": 188, "edu_l1_label": "EDU_O"}, {"txt": "footer", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 7000000, "bbox": [[0.486, 0.968, 0.496, 0.975]]}]}, "tags": ["footer"], "label": "O", "web_segment_id": -1, "global_sentence_id": 189, "edu_l1_label": "EDU_O"}, {"txt": "header", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 7000000, "bbox": [[0.701, 0.05, 0.927, 0.063]]}]}, "tags": ["header"], "label": "O", "web_segment_id": -1, "global_sentence_id": 190, "edu_l1_label": "EDU_O"}, {"txt": "header", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 7000000, "bbox": [[0.086, 0.018, 0.364, 0.062]]}]}, "tags": ["header"], "label": "O", "web_segment_id": -1, "global_sentence_id": 191, "edu_l1_label": "EDU_O"}, {"txt": "header", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 7000000, "bbox": [[0.014, 0.017, 0.083, 0.036]]}]}, "tags": ["header"], "label": "O", "web_segment_id": -1, "global_sentence_id": 192, "edu_l1_label": "EDU_O"}, {"txt": "7 调味品&餐产供应链", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 7100000, "bbox": [[0.0, 0.0, 0.0, 0.0], [0.357, 0.101, 0.535, 0.115]]}]}, "tags": ["title"], "label": "title1", "web_segment_id": 6, "global_sentence_id": 193, "edu_l1_label": "BOS"}, {"txt": "本周（2.10-2.14）调味发酵品/预加工食品板块行情整体回暖，周涨跌幅分别达-0.51%/+3.21%。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 7200000, "bbox": [[0.321, 0.128, 0.928, 0.141], [0.285, 0.152, 0.415, 0.165]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 3, "global_sentence_id": 194, "edu_l1_label": "IOS"}, {"txt": "主要标的表现方面，海天味业、安琪酵母、涪陵榨菜、天味食品、主要标的表现方面，海天味业、安琪酵母、涪陵榨菜、天味食品、中炬高新、安井食品、千味央厨本周对应涨跌幅分别为-1.46%/+2.49%/+0.75%/-2.04%/-2.26%/+4.84%/+2.84%。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 7200000, "bbox": [[0.415, 0.152, 0.928, 0.165], [0.285, 0.177, 0.928, 0.189]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 3, "global_sentence_id": 195, "edu_l1_label": "IOS"}, {"txt": "调味品板块建议把握需求景气度回升、成本费率优化的龙头标的。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 7300000, "bbox": [[0.321, 0.235, 0.838, 0.247]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 0, "global_sentence_id": 196, "edu_l1_label": "IOS"}, {"txt": "其中，酵母龙头安琪国内销售持续提速、海外保持高增，预计明年主业高增长势能延续；", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 7300000, "bbox": [[0.838, 0.235, 0.928, 0.247], [0.285, 0.259, 0.884, 0.271]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 0, "global_sentence_id": 197, "edu_l1_label": "IOS"}, {"txt": "另外根据泛糖科技反馈，广西甘蔗糖蜜近期招标价底价已低于1100 元/吨，云南部分糖厂招标底价甚至低于1000 元/吨，故预计成本红利进一步提振公司利润弹性。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 7300000, "bbox": [[0.884, 0.259, 0.919, 0.271], [0.285, 0.283, 0.928, 0.296], [0.285, 0.307, 0.86, 0.32]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 0, "global_sentence_id": 198, "edu_l1_label": "IOS"}, {"txt": "海天味业24 年表现强者恒强，且受益于调味品需求回暖、渠道库存周期改善，预计今年基本面韧性高。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 7300000, "bbox": [[0.86, 0.307, 0.928, 0.32], [0.285, 0.331, 0.928, 0.344], [0.285, 0.356, 0.374, 0.368]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 0, "global_sentence_id": 199, "edu_l1_label": "IOS"}, {"txt": "而中炬高新不仅受益于酱油β修复，而且少数股东损益在贡献利润增量，尤其在百亿目标引领下，公司并购扩张的预期强，预计利润弹性高。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 7300000, "bbox": [[0.374, 0.356, 0.937, 0.368], [0.285, 0.38, 0.821, 0.393]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 0, "global_sentence_id": 200, "edu_l1_label": "IOS"}, {"txt": "天味食品受益于复调高需求景气度，同时主业增长逻辑顺、看点多，包括培育战略经销商转型为专属经销商，抢占增长资源，同时并购食萃、加点滋味。", 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"食品添加剂方面，本周，百龙创园/华康股份/莱茵生物/晨光生物/三元生物/保龄宝涨跌幅分别为+10.77%/+3.29%/+0.78%/+1.91%/-1.32%/-5.29%，对比食品饮料板块的超额收益分别为+8.43%/+0.95%/-1.56%/-0.43%/-3.66%/-7.63%，表现分化。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 8400000, "bbox": [[0.321, 0.723, 0.928, 0.736], [0.285, 0.748, 0.928, 0.76], [0.285, 0.772, 0.873, 0.784]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 5, "global_sentence_id": 248, "edu_l1_label": "IOS"}, {"txt": "整体来看，近年随着全球“减糖”趋势持续演绎、各国“糖税”及减糖政策陆续强化，无糖/低糖消费兴起，同时人工甜味剂的安全性不断被讨论，天然代糖的占比快速提升，我们认为未来天然甜味剂或将有更大的替代空间。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 8500000, "bbox": [[0.321, 0.805, 0.928, 0.818], [0.285, 0.83, 0.928, 0.842], [0.285, 0.854, 0.785, 0.866]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 1, "global_sentence_id": 249, "edu_l1_label": "IOS"}, {"txt": "植物提取甜味剂来源天然，市场广阔，且作为高倍甜味剂相较蔗糖依然具备价格优势，有望维持快速扩容；", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 8500000, "bbox": [[0.785, 0.854, 0.928, 0.866], [0.285, 0.878, 0.928, 0.891], [0.285, 0.902, 0.339, 0.915]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 1, "global_sentence_id": 250, "edu_l1_label": "IOS"}, {"txt": "此外在合成生物学制备路线的加持下，产品力有望持续提升，进一步打开市场空间。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 8500000, "bbox": [[0.339, 0.902, 0.928, 0.915], [0.285, 0.927, 0.356, 0.939]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 1, "global_sentence_id": 251, "edu_l1_label": "IOS"}, {"txt": "功能性糖醇风味表现优异，也是高低倍甜味剂复配中不可或缺的组成部分", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 8500000, "bbox": [[0.356, 0.927, 0.919, 0.939]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 1, "global_sentence_id": 252, "edu_l1_label": "IOS"}, {"txt": "footer", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 8600000, "bbox": [[0.072, 0.966, 0.208, 0.977]]}]}, "tags": ["footer"], "label": "O", "web_segment_id": -1, "global_sentence_id": 253, "edu_l1_label": "EDU_O"}, {"txt": "footer", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 8600000, "bbox": [[0.728, 0.966, 0.911, 0.978]]}]}, "tags": ["footer"], "label": "O", "web_segment_id": -1, "global_sentence_id": 254, "edu_l1_label": "EDU_O"}, {"txt": "footer", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 8600000, "bbox": [[0.485, 0.968, 0.496, 0.975]]}]}, "tags": ["footer"], "label": "O", "web_segment_id": -1, "global_sentence_id": 255, "edu_l1_label": "EDU_O"}, {"txt": "header", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 8600000, "bbox": [[0.086, 0.018, 0.364, 0.061]]}]}, "tags": ["header"], "label": "O", "web_segment_id": -1, "global_sentence_id": 256, "edu_l1_label": "EDU_O"}, {"txt": "header", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 8600000, "bbox": [[0.702, 0.05, 0.926, 0.063]]}]}, "tags": ["header"], "label": "O", "web_segment_id": -1, "global_sentence_id": 257, "edu_l1_label": "EDU_O"}, {"txt": "header", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 8600000, "bbox": [[0.014, 0.017, 0.083, 0.036]]}]}, "tags": ["header"], "label": "O", "web_segment_id": -1, "global_sentence_id": 258, "edu_l1_label": "EDU_O"}, {"txt": "且功能性糖醇在提供甜味外仍有食品添加剂、医药、日化等用途，需求端稳步扩容。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 8600000, "bbox": [[0.285, 0.07, 0.937, 0.082]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 4, "global_sentence_id": 259, "edu_l1_label": "IOS"}, {"txt": "此外，阿洛酮糖作为新一代甜味剂，具有无糖、低热量、加工特性优良、具备美拉德反应等特点，与蔗糖甜感相近，国内使用获批在即，全球需求伴随多数国家逐步获批快速增。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 8600000, "bbox": [[0.285, 0.094, 0.928, 0.107], [0.285, 0.118, 0.928, 0.131], [0.285, 0.143, 0.391, 0.155]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 4, "global_sentence_id": 260, "edu_l1_label": "IOS"}, {"txt": "重点推荐百龙创园：", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 8700000, "bbox": [[0.321, 0.176, 0.48, 0.189]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 1, "global_sentence_id": 261, "edu_l1_label": "IOS"}, {"txt": "膳食纤维、阿洛酮糖、益生元三大核心品类增长动能充足，关税落地成长无虞；", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 8700000, "bbox": [[0.48, 0.176, 0.937, 0.189], [0.285, 0.2, 0.446, 0.213]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 1, "global_sentence_id": 262, "edu_l1_label": "IOS"}, {"txt": "建议关注：", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 8700000, "bbox": [[0.446, 0.2, 0.535, 0.213]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 1, "global_sentence_id": 263, "edu_l1_label": "IOS"}, {"txt": "汤臣倍健、百合股份、科拓生物以及植提甜味剂需求旺盛、业绩有弹性且合成生物产能落地的莱茵生物（甜菊糖、罗汉果糖）、重大产能落地且拟横向收购豫鑫糖醇的华康股份（木糖醇、山梨糖醇、麦芽糖醇、赤藓糖醇）。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 8700000, "bbox": [[0.535, 0.2, 0.928, 0.213], [0.285, 0.225, 0.928, 0.237], [0.285, 0.249, 0.928, 0.261], [0.285, 0.273, 0.356, 0.286]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 1, "global_sentence_id": 264, "edu_l1_label": "IOS"}, {"txt": "10餐饮", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 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["text"], "label": "content", "web_segment_id": 2, "global_sentence_id": 267, "edu_l1_label": "IOS"}, {"txt": "在2025 年首个工作日，海底捞携手小米科技园在北京开设了首家企业火锅店，试营业期间广受欢迎。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 9000000, "bbox": [[0.727, 0.493, 0.928, 0.506], [0.285, 0.517, 0.874, 0.53]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 2, "global_sentence_id": 268, "edu_l1_label": "IOS"}, {"txt": "该店就餐区设有20 多个大小不同的餐桌和2 个包间，可同时容纳100 多人就餐。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 9000000, "bbox": [[0.874, 0.517, 0.928, 0.53], [0.285, 0.542, 0.858, 0.554]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 2, "global_sentence_id": 269, "edu_l1_label": "IOS"}, {"txt": "门店根据员工需求创新设计，不仅提供灵活的餐桌布局和私密空间，还结合企业文化打造专属体验，例如“海底捞金”挑战赛和定制包间命名，激发员工用餐乐趣。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 9000000, "bbox": [[0.858, 0.542, 0.928, 0.554], [0.285, 0.566, 0.928, 0.578], [0.285, 0.59, 0.856, 0.603]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 2, "global_sentence_id": 270, "edu_l1_label": "IOS"}, {"txt": "菜单上采用小份菜满足多样化需求，同时与园区外门店保持菜品一致，增强消费者认同感。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 9000000, "bbox": [[0.856, 0.59, 0.91, 0.603], [0.285, 0.614, 0.937, 0.627]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 2, "global_sentence_id": 271, "edu_l1_label": "IOS"}, {"txt": "通过“红石榴计划”，海底捞深挖校企场景需求，在产品与服务创新中快速迭代，满足员工多时段、多样化的用餐偏好。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 9000000, "bbox": [[0.285, 0.639, 0.928, 0.651], [0.285, 0.663, 0.589, 0.675]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 2, "global_sentence_id": 272, "edu_l1_label": "IOS"}, {"txt": "这一策略彰显了海底捞在火锅业务多元化的背景下灵活应变的能力，为品牌持续创能。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 9000000, "bbox": [[0.589, 0.663, 0.928, 0.675], [0.285, 0.687, 0.62, 0.699]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 2, "global_sentence_id": 273, "edu_l1_label": "IOS"}, {"txt": "中国茶饮业迈入“万店时代”，综合实力铸就蜜雪冰城王座。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 9100000, "bbox": [[0.321, 0.721, 0.783, 0.733]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 0, "global_sentence_id": 274, "edu_l1_label": "IOS"}, {"txt": "2025 年1 月1 日蜜雪冰城更新招股书推进上市，截至2024 年9 月30 日其在国内外11 个国家门店超45000 家，是全球最大现制饮品企业，且现制茶饮中仅蜜雪冰城突破万店。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 9100000, "bbox": [[0.783, 0.721, 0.928, 0.733], [0.285, 0.745, 0.928, 0.757], [0.285, 0.769, 0.911, 0.782]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 0, "global_sentence_id": 275, "edu_l1_label": "IOS"}, {"txt": "截至2024 年9 月，蜜雪冰城门店的日店均出杯量约662 杯，增长约4%，并且推出了105 款新品，冰鲜柠檬水、新鲜冰淇淋等销量领先。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 9100000, "bbox": [[0.911, 0.769, 0.928, 0.782], [0.285, 0.793, 0.928, 0.806], [0.285, 0.818, 0.715, 0.83]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 0, "global_sentence_id": 276, "edu_l1_label": "IOS"}, {"txt": "品牌建设方面，“雪王” IP成为核心，多平台互动吸引年轻消费者。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 9100000, "bbox": [[0.715, 0.818, 0.928, 0.831], [0.285, 0.842, 0.606, 0.854]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 0, "global_sentence_id": 277, "edu_l1_label": "IOS"}, {"txt": "面对餐饮内卷，蜜雪冰城从规模拓展向深度发展，凭借生态链、创新和执行优势不断巩固其领先地位。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], 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# 食品饮料春节旺季平稳度过，把握顺周期回升机会
## 投资要点：
### 【白酒】考虑到板块仓位回落幅度及时长相对充分，白酒作为顺周期板块，预期带动估值修复往往先于基本面。从估值端来看，目前白酒板块虽较Q2极低位置有所修复，但从历史估值来看仍处于较低水平，安全边际足够。建议关注保价控量、具备降维打击、市占率提升能力的茅台、五粮液，以及alpha 势能延续的汾酒、古井。
### 【啤酒】重点推荐高端化核心标的青岛啤酒、提效改革叠加大单品逻辑的燕京啤酒。
### 【软饮料】建议关注：
### 【预调酒】百润股份作为预调酒行业龙头企业，公司历史行情通常为大单品所驱动的PE 扩张，行情较快，操作上更适合左侧布局，目前公司威士忌已正式上市，当前公司25 年PE 为28 倍上下，我们认为具备较大赔率。
### 【乳制品】重点推荐利润导向明显的全国乳企巨头伊利股份，关注其产品结构优化带来的毛利率改善情况以及费用率投放情况。
### 【休闲零食】年货旺季叠加新渠道微信小店的催化，板块景气度维持在较好水平。建议关注西麦食品、甘源食品、三只松鼠。
### 【调味品&餐饮】调味品重点推荐安琪酵母：国内量的韧性强、海外增长势能高，新榨季成本红利释放有望提振公司业绩增长弹性。中炬高新：旺季、渠道备货前置叠加低基数催化下，改革红利逐步兑现等有助于盈利延续高弹性。推荐天味食品、宝立食品、安井食品。
### 【烘焙供应链】烘焙供应链重点推荐立高食品：稀奶油高增，商超、餐茶饮渠道持续华福证券扩张，全年业绩弹性较强；海融科技：未来出海逻辑最为通顺，已有海外产能&渠道且有扩产预期，有望持续放量。
### 【保健品&代糖】长期来看“银发一族”和“年轻一代”作为驱动行业增长的核心群体，在健康意识提升、老龄化背景下，行业发展动能充足、空间广阔。重点推荐百龙创园：膳食纤维、阿洛酮糖、益生元品类增长动能充足，关税落地成长无虞；建议关注：汤臣倍健、百合股份、科拓生物、莱茵生物（天然植提甜味剂）、华康股份（糖醇类甜味剂）。
### 【餐饮】极致化供应链，快餐龙头的百胜中国；餐饮、食品以及宾馆业务三轮驱动，协同发展的同庆楼；业务立品牌，食品业务带来新增长的广州酒家；深耕下沉餐饮市场的呷哺呷哺。建议关注：海底捞、九毛九、全聚德、茶百道、小菜园。
### 【宠物】推荐海内外双循环的中宠股份，自有品牌三大要素齐具的乖宝宠物，境外业务同环比改善、境内业务持续布局的佩蒂股份，出口业务具有较强弹性的依依股份，建议关注：流动性改善带来估值回升的路斯股份，食品和用品双轮驱动的源飞宠物。
### 【黄金珠宝】需持续关注高金价下终端消费情况，等待旺季表现。推荐：产品及渠道双增长的潮宏基；结构调整基本完成，高股息的周大生；拥有强渠道和强品牌力，股改焕发新增长的老凤祥。
### 风险提示
## 一白酒
## 2 啤酒
## 3 软饮料
## 4 预调酒
## Un 乳制品
## 6 休闲食品
## 7 调味品&餐产供应链
## 8 烘焙供应链
## 0 保健品&食品添加剂
## 10餐饮
### 海底捞持续推陈出新，为企业餐饮树立行业新标杆。
### 中国茶饮业迈入“万店时代”，综合实力铸就蜜雪冰城王座。
## 11宠物
## 12黄金珠宝
## 13 风险提示
