食品春节备货调研更新：节前备货积极大众品底部迎来边际改善_老虎社区_美港股上老虎

食品春节备货调研更新：节前备货积极大众品底部迎来边际改善

中金公司02-07

行业近况春节将至，我们前往多地开展渠道调研，了解食品备货情况。评论餐饮供应链及调味品、乳制品、零食等企业春节备货需求较为旺盛，我们预计基数效应下1Q26 食品板块有望呈现较好弹性。速冻食品：旺季餐饮需求改善，经销商备货积极性高。4Q25 以来受益于旺季火锅烧烤业态需求好转，速冻火锅料动销同比改善。我们预计安井食品4Q25 主业收入同比双位数增长，2026年1 月同比增速更高。速冻面点同比仍承压但...

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