行业研究 证 券 研 究 报 告 食品饮料行业 2025 年三季报前瞻 推荐（维持） 白酒加速出清，大众逐渐改善 华创证券研究所 证券分析师：欧阳予 邮箱：ouyangyu@hcyjs.com 执业编号：S0360520070001 证券分析师：范子盼 邮箱：fanzipan@hcyjs.com 执业编号：S0360520090001 证券分析师：田晨曦 邮箱：tianchenxi@hcyjs.com 执业编号：S0360522090005 证券分析师：刘旭德 邮箱：liuxude@hcyjs.com 执业编号：S0360523080010 证券分析师：严文炀 邮箱：yanwenyang@hcyjs.com 执业编号：S0360525070006 证券分析师：董广阳 邮箱：dongguangyang@hcyjs.com 执业编号：S0360518040001 联系人：王培培 邮箱：wangpeipei@hcyjs.com 行业基本数据 | | | 占比% | | --- | --- | --- | | 股票家数(只) | 126 | 0.02 | | 总市值(亿元) | 46,653.82 | 3.99 | ...

证券代码：600298 证券简称：安琪酵母 公告编号：2025-085号 安琪酵母股份有限公司 关于日常关联交易进展的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担个别及连带责任。 2025年1月15日，安琪酵母股份有限公司（以下简称公司）召开第九届董事会第三十九次会议审议通过 了《关于2024年度日常关联交易确认及2025年度日常关联交易预计的议案》。具体内容详见公司2025年 1月16日在《上海证券报》《中国证券报》《证券时报》及上海证券交易所网站（www.sse.com.cn）上 披露的"2025-004号"公告。 2025年7月1日至9月30日，公司及控股子公司与关联方发生的关联交易具体情况如下： 单位：万元 币种：人民币 ■ 注1：因涉及关联方数量较多，且预计交易金额较小，未达到单独披露标准，故上表中所列关联方"湖北 安琪生物集团有限公司及其子公司"为简化披露，范围为安琪集团、安琪集团控制的除安琪酵母股份有 限公司及其子公司以外的其他子公司。 注2：2024年7月，公司高管覃先武不再担任湖北微琪生物科技有限公司（简称湖北 ...

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性 承担个别及连带责任。 2025年1月15日，安琪酵母股份有限公司（以下简称公司） 召开第九届董事会第三十九次会议审议通过了《关于2024年度日 常关联交易确认及2025年度日常关联交易预计的议案》。具体内 容详见公司2025年1月16日在《上海证券报》《中国证券报》《证 券时报》及上海证券交易所网站（www.sse.com.cn）上披露的 "2025-004号"公告。 证券代码：600298 证券简称：安琪酵母 公告编号：2025-085 号 安琪酵母股份有限公司 关于日常关联交易进展的公告 | 关联交 | 关联方 | 2025 年 | 2025 年 7-9 月 | 2025 年 | | --- | --- | --- | --- | --- | | 易类别 | | 预计金额 | 发生额 | 累计发生额 | | | 湖北安琪生物集团有限公司 | 11,068.59 | 1907.35 | 5,944.73 | | 向关联 | 及其子公司 | | | | | 方购买 | 其中：安琪乳业（宜昌）有 ...

Core Viewpoint - The market experienced a correction last week, but certain stocks within the brand index showed resilience, indicating potential investment opportunities in sectors like electronics, new energy, new consumption, and real estate as uncertainties ease [1][4]. Market Performance - The market indices saw declines: Shanghai Composite Index down 1.47%, Shenzhen Component down 4.99%, ChiNext down 5.71%, and CSI 300 down 2.22%. The brand index fell 3.58% to 1956.62 points [2]. - Notable gainers in the brand index included Shanghai Jahwa up 9.42%, Changbai Mountain up 7.19%, and Darentang up 5.34%. Other stocks like Luzhou Laojiao and Yiling Pharmaceutical also saw gains exceeding 4% [2]. Stock Performance Since H2 - Since the beginning of the second half of the year, Zhongji Xuchuang has surged 156.40%, leading the gains, followed by Sunshine Power at 114.27%. Other significant performers include Lanke Technology and Yiwei Lithium Energy, both up over 60% [3]. Market Outlook - Looking ahead, the market is expected to maintain upward momentum as uncertainties gradually diminish. Liquidity is anticipated to remain supportive, with domestic interest rates low and overseas liquidity remaining loose, encouraging investment in Chinese equity assets [4][5]. - The current market environment is characterized by a shift in investment styles, with a focus on sectors that offer higher investment certainty, particularly in electronics, new energy, new consumption, and real estate [5].

证券之星消息，10月17日调味发酵品板块较上一交易日下跌1.55%，安琪酵母领跌。当日上证指数报收 于3839.76，下跌1.95%。深证成指报收于12688.94，下跌3.04%。调味发酵品板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 002650 | ST加加 | 6.97 | 0.00% | 5.41万 | 3798.91万 | | 603027 | 千禾味业 | 11.66 | -0.34% | 10.97万 | 1.28 Z | | 603170 | 宝立食品 | 14.46 | -0.34% | 3.70万 | 5395.28万 | | 603317 | 天味食品 | 11.54 | -0.52% | 4.38万 | 5079.17万 | | 603755 | 日辰股份 | 31.00 | -0.61% | 1.91万 | 6036.82万 | | 600305 | 恒顺醋业 | 8.06 | -0.62% | 8.19万 | 6617.87万 | | 300 ...

证券之星消息，10月16日调味发酵品板块较上一交易日上涨0.26%，千禾味业领涨。当日上证指数报收 于3916.23，上涨0.1%。深证成指报收于13086.41，下跌0.25%。调味发酵品板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 603027 | 千禾味业 | 11.70 | 0.95% | 7.38万 | 8596.90万 | | 603288 | 海天味业 | 39.77 | 0.71% | 11.49万 | 4.56亿 | | 603317 | 天味食品 | 11.60 | 0.69% | 4.05万 | 4685.26万 | | 600305 | 恒顺醋√ | 8.11 | 0.37% | 8.88万 | 7192.55万 | | 002650 | ST加加 | 6.97 | 0.29% | 8.00万 | 5630.98万 | | 600872 | 中炬高新 | 18.63 | 0.11% | 5.80万 | 1.08亿 | | 002507 | 洁陵榨菜 ...

证券之星消息，10月15日调味发酵品板块较上一交易日上涨0.9%，日辰股份领涨。当日上证指数报收于 3912.21，上涨1.22%。深证成指报收于13118.75，上涨1.73%。调味发酵品板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 603755 | 日辰股份 | 31.40 | 3.05% | 2.50万 | 7810.75万 | | | 603170 | 宝立食品 | 14.74 | 2.79% | 4.48万 | 6570.66万 | | | 603696 | 安记食品 | 12.27 | 2.34% | 9.80万 | | 1.20 Z | | 600298 | 安頂酵母 | 42.15 | 1.47% | 14.02万 | | 5.84亿 | | 603288 | 海天味业 | 39.49 | 1.00% | 16.85万 | | 6.64亿 | | 603317 | 天味食品 | 11.52 | 0.96% | 4.38万 | 5045.18 ...

证券之星消息，10月14日调味发酵品板块较上一交易日上涨0.63%，ST加加领涨。当日上证指数报收于 3865.23，下跌0.62%。深证成指报收于12895.11，下跌2.54%。调味发酵品板块个股涨跌见下表： 从资金流向上来看，当日调味发酵品板块主力资金净流入4270.74万元，游资资金净流出4701.95万元，散 户资金净流入431.22万元。调味发酵品板块个股资金流向见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 600298 安琪酵母 | | 3235.66万 | 5.70% | -1100.66万 | -1.94% | -2135.00万 | -3.76% | | 603288 海天味业 | | 2322.79万 | 4.30% | -1856.49万 | -3.44% | -466.30万 | -0.86% | | 002650 ST加加 | | 1928.87万 | 19.20% | -8 ...

Core Insights - Anqihome's stock price increased by 2.07% on October 14, reaching 41.92 CNY per share, with a total market capitalization of 36.389 billion CNY [1] - The company has seen a year-to-date stock price increase of 18.08%, with a 4.88% rise in the last five trading days [1] Financial Performance - For the first half of 2025, Anqihome reported revenue of 7.899 billion CNY, a year-on-year growth of 10.10%, and a net profit of 799 million CNY, up 15.66% [2] - Cumulative cash dividends since the company's A-share listing amount to 3.961 billion CNY, with 1.341 billion CNY distributed in the last three years [3] Shareholder Information - As of June 30, 2025, the number of shareholders decreased by 5.74% to 63,900, while the average circulating shares per person increased by 6.42% to 13,411 shares [2] - Major shareholders include Hong Kong Central Clearing Limited, holding 36.9082 million shares, and Southern CSI 500 ETF, holding 9.0213 million shares, both showing increases in holdings [3] Market Activity - The stock has appeared on the trading leaderboard once this year, with a net buy of -136 million CNY on March 5 [1] - The stock's trading volume on October 14 was 311 million CNY, with a turnover rate of 0.88% [1] Business Overview - Anqihome, established on March 25, 1998, specializes in the development, production, and operation of yeast and related biological products, with 90.62% of its revenue coming from yeast and related industries [1] - The company operates within the food and beverage sector, specifically in the flavor fermentation products category [2]

Investment Rating - The report maintains a "Recommended" rating for the food and beverage industry [1] Core Views - The overall sales of liquor during the recent double festival are weak, with a year-on-year decline of 20%-30%, aligning with previous expectations. High-end brands like Moutai and Wuliangye performed relatively well, while lower-tier brands faced significant pressure [5] - The price stability of liquor during the double festival is noted, with slight increases observed post-festival. The report suggests monitoring price trends as e-commerce promotions begin [5] - The upcoming Sugar and Wine Conference is expected to provide marginal feedback, with the industry showing signs of bottoming out. The report emphasizes the importance of this event for potential recovery opportunities [6][7] Summary by Sections Recent Trends - The food and beverage sector has underperformed the Shanghai Composite Index, with a 0.61% increase compared to the index's 1.80% rise over the past two weeks [14] - The soft drink segment saw the highest increase of 9.98%, while several companies like Zhuangyuan Pasture and Yangyuan Beverage led the gains [14] Key Companies and Earnings Forecast - The report highlights several key companies with their respective earnings per share (EPS) and price-to-earnings (PE) ratios, recommending stocks such as Kweichow Moutai, Wuliangye, and Luzhou Laojiao for investment [25] - The report provides a detailed table of key companies, their stock prices, and projected earnings for 2024, 2025, and 2026, indicating a bullish outlook for several firms [25] Investment Strategy - The report suggests that recent policy changes may improve macroeconomic expectations, potentially enhancing both valuation and performance in the food and beverage sector. The overall valuation remains low, justifying the "Recommended" rating [8][23] - Specific recommendations include high-end liquor brands and popular consumer goods, indicating a diversified investment strategy across different segments of the food and beverage industry [8][23]