Investment Rating - The report maintains a "Recommended" rating for the food and beverage industry [1] Core Insights - The food and beverage sector has underperformed the broader market, with a decline of 2.12% over the past two weeks, compared to a 1.10% increase in the Shanghai Composite Index, resulting in a 3.22 percentage point lag [4][17] - The report highlights a significant interest in new consumption trends, particularly in health products and yellow wine, indicating a shift in consumer preferences [5][8] - The report emphasizes the potential for policy changes to improve macroeconomic expectations, which could enhance both valuation and performance in the food and beverage sector [28] Summary by Sections Industry Performance - The food and beverage sector's performance over the last year shows a decline of 5.3%, while the Shanghai Composite Index has increased by 7.8% [4] - Within the sector, soft drinks have seen the highest increase of 9.45%, followed by snacks and other alcoholic beverages with increases of 5.48% and 4.98% respectively [17] Key Companies and Recommendations - Recommended companies in the liquor segment include Kweichow Moutai, Wuliangye, Luzhou Laojiao, Shanxi Fenjiu, and others [8][30] - In the consumer goods segment, companies such as Bai Run, Wei Long, Yan Jin Pu Zi, Wan Chen Group, and You You Food are highlighted as key players [10][30] Market Trends - The report notes that the 618 shopping festival has led to increased competition and promotional activities in the liquor market, which may pressure prices [6][8] - New product launches, such as Nongfu Spring's new iced tea, are expected to create differentiated market offerings and enhance competitive positioning [9][30] Valuation Insights - As of June 6, 2025, the dynamic price-to-earnings (PE) ratio for the food and beverage sector stands at 21.25x, indicating a mid-range valuation among primary industries [23][28] - The report suggests that the current low valuations present an opportunity for investment as the sector is expected to benefit from upcoming policy changes [28]

Group 1: Core Insights - The report emphasizes a policy shift towards boosting domestic consumption, indicating that the worst economic conditions have passed, and long-term opportunities in the food and beverage sector are emerging [3][29] - Despite the policy change, the industry faces ongoing pressure on fundamentals, suggesting that a full recovery will take time, with structural opportunities expected in the second half of 2025 [3][29] - The overall analysis suggests a cautious approach, focusing on structural opportunities and performance inflection points within the sector [3][29] Group 2: Investment Strategies for Specific Sectors - In the liquor sector, the report highlights that macroeconomic recovery is slow, leading to significant pressure on sales for major brands like Kweichow Moutai and Wuliangye, with recommendations to focus on companies like Kweichow Moutai and Shanxi Fenjiu [3][5][29] - For consumer goods, the report identifies two main investment opportunities: companies that are streamlining operations and those benefiting from new retail trends, with specific recommendations for companies like Yili, Qingdao Beer, and Jinzai Food [3][29] - The report notes that the high-end liquor market is closely tied to GDP growth, predicting that by 2030, the market for high-end liquor will reach approximately 50,000 tons if GDP continues to grow at a compound rate of 4% [17][18] Group 3: Market Trends and Consumer Behavior - The report indicates a shift in consumer preferences towards value-for-money products, with a notable increase in the sales of snacks and beverages that emphasize health and convenience [30][32] - Emerging retail channels, particularly discount and membership stores, are gaining market share, reflecting a trend towards smaller, more specialized shopping experiences [33][35] - The report highlights that the cost pressures from upstream suppliers are expected to remain moderate, allowing for continued cost advantages in the consumer goods sector [36]

食品饮料周报（25 年第 23 周） 优于大市 白酒淡季需求延续压力，啤酒、饮料进入需求旺季 本周（2025 年 6 月 2 日至 2025 年 6 月 6 日）本周食品饮料板块下跌 0.65%， 跑输上证指数 1.78pct。本周食品饮料板块涨幅前五分别为均瑶健康 (24.43%)、青海春天(15.38%)、万辰集团(14.58%)、华宝股份(10.98%)和妙 可蓝多(10.11%)。 证券研究报告 | 2025年06月09日 白酒：淡季需求延续压力，高端白酒价格略有下降。贵州茅台 6 月 4 日公告 截至 5 月，公司累计回购股份 331.1 万股，占总股本 0.26%，已支付总金额 51 亿元（不含交易费用）；6 月 4 日在日本大阪世博会期间发布"走进希腊、 意大利、英国、法国、日本"五个新品共十款，并在"i 茅台"平台销售； 公司系统性布局国际化，结合品牌、文化实现产品出海。泸州老窖 6 月 4 日 公告将于 6 月 27 日召开股东大会，披露了 2025 年主要规划为突出三大重点 （大力"扩面"、"开瓶"与"拓点"），确保销售收入；并围绕提升操盘 能力、数智化市场管理、提升渠道利润与品牌形象三大 ...

分析师：王萌 S1060522030001（证券投资咨询） 邮箱：WANGMENG917@pingan.com.cn 食品饮料周报 大众品呈现结构性景气，老消费 焕发新活力 证券研究报告 食品饮料行业 强于大市（维持） 平安证券研究所 食品饮料团队 分析师：张晋溢 S1060521030001（证券投资咨询） 邮箱：ZHANGJINYI112@pingan.com.cn 分析师：王星云 S1060523100001（证券投资咨询） 邮箱：WANGXINGYUN937@pingan.com.cn 2025年6月9日 请务必阅读正文后免责条款 食品饮料周报-观点 白酒行业 食品行业 资料来源：Wind，平安证券研究所 本周白酒指数（中信）累计涨跌幅-0.84%。涨跌幅前三的个股为：金徽酒（+6.25%）、皇台酒业（+5.03%）、洋河股份 （+2.16%）；涨跌幅后三的个股为水井坊（-2.32%）、舍得酒业（-2.48%）、*ST岩石（-7.71%）。 观点：龙头持续回购，夯实市场信心。本周茅台发布回购进展公告，截至2025年5月末，公司累计回购51.0亿元，占到公司总股本 的0.2635%，其中2025年5月回 ...

2025 年 06 月 09 日 白酒底部布局，关注传统消费新饮品 推荐(维持) 投资要点 | 分析师：孙山山 | S1050521110005 | | --- | --- | | sunss@cfsc.com.cn | | | 联系人：张倩 | S1050124070037 | | zhangqian@cfsc.com.cn | | 行业相对表现 表现 1M 3M 12M 食品饮料(申万) -2.6 -0.3 -4.3 沪深 300 0.5 -1.8 8.4 市场表现 -30 -20 -10 0 10 20 30 (%) 食品饮料 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1、《食品饮料行业周报：白酒需求 磨底，新消费延续高景气》2025- 06-02 2、《食品饮料行业周报：茅台定海 神针稳，新消费延续高景气度》 2025-05-25 3、《食品饮料行业周报：关注茅台 股东大会，小食品持续向好》2025- 05-19 ▌ 一周新闻速递 行业新闻：1）1-4 月吕梁白酒产量下降 1.5%；2）天猫 618 第一阶段淘系酒类核心品牌增长 72%；3）1-4 月福建省出口 啤酒 2.8 亿； 公司 ...

6月7日，山西省工商联联络部部长焦琳，全国工商联常委、山西省政协常委、山西省工商联副主席、山 西省民促会会长、山西省古建集团董事长王国华，山西省汾酒集团部分领导，山西省多位民营企业家等 一行莅临内蒙古山西商会走访指导。内蒙古山西商会常务副会长龚占轶、监事会主席李润泽、秘书长任 晋善、副会长赵志刚、副会长吴楠、会员代表许泽等热情接待。 双方围绕晋商和蒙商资源联动、民营经济发展等议题展开交流，共商合作机遇，共话发展蓝图。 内蒙古山西商会常务副会长龚占轶陪同大家参观商会文化走廊、党建办公室、会议室、接待室，简要介 绍内蒙古山西商会组织架构、服务会员、参与地方经济建设等方面的情况。 走访指导后，一行人来到内蒙古山西商会会员企业"汾酒文化创新中心"，受到董事长杨冬丽及全体员工 的热情接待，听取公司讲解员对汾酒文化体验中心的讲解，参观公司办公场地及餐饮环境。 深入了解汾酒集团的企业文化和发展路径，并围绕汾酒品牌推广、蒙晋市场联动等议题展开交流。汾酒 作为"中国酒魂"，近年来持续推进全国化创新战略，内蒙古市场凭借独特的消费习惯和区位优势，已成 为汾酒北方市场的重要增长区域。 汾酒文化创新中心负责人希望借助内蒙古山西商会的平 ...

食品饮料 2025 年 06 月 08 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -24% -12% 0% 12% 24% 2024-06 2024-10 2025-02 食品饮料 沪深300 相关研究报告 《白酒弱复苏中筑底，黄酒契合新消 费趋势—行业周报》-2025.6.2 《茅台引领行业新周期，4 月社零数据 略有回落—行业周报》-2025.5.25 《白酒配置价值更强，大众品拥抱新 消费—行业周报》-2025.5.18 新消费驱动板块上行，关注业绩可持续兑现品种 ——行业周报 张宇光（分析师） 张思敏（联系人） zhangyuguang@kysec.cn 证书编号：S0790520030003 zhangsimin@kysec.cn 证书编号：S0790123070080 核心观点：新消费概念表现突出，新增量市场及悦已消费提供成长动能 6 月 2 日-6 月 6 日，食品饮料指数跌幅为 1.1%，一级子行业排名第 27，跑输沪 深 300 约 1.9pct，子行业中零食（+4.6%）、保健品（+1.7%）、肉制品（+1.1%） 表现相对领先。本周板块中具备新消费概念的公司涨幅较好，我们认 ...

Investment Rating - The report assigns an "Overweight" rating to the food and beverage industry [1] Core Insights - The report emphasizes the parallel growth of new consumption and value, highlighting seasonal opportunities and valuation improvements. It notes that while the liquor sector is currently affected by policy changes, its long-term absolute value remains significant. The report also points out that the peak season for mass-market beer and beverages is approaching, with strong growth potential for single products and new channels [3][4][5] Summary by Sections Investment Recommendations - The report suggests increasing holdings in the liquor sector, recommending brands such as Shanxi Fenjiu, Kweichow Moutai, and others. It also highlights strong growth potential in snacks and food additives, recommending companies like Three Squirrels and Yanjinpuzi. For beverages, it suggests increasing holdings in brands like Dongpeng Beverage and Chengde Lululemon. In the beer sector, it recommends Qingdao Beer and Yanjing Beer, while for condiments and dairy products, it suggests companies like Haitian Flavoring and Yili Group [5][8] Liquor Sector - The report discusses the ongoing transformation of liquor product attributes, driven by recent policy changes that emphasize frugality. It predicts that leading liquor companies will continue to explore new consumption scenarios and potential growth areas, enhancing their competitive advantages [9][10] Beer and Beverage Sector - The report notes that the beer and beverage sectors are entering a peak season, with expectations of improved sales and profitability. It highlights the importance of new channels and product innovations in driving growth, with specific brands expected to perform well [11][12][13] Snack Sector - The report indicates that the snack sector is expected to grow even during off-peak seasons, driven by category and channel expansion. Companies like Three Squirrels and Yanjinpuzi are highlighted for their strong supply chain advantages and innovative product offerings [14] Profit Forecast and Valuation - The report includes a detailed profit forecast and valuation table for key companies in the sector, projecting growth rates and earnings per share for various brands, indicating a generally positive outlook for the industry [16]

证券研究报告 | 行业周报 gszqdatemark 2025 06 08 年 月 日 食品饮料 周观点：啤酒饮料正当旺季，关注大众品上新催化 投资建议：1、白酒：淡季筑底、中长期价值凸显，建议关注" 优势龙头、红 利延续、强势复苏"三条主线：1）优势龙头，头部酒企份额持续提升：贵州 茅台、五粮液、山西汾酒、古井贡酒；2）红利延续，高确定性区域酒：今世 缘（江苏格局红利）、迎驾贡酒（洞藏大单品红利）等；3）受益复苏与风险偏 好提升，弹性标的：泸州老窖、水井坊、舍得酒业、老白干酒、港股珍酒李渡、 酒鬼酒等。2、大众品：燕京 U8 改革深化，农夫山泉推新" 茶 "，山姆供应 链上新加速，建议寻找高成长与强复苏两条主线：1）高景气或高成长逻辑： 盐津铺子、东鹏饮料、燕京啤酒、珠江啤酒、三只松鼠、百润股份、有友食品、 好想你等，港股农夫山泉、华润饮料、卫龙美味等。2）政策受益或复苏改善： 青岛啤酒、海天味业、新乳业、伊利股份、重庆啤酒、安琪酵母、仙乐健康、 安井食品、立高食品等，港股 H&H 国际控股等。 白酒：茅台发布 走进系列"，淡季进一步筑底。近期在时隔 6 年后，贵州茅 台上新走进系列新品，并于 6 月 5 ...

研究报告 Research Report 8 Jun 2025 中国 & 中国可选消费 & 必需消费 China (A-share) & China (Overseas) Discretionary & Staples 餐饮、潮玩及家电行业周报 F&B, Designer Toys and Home Appliances Sector Weekly Report [Table_yemei1] 观点聚焦 Investment Focus | [Table_Info] | | | | | --- | --- | --- | --- | | 股票名称 | 评级 股票名称 | 评级 | | | 贵州茅台 | Outperform 东鹏饮料 | | Outperform | | 贵州茅台 | Outperform 中国中免 | | Outperform | | 美的集团 | Outperform 百威亚太 | | Neutral | | 五粮液 | Outperform 小商品城 | | Outperform | | 五粮液 | Outperform 洋河股份 | | Outperform | | 泡泡玛特 | Out ...