<p>麦格理发布了一份关于亚洲消费品行业的研究报告，建议投资者增持香港和中国大陆的消费品板块，特别是调味品和啤酒生产等供应链公司，因为市场目前正处于整合阶段。预计价格将在 2026 年下半年上涨。对于消费品可选板块，由于市场动能较弱，券商建议投资者在选择投资目标时更加谨慎和挑剔。</p>
<p>券商指出，原材料价格上涨已成为市场共识，一些投资者认为供应中断风险超过定价风险。它认为这为消费品提供了支持，行业整合预计将帮助公司扭转销售下滑趋势，恢复正增长。</p>
<p>券商提到，东鹏饮料（09980.HK）+1.800 (+0.877%) 和明明亨茫（01768.HK）+17.400 (+4.350%) 的空头交易额为 224 万美元；比例为 3.382%，引发了讨论，而对乳制品行业的看法则存在分歧。一些投资者对国内婴儿配方奶粉品牌在外国竞争对手面临产品召回问题时获得市场份额表示关注。</p>
<p>在可选消费方面，券商表示运动服装，特别是申洲国际（02313.HK）-0.140 (-0.293%) 和安踏体育（02020.HK）-0.200 (-0.240%)，仍然是最拥挤的投资领域。然而，市场对它们前景的信心不足，投资者倾向于退出并保持观望。对泡泡玛特（09992.HK）-0.400 (-0.256%) 的看法高度分化，空头交易额为 2.5122 亿美元；比例为 26.042%。</p>
<p>旅游仍然是最受欢迎的主题，尽管投资者对高油价带来的需求风险持谨慎态度。他们认为更专注于国内旅游的阿图尔生活方式（ATAT.US）和华住集团（01179.HK）-1.040 (-2.533%)，相对受到的影响较小。在澳门博彩行业，市场共识将其视为一种收入生成的投资，偏好高股息股票，如永利澳门（01128.HK）+0.040 (+0.712%)。至于黄金珠宝，鉴于其低估值水平，投资者同样关注股息收益表现。（ss/j）（香港股票报价延迟至少 15 分钟。空头交易数据截至 2026 年 4 月 27 日 12:25。）（实时流媒体美国股票报价；除所有场外交易报价外，均至少延迟 15 分钟。）</p>
<p>本文由 AI 自动翻译，中文版本应视为权威版本。AASTOCKS.com Limited 不保证其准确性或完整性，并对因使用本翻译而产生的任何损害或损失不承担任何责任。</p>

永利澳门

东鹏饮料

塔吉特

开市客

克罗格

<p>麦格理建议对香港和中国大陆的餐饮供应链股票持超配仓位，预计 2026 年下半年价格将上涨。由于动能减弱，建议投资者在可选消费领域保持选择性。原材料价格上涨支撑消费品，而行业整合可能会扭转销售下滑的趋势。对乳制品行业的看法不一，运动服装领域的情绪谨慎。旅游行业仍然受到青睐，但对高油价表示担忧。澳门博彩行业被视为收入生成的积极领域，重点关注高股息股票</p>

<p>Macquarie published a research report on the Asian consumer sector, recommending investors to Overweight the Hong Kong and mainland China consumer staples segment, particularly catering supply chain companies such as condiment and beer producers, as the market is currently in a consolidation phase. Prices may rise in 2H26. For the consumer discretionary segment, given weaker market momentum, the broker advises investors to be more selective and cautious in choosing investment targets.</p>
<div class="lb-trans"><p>麦格理发布了一份关于亚洲消费品行业的研究报告，建议投资者增持香港和中国大陆的消费品板块，特别是调味品和啤酒生产等供应链公司，因为市场目前正处于整合阶段。预计价格将在 2026 年下半年上涨。对于消费品可选板块，由于市场动能较弱，券商建议投资者在选择投资目标时更加谨慎和挑剔。</p>
</div><p>The broker noted that rising raw material prices have become a market consensus, with some investors believing that supply disruption risks outweigh pricing risks. It believes this provides support to consumer staples, and industry consolidation is expected to help companies reverse declining sales trends and resume positive growth.</p>
<div class="lb-trans"><p>券商指出，原材料价格上涨已成为市场共识，一些投资者认为供应中断风险超过定价风险。它认为这为消费品提供了支持，行业整合预计将帮助公司扭转销售下滑趋势，恢复正增长。</p>
</div><p>The broker mentioned that Eastroc Beverage (09980.HK) +1.800 (+0.877%)  and Mingming Henmang (01768.HK) +17.400 (+4.350%)  Short selling $2.24M; Ratio 3.382%  have attracted discussion, while views on the dairy sector are mixed. Some investors are interested in domestic infant formula brands gaining market share as foreign competitors face product recall issues.</p>
<div class="lb-trans"><p>券商提到，东鹏饮料（09980.HK）+1.800 (+0.877%) 和明明亨茫（01768.HK）+17.400 (+4.350%) 的空头交易额为 224 万美元；比例为 3.382%，引发了讨论，而对乳制品行业的看法则存在分歧。一些投资者对国内婴儿配方奶粉品牌在外国竞争对手面临产品召回问题时获得市场份额表示关注。</p>
</div><p>In discretionary consumption, the broker said sportswear, particularly Shenzhou International (02313.HK) -0.140 (-0.293%)  Short selling $7.44M; Ratio 9.188%  and ANTA Sports (02020.HK) -0.200 (-0.240%)  Short selling $42.83M; Ratio 30.940%  , remains the most crowded positioning area. However, market confidence in their outlook is insufficient, with investors tending to exit and stay on the sidelines. Views on Pop Mart (09992.HK) -0.400 (-0.256%)  Short selling $251.22M; Ratio 26.042%  are highly divided.</p>
<div class="lb-trans"><p>在可选消费方面，券商表示运动服装，特别是申洲国际（02313.HK）-0.140 (-0.293%) 和安踏体育（02020.HK）-0.200 (-0.240%)，仍然是最拥挤的投资领域。然而，市场对它们前景的信心不足，投资者倾向于退出并保持观望。对泡泡玛特（09992.HK）-0.400 (-0.256%) 的看法高度分化，空头交易额为 2.5122 亿美元；比例为 26.042%。</p>
</div><p>Travel remains the most favored theme, though investors are wary of demand risks stemming from high oil prices. They believe Atour Lifestyle (ATAT.US) and H World Group (01179.HK) -1.040 (-2.533%)  Short selling $3.68M; Ratio 20.441%  , which are more focused on domestic tourism, are relatively less affected. In the Macau gaming sector, market consensus views it as an income-generating play, favoring high-dividend stocks such as Wynn Macau (01128.HK) +0.040 (+0.712%)  Short selling $1.70M; Ratio 17.324%  . As for gold jewelry, given its low valuation levels, investors are likewise focusing on dividend yield performance. (ss/j)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-04-27 12:25.) (Real-time Streaming US Stocks Quote; Except All OTC quotes are at least 15 minutes delayed.)</p>
<div class="lb-trans"><p>旅游仍然是最受欢迎的主题，尽管投资者对高油价带来的需求风险持谨慎态度。他们认为更专注于国内旅游的阿图尔生活方式（ATAT.US）和华住集团（01179.HK）-1.040 (-2.533%)，相对受到的影响较小。在澳门博彩行业，市场共识将其视为一种收入生成的投资，偏好高股息股票，如永利澳门（01128.HK）+0.040 (+0.712%)。至于黄金珠宝，鉴于其低估值水平，投资者同样关注股息收益表现。（ss/j）（香港股票报价延迟至少 15 分钟。空头交易数据截至 2026 年 4 月 27 日 12:25。）（实时流媒体美国股票报价；除所有场外交易报价外，均至少延迟 15 分钟。）</p>
</div><p>This article was automatically translated by AI, the Chinese version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation.</p>
<div class="lb-trans"><p>本文由 AI 自动翻译，中文版本应视为权威版本。AASTOCKS.com Limited 不保证其准确性或完整性，并对因使用本翻译而产生的任何损害或损失不承担任何责任。</p>
</div>

Macquarie Recommends Overweight on Hong Kong and Mainland Catering Supply Chain Stocks; Weaker Momentum in Discretionary Sector

AASTOCKS News

Macquarie Group Limited

麦格里(ADR)

鸣鸣很忙

申洲国际

安踏体育

泡泡玛特

亚朵

华住集团-S

华住酒店

神舟国际(ADR)

安踏体育-R

POP MART HK SDR 20to1

麦格理建议增持香港和内地餐饮供应链股票；可选消费行业的动能减弱