【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：2026-08-22 09:34:49；网页展示汇率换算后人民币总市值>60亿元的标的（131/172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	198,435.10	18.18	15.01	13.00	11.80	9.96	8.54	33,938.16	38,665.85	43,712.42	9,435.64	11,429.61	13,203.09	43,817.64	51,249.55	59,105.14	14,467.49	17,141.65	19,992.97	海外下行压力明显，放缓节奏沉淀蓄力
	周大福	1929.HK	133,590.12	14.84	12.88	11.70	15.50	13.65	12.51	94,398.40	100,533.65	107,872.49	9,004.30	10,373.42	11,415.12	94,398.40	95,364.94	101,237.61	9,004.30	9,787.77	10,679.52	计价黄金首饰带动集团延续稳健增长
	鸣鸣很忙	1768.HK	89,139.23	20.82	17.54	15.10	21.28	16.67	13.64	83,891.90	95,342.92	105,163.06	3,701.75	4,393.96	5,104.94	88,783.74	105,045.11	118,954.09	3,602.12	4,598.42	5,618.56	运营效率持续提升，关注入通催化
	蜜雪集团	2097.HK	88,299.33	12.05	10.45	9.15	11.87	10.39	9.26	38,688.01	42,556.27	47,537.89	6,336.62	7,307.03	8,341.22	38,140.15	42,806.21	47,524.19	6,398.16	7,308.44	8,198.85	龙头本色不改，蓄势长期高质量增长
	小商品城	600415.SH	68,434.82	12.78	10.62	9.40	12.58	10.66	9.34	24,909.32	28,645.36	31,653.40	5,356.77	6,445.18	7,279.87	23,723.27	27,240.47	30,485.71	5,437.87	6,417.15	7,325.31	数贸中心收入结转驱动Q1收入快增
	老铺黄金	6181.HK	70,308.96	8.28	6.75	5.81	7.92	6.41	5.36	36,758.10	44,427.41	50,461.77	7,338.55	9,012.29	10,463.54	38,948.90	47,088.10	55,561.22	7,638.37	9,434.05	11,290.38	26Q1收入和利润增长超预期
	古茗	1364.HK	59,311.96	15.96	13.00	10.75	15.64	12.87	10.91	16,319.69	19,677.02	23,605.04	3,212.86	3,943.73	4,772.65	16,219.12	19,565.37	22,871.60	3,260.83	3,963.68	4,674.12	拟发境外可转债传递发展信心
	万辰集团	300972.SZ	39,675.89	16.58	13.46	11.57	16.68	12.95	11.09	67,919.90	80,861.76	90,758.55	2,392.56	2,948.21	3,428.71	68,004.04	81,498.63	91,494.82	2,378.78	3,062.97	3,576.11	26Q1步入店效及展店飞轮的快车道
	永辉超市	601933.SH	27,399.86	69.72	21.76	19.54	189.81	46.29	28.20	56,182.55	60,115.52	63,722.49	393.00	1,259.00	1,402.00	50,756.95	57,375.04	63,808.87	144.35	591.93	971.75	供应链优化和门店调改推动Q1盈利能力提升
	名创优品	9896.HK	27,232.35	8.71	8.90	6.99	8.07	7.28	6.15	25,303.68	29,857.92	35,084.18	2,703.68	2,644.42	3,366.25	25,588.71	29,565.19	33,733.92	2,903.32	3,215.81	3,808.52	Q2持续投放费用为更高质量扩张蓄力
	豫园股份	600655.SH	17,510.44	65.58	18.87	15.55	67.04	28.90	19.69	38,191.96	40,865.40	43,317.32	267.00	928.00	1,126.00	39,190.28	41,717.38	44,002.14	261.20	606	889.16	4Q25仍处地产瘦身阵痛期
	老凤祥	600612.SH	15,163.45	9.85	8.89	8.08	11.64	10.77	10.16	44,041.25	47,690.72	50,852.63	1,538.74	1,705.53	1,876.17	46,449.40	48,638.74	50,152.61	1,575.69	1,701.74	1,805.47	积极推进产品结构优化与渠道提质增效
	周大生	002867.SZ	13,362.18	10.46	9.01	7.95	10.54	9.43	8.53	9,242.58	10,521.10	11,698.20	1,278.00	1,482.49	1,680.24	8,818.31	9,644.12	10,602.74	1,267.48	1,417.54	1,567.13	经营质量提升并延续高分红水平
	六福集团	0590.HK	15,147.38	7.40	6.73	6.08	8.98	6.81	6.17	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
	迪阿股份	301177.SZ	9,282.37	45.64	37.00	31.86	48.29	37.77	29.80	1,753.70	2,005.57	2,233.78	203.37	250.85	291.37	1,640.75	1,840.02	2,144.27	192.22	245.74	311.53	期待门店优化带动盈利能力修复
	赛维时代	301381.SZ	9,271.92	19.47	14.22	11.53	19.78	15.46	13.09	13,927.00	16,513.00	19,269.00	476.17	652.16	804.20	13,747.22	15,890.49	17,968.59	468.71	599.61	708.41	线下新业务及利润率修复值得期待
	高鑫零售	6808.HK	10,446.85	N/A	145.69	24.41	0	144.91	24.28	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
	潮宏基	002345.SZ	8,858.47	11.54	9.70	7.91	12.10	10.10	8.60	11,240.41	13,279.21	15,038.23	767.67	913.51	1,119.75	10,882.51	12,580.18	14,308.55	731.99	876.88	1,030.10	产品结构优化带动盈利能力提升
	致欧科技	301376.SZ	8,198.29	15.65	11.98	9.86	17.34	13.97	11.69	11,380.84	13,750.33	16,102.00	523.89	684.30	831.77	10,917.19	13,113.49	15,273.97	472.75	586.88	701.22	26Q1剔除汇兑影响的利润率明显提升
	南极电商	002127.SZ	6,898.19	26.83	20.02	13.91	26.83	20.02	13.91	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	6,079.20	12.75	11.98	11.60	12.07	11.52	11.03	9,546.11	9,737.03	9,883.09	476.85	507.41	524.09	9,685.27	9,903.46	10,160.33	503.86	527.55	551.26	在渠道优化中推进降本增效
家电	美的集团	000333.SZ	642,772.85	13.60	12.37	11.33	13.67	12.62	11.69	487,999.21	526,523.16	565,205.78	47,275.46	51,979.82	56,749.85	487,354.99	519,402.14	553,610.54	47,047.64	50,945.34	55,013.36	攻守兼备，上调目标价
	格力电器	000651.SZ	231,001.97	7.64	7.12	6.67	7.66	7.29	6.91	178,379.79	189,478.17	202,878.58	30,244.40	32,424.44	34,622.64	176,773.25	183,830.77	190,749.32	30,151.81	31,701.66	33,442.08	高股息价值仍具支撑
	海尔智家	600690.SH	183,092.12	-	-	-	9.56	8.80	8.13	-	-	-	-	-	-	315,065.46	332,117.64	349,564.40	20,468.58	22,234.20	24,061.21
	公牛集团	603195.SH	72,137.84	17.00	16.22	15.56	16.87	15.91	15.01	16,148.99	16,537.84	17,028.53	4,242.81	4,446.47	4,635.37	16,882.29	17,734.39	18,675.05	4,276.56	4,533.15	4,805.03	组织提效驱动盈利能力进一步提升
	安克创新	300866.SZ	68,902.98	22.76	19.40	16.17	21.72	17.65	14.62	36,610.24	43,492.01	50,623.33	3,027.77	3,552.39	4,261.64	38,428.96	46,836.96	55,919.11	3,207.96	3,947.25	4,765.02	产品矩阵及平台化运营能力持续强化
	兆驰股份	002429.SZ	37,347.26	30.77	22.75	17.54	23.04	17.62	14.50	19,652.14	22,378.52	24,131.12	1,213.74	1,641.49	2,129.65	20,725.06	23,776.12	27,235.05	1,621.24	2,119.33	2,575.32	光通信高成长属性仍支撑估值
	科沃斯	603486.SH	35,381.29	16.98	14.73	12.26	16.80	14.14	11.96	23,500.59	28,528.25	34,299.50	2,084.21	2,401.19	2,886.33	22,222.27	25,682.48	29,272.98	2,105.90	2,502.89	2,958.34	多品类扩张打开成长空间
	TCL电子	1070.HK	40,309.75	13.41	11.40	9.98	12.58	10.15	8.54	126,286.84	134,116.15	144,482.35	3,006.45	3,536.71	4,040.84	133,829.95	159,508.18	178,401.01	3,205.32	3,972.29	4,720.56	收购TCL空调业务，上调目标价
	海信视像	600060.SH	33,589.99	11.53	9.90	8.75	12.03	10.76	9.69	62,771.66	67,101.66	71,956.48	2,913.65	3,392.05	3,837.77	63,080.29	68,318.78	73,650.59	2,791.18	3,120.98	3,464.90	继续看好技术迭代驱动盈利提升
	苏泊尔	002032.SZ	32,729.79	14.62	13.84	13.26	14.89	14.05	13.32	23,523.22	24,487.67	25,565.13	2,238.19	2,365.33	2,467.51	23,634.93	24,639.07	25,715.58	2,198.43	2,329.99	2,456.49	Q1平稳开局彰显公司经营韧性
	海信家电	000921.SZ	31,667.70	10.06	9.20	8.01	11.03	10.06	9.17	87,975.46	92,746.29	99,053.01	3,147.74	3,440.81	3,951.86	89,177.10	94,102.69	99,911.81	3,140.25	3,442.80	3,775.50	盈利短期承压下结构升级支撑估值
	石头科技	688169.SH	30,227.32	13.83	11.12	9.21	15.74	12.01	9.91	23,703.18	28,805.80	34,649.25	2,185.60	2,718.21	3,282.94	22,917.32	27,616.00	32,723.83	1,920.90	2,517.81	3,048.82	看好业务调整完毕后的业绩弹性释放
	海信家电	0921.HK	33,003.77	9.07	8.29	7.22	8.13	7.43	6.47	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
	绿联科技	301606.SZ	20,990.29	-	-	-	20.51	15.43	11.88	-	-	-	-	-	-	13,004.32	16,905.26	21,567.78	1,023.27	1,359.92	1,766.20
	莱克电气	603355.SH	16,347.55	16.18	15.13	14.18	17.74	14.72	13.35	10,665.38	11,330.93	11,923.53	1,010.36	1,080.22	1,152.54	10,573.75	11,283.25	11,957.25	921.60	1,110.40	1,224.60	汇兑损失压力或已集中释放
	老板电器	002508.SZ	15,289.11	12.03	11.61	11.18	11.35	10.68	10.06	10,303.62	10,638.40	10,995.42	1,271.33	1,317.07	1,367.53	10,337.10	10,743.56	11,235.70	1,347.62	1,431.57	1,520.51	高比例分红彰显长期价值
	奥克斯电气	2580.HK	16,263.53	5.83	5.30	4.82	6.34	5.86	5.39	32,309.86	34,964.15	38,125.81	2,412.31	2,654.26	2,916.82	30,499.58	32,288.38	34,361.12	2,207.38	2,387	2,596.87	原材料价格波动和竞争扰动盈利能力
	飞科电器	603868.SH	13,063.64	21.19	19.31	17.55	21.36	19.33	17.58	3,913.85	4,088.01	4,321.14	616.43	676.56	744.24	4,043.62	4,326.25	4,645.24	611.69	675.95	742.89	提价控费推动盈利能力持续修复
	欧普照明	603515.SH	12,099.16	12.42	11.70	10.93	12.35	11.57	10.86	7,314.85	7,684.95	8,151.87	974.18	1,034.09	1,107.04	7,471.59	7,933.35	8,418.28	979.33	1,045.35	1,114.10	数字化转型提升经营韧性
	卧安机器人	6600.HK	13,217.14	N/A	N/A	90.47	1,043.49	149.56	67.87	1,552.90	2,496.22	3,337.87	-4.68	-1.39	126.33	1,484.13	2,227.47	3,029.77	10.89	76.00	167.49	家庭具身先行者构建三曲线增长生态
	盾安环境	002011.SZ	10,615.84	9.50	8.48	7.61	9.12	8.20	7.44	13,537.74	14,477.74	15,380.13	1,117.35	1,252.31	1,394.46	13,841.31	14,897.18	15,999.94	1,163.60	1,294.59	1,427.18	冷配龙头场景扩张支撑价值
	创想三维	3388.HK	12,051.48	73.67	35.58	24.73	70.62	38.57	24.88	4,216.50	5,821.33	7,939.41	141.44	292.91	421.39	4,261.09	5,703.36	7,491.80	146.78	268.73	416.57	产品创新、生态破圈，3D打印龙头快速成长
	新宝股份	002705.SZ	9,093.01	8.53	7.65	7.06	8.93	7.95	7.21	16,435.62	17,505.67	18,408.92	1,066.27	1,189.06	1,287.47	16,831.74	17,882.78	19,068.13	1,017.84	1,143.91	1,261.94	虽有关税汇兑扰动，看好内销破圈
	九阳股份	002242.SZ	6,745.07	21.98	17.94	15.38	27.28	23.89	21.66	8,340.98	8,711.52	9,067.20	306.82	376.00	438.46	8,367.84	8,733.50	9,116.80	247.24	282.39	311.38	看好产品结构升级驱动盈利能力改善
美护	爱美客	300896.SZ	27,947.40	19.66	16.80	15.10	19.27	17.08	15.26	2,828.62	3,285.24	3,710.33	1,421.65	1,663.93	1,850.78	2,774.62	3,108.98	3,420.45	1,450.07	1,636.66	1,831.51	26年新品增量可期
	巨子生物	2367.HK	29,281.80	13.10	11.90	11.00	12.88	11.52	10.27	6,126.64	6,987.86	7,829.06	1,933.07	2,127.18	2,302.25	6,089.56	6,883.22	7,772.52	1,955.63	2,186.57	2,452.40	业绩拐点已至，H2有望增长加速
	珀莱雅	603605.SH	22,570.63	14.29	13.40	12.71	13.94	12.63	11.59	11,160.31	11,859.09	12,465.17	1,579.44	1,684.19	1,775.60	11,463.69	12,546.01	13,554.21	1,619.18	1,786.94	1,947.16	主品牌重获势能，花知晓并表有增量
	毛戈平	1318.HK	24,827.97	13.79	11.04	8.95	13.55	10.67	8.57	6,586.52	8,264.03	10,200.21	1,556.91	1,945.33	2,398.77	6,537.05	8,256.28	10,219.54	1,575.33	2,000.70	2,490.96	26年有望延续高质量快速成长势头
	乐舒适	2698.HK	20,611.03	17.28	14.99	13.07	18.02	15.24	12.99	709.81	836.39	977.95	152.08	175.30	201.13	683.65	803.66	934.58	145.83	172.45	202.30	内生发展、汇兑向好驱动业绩高增
	贝泰妮	300957.SZ	13,419.65	18.92	16.41	14.49	20.61	17.67	15.58	6,033.84	6,643.18	7,225.17	709.15	817.66	926.37	6,040.08	6,715.59	7,350.51	651.22	759.32	861.18	恢复快增+利润率改善，经营拐点已现
	上海家化	600315.SH	12,160.57	29.81	28.03	22.90	29.33	23.46	19.56	7,378.73	8,218.66	9,080.59	407.93	433.79	531.13	7,094.30	7,912.74	8,742.97	414.67	518.37	621.63	26Q2营收增长提速且净利润高增
	敷尔佳	301371.SZ	11,593.12	23.63	21.00	18.80	22.28	19.13	17.20	2,349.73	2,701.44	3,045.59	490.69	552.15	616.55	2,339.83	2,770.31	3,144.29	520.32	606.03	673.87	26Q2收入延续增长
	丸美生物	603983.SH	10,730.76	30.41	22.46	19.08	32.59	26.51	22.68	4,284.57	5,156.66	5,955.79	352.85	477.80	562.51	3,964.41	4,501.59	5,059.66	329.23	404.76	473.13	26Q1眼部类营收增长稳健
	若羽臣	003010.SZ	9,064.27	22.75	16.21	12.26	23.32	16.11	11.97	6,004.25	7,915.14	9,960.88	398.42	559.14	739.13	5,839.27	7,779.61	9,761.77	388.73	562.52	757.39	26H1自有品牌势能延续
	孩子王	301078.SZ	8,801.43	-	-	-	20.33	16.30	13.43	-	-	-	-	-	-	11,618.74	12,823.61	14,034.25	432.88	539.88	655.40
	润本股份	603193.SH	8,480.28	22.46	18.48	16.03	22.50	19.01	16.23	1,865.10	2,203.78	2,528.66	377.52	458.88	528.96	1,866.46	2,208.08	2,575.40	376.84	446.06	522.58	26Q2营收增长环比提速
	上美股份	2145.HK	9,709.99	6.63	5.26	4.16	6.18	5.07	4.21	10,836.88	13,536.82	16,916.05	1,266.39	1,597.18	2,016.75	11,229.59	13,574.91	16,205.43	1,352.05	1,646.22	1,982.58	25年多点开花驱动业绩持续快增
	林清轩	2657.HK	7,782.58	11.79	8.29	6.17	11.93	8.70	6.69	3,519.61	4,797.03	6,374.36	570.54	811.88	1,089.80	3,446.97	4,627.70	5,959.10	561.08	769.24	999.81	A Fast-Growing Premium Skincare Brand Built on Facial Oils
社服	银河娱乐	0027.HK	157,652.67	14.84	13.41	12.30	13.96	12.78	11.78	53,125.00	57,896.00	62,238.00	10,625.00	11,753.00	12,821.00	51,875.26	57,269.96	62,026.97	11,293.03	12,331.21	13,379.80	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	132,740.29	16.55	14.95	13.67	16.49	15.03	13.98	12,912.11	13,774.12	14,838.44	1,022.64	1,131.77	1,237.62	12,256.27	13,026.54	13,794.63	1,026.28	1,125.99	1,211.18	主业稳健、创新模块赋能共驱盈利增长
	中国中免	601888.SH	107,378.59	21.21	17.79	15.94	21.20	18.02	15.67	57,421.32	64,137.54	70,051.50	5,061.78	6,034.33	6,737.62	58,479.14	65,151.59	71,847.13	5,125.28	6,028.01	6,934.58	1Q26盈利能力显著提升
	华住集团-S	1179.HK	118,642.69	18.53	16.85	15.05	18.48	16.41	14.78	27,023.91	28,442.94	29,937.06	5,537.60	6,088.72	6,815.32	26,986.41	28,607.76	30,183.56	5,520.33	6,217.62	6,902.93	股东回报和收入指引上调
	金沙中国有限公司	1928.HK	118,568.01	-	-	-	14.57	12.01	11.33	-	-	-	-	-	-	7,888.33	8,438.33	8,953.50	1,037.97	1,259.19	1,334.18
	海底捞	6862.HK	63,989.52	12.28	11.61	11.13	12.15	11.03	10.08	46,113.89	47,795.14	48,749.64	4,506.10	4,765.95	4,971.13	46,722.08	50,114.19	53,385.20	4,528.07	4,988.89	5,459.64	期待战略聚焦下的新成长周期
	美高梅中国	2282.HK	38,989.96	8.82	8.50	8.09	8.81	7.40	8.09	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	4,727.50	15.73	13.40	11.58	-	-	-	12,500.88	14,397.46	16,238.76	2,038.64	2,392.43	2,768.32	-	-	-	-	-	-	2Q26前瞻：供应链和零售收入延续高增
	永利澳门	1128.HK	31,091.88	8.81	8.22	7.81	7.63	6.91	7.81	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	18,811.67	15.31	13.36	11.67	17.27	14.65	12.81	14,110.38	14,524.59	15,177.76	1,228.43	1,407.66	1,611.97	14,155.91	14,604.37	15,094.42	1,169.71	1,378.38	1,576.25	经营改革提质增效
	宋城演艺	300144.SZ	15,574.98	16.92	15.39	14.39	16.80	15.33	14.22	2,437.58	2,577.18	2,684.75	920.63	1,012.30	1,082.47	2,429.63	2,582.02	2,718.47	926.91	1,015.96	1,095.28	积极推进轻资产输出及中台建设
	首旅酒店	600258.SH	13,656.06	14.70	12.79	11.98	14.56	12.93	11.73	7,673.10	7,959.34	8,247.61	929.19	1,067.36	1,139.48	7,808.42	8,056.24	8,300.35	937.72	1,055.89	1,164.28	1Q26经营效率持续优化
	颐海国际	1579.HK	15,757.84	14.27	13.12	12.11	14.11	12.84	11.79	7,043.19	7,523.31	7,966.82	955.02	1,038.86	1,125.43	7,114.55	7,634.58	8,155.87	960.41	1,055.50	1,149.54	看好利润率再优化和第三方增长提速
	澳博控股	0880.HK	10,652.71	19.52	9.21	6.16	8.64	4.74	6.16	25,457.95	26,664.54	28,351.83	545.77	1,156.45	1,729.73	25,578	27,150	28,352	1,232.38	2,249.50	1,730	Q4卫星场出清阵痛延续
	小菜园	0999.HK	9,518.04	13.98	11.64	10.12	13.30	10.90	9.94	5,526.48	6,323.80	7,179.41	588.83	707.03	813.41	5,657.54	6,548.33	7,265.83	615.42	750.80	823.81	主动调整下堂食修复亮眼
	广州酒家	603043.SH	7,658.11	15.08	13.84	13.01	14.69	13.81	13.05	5,707.53	6,029.81	6,336.37	507.68	553.25	588.50	5,715.02	6,067.82	6,418.64	521.25	554.35	586.63	1Q26经营韧性延续
	新濠国际发展	0200.HK	7,735.09	-	-	-	10.54	4.49	-	-	-	-	-	-	-	41,445	44,278	-	734	1,723	-
	特海国际	9658.HK	7,283.35	24.85	18.89	14.76	20.17	15.54	12.59	910.04	1,005.81	1,106.00	37.38	49.17	62.93	935.34	1,049	1,166.33	46.05	59.78	73.79	Q1经营利润端改善已现
	万物新生	RERE.N	912.14	11.07	7.66	5.73	-	-	-	26,772.71	32,680.07	39,327.02	558.77	807.89	1,080.24	-	-	-	-	-	-	Q1收入增长超指引上限
	茶百道	2555.HK	7,033.54	6.59	5.66	4.99	6.59	5.75	5.00	6,200.56	6,966.82	7,750.83	922.90	1,074.19	1,218.98	6,013.52	6,738.49	7,579.66	917.67	1,052.73	1,208.94	2H盈利能力和开店节奏改善
轻工	创科实业	0669.HK	261,729.21	22.60	19.45	16.94	22.80	19.92	17.52	16,246.52	17,726.94	19,275.35	1,476.37	1,715.45	1,969.51	16,335.52	17,705.16	19,135.03	1,464.07	1,675.77	1,905.01	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	61,584.82	39.39	26.99	20.55	43.21	28.24	22.11	16,595.00	19,222.39	22,191.38	1,351.93	1,973.14	2,591.24	16,588.07	19,378.29	22,362.23	1,225.73	1,875.27	2,395.75	关注H2雾化业务经营势能向上
	太阳纸业	002078.SZ	39,016.71	11.17	10.13	9.23	10.66	9.59	8.70	42,329.37	45,473.61	48,383.07	3,493.03	3,853.10	4,227.45	43,099.79	46,193.43	48,824.28	3,660.10	4,068.95	4,484.37	看好经营韧性及产能爬坡红利持续释放
	裕同科技	002831.SZ	32,891.09	17.81	16.04	14.53	18.55	16.16	14.26	19,015.35	20,736.96	22,502.49	1,846.53	2,051.09	2,264.39	18,967.08	20,962.85	23,091.55	1,772.96	2,035.76	2,306.97	包装主业稳健，新业务打开成长空间
	玖龙纸业	2689.HK	32,259.02	7.86	5.82	5.45	7.64	6.14	5.50	69,787.38	74,688.48	79,883.70	3,550.30	4,794.65	5,116.74	71,757.08	76,470.50	81,016.90	3,632.08	4,520.92	5,044.73	量价齐升推动FY26盈利修复
	顾家家居	603816.SH	22,985.95	10.96	9.75	8.70	11.25	10.22	9.30	22,141.12	24,256.03	26,450.53	2,096.33	2,358.59	2,643.39	21,529.02	23,255.42	25,158.81	2,044.03	2,248.95	2,472.59	内贸零售转型及外贸深耕凸显经营韧性
	晨光股份	603899.SH	20,339.82	13.98	12.65	11.50	13.78	12.37	11.18	27,756.39	30,259.29	32,744.52	1,455.35	1,607.36	1,768.46	27,593.57	30,223.05	32,954	1,476.50	1,644.32	1,819.77	Q1平稳开局，零售大店收入增长提速
	欧派家居	603833.SH	19,425.67	8.35	7.68	7.13	9.53	8.92	8.41	18,276.77	19,321.01	20,366.28	2,327.24	2,529.47	2,724.17	17,333.10	18,130.06	19,047.29	2,038.51	2,178.64	2,308.88	分红比例提升，需求磨底待改善
	康耐特光学	2276.HK	19,910.86	24.11	19.11	15.47	24.55	19.53	15.88	2,501.87	3,000.32	3,483.05	714.01	901.12	1,113.05	2,545.54	3,028.80	3,557.83	697.64	876.89	1,078.02	看好H2主业提速及XR业务稳步放量
	布鲁可	0325.HK	19,690.82	19.94	14.82	11.17	20.39	15.91	12.69	3,801.54	4,969.43	6,482.32	853.82	1,149.19	1,523.71	3,823.66	4,814.62	5,978.27	830.48	1,064.57	1,335.00	出海表现亮眼，成人向/积木车等多点开花
	稳健医疗	300888.SZ	16,917.82	15.85	14.06	12.51	17.04	14.63	13.26	11,856.34	12,802.09	13,796.21	1,067.12	1,203.32	1,352.18	12,199.62	13,590.54	14,891.96	992.58	1,156.53	1,276.00	Q1平稳开局，减值等阶段性扰动利润
	中烟香港	6055.HK	16,392.82	18.10	14.65	12.93	16.07	13.01	11.44	12,030.94	14,602.45	15,760.12	905.75	1,119.16	1,267.97	14,389.80	15,773.74	17,271.29	1,019.96	1,260.25	1,433.10	H1业绩阶段承压，期待H2经营改善
	居然智家	000785.SZ	13,824.05	-	-	-	26.39	22.73	20.07	-	-	-	-	-	-	11,593.40	12,283.20	12,876.50	523.80	608.20	688.75
	奥瑞金	002701.SZ	11,877.29	9.28	8.42	7.74	9.47	8.57	7.86	26,583.09	28,151.02	29,675.78	1,280.22	1,411.38	1,533.96	26,012.48	27,645.67	29,053.94	1,254.09	1,385.41	1,511.44	公司持续夯实规模并实现盈利改善
	中顺洁柔	002511.SZ	9,006.40	-	-	-	19.75	16.41	13.93	-	-	-	-	-	-	9,493.14	10,239.86	10,992.67	456	548.86	646.50
	泉峰控股	2285.HK	10,387.76	8.14	7.53	6.87	9.63	8.37	7.08	1,899.13	2,108.48	2,323.84	162.62	175.94	192.86	1,850.56	2,093.53	2,337.74	137.58	158.30	187.14	业务结构优化及退税带动利润表现亮眼
	山鹰国际	600567.SH	8,253.26	-	-	-	66.56	20.89	13.00	-	-	-	-	-	-	31,214	33,772	36,443	124	395	635
	索菲亚	002572.SZ	7,791.05	7.70	7.06	6.51	7.74	7.10	6.50	9,874.79	10,583.12	11,334.65	1,011.61	1,102.92	1,197.59	9,624.82	10,089.76	10,718.75	1,006.35	1,097.76	1,198.12	关注需求复苏进程及分红比例提升
纺服	安踏体育	2020.HK	207,232.01	11.46	11.29	10.19	12.21	11.32	10.21	88,683.00	97,922.00	107,713.00	15,641.00	15,869.00	17,581.00	87,978.57	96,083.33	104,597.12	14,601.78	15,748.77	17,449.38	2Q经营指标健康电商流水靓丽
	亚玛芬体育	AS.N	18,984.85	27.59	20.82	17.34	-	-	-	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	62,924.89	9.34	8.45	7.66	9.22	8.31	7.60	32,230.67	34,489.69	36,732.00	5,825.00	6,440.00	7,105.00	32,376.45	34,531.19	36,897.32	5,871.00	6,512.02	7,117.18	关税及汇兑致2H25盈利承压
	波司登	3998.HK	54,513.31	11.80	10.97	10.22	12.54	10.92	10.18	27,350.00	29,246.00	31,248.00	3,994.40	4,297.00	4,610.00	27,349.98	29,108.57	30,945.88	3,994.38	4,295.29	4,607.57	产品创新与品牌引领FY26稳健增长
	华利集团	300979.SZ	38,791.08	12.82	9.71	8.51	12.06	10.28	9.15	24,311.00	27,105.00	29,829.00	3,025.00	3,996.00	4,559.00	25,680.94	27,976.74	30,208.49	3,216.58	3,775.01	4,240.72	1Q26量价利承压静待盈利改善
	李宁	2331.HK	36,833.60	11.09	9.74	8.63	11.22	9.98	8.92	31,852.93	34,791.58	37,846.41	2,871.86	3,268.73	3,689.89	31,369.30	33,470.88	35,699.07	2,824.61	3,175.03	3,551.12	2Q26零售动销逆风下保障库存良性
	海澜之家	600398.SH	28,336.34	-	-	-	12.22	11.25	10.33	-	-	-	-	-	-	23,603.60	25,587.27	27,752.20	2,318.32	2,517.78	2,742.68
	晶苑国际	2232.HK	20,540.32	10.68	9.52	8.49	10.40	9.28	8.31	2,853.51	3,151.28	3,454.49	245.14	275.08	308.50	2,880.14	3,134.09	3,408.08	251.81	282.23	315.07	2H25产能瓶颈下收入稳健且盈利提升
	森马服饰	002563.SZ	15,383.25	14.55	12.91	11.71	14.02	12.76	11.57	16,152.00	17,243.00	18,277.58	1,057.42	1,191.12	1,314.24	16,115.60	17,189.39	18,289.83	1,097.21	1,205.50	1,329.03	26Q2毛利率优化带动净利率提升
	比音勒芬	002832.SZ	13,862.48	19.75	17.14	15.17	19.36	16.30	14.37	5,033.74	5,682.51	6,327.00	702.00	809.00	914.00	5,014.04	5,671.51	6,351.99	716.22	850.48	964.97	26年步入收获期开启新一轮高成长
	伟星股份	002003.SZ	12,423.90	18.27	16.18	14.57	18.11	15.84	14.14	5,163.18	5,739.15	6,322.88	679.90	767.93	852.48	5,292.53	5,805.63	6,346.24	686.21	784.55	878.35	1Q26成本上涨及汇兑损失影响盈利
	百隆东方	601339.SH	11,816.60	11.91	11.06	10.44	12.09	11.30	10.42	9,007.98	9,751.05	10,242.70	992.03	1,067.99	1,131.38	8,854.90	9,486.53	10,198.15	977.22	1,045.87	1,133.94	26H1盈利及现金流靓丽
	361度	1361.HK	10,643.32	6.20	5.56	5.01	6.28	5.71	5.22	12,409.00	13,719.00	15,090.90	1,485.00	1,655.00	1,837.05	12,184.95	13,278.96	14,413.27	1,457.27	1,602.99	1,754.67	1H26业绩稳健，全球化构筑新叙事
	特步国际	1368.HK	9,866.91	6.94	6.15	5.39	6.86	6.02	5.50	14,510.00	15,175.00	16,269.00	1,230.00	1,387.00	1,583.00	14,604.30	15,524.58	16,498.39	1,236.33	1,409.33	1,543.25	主品牌承压蓄力与索康尼逆势稳增
	滔搏	6110.HK	7,348.45	5.02	5.83	6.93	5.06	5.26	5.21	25,739.90	22,992.32	20,011.28	1,266.80	1,090.33	917.08	25,739.90	24,255.79	23,640.10	1,266.80	1,200.37	1,214.00	因耐克收回线上销售权下调目标价
农业	牧原股份	002714.SZ	222,470.15	N/A	7.06	8.16	41.70	8.35	8.73	110,945.00	138,648.40	130,225.40	-2,021.81	31,506.80	27,280.02	127,510.26	154,515.51	150,772.53	5,409.01	27,011.69	25,834.81	成本领先构筑穿越周期基石
	金龙鱼	300999.SZ	135,594.00	28.52	19.70	15.89	31.50	26.74	22.34	275,056.00	311,730.00	350,687.00	4,753.74	6,883.54	8,534.27	264,270.30	281,764.68	306,964.89	4,304.96	5,071.51	6,068.82	26H1两大主业量价齐增
	温氏股份	300498.SZ	90,426.90	65.07	6.13	9.52	44.18	7.52	7.28	95,462.78	113,085.53	110,499.31	1,389.73	14,750.57	9,501.49	99,458.69	115,109.08	119,445.80	2,046.87	12,019.95	12,423.27	成本持续精进，双主业优势显现
	海大集团	002311.SZ	75,849.55	15.77	11.22	10.29	15.44	11.79	10.50	148,629.27	158,908.76	169,386.22	4,810.82	6,758.85	7,374.73	147,589.70	164,776.40	180,633.44	4,911.59	6,431.83	7,225.61	成长与红利兼具，关注估值修复机会
	新希望	000876.SZ	31,069.15	-	-	-	284.70	13.06	13.76	-	-	-	-	-	-	110,061.67	126,549	132,200.33	109.13	2,379.64	2,257.87
	圣农发展	002299.SZ	19,884.33	15.95	11.42	10.05	15.99	11.82	9.87	23,052.00	24,517.65	25,779.59	1,246.28	1,741.38	1,978.46	22,143.64	24,296.86	26,434.93	1,243.44	1,682.47	2,013.93	降本与增值驱动公司逆势增长
	德康农牧	2419.HK	20,221.53	N/A	3.89	5.35	43.28	4.00	3.87	21,853.47	30,410.47	31,258.78	-1,136.73	4,495.94	3,270.83	24,384.50	33,142.28	38,122.67	401.84	4,352.21	4,499.38	期货套保、降本增效缓解猪价压力
	神农集团	605296.SH	15,907.95	-	-	-	105.01	19.04	14.92	-	-	-	-	-	-	5,733.64	7,142.46	7,889.57	151.49	835.64	1,065.88
	乖宝宠物	301498.SZ	15,382.16	21.31	17.10	13.53	20.51	16.60	13.84	8,411.13	10,513.55	12,915.45	721.92	899.50	1,137.12	8,062.62	9,668.34	11,462.64	750.03	926.71	1,111.51	拟收购K9中国品牌加速高端化布局
	大北农	002385.SZ	13,611.58	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
	益生股份	002458.SZ	12,723.31	-	-	-	14.97	12.85	15.57	-	-	-	-	-	-	3,600.92	4,026.28	4,264.23	850.16	990.41	817.18
	隆平高科	000998.SZ	12,269.89	44.51	31.12	23.91	34.66	27.01	21.50	8,695.14	8,918.80	9,050.53	275.67	394.29	513.11	9,175.45	9,934.44	10,638.20	353.99	454.28	570.72	26H1内外因素共振致业绩承压
	中宠股份	002891.SZ	9,415.51	19.09	13.69	9.78	21.25	16.23	12.87	6,819.70	8,585.64	10,881.11	493.32	687.60	962.78	6,500.06	7,880.58	9,558.64	443.14	580.24	731.81	自主品牌加速放量,费用投放战略加码
	瑞普生物	300119.SZ	8,328.40	17.77	13.58	10.61	17.89	14.74	11.80	3,770.63	4,526.78	5,642.99	468.61	613.40	784.75	3,874.61	4,558.27	5,416.69	465.45	564.96	705.85	微生物蛋白项目稳步推进
	登海种业	002041.SZ	8,148.80	56.80	49.22	40.71	54.51	44.50	40.58	1,258.80	1,384.68	1,503.11	143.46	165.57	200.18	1,267.60	1,422.20	1,487.50	149.49	183.11	200.79	玉米种子库存压力逐步消化
	巨星农牧	603477.SH	7,504.76	-	-	-	N/A	8.59	8.10	-	-	-	-	-	-	7,842.76	9,517.38	10,198.88	-78.55	873.20	926.85
	中牧股份	600195.SH	6,851.90	-	-	-	25.37	19.09	19.74	-	-	-	-	-	-	7,203.61	7,965.90	8,162	270.11	358.93	347.19
	新五丰	600975.SH	6,123.34	-	-	-	N/A	23.22	16.03	-	-	-	-	-	-	6,827	9,438	12,082	-428.26	263.75	382
	科前生物	688526.SH	6,101.62	-	-	-	14.33	12.49	10.98	-	-	-	-	-	-	1,006.46	1,166.73	1,311.90	425.73	488.64	555.55