【华泰消费】重点公司盈利预测与估值更新表

来源：同花顺iFinD动态函数 + 华泰研究所估值模型；状态：已刷新；生成时间：2026-10-20 09:35:49；网页展示汇率换算后人民币总市值>60亿元的标的（128/172家）

市值单位：当地货币百万元；各板块内公司按折算后人民币市值从高到低排列。

深蓝色 = iFinD 一致预期

绿色 = 华泰研究所模型预测

所属板块	股票名称	股票代码	市值	HTSC PE 26E	HTSC PE 27E	HTSC PE 28E	iFinD PE 26E	iFinD PE 27E	iFinD PE 28E	HTSC收入 26E	HTSC收入 27E	HTSC收入 28E	HTSC净利润 26E	HTSC净利润 27E	HTSC净利润 28E	iFinD收入 26E	iFinD收入 27E	iFinD收入 28E	iFinD净利润 26E	iFinD净利润 27E	iFinD净利润 28E	HTSC研报标题
商业新消费	泡泡玛特	9992.HK	189,379.00	17.19	14.19	12.28	14.43	12.16	10.59	33,938.16	38,665.85	43,712.42	9,435.64	11,429.61	13,203.09	37,043.96	42,218.64	47,631.38	11,210.88	13,309.86	15,281.04	海外下行压力明显，放缓节奏沉淀蓄力
	周大福	1929.HK	110,305.58	12.25	10.63	9.66	12.80	11.27	10.34	94,398.40	100,533.65	107,872.49	9,004.30	10,373.42	11,415.12	94,398.40	95,199.94	101,049.29	9,004.30	9,784.82	10,669.71	计价黄金首饰带动集团延续稳健增长
	鸣鸣很忙	1768.HK	76,156.09	13.71	10.79	9.34	13.76	10.23	8.64	96,007.95	115,713.71	127,385.08	4,758.03	6,041.50	6,981.06	97,847.70	122,321.88	137,471.27	4,731.02	6,360.64	7,530.97	26H1业绩高质量快速成长，上调目标价
	小商品城	600415.SH	61,086.85	11.40	9.48	8.39	12.20	10.51	9.32	24,909.32	28,645.36	31,653.40	5,356.77	6,445.18	7,279.87	23,772.57	26,856.20	30,118.66	5,006.42	5,814.04	6,557.65	数贸中心收入结转驱动Q1收入快增
	蜜雪集团	2097.HK	63,586.15	10.84	9.87	8.72	10.47	9.28	8.24	34,471.44	37,287.65	40,213.22	5,022.37	5,517.83	6,244.17	34,115.02	37,561.89	41,290.23	5,191.52	5,856.33	6,593.37	聚焦调整投入蓄力再成长
	老铺黄金	6181.HK	56,310.80	7.07	7.28	6.87	7.26	6.48	5.66	35,086.38	36,647.36	38,584.26	6,820.98	6,623.63	7,022.53	33,715.51	37,879.07	43,175.99	6,625.59	7,428.49	8,500.88	看好老铺以强品牌力穿越金价波动
	古茗	1364.HK	50,052.41	13.55	11.66	9.98	13.31	11.10	9.50	15,809.91	18,338.88	21,190.37	3,163.18	3,674.15	4,293.08	15,960.95	18,923.25	21,975.33	3,213.01	3,852.60	4,502.23	1H26经营性利润提升显著
	万辰集团	300972.SZ	28,131.73	10.85	8.41	7.25	11.02	8.26	7.11	74,045.69	93,444.16	103,468.83	2,593.55	3,345.11	3,881.43	73,350.49	91,384.99	102,363.73	2,553.57	3,406.80	3,956.35	Q2开店提速及精细运营共驱业绩高增
	永辉超市	601933.SH	25,436.36	254.30	23.67	21.86	190.07	45.69	28.10	48,424.35	50,845.57	54,404.76	100.03	1,074.77	1,163.52	48,249.18	53,589.60	59,959.87	133.83	556.72	905.24	店效优化及自有品牌建设成果亮眼
	名创优品	9896.HK	24,620.76	9.01	10.41	7.95	9.20	7.65	6.41	24,633.82	28,236.99	32,169.20	2,340.08	2,025.74	2,653.17	24,943.25	28,115.43	31,402.19	2,286.52	2,750.63	3,282.44	海外市场逆风下主动调整发展节奏
	豫园股份	600655.SH	17,471.53	65.38	18.83	15.52	66.59	28.95	19.75	38,191.96	40,865.40	43,317.32	267.24	927.85	1,126.08	38,911.69	41,510.53	43,887.41	262.38	603.52	884.44	聚焦主业带来业务健康度提升
	老凤祥	600612.SH	13,935.43	9.06	8.17	7.43	12.15	11.23	10.24	44,041.25	47,690.72	50,852.63	1,538.74	1,705.53	1,876.17	39,969.20	41,757.64	46,232.08	1,419.37	1,534.95	1,684.56	积极推进产品结构优化与渠道提质增效
	周大生	002867.SZ	11,343.20	9.29	8.33	7.33	9.47	8.44	7.62	8,451.62	9,790.97	10,880.11	1,221.50	1,361.35	1,547.41	8,330.68	9,148.22	10,052.72	1,198.06	1,343.30	1,488.29	加盟渠道阶段性调整致业绩短期承压
	六福集团	0590.HK	12,775.47	6.24	5.67	5.13	7.57	5.74	5.20	17,205.24	20,801.46	24,614.77	2,045.79	2,251.29	2,492.05	17,205.24	20,049.49	22,478.58	2,045.79	2,224.16	2,455.60	各区域市场均实现亮眼销售增长
	赛维时代	301381.SZ	9,007.71	18.91	13.81	11.20	19.96	15.24	12.84	13,927.00	16,513.00	19,269.00	476.28	652.17	804.37	13,793.27	15,988.42	18,186.33	451.20	591.18	701.54	Q2营收增速及净利率均环比向好
	高鑫零售	6808.HK	10,399.15	N/A	143.62	24.07	0	143.33	24.02	63,442.00	61,539.00	61,846.00	-319.00	62.00	370.00	63,442	61,539	61,846	-319	62	370	在激烈竞争中稳步推进调改规划
	迪阿股份	301177.SZ	8,697.97	42.77	34.67	29.85	49.25	36.80	27.92	1,753.70	2,005.57	2,233.78	203.37	250.85	291.37	1,624.55	1,825.82	2,144.27	176.62	236.34	311.53	期待门店优化带动盈利能力修复
	致欧科技	301376.SZ	8,423.68	16.08	12.31	10.13	17.41	13.77	11.36	11,380.84	13,750.33	16,102.00	523.89	684.30	831.77	10,889.79	13,109.36	15,408.48	483.83	611.88	741.44	Q2新品类+新区域拓展驱动强劲
	潮宏基	002345.SZ	7,259.15	9.46	7.95	6.48	9.58	8.11	6.90	10,745.82	11,924.71	13,190.22	767.57	913.57	1,119.98	10,626.63	12,081.20	13,680.60	757.67	895.01	1,051.36	Q2终端销售表现亮眼
	南极电商	002127.SZ	7,241.87	28.17	21.02	14.60	28.17	21.02	14.60	2,362.77	2,341.56	2,584.24	257.09	344.49	495.93	2,363	2,342	2,584	257.09	344.49	495.93	业务转型成效逐步释放
	红旗连锁	002697.SZ	6,364.80	13.35	12.54	12.14	12.79	12.13	11.58	9,546.11	9,737.03	9,883.09	476.85	507.41	524.09	9,610	9,830.75	10,095.75	497.46	524.60	549.52	在渠道优化中推进降本增效
家电	美的集团	000333.SZ	656,357.61	13.88	12.63	11.57	13.99	13.09	12.15	487,999.21	526,523.16	565,205.78	47,275.46	51,979.82	56,749.85	485,911.21	517,135.74	550,090.55	47,191.15	50,434.83	54,352.80	主业韧性与ToB共筑增长底盘
	格力电器	000651.SZ	223,552.10	7.76	7.25	6.79	7.67	7.29	6.93	167,952.41	178,407.71	191,031.55	28,819.42	30,833.93	32,902.71	170,359.61	177,035.61	184,891.64	29,138.48	30,649.11	32,277.79	内销主业韧性强，红利支撑价值
	海尔智家	600690.SH	177,357.64	-	-	-	9.89	9.13	8.42	-	-	-	-	-	-	308,297.57	323,535.26	339,748.64	19,509.67	21,136.11	22,925.82
	公牛集团	603195.SH	70,839.36	16.70	15.93	15.28	16.69	15.74	14.92	16,148.99	16,537.84	17,028.53	4,242.75	4,446.49	4,635.66	16,723.10	17,514.12	18,369.98	4,244.89	4,500.76	4,748.06	克服成本压力彰显龙头底色
	安克创新	300866.SZ	64,086.55	15.95	13.30	11.08	18.46	15.37	12.71	36,610.24	43,492.01	50,623.33	4,017.20	4,818.89	5,786.14	39,179.67	48,064.90	57,293.64	3,524.50	4,232.85	5,118.51	技术创新实现营收、利润高增速
	海信视像	600060.SH	35,834.54	12.30	10.56	9.34	12.71	11.37	10.25	62,771.66	67,101.66	71,956.48	2,913.65	3,392.05	3,837.77	62,609.38	67,648.45	72,858.76	2,819.27	3,152.84	3,497.47	高端化与多元显示驱动价值重估
	TCL电子	1070.HK	41,040.82	13.65	11.60	10.16	12.68	9.99	8.36	126,286.84	134,116.15	144,482.35	3,006.45	3,536.71	4,040.84	134,065.24	163,672.96	183,192.22	3,237.03	4,109.86	4,908.26	高端化与全球化推动盈利加速
	苏泊尔	002032.SZ	34,699.84	15.50	14.67	14.06	16.61	15.51	14.79	23,523.22	24,487.67	25,565.13	2,238.19	2,365.33	2,467.51	23,404.50	24,356.50	25,343	2,088.69	2,237.23	2,346.25	巩固核心品类份额实现内销营收稳增
	海信家电	000921.SZ	31,071.50	9.87	9.03	7.86	11.24	10.21	9.26	87,975.46	92,746.29	99,053.01	3,147.74	3,440.81	3,951.86	88,870.80	93,757.87	99,516.36	3,070.93	3,381.16	3,725.58	盈利短期承压下结构升级支撑估值
	兆驰股份	002429.SZ	30,194.69	24.88	18.39	14.18	19.66	14.76	11.99	19,652.14	22,378.52	24,131.12	1,213.74	1,641.49	2,129.65	20,440.51	23,454.24	27,010.83	1,535.53	2,046.31	2,518.32	光通信高成长属性仍支撑估值
	海信家电	0921.HK	32,415.01	8.82	8.07	7.02	7.65	7.00	6.10	87,975.46	92,746.29	99,053.01	3,147.74	3,440.81	3,951.86	87,975	92,746	99,053	3,148	3,441	3,952	盈利短期承压下结构升级支撑估值
	石头科技	688169.SH	27,496.01	12.58	10.12	8.38	13.88	10.93	9.06	23,703.18	28,805.80	34,649.25	2,185.60	2,718.21	3,282.94	23,205.83	28,045.38	33,089.66	1,980.90	2,515.60	3,034.90	海外业务发展及关税退税推动利润高增
	科沃斯	603486.SH	26,878.63	12.90	11.19	9.31	12.52	10.69	9.03	23,500.59	28,528.25	34,299.50	2,084.21	2,401.19	2,886.33	22,366.47	25,892.54	29,567.04	2,146.44	2,515.31	2,976.51	多品类扩张打开成长空间
	绿联科技	301606.SZ	19,268.41	-	-	-	19.48	14.71	11.29	-	-	-	-	-	-	13,021.36	16,911.48	21,442.85	989.19	1,310.16	1,706.12
	莱克电气	603355.SH	18,669.80	20.25	18.14	16.61	22.23	18.29	16.45	10,073.64	10,697.19	11,251.25	921.92	1,029.05	1,124.28	10,426	11,124.75	11,789	839.98	1,020.60	1,135.20	汇兑损失明显拖累当期利润表现
	老板电器	002508.SZ	16,112.64	14.86	14.41	13.82	13.44	12.59	11.82	9,057.89	9,210.45	9,510.78	1,084.01	1,117.78	1,165.85	9,553.34	10,061.17	10,515.56	1,199.25	1,280.20	1,363.42	加大现金分红积极回馈股东
	九阳股份	002242.SZ	14,260.79	70.31	66.35	62.16	87.86	73.77	66.10	8,017.19	8,479.60	8,937.20	202.83	214.94	229.44	7,794.60	8,073.40	8,375.40	162.31	193.32	215.74	关注后续内需改善与业绩修复节奏
	飞科电器	603868.SH	14,113.44	22.90	20.86	18.96	23.07	20.81	19.00	3,913.85	4,088.01	4,321.14	616.43	676.56	744.24	4,055.23	4,351.79	4,645.24	611.79	678.23	742.89	控费驱动盈利能力持续修复
	盾安环境	002011.SZ	11,550.63	11.57	9.56	8.56	10.79	9.38	8.43	13,835.99	14,662.64	15,553.31	998.63	1,207.70	1,348.98	13,944.03	15,066.40	16,196.92	1,070.09	1,231.78	1,369.56	主业承压但新兴温控持续放量
	欧普照明	603515.SH	11,215.85	13.18	12.36	11.68	12.78	11.81	10.90	7,034.01	7,141.54	7,289.10	850.70	907.63	960.15	7,329.63	7,730.81	8,161.17	877.34	950.01	1,029.12	短期经营承压静待边际改善
	奥克斯电气	2580.HK	12,705.88	6.01	5.52	5.03	5.62	5.16	4.71	28,687.54	31,040.40	33,843.32	1,811.29	1,972.70	2,162.80	28,933.91	30,813.01	32,831.34	1,932.56	2,104.67	2,307.27	内外销承压影响上半年利润端表现
	创想三维	3388.HK	11,669.20	157.80	34.12	23.71	113.62	42.25	25.75	3,917.52	5,821.24	7,939.29	63.32	292.88	421.34	4,100.14	5,532.32	7,223.02	87.76	236.00	387.27	看好耗材及平台业务持续发展释放弹性
	新宝股份	002705.SZ	9,393.40	14.99	11.70	8.85	12.75	9.80	8.39	16,161.21	17,218.64	18,118.35	626.83	803.08	1,061.70	16,419.36	17,388.62	18,538.64	736.92	958.13	1,119.38	海外承压但内销创新打开新空间
	卧安机器人	6600.HK	9,284.67	N/A	N/A	103.51	N/A	268.29	75.93	1,262.56	1,953.56	2,767.16	-12.51	-18.97	76.81	1,360.31	2,040.21	2,919.92	-7.91	29.57	104.48	新品商业化但收入兑现受汇率扰动
	极米科技	688696.SH	6,116.25	22.50	18.72	15.60	21.17	15.26	12.17	4,091.03	4,721.46	5,297.70	271.80	326.64	392.07	3,751.60	4,279.38	4,820.67	288.91	400.90	502.39	全球化加速对冲内需压力
	亿田智能	300911.SZ	6,092.58	-	-	-	N/A	348.15	-	-	-	-	-	-	-	233	423.50	-	-51	17.50	-
美护	爱美客	300896.SZ	28,837.02	22.47	20.27	18.45	23.55	21.18	18.50	2,574.75	2,834.86	3,106.86	1,283.40	1,422.90	1,563.35	2,575.63	2,848.38	3,148.92	1,224.29	1,361.72	1,558.57	26H2新品有望贡献增量
	珀莱雅	603605.SH	22,899.30	10.46	11.41	10.51	12.45	12.65	11.51	12,541.39	15,173.68	16,442.68	2,188.27	2,006.38	2,179.44	11,764.83	13,426.09	14,619.63	1,838.91	1,809.78	1,989.43	26Q2收入同比增速转正，后续花知晓并表有望增厚利润
	巨子生物	2367.HK	23,994.51	10.63	9.66	8.92	10.56	9.41	8.36	6,126.64	6,987.86	7,829.06	1,933.07	2,127.18	2,302.25	6,079.06	6,864.72	7,763.59	1,942.25	2,179.93	2,451.35	业绩拐点已至，H2有望增长加速
	毛戈平	1318.HK	21,479.99	11.81	9.45	7.67	12.28	9.97	8.22	6,586.52	8,264.03	10,200.21	1,556.91	1,945.33	2,398.77	6,474.99	8,019.58	9,735.84	1,494.85	1,841.47	2,231.63	26H1彩妆/线上带动营收快增，盈利能力突出
	贝泰妮	300957.SZ	13,919.50	19.63	17.02	15.03	22.17	19.14	16.43	6,033.84	6,643.18	7,225.17	709.15	817.66	926.37	6,018.05	6,670.37	7,288.74	627.78	727.30	847.27	26Q2扣非净利率同比提升显著
	乐舒适	2698.HK	16,228.09	13.60	11.80	10.28	13.63	11.38	9.64	709.81	836.39	977.95	152.08	175.30	201.13	706.14	838.06	980.82	151.74	181.70	214.43	内生发展、汇兑向好驱动业绩高增
	上海家化	600315.SH	12,301.74	30.16	28.36	23.16	25.69	21.39	18.88	7,378.73	8,218.66	9,080.59	407.93	433.79	531.13	7,057.74	7,852.59	8,635.75	478.87	575.01	651.44	26Q2营收增长提速且净利润高增
	敷尔佳	301371.SZ	10,584.12	21.57	19.17	17.17	21.53	18.88	16.51	2,349.73	2,701.44	3,045.59	490.69	552.15	616.55	2,326.92	2,722.13	3,109.16	491.61	560.64	641.06	26Q2收入延续增长
	丸美生物	603983.SH	10,486.15	34.32	27.20	22.14	33.53	27.86	24.03	3,698.14	4,262.42	4,793.29	305.53	385.48	473.68	3,820.71	4,292.56	4,771.17	312.71	376.33	436.31	主动调整蓄力长期，后续增长可期
	百亚股份	003006.SZ	10,483.41	33.56	25.54	20.24	31.07	24.65	20.12	3,865.27	4,485.59	5,348.64	312.35	410.40	517.85	3,991.32	4,640.77	5,386.27	337.44	425.36	521.07	渠道去库及成本上涨致Q2利润承压
	孩子王	301078.SZ	8,358.83	-	-	-	20.24	16.23	13.49	-	-	-	-	-	-	11,347.52	12,385.71	13,500.20	413.08	515.08	619.67
	润本股份	603193.SH	8,010.95	21.22	17.46	15.14	21.63	18.27	15.34	1,865.10	2,203.78	2,528.66	377.52	458.88	528.96	1,860.44	2,196.50	2,553.55	370.42	438.44	522.28	26Q2营收增长环比提速
	若羽臣	003010.SZ	7,991.12	20.06	14.29	10.81	21.29	15.09	10.98	6,004.25	7,915.14	9,960.88	398.42	559.14	739.13	5,872.26	7,753.30	9,579.54	375.42	529.66	727.82	H1增长强劲且利润超预告
	上美股份	2145.HK	8,763.00	18.12	6.23	5.32	11.39	7.69	6.25	8,758.56	10,525.12	12,420.96	414.05	1,205.34	1,411.60	9,215.87	10,771.22	12,606.09	657.20	973.37	1,198.94	拐点已现，近期催化剂密集
	林清轩	2657.HK	7,300.60	10.96	7.70	5.74	11.41	8.38	6.40	3,519.61	4,797.03	6,374.36	570.54	811.88	1,089.80	3,457.98	4,625.75	5,971.65	546.95	744.82	974.82	大单品放量下H1营收/利润延续快增
社服	银河娱乐	0027.HK	146,879.73	13.82	12.50	11.46	13.39	12.13	11.23	53,125.00	57,896.00	62,238.00	10,625.00	11,753.00	12,821.00	51,093.07	56,588.42	61,406.44	10,967.63	12,111.14	13,079.81	大众博彩优势驱动经营韧性提升，上调目标价
	百胜中国	9987.HK	119,100.48	14.84	13.41	12.26	14.79	13.48	12.53	12,912.11	13,774.12	14,838.44	1,022.64	1,131.77	1,237.62	12,258.73	13,029.78	13,798.79	1,026.49	1,126.31	1,211.58	主业稳健、创新模块赋能共驱盈利增长
	中国中免	601888.SH	100,770.00	21.74	19.12	17.49	21.22	18.11	15.78	53,925.63	58,464.98	62,627.38	4,635.19	5,269.45	5,760.37	55,212.83	61,316.82	67,264.31	4,821.85	5,648.67	6,482.96	Q2毛利率延续改善
	华住集团-S	1179.HK	111,815.66	17.29	15.73	14.05	17.26	15.34	13.85	27,023.91	28,442.94	29,937.06	5,537.60	6,088.72	6,815.32	27,078.41	28,683.56	30,303.53	5,536.22	6,227.62	6,900.61	股东回报和收入指引上调
	金沙中国有限公司	1928.HK	92,992.93	10.38	9.25	8.50	11.13	9.37	8.75	62,563.16	66,203.47	69,017.38	8,961.62	10,049.61	10,936.42	7,912.01	8,440.63	8,904.52	1,064.36	1,264.99	1,354.60	Q2 GGR恢复优于行业
	海底捞	6862.HK	52,200.51	10.71	9.78	9.16	10.59	9.60	8.83	45,985.23	49,554.66	52,875.15	4,172.50	4,570.54	4,877.09	46,510.20	50,132.59	53,457.38	4,210.89	4,648.16	5,049.29	多元业务驱动增长
	美高梅中国	2282.HK	37,430.01	8.47	8.16	7.77	8.46	7.11	7.77	35,657.19	36,726.90	37,645.08	4,421.50	4,587.43	4,816.56	35,471.50	37,261.50	37,645	4,425.50	5,267	4,817	品牌费提升及世界杯分流致Q2利润承压
	亚朵	ATAT.O	4,494.87	14.74	12.55	10.83	-	-	-	12,771.01	14,731.10	16,624.45	2,049.10	2,407.63	2,788.14	-	-	-	-	-	-	Q2收入表现略超我们预期
	永利澳门	1128.HK	26,744.60	7.58	7.07	6.72	6.56	5.95	6.72	31,308.00	32,967.00	34,055.00	3,530.59	3,783.42	3,979.25	31,486	33,166.50	34,055	4,077.50	4,498.50	3,979	26Q2剔除赢率影响后中场投注表现稳健
	锦江酒店	600754.SH	17,829.69	15.64	13.57	12.13	16.39	13.92	12.22	14,110.38	14,524.59	15,177.76	1,140.20	1,313.68	1,470.22	14,140.57	14,595.68	15,088.05	1,165.61	1,372.17	1,563.28	Q2盈利质量持续提升
	宋城演艺	300144.SZ	14,270.55	17.36	16.08	15.28	16.45	15.13	14.13	2,089.75	2,209.16	2,290.76	821.89	887.21	933.79	2,277.22	2,407.03	2,527.35	867.33	942.89	1,010.13	Q2存量项目场次承压
	颐海国际	1579.HK	15,965.18	13.94	12.42	11.41	13.92	12.51	11.44	7,329.84	7,955.95	8,481.26	980.38	1,100.71	1,198.35	7,349.14	7,990.57	8,616.33	980.26	1,090.32	1,192.61	渠道调改下经营利润率提升显著
	首旅酒店	600258.SH	12,572.95	13.86	12.00	11.41	13.60	12.18	11.02	7,546.03	7,835.90	8,129.36	907.40	1,047.48	1,102.39	7,620.42	7,821.61	8,045.39	924.18	1,031.95	1,140.97	利润率同比提升、关注2H拓店节奏
	小菜园	0999.HK	9,647.45	14.03	11.68	10.16	13.84	11.66	10.10	5,526.48	6,323.80	7,179.41	588.83	707.03	813.41	5,595.97	6,386.51	7,209.36	595.76	706.93	816.55	主动调整下堂食修复亮眼
	广州酒家	603043.SH	7,590.87	14.95	13.72	12.90	14.72	13.83	13.07	5,707.53	6,029.81	6,336.37	507.68	553.25	588.50	5,704.52	6,041.78	6,376.75	515.57	548.72	580.58	双主业协同下稳健增长
	澳博控股	0880.HK	8,486.66	-	-	-	6.77	4.50	0	-	-	-	-	-	-	23,915	25,712	0	1,254	1,886	0
轻工	创科实业	0669.HK	238,804.63	20.61	17.74	15.45	20.59	18.00	15.82	16,246.52	17,726.94	19,275.35	1,476.37	1,715.45	1,969.51	16,343.96	17,727.61	19,166.37	1,478.14	1,691.14	1,923.33	专业业务稳增及关税缓解带动毛利率新高
	思摩尔国际	6969.HK	52,205.12	33.89	23.42	17.82	35.27	23.93	18.48	15,542.20	17,994.95	20,769.97	1,319.19	1,908.78	2,508.17	16,439.62	19,070.19	22,036.23	1,264.88	1,864.24	2,413.34	Q3实现HNB新合作落地及美国果味烟上市
	太阳纸业	002078.SZ	39,016.71	10.51	9.78	9.10	10.20	9.26	8.45	42,394.49	45,684.97	49,027.91	3,711.06	3,989.46	4,287.75	43,261.05	46,394.85	49,151.31	3,823.99	4,213.07	4,615.06	1H26盈利韧性凸显
	裕同科技	002831.SZ	31,177.61	18.30	13.87	11.53	17.79	15.07	13.01	18,505.00	22,010.25	25,498.63	1,703.66	2,247.39	2,705.19	18,891.40	21,520.93	24,385.28	1,752.40	2,068.92	2,395.66	看好新业务完善布局并稳步起量
	顾家家居	603816.SH	22,495.31	12.25	11.06	9.97	11.85	10.75	9.84	20,739.68	22,109.61	23,667.84	1,835.79	2,034.30	2,255.60	20,774.45	22,191.63	23,798.00	1,897.68	2,092.23	2,286.07	关注内贸毛利率提升及境外营收快增趋势
	晨光股份	603899.SH	20,779.40	14.77	13.55	12.48	14.55	13.22	12.09	26,622.39	28,532.31	30,350.27	1,406.81	1,533.53	1,665.45	26,943.76	29,205.34	31,584.51	1,428.54	1,571.82	1,719.34	看好传统业务稳增及零售大店加速发展
	玖龙纸业	2689.HK	23,672.25	-	4.72	4.42	5.68	4.59	4.16	-	76,837.74	79,148.50	-	4,291.73	4,589.14	71,966.17	78,221.15	82,531.92	3,561.31	4,405.64	4,863.86	FY26盈利能力显著改善
	欧派家居	603833.SH	19,552.87	15.07	13.02	11.28	12.48	11.33	10.30	13,771.14	14,888.78	15,945.48	1,297.40	1,501.21	1,732.95	15,176.01	15,849.87	16,834.12	1,566.91	1,726.10	1,897.49	深化改革并积极调整以静待需求复苏
	稳健医疗	300888.SZ	17,827.25	18.76	16.83	15.22	19.22	16.75	14.90	11,576.39	12,505.67	13,471.50	950.50	1,059.27	1,171.45	11,803.68	12,934.17	14,130.03	927.77	1,064.05	1,196.42	看好消费品增长提速带动毛利率改善
	中烟香港	6055.HK	17,886.84	19.75	15.98	14.11	19.50	16.57	14.58	12,030.94	14,602.45	15,760.12	905.75	1,119.16	1,267.97	12,405.09	13,838.98	15,174.43	917.05	1,079.69	1,227.15	关注后续经营改善及卷烟利润率提升
	康耐特光学	2276.HK	17,519.17	21.01	16.65	13.48	21.50	16.80	13.52	2,501.87	3,000.32	3,483.05	714.01	901.12	1,113.05	2,533.26	3,044.88	3,615.06	696.33	891.30	1,107.12	XR业务进展顺利有望迎放量节点
	布鲁可	0325.HK	16,960.80	17.01	12.64	9.53	17.35	13.49	10.71	3,801.54	4,969.43	6,482.32	853.82	1,149.19	1,523.71	3,834.64	4,848.77	6,032.80	835.54	1,074.05	1,353.30	出海表现亮眼，成人向/积木车等多点开花
	泉峰控股	2285.HK	16,630.60	13.03	12.04	10.99	13.56	12.49	10.92	1,899.13	2,108.48	2,323.84	162.62	175.94	192.86	1,867.58	2,125.39	2,391.40	156.30	169.63	194.14	业务结构优化及退税带动利润表现亮眼
	居然智家	000785.SZ	13,263.61	-	-	-	25.32	21.81	19.26	-	-	-	-	-	-	11,593.40	12,283.20	12,876.50	523.80	608.20	688.75
	奥瑞金	002701.SZ	11,006.97	9.12	8.37	7.69	8.94	8.16	7.48	26,583.09	28,151.02	29,675.78	1,207.34	1,314.75	1,431.07	26,244.76	27,892.39	29,410.76	1,230.91	1,349.63	1,471.57	推进收购项目整合实现营收稳增
	中顺洁柔	002511.SZ	8,750.18	-	-	-	19.64	16.76	14.71	-	-	-	-	-	-	9,455.52	10,156.93	10,849.05	445.46	522.20	594.87
	山鹰国际	600567.SH	7,942.99	-	-	-	N/A	36.59	16.55	-	-	-	-	-	-	30,451.62	32,518.81	34,720.54	-378.11	217.09	479.85
	索菲亚	002572.SZ	7,261.38	16.03	12.49	9.11	10.77	9.30	7.76	7,300.71	7,602.61	7,974.57	452.97	581.52	797.51	8,516.12	8,887.39	9,441.18	674.01	780.64	935.65	深化品牌及渠道布局以待内需复苏
纺服	安踏体育	2020.HK	217,999.12	11.61	11.41	10.18	12.16	11.64	10.52	89,030.27	98,285.36	108,087.00	16,084.83	16,357.69	18,329.00	88,013.79	95,943.77	104,402.87	15,325.00	16,008.18	17,705.93	1H核心盈利超预期，全球化加速
	亚玛芬体育	AS.N	17,617.57	25.61	19.32	16.09	-	-	-	8,111.05	9,173.00	10,284.74	687.99	911.74	1,094.76	-	-	-	-	-	-	2Q26业绩再超预期并上调全年指引
	申洲国际	2313.HK	56,130.32	10.77	9.04	8.00	10.56	8.83	7.96	30,684.36	32,832.03	34,965.94	4,462.43	5,314.18	6,004.94	30,311.10	31,940.83	33,982.35	4,541.86	5,431.29	6,024.25	汇率/成本/关税扰动26H1盈利
	波司登	3998.HK	51,649.88	11.07	10.29	9.59	11.88	10.25	9.55	27,350.00	29,246.00	31,248.00	3,994.40	4,297.00	4,610.00	27,349.98	29,109.87	30,933.88	3,994.38	4,306.47	4,619.87	FY27H1零售稳健，经营质量优化护航旺季成长
	华利集团	300979.SZ	40,623.27	17.57	14.24	12.09	16.83	13.76	11.82	23,051.41	24,468.77	26,171.42	2,312.00	2,851.81	3,358.99	23,677.35	25,489.42	27,412.42	2,413.49	2,952.90	3,436.22	26Q2收入降幅环比收窄
	李宁	2331.HK	34,326.33	13.32	11.52	10.46	12.11	10.63	9.45	30,426.00	32,084.16	33,668.85	2,207.47	2,551.55	2,811.05	30,522.81	32,234.62	34,082.75	2,422.63	2,758.24	3,105.39	1H业绩稳健，持续投入运动资源蓄力长期
	海澜之家	600398.SH	28,960.70	-	-	-	13.38	12.29	11.28	-	-	-	-	-	-	23,331.72	25,180.33	27,204.22	2,164.94	2,357.36	2,566.89
	晶苑国际	2232.HK	21,396.17	10.74	9.70	8.78	10.66	9.56	8.54	2,888.34	3,194.21	3,498.56	253.91	281.00	310.62	2,890.00	3,137.20	3,405.08	255.82	285.27	319.46	26H1盈利持续提升，2H展望乐观
	比音勒芬	002832.SZ	15,586.01	20.77	16.55	13.76	21.02	17.07	13.88	5,317.27	6,325.79	7,309.83	750.40	941.68	1,132.35	5,200.67	6,013.70	6,767.92	741.54	912.92	1,122.78	2Q业绩高增，多品牌打开长期空间
	森马服饰	002563.SZ	14,898.32	14.09	12.51	11.34	13.53	12.31	11.15	16,152.00	17,243.00	18,277.58	1,057.42	1,191.12	1,314.24	16,126.09	17,192.38	18,261.15	1,101.02	1,210.32	1,336.71	26Q2毛利率优化带动净利率提升
	伟星股份	002003.SZ	14,837.34	20.25	17.43	15.68	20.67	18.14	15.24	5,414.53	6,017.17	6,628.88	732.73	851.08	946.09	5,359.37	5,887.98	6,420.50	717.92	818.11	973.35	26Q2订单提速且盈利超预期
	百隆东方	601339.SH	11,471.70	11.56	10.74	10.14	11.74	10.97	10.11	9,007.98	9,751.05	10,242.70	992.03	1,067.99	1,131.38	8,876.72	9,493.15	10,207.28	977.16	1,045.82	1,134.17	26H1盈利及现金流靓丽
	361度	1361.HK	10,621.64	6.12	5.50	4.95	6.24	5.68	5.19	12,409.00	13,719.00	15,090.90	1,485.00	1,655.00	1,837.05	12,153.79	13,235.21	14,356.79	1,455.28	1,598.99	1,750.33	26Q3流水稳健增长
	特步国际	1368.HK	10,261.03	7.78	6.81	6.17	7.43	6.58	6.02	13,949.07	14,727.38	15,477.75	1,129.88	1,290.46	1,424.13	13,965.77	14,702.64	15,487.88	1,180.06	1,332.59	1,456.51	1H26主品牌调整，索康尼高端化提速
农业	牧原股份	002714.SZ	234,667.13	N/A	7.45	8.60	561.02	9.20	10.06	110,945.00	138,648.40	130,225.40	-2,021.81	31,506.80	27,280.02	119,122.30	149,477.91	145,536.22	424.26	25,864.95	23,658.61	成本领先构筑穿越周期基石
	金龙鱼	300999.SZ	139,389.12	29.32	20.25	16.33	32.50	27.04	23.15	275,056.00	311,730.00	350,687.00	4,753.74	6,883.54	8,534.27	264,648.26	284,204.25	305,835.43	4,289.23	5,155.31	6,021.69	26H1两大主业量价齐增
	温氏股份	300498.SZ	100,607.41	N/A	9.03	12.51	N/A	9.52	8.72	91,698.07	108,632.01	107,895.00	-3,693.06	11,145.34	8,044.83	96,158.89	113,359.40	118,338.39	-1,419.23	10,565.86	11,538.35	猪鸡双主业应对周期压力
	海大集团	002311.SZ	72,079.95	17.28	12.02	11.11	16.05	11.90	10.68	145,954.73	155,273.33	167,154.71	4,170.46	5,996.56	6,487.17	145,260.04	162,242.93	177,240.26	4,491.83	6,054.73	6,750.70	原材料扰动与养殖亏损拖累业绩
	新希望	000876.SZ	33,395.21	-	-	-	N/A	15.61	11.57	-	-	-	-	-	-	109,997.25	125,748.25	132,652.75	-18.14	2,139.62	2,886.66
	圣农发展	002299.SZ	21,288.66	18.48	12.33	10.85	17.54	12.95	11.09	22,463.81	24,161.62	25,415.16	1,151.78	1,727.21	1,962.49	22,188.00	24,299.89	26,554.23	1,213.61	1,643.30	1,920.06	全产业链优势进一步凸显
	德康农牧	2419.HK	21,100.64	N/A	4.02	5.52	N/A	4.19	3.28	21,853.47	30,410.47	31,258.78	-1,136.73	4,495.94	3,270.83	24,257.91	32,156.67	37,615.67	-375.52	4,298.91	5,501.98	期货套保、降本增效缓解猪价压力
	乖宝宠物	301498.SZ	15,294.06	30.24	25.28	20.83	27.38	21.34	17.51	7,803.87	9,380.36	11,332.99	505.76	604.99	734.13	7,823.10	9,301.45	10,968.18	558.58	716.61	873.33	26H1主粮高增、盈利阶段性承压
	神农集团	605296.SH	15,071.24	-	-	-	N/A	18.13	16.10	-	-	-	-	-	-	5,457.01	7,086.30	7,625.70	-71.62	831.27	936.28
	大北农	002385.SZ	12,926.72	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
	隆平高科	000998.SZ	11,917.22	43.23	30.22	23.23	36.70	28.58	21.03	8,695.14	8,918.80	9,050.53	275.67	394.29	513.11	8,998.55	9,724.65	10,543.10	324.75	417.02	566.67	26H1内外因素共振致业绩承压
	益生股份	002458.SZ	10,848.44	-	-	-	11.67	10.17	14.50	-	-	-	-	-	-	3,625.47	4,038.05	4,166.34	929.64	1,066.82	748.16
	中宠股份	002891.SZ	8,697.68	22.88	17.34	13.05	24.47	17.99	13.85	6,819.70	8,585.64	10,881.11	380.10	501.53	666.72	6,588.01	8,010.93	9,688.90	355.42	483.45	628.17	26H1内外销营收维持高速增长
	登海种业	002041.SZ	7,876	54.90	47.57	39.34	38.14	13.56	39.77	1,258.80	1,384.68	1,503.11	143.46	165.57	200.18	1,244	1,357.75	1,446.80	206.48	580.89	198.04	玉米种子库存压力逐步消化
	瑞普生物	300119.SZ	7,566.21	16.14	12.34	9.64	16.60	13.53	11.00	3,770.63	4,526.78	5,642.99	468.73	613.18	785.02	3,766.91	4,502.08	5,347.10	455.82	559.29	688.06	合成生物产业提速,宠物板块量利齐增
	巨星农牧	603477.SH	7,013.16	-	-	-	N/A	10.11	8.16	-	-	-	-	-	-	7,594.00	9,312.42	9,934.27	-317.58	693.76	859.63
	中牧股份	600195.SH	6,749.79	-	-	-	28.30	20.39	16.41	-	-	-	-	-	-	7,177.90	8,205.30	9,190.99	238.47	331.00	411.38
	新五丰	600975.SH	6,085.85	-	-	-	N/A	23.07	15.93	-	-	-	-	-	-	6,827	9,438	12,082	-428.26	263.75	382