<p>麥格理髮布了一份關於亞洲消費品行業的研究報告，建議投資者增持香港和中國大陸的消費品板塊，特別是調味品和啤酒生產等供應鏈公司，因為市場目前正處於整合階段。預計價格將在 2026 年下半年上漲。對於消費品可選板塊，由於市場動能較弱，券商建議投資者在選擇投資目標時更加謹慎和挑剔。</p>
<p>券商指出，原材料價格上漲已成為市場共識，一些投資者認為供應中斷風險超過定價風險。它認為這為消費品提供了支持，行業整合預計將幫助公司扭轉銷售下滑趨勢，恢復正增長。</p>
<p>券商提到，東鵬飲料（09980.HK）+1.800 (+0.877%) 和明明亨茫（01768.HK）+17.400 (+4.350%) 的空頭交易額為 224 萬美元；比例為 3.382%，引發了討論，而對乳製品行業的看法則存在分歧。一些投資者對國內嬰兒配方奶粉品牌在外國競爭對手面臨產品召回問題時獲得市場份額表示關注。</p>
<p>在可選消費方面，券商表示運動服裝，特別是申洲國際（02313.HK）-0.140 (-0.293%) 和安踏體育（02020.HK）-0.200 (-0.240%)，仍然是最擁擠的投資領域。然而，市場對它們前景的信心不足，投資者傾向於退出並保持觀望。對泡泡瑪特（09992.HK）-0.400 (-0.256%) 的看法高度分化，空頭交易額為 2.5122 億美元；比例為 26.042%。</p>
<p>旅遊仍然是最受歡迎的主題，儘管投資者對高油價帶來的需求風險持謹慎態度。他們認為更專注於國內旅遊的阿圖爾生活方式（ATAT.US）和華住集團（01179.HK）-1.040 (-2.533%)，相對受到的影響較小。在澳門博彩行業，市場共識將其視為一種收入生成的投資，偏好高股息股票，如永利澳門（01128.HK）+0.040 (+0.712%)。至於黃金珠寶，鑑於其低估值水平，投資者同樣關注股息收益表現。（ss/j）（香港股票報價延遲至少 15 分鐘。空頭交易數據截至 2026 年 4 月 27 日 12:25。）（實時流媒體美國股票報價；除所有場外交易報價外，均至少延遲 15 分鐘。）</p>
<p>本文由 AI 自動翻譯，中文版本應視為權威版本。AASTOCKS.com Limited 不保證其準確性或完整性，並對因使用本翻譯而產生的任何損害或損失不承擔任何責任。</p>

永利澳門

東鵬飲料

塔吉特

開市客

克羅格

<p>麥格理建議對香港和中國大陸的餐飲供應鏈股票持超配倉位，預計 2026 年下半年價格將上漲。由於動能減弱，建議投資者在可選消費領域保持選擇性。原材料價格上漲支撐消費品，而行業整合可能會扭轉銷售下滑的趨勢。對乳製品行業的看法不一，運動服裝領域的情緒謹慎。旅遊行業仍然受到青睞，但對高油價表示擔憂。澳門博彩行業被視為收入生成的積極領域，重點關注高股息股票</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>麥格理髮布了一份關於亞洲消費品行業的研究報告，建議投資者增持香港和中國大陸的消費品板塊，特別是調味品和啤酒生產等供應鏈公司，因為市場目前正處於整合階段。預計價格將在 2026 年下半年上漲。對於消費品可選板塊，由於市場動能較弱，券商建議投資者在選擇投資目標時更加謹慎和挑剔。</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，原材料價格上漲已成為市場共識，一些投資者認為供應中斷風險超過定價風險。它認為這為消費品提供了支持，行業整合預計將幫助公司扭轉銷售下滑趨勢，恢復正增長。</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，東鵬飲料（09980.HK）+1.800 (+0.877%) 和明明亨茫（01768.HK）+17.400 (+4.350%) 的空頭交易額為 224 萬美元；比例為 3.382%，引發了討論，而對乳製品行業的看法則存在分歧。一些投資者對國內嬰兒配方奶粉品牌在外國競爭對手面臨產品召回問題時獲得市場份額表示關注。</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>在可選消費方面，券商表示運動服裝，特別是申洲國際（02313.HK）-0.140 (-0.293%) 和安踏體育（02020.HK）-0.200 (-0.240%)，仍然是最擁擠的投資領域。然而，市場對它們前景的信心不足，投資者傾向於退出並保持觀望。對泡泡瑪特（09992.HK）-0.400 (-0.256%) 的看法高度分化，空頭交易額為 2.5122 億美元；比例為 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>旅遊仍然是最受歡迎的主題，儘管投資者對高油價帶來的需求風險持謹慎態度。他們認為更專注於國內旅遊的阿圖爾生活方式（ATAT.US）和華住集團（01179.HK）-1.040 (-2.533%)，相對受到的影響較小。在澳門博彩行業，市場共識將其視為一種收入生成的投資，偏好高股息股票，如永利澳門（01128.HK）+0.040 (+0.712%)。至於黃金珠寶，鑑於其低估值水平，投資者同樣關注股息收益表現。（ss/j）（香港股票報價延遲至少 15 分鐘。空頭交易數據截至 2026 年 4 月 27 日 12:25。）（實時流媒體美國股票報價；除所有場外交易報價外，均至少延遲 15 分鐘。）</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 自動翻譯，中文版本應視為權威版本。AASTOCKS.com Limited 不保證其準確性或完整性，並對因使用本翻譯而產生的任何損害或損失不承擔任何責任。</p>
</div>

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

AASTOCKS News

Macquarie Group Limited

麥格里(ADR)

鳴鳴很忙

申洲國際

安踏體育

泡泡瑪特

亞朵

華住集團-S

華住酒店

神舟國際(ADR)

安踏體育-R

POP MART HK SDR 20to1

麥格理建議增持香港和內地餐飲供應鏈股票；可選消費行業的動能減弱