Investment Rating - The report maintains an "Outperform the Market" rating for the food and beverage sector [4][5][15]. Core Views - The food and beverage sector is expected to see a recovery in consumer demand as the year-end approaches, with a positive outlook for 2026 [3][10]. - The report highlights a differentiation in the performance of various sub-sectors, with beverages outperforming food and alcoholic beverages [2][10]. - Key investment opportunities are identified in leading companies within the sector, particularly those with strong growth potential and market positioning [3][10][15]. Summary by Relevant Sections 1. Sector Overview - The food and beverage sector has shown a slight increase of 0.03% this week, with A-shares remaining flat and H-shares up by 0.47% [1]. - The top performers in the sector include Hai Xin Food, Jia Long Co., and Yan Tang Dairy, with significant weekly gains [1]. 2. Sub-sector Analysis - **Alcoholic Beverages**: The report indicates that the liquor sector is in a bottoming phase, with premium brands like Moutai and Luzhou Laojiao expected to gain market share [2][10]. - **Beverages**: The beverage sector is experiencing stable demand recovery, with leading companies like Nongfu Spring and Dongpeng Beverage recommended for investment [2][14]. - **Food**: The snack segment is highlighted for its growth potential, particularly in konjac products, with companies like Wei Long and Yan Jin Pu Zi recommended [2][11]. 3. Investment Recommendations - The recommended investment portfolio includes Moutai, Baba Foods, Dongpeng Beverage, Wei Long, and Luzhou Laojiao, reflecting a diverse range of opportunities across the sector [3][15]. - The report emphasizes the importance of focusing on companies with strong fundamentals and growth trajectories, particularly in the context of changing consumer preferences and market dynamics [2][10][15]. 4. Earnings Forecasts - Earnings forecasts for key companies indicate a positive growth trajectory, with Moutai expected to achieve revenues of approximately 183.5 billion yuan by 2027, reflecting a compound annual growth rate [4][15]. - Other companies like Dongpeng Beverage and Baba Foods are also projected to see significant revenue growth, driven by market expansion and product innovation [15][17].

证券研究报告 | 2025年12月01日 主动量化策略周报 CANSLIM 行业轮动策略 12 月配置建议： 关注钢铁、银行、建筑、公用事业、电新等行业 核心观点 金融工程周报 本报告对 CANSLIM 行业轮动策略的样本外表现进行跟踪，从多个维度解析 行业景气度情况并最终给出月度行业配置建议，以供投资者参考。 行业轮动因子表现 上月以来（20251103-20251128），超大单资金净流入金额占比和券商金股 行业变动因子表现较好，SUE、PB 和单季度 ROE 增速因子表现较差； 今年以来（20250102-20251128），公募重仓股动量、SUE 和分析师认可 度和因子表现较好，而成交量调节动量、公募基金持仓行业变动和超大单资 金净流入金额占比因子表现较差。 上月组合绩效回顾 上月以来（20251103-20251128），行业轮动组合收益率-1.09%，同期中 信一级行业等权指数收益率-1.16%，组合超额收益率 0.08%。 今年以来（20250102-20251031），行业轮动组合收益率 20.48%，同期中 信一级行业等权指数收益率 20.20%，组合超额收益率 0.28%。 本月组合推荐情 ...

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [1][4]. Core Viewpoints - The company is focusing on core business growth and adhering to a new product-driven strategy, with a stable operating status and positive expectations for the restaurant sector and downstream channel expansion [2][3]. - The company is expected to benefit from improved restaurant expectations and channel expansion, with a good performance anticipated in the fourth quarter due to a low base in the restaurant channel and normal shipment rhythm in the third quarter [2][8]. Summary by Relevant Sections Business Strategy - The company is shifting from a past channel expansion strategy to a new product-driven growth path, optimizing product combinations while expanding the market [3]. - The "Lock Fresh" series has maintained good growth momentum and profit levels even in a weak market environment, with expectations for the upgraded 6.0 series to drive revenue growth and profit improvement in prepared foods [3]. Channel Management - The company is enhancing its channel management, focusing on customized strategies for supermarkets and new retail channels, and is actively collaborating with major retail systems like Walmart and Metro [8]. - The company aims to improve its supply chain responsiveness and flexible production capabilities through differentiated operations tailored to the characteristics of various channels [8]. Financial Forecasts - The company is projected to achieve total revenue of 15.76 billion, 17.01 billion, and 18.25 billion yuan for 2025-2027, with year-on-year growth rates of 4.2%, 7.9%, and 7.3% respectively [2][8]. - The expected net profit attributable to the parent company is 1.42 billion, 1.54 billion, and 1.66 billion yuan for the same period, with year-on-year changes of -4.4%, 8.8%, and 7.2% respectively [2][8].

Quantitative Models and Construction Methods - **Model Name**: Securities Firm Golden Stock Performance Enhancement Portfolio **Model Construction Idea**: The model aims to optimize the selection of stocks from the securities firm golden stock pool, using a multi-factor approach to achieve stable outperformance relative to the benchmark index (Active Equity Hybrid Fund Index) [37][42] **Model Construction Process**: 1. The securities firm golden stock pool is used as the stock selection space and constraint benchmark [42] 2. The portfolio optimization method is applied to control deviations in individual stocks and styles between the portfolio and the golden stock pool [42] 3. The industry allocation is based on the distribution of all public funds [42] 4. The portfolio's benchmark is the Active Equity Hybrid Fund Index, and the portfolio's position last month was 90.48% [37] **Model Evaluation**: The model demonstrates strong alpha generation potential and stable performance, consistently outperforming the benchmark index over multiple years [42][43] Model Backtesting Results - **Securities Firm Golden Stock Performance Enhancement Portfolio**: - **Absolute Return (Monthly)**: -1.06% [41] - **Excess Return (Monthly)**: 1.39% relative to the Active Equity Hybrid Fund Index [41] - **Absolute Return (Year-to-Date)**: 33.65% [41] - **Excess Return (Year-to-Date)**: 4.42% relative to the Active Equity Hybrid Fund Index [41] - **Ranking in Active Equity Funds (Year-to-Date)**: 35.37% percentile (1227/3469) [41] - **Annualized Return (2018-2025)**: 19.34% [43] - **Annualized Excess Return (2018-2025)**: 14.38% relative to the Active Equity Hybrid Fund Index [43] - **Performance Ranking (2018-2025)**: Top 30% of active equity funds every year [43] Quantitative Factors and Construction Methods - **Factor Name**: Total Market Capitalization **Factor Construction Idea**: Reflects the size of a company, often used to capture size-related effects in stock returns [26][27] **Factor Evaluation**: Demonstrated strong performance both in the past month and year-to-date [26][27] - **Factor Name**: Single-Quarter Surprise (SUR) **Factor Construction Idea**: Measures the degree of earnings surprise in a single quarter, capturing the market's reaction to unexpected earnings [26][27] **Factor Evaluation**: Performed well in both the past month and year-to-date [26][27] - **Factor Name**: Single-Quarter Revenue Growth **Factor Construction Idea**: Tracks the growth rate of revenue in a single quarter, reflecting a company's operational growth [26][27] **Factor Evaluation**: Strong performance year-to-date [26][27] - **Factor Name**: EPTTM (Earnings to Price Trailing Twelve Months) **Factor Construction Idea**: A valuation factor that measures earnings relative to price over the trailing twelve months [26][27] **Factor Evaluation**: Underperformed year-to-date [26][27] - **Factor Name**: Expected Dividend Yield **Factor Construction Idea**: Captures the expected dividend income relative to the stock price, often used as an income-focused valuation metric [26][27] **Factor Evaluation**: Underperformed year-to-date [26][27] - **Factor Name**: BP (Book-to-Price Ratio) **Factor Construction Idea**: A valuation factor that measures the book value of equity relative to the stock price [26][27] **Factor Evaluation**: Underperformed year-to-date [26][27] Factor Backtesting Results - **Total Market Capitalization**: Strong performance in both the past month and year-to-date [26][27] - **Single-Quarter Surprise (SUR)**: Strong performance in both the past month and year-to-date [26][27] - **Single-Quarter Revenue Growth**: Strong performance year-to-date [26][27] - **EPTTM**: Weak performance year-to-date [26][27] - **Expected Dividend Yield**: Weak performance year-to-date [26][27] - **BP (Book-to-Price Ratio)**: Weak performance year-to-date [26][27]

- The report highlights that in November 2025, the top-performing factors in the broker's gold stock pool were total market capitalization, single-quarter revenue surprise, and SUR, while factors like intraday return, analyst net upgrade magnitude, and analyst net upgrade ratio performed poorly[3][26] - For the year 2025, the best-performing factors were total market capitalization, single-quarter revenue growth, and SUR, whereas EPTTM, expected dividend yield, and BP underperformed[3][26] - The broker's gold stock performance enhancement portfolio achieved an absolute return of -1.06% for the month (20251103-20251128) and an excess return of 1.39% relative to the mixed equity fund index[5][41] - For the year (20250102-20251128), the portfolio achieved an absolute return of 33.65% and an excess return of 4.42% relative to the mixed equity fund index, ranking in the 35.37% percentile among active equity funds[5][41] - The broker's gold stock performance enhancement portfolio has consistently outperformed the mixed equity fund index from 2018 to 2022, ranking in the top 30% of active equity funds each year[12][37][43]

证券研究报告 | 2025年12月01日 主动量化策略周报 CANSLIM 行业轮动策略 12 月配置建议： 关注钢铁、银行、建筑、公用事业、电新等行业 本报告对 CANSLIM 行业轮动策略的样本外表现进行跟踪，从多个维度解析 行业景气度情况并最终给出月度行业配置建议，以供投资者参考。 行业轮动因子表现 上月以来（20251103-20251128），超大单资金净流入金额占比和券商金股 行业变动因子表现较好，SUE、PB 和单季度 ROE 增速因子表现较差； 今年以来（20250102-20251128），公募重仓股动量、SUE 和分析师认可 度和因子表现较好，而成交量调节动量、公募基金持仓行业变动和超大单资 金净流入金额占比因子表现较差。 上月组合绩效回顾 上月以来（20251103-20251128），行业轮动组合收益率-1.09%，同期中 信一级行业等权指数收益率-1.16%，组合超额收益率 0.08%。 今年以来（20250102-20251031），行业轮动组合收益率 20.48%，同期中 信一级行业等权指数收益率 20.20%，组合超额收益率 0.28%。 本月组合推荐情况 我们借鉴 CANSL ...

- The report does not contain any specific quantitative models or factors for analysis[1][2][3] - The content primarily focuses on market performance, fund issuance, and fund performance, without detailing any quantitative models or factor construction methodologies[1][2][3]

- The report does not contain any quantitative models or factors related to quantitative investment analysis[6][12][58]

1. Report Industry Investment Rating No relevant information provided in the content. 2. Core View of the Report - Last week (from November 24, 2025, to November 28, 2025), the median weekly return of equity ETFs was 2.41%. Among broad - based ETFs, the median return of Science and Technology Innovation Board ETFs was the highest at 5.33%. Among sector - based ETFs, the median return of technology ETFs was the highest at 4.59%. Among thematic ETFs, the median return of AI ETFs was the highest at 5.90% [1][12][15]. - Last week, equity ETFs had a net redemption of 40.51 billion yuan, but the total scale increased by 41.354 billion yuan. Among broad - based ETFs, SSE 50 ETF had the largest net subscription of 2.559 billion yuan; among sector - based ETFs, consumer ETFs had the smallest net redemption of 734 million yuan; among thematic ETFs, dividend ETFs had the largest net subscription of 1.236 billion yuan [2][26]. - As of last Friday, the top three fund companies in terms of the total scale of listed, non - monetary ETFs were Huaxia, E Fund, and HuaTai - Berry. This week, four ETFs will be issued, namely Huabao CSI 300 Enhanced Strategy ETF, Bank of Communications CSI Smart - Selected Shanghai - Hong Kong - Shenzhen Technology 50 ETF, Fullgoal Hang Seng Biotechnology ETF, and Ping An SSE Science and Technology Innovation Board 50 Component ETF [5][55]. 3. Summary of Each Section ETF Performance - The median weekly return of equity ETFs was 2.41%. Among broad - based ETFs, Science and Technology Innovation Board, ChiNext, CSI 1000, CSI 500, A500, SSE 50, and SSE 300 ETFs had median returns of 5.33%, 4.61%, 3.76%, 3.11%, 2.15%, 0.46%, and 1.64% respectively. Among cross - border, commodity, monetary, and bond ETFs, the median returns were 3.19%, 2.55%, 0.02%, and - 0.17% respectively [12]. - By sector, the median returns of technology, cyclical, consumer, and large - finance sector ETFs were 4.59%, 2.44%, 1.30%, and 0.56% respectively. By thematic classification, the median returns of AI, chip, and photovoltaic ETFs were 5.90%, 4.94%, and 3.20% respectively, showing relatively strong performance, while the median returns of bank, liquor, and dividend ETFs were - 0.53%, - 0.15%, and - 0.15% respectively, showing relatively weak performance [15]. ETF Scale Change and Net Subscription/Redeem - As of last Friday, the scales of equity, cross - border, and bond ETFs were 3.5943 trillion yuan, 956.8 billion yuan, and 716.6 billion yuan respectively. The scales of commodity and monetary ETFs were relatively small, at 238.4 billion yuan and 180.5 billion yuan respectively. Among broad - based ETFs, SSE 300 and Science and Technology Innovation Board ETFs had relatively large scales [17]. - Last week, equity ETFs had a net redemption of 40.51 billion yuan and a total scale increase of 41.354 billion yuan; monetary ETFs had a net subscription of 3.777 billion yuan and a total scale increase of 3.792 billion yuan. Among broad - based ETFs, SSE 50 ETF had the largest net subscription of 2.559 billion yuan, and ChiNext - type ETFs had the largest net redemption of 7.152 billion yuan. By sector, consumer ETFs had the smallest net redemption of 734 million yuan, and technology ETFs had the largest net redemption of 16.179 billion yuan. By thematic classification, dividend ETFs had the largest net subscription of 1.236 billion yuan, and chip ETFs had the largest net redemption of 6.78 billion yuan [26][31]. ETF Benchmark Index Valuation - As of last Friday, in broad - based ETFs, ChiNext - type ETFs had relatively low valuation quantiles; by sector, consumer and large - finance ETFs had relatively moderate valuation quantiles; by thematic classification, liquor ETFs had relatively low valuation quantiles [3][43]. ETF Margin Trading and Short Selling - Overall, the short - selling volume of equity ETFs has generally shown an upward trend in the past year. As of last Thursday, the margin trading balance of equity ETFs decreased from 50.223 billion yuan in the previous week to 46.959 billion yuan, and the short - selling volume increased from 2.466 billion shares in the previous week to 2.605 billion shares. Among the top 10 ETFs in terms of average daily margin trading purchase volume and short - selling volume, Science and Technology Innovation Board ETFs and chip ETFs had relatively high average daily margin trading purchase volumes, and CSI 1000 ETFs and A500 ETFs had relatively high average daily short - selling volumes [44][50][51]. ETF Managers - As of last Friday, Huaxia Fund ranked first in the total scale of listed non - monetary ETFs, and had a relatively high management scale in multiple sub - fields such as scale - index ETFs, thematic, style, and strategy - index ETFs, and cross - border ETFs; E Fund ranked second, with a relatively high management scale in scale - index ETFs and cross - border ETFs; HuaTai - Berry Fund ranked third, with a relatively high management scale in scale - index ETFs and thematic, style, and strategy - index ETFs [52]. - Last week, two new ETFs were established: Bosera CSI Bank ETF and GF CSI Hong Kong - Stock Connect Internet ETF. This week, four ETFs will be issued: Huabao CSI 300 Enhanced Strategy ETF, Bank of Communications CSI Smart - Selected Shanghai - Hong Kong - Shenzhen Technology 50 ETF, Fullgoal Hang Seng Biotechnology ETF, and Ping An SSE Science and Technology Innovation Board 50 Component ETF [55].

Macro and Strategy - The report highlights a significant shift in China's economic growth engine from the secondary industry to the more promising tertiary industry (services) in 2025, with a focus on expanding domestic consumption as the main driver of demand [8][9] - The concept of "anti-involution" is introduced, emphasizing the need to control supply while expanding demand, particularly in the physical product sector, which is crucial for optimizing supply and enhancing new productive forces [8][9] - The interdependence between the service and manufacturing sectors is emphasized, where manufacturing acts as an incubator for productive services, and the growth of services creates a substantial market for manufactured goods [8][10] Industry and Company Insights - The public and environmental protection industry report indicates that the Ministry of Finance has preemptively allocated the first batch of ecological and environmental protection funds for 2026, and there is an analysis of the electricity trading plan in Sichuan for 2026 [3] - The electronic industry report discusses the resonance between AI computing power and terminal innovation, suggesting that PCB (Printed Circuit Board) technology is reshaping high-density connectivity [3] - The agricultural industry report notes a steady increase in beef prices, indicating a positive outlook for the meat and dairy cycle [3] - The financial engineering report highlights the performance of various investment strategies, with a focus on small-cap growth stocks outperforming [3][20] Market Trends - The report provides an overview of major market indices, noting that the Shanghai Composite Index closed at 3888.59 points, with a slight increase of 0.34% [2] - The bond market experienced a significant correction, with short-term bonds remaining stable due to central bank liquidity support, while long-term bonds faced fluctuations due to policy concerns [12][18] - The REITs market is expanding, with the report indicating that the China Securities Regulatory Commission has initiated a pilot program for commercial real estate REITs, which is a key step in diversifying the REITs market [20][24]