2025 年 4 月 21 日 公司董事会近期收到陈鹰先生、余忠良先生的书面辞职报告。陈鹰 先生因内部调任至华润集团，申请辞去第八届董事会董事、副董事长、 董事会战略委员会委员及董事会薪酬与考核委员会委员职务。余忠良先 生因达到法定退休年龄，申请辞去第八届董事会董事及董事会战略委员 会委员职务。上述辞职报告自送达公司董事会之日起生效。 陈鹰先生、余忠良先生在任职期间恪尽职守、勤勉尽责，在提高董 事会决策的科学性、促进公司规范运作和健康发展等方面发挥了积极作 用。公司及董事会对陈鹰先生、余忠良先生在任职期间所作贡献表示衷 心的感谢！ 为完善公司治理结构，公司控股股东山西杏花村汾酒集团有限责任 公司提名武跃飞先生（简历见附件）为第八届董事会董事候选人。公司5% 以上股东华创鑫睿（香港）有限公司提名王彦先生（简历见附件）接替 陈鹰先生担任第八届董事会董事；提名支喆先生（简历见附件）接替余 忠良先生担任第八届董事会董事。公司于2025年4月18日召开第八届董事 会第七十次会议，审议通过了《关于增补第八届董事会董事的议案》， 同意提名武跃飞先生、王彦先生、支喆先生为董事候选人。上述董事候 选人的任职资格已经董事会提名委 ...

4月20日，山西汾酒（600809）公告称，公司董事会收到陈鹰、余忠良的书面辞职报告。其中，陈鹰因 内部调任至华润集团，余忠良达到法定退休年龄。同时，公司控股股东山西杏花村汾酒集团有限责任公 司提名武跃飞为第八届董事会董事候选人。而公司5%以上股东华创鑫睿(香港)有限公司分别提名了王 彦、支喆接替董事。王彦现任华润创业有限公司董事及总裁，支喆现任华润创业有限公司副总裁。 点评：山西汾酒新提名3位董事候选人，系正常的人事变动。武跃飞具备政府与企业管理经验，王彦和 支喆来自华润集团，他们的丰富经验将助力汾酒提升管理与市场竞争力。此次人事变动预计将为公司带 来新动力，增强市场信心。 丨2025年4月21日星期一丨 NO.1武跃飞、王彦、支喆被提名为山西汾酒董事候选人 NO.2茅台1935公示1.935L产品4家年度经销商 4月18日，贵州茅台（600519）酱香酒营销有限公司发布《关于1.935L茅台1935酒(1*2)经销商招募结果 的公示》，江苏赛夫、河南盛林、中酿品致、陕西华鼎四家区域龙头酒商从全国竞争者中突围，成为该 产品的2025年度经销商。该产品是茅台1935大容量产品，从此次入围的四家经销商的区域来看 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The March retail sales growth has rebounded month-on-month, indicating strengthened consumer policy expectations. The food and beverage index increased by 0.2% from April 14 to April 18, ranking 15th among 28 sectors, underperforming the CSI 300 by approximately 0.3 percentage points. The sub-sectors of soft drinks (+4.4%), processed foods (+4.1%), and baked goods (+3.9%) performed relatively well [4][13][15] - The total retail sales of consumer goods in March 2025 increased by 5.9% year-on-year, with a month-on-month growth of 1.9 percentage points compared to January-February. The first quarter of 2025 saw a year-on-year increase of 4.6% in retail sales, with food and beverage categories showing significant growth [4][14][13] Summary by Sections Weekly Insights - The March retail sales growth has rebounded, reflecting stronger consumer policy expectations. The food and beverage index increased by 0.2%, ranking 15th among sectors, and underperformed the CSI 300 by about 0.3 percentage points. The sub-sectors of soft drinks, processed foods, and baked goods showed leading performance [4][13][15] Market Performance - The food and beverage index rose by 0.2% from April 14 to April 18, ranking 15th among 28 sectors, and underperformed the CSI 300 by approximately 0.3 percentage points. The leading sub-sectors included soft drinks (+4.4%), processed foods (+4.1%), and baked goods (+3.9%) [4][15] Upstream Data - The price of whole milk powder at GDT auction was $4,171 per ton, up 2.7% month-on-month and up 28.7% year-on-year. The domestic fresh milk price was 3.1 yuan per kilogram, unchanged month-on-month but down 11.5% year-on-year [19][23] Alcohol Industry Data - The production of large-scale white liquor from January to March was 1.032 million kiloliters, with a year-on-year decrease of 7.3%. The beer production in March was 312.8 million kiloliters, showing a year-on-year increase of 1.9% [48][47] Recommended Stocks - Recommended stocks include Shanxi Fenjiu, Guizhou Moutai, Ganyuan Foods, and Ximai Foods. Guizhou Moutai is expected to deepen its reform process, while Shanxi Fenjiu is anticipated to have high growth certainty in the medium term [6][14][56]

Group 1 - The A-share market indices closed mixed, with the Shanghai 180 Dynamic Index down by 0.32% to 5437.78 points, with a trading volume of 45.945 billion yuan [1] - The Shanghai 180 Dynamic Index has decreased by 6.45% over the past month, 0.86% over the past three months, and 4.17% year-to-date [1] - The index is based on the Shanghai 180 and 380 indices, selecting securities with high risk exposure to macroeconomic changes for the dynamic index and low risk exposure for the stable index, providing diversified investment targets [1] Group 2 - The top ten holdings of the Shanghai 180 Dynamic Index include China Ping An (11.49%), CITIC Securities (5.23%), and SMIC (3.89%), among others [1] - The index is fully composed of securities listed on the Shanghai Stock Exchange, with a total market share of 100% [1] - The industry composition of the index shows that finance accounts for 33.17%, information technology for 26.76%, and industrials for 14.48%, among other sectors [2] Group 3 - The index sample is adjusted semi-annually, with adjustments occurring on the next trading day after the second Friday of June and December, with a sample change not exceeding 30% [2] - Temporary adjustments may occur under special circumstances, such as delisting or corporate actions like mergers and acquisitions [2]

Industry Dynamics - The first batch of China's consumer brand list was released, including well-known liquor brands such as Kweichow Moutai, Wuliangye, and Luzhou Laojiao, which is expected to invigorate the liquor industry and enhance its overall influence [2] - In the national light industry recognition event, 15 liquor companies including Moutai and Yanghe were named advanced collectives, and 17 individuals received labor model awards [3] - In March, the retail sales of tobacco and liquor reached 51.5 billion yuan, showing a year-on-year growth of 8.5%, while the total for the first three months was 187.9 billion yuan, up 6.3% [6] - A new standard for liquor transportation vehicles was approved, aimed at improving logistics efficiency and safety in the liquor industry [6] - A meeting in Guizhou focused on promoting high-quality development in the liquor industry, emphasizing quality safety, risk prevention, and intellectual property protection [8] Company Dynamics - Kweichow Moutai is recruiting operators for its products on platforms like Meituan, Ele.me, and Douyin, aiming to connect with younger consumers and enhance brand competitiveness [8] - Moutai, Wuliangye, and Gujing Gongjiu showcased their brands at the Osaka World Expo, with Moutai hosting a themed event in the China Pavilion [9] - Jinhui Liquor reported a revenue of 1.108 billion yuan in Q1 2025, marking a year-on-year increase of 3.04% [9] - The Fenyang liquor industry achieved a total revenue of 37.2 billion yuan in 2024, reflecting a year-on-year growth of 13.1% [9]

Investment Rating - The report maintains a "Recommended" investment rating for the food and beverage industry, indicating an expected outperformance of over 10% compared to the market index [10]. Core Insights - The March retail sales data exceeded expectations, with a total of 40,940 billion yuan, reflecting a year-on-year growth of 5.9%, driven by the effects of the "old-for-new" policy [5]. - The restaurant sector showed strong resilience, with March dining revenue reaching 4,235 billion yuan, a 5.6% increase year-on-year, supported by policies aimed at expanding domestic demand [6]. - The report highlights specific investment opportunities in various segments, including high-performance liquor brands and efficient dairy producers, as well as emerging snack and beverage companies [7]. Summary by Sections Market Performance - The food and beverage sector has shown mixed performance over different time frames, with a decline of 2.9% over the last month and a 5.7% increase over the last three months, while the Shanghai and Shenzhen 300 index has decreased by 5.6% in the last month but increased by 5.8% over the last year [1]. Retail Sales Data - In the first quarter of 2025, the total retail sales amounted to 124,671 billion yuan, marking a year-on-year increase of 4.6% [5]. - The significant growth in retail sales of optional consumer goods, such as home appliances and furniture, was noted, with increases of 35.1%, 29.5%, and 28.6% respectively [5]. Investment Opportunities - The report recommends specific companies within the liquor sector, such as Shanxi Fenjiu and Shede Liquor, which are expected to show high performance due to low base effects [7]. - In the dairy sector, companies like Modern Farming and Youran Dairy are highlighted for their cost efficiency and production advantages [7]. - The snack food segment is also seen as having growth potential, with recommendations for companies like Wancheng Group and Youyou Foods, which are expected to benefit from channel expansions and new product categories [7].

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Core Insights - Ruiyuan Fund disclosed its Q1 2025 report, showing significant adjustments in its portfolio with notable reductions in major holdings like China Mobile and Tencent Holdings compared to Q4 2024 [1][2] Fund Performance - Ruiyuan Growth Value Fund, managed by Fu Pengbo and Zhu Lin, reported net asset growth rates of 2.45% and 2.35% for its A and C shares, underperforming the benchmark by 0.16 and 0.26 percentage points respectively [2] - Ruiyuan Balanced Value Fund, managed by Zhao Feng, achieved a net asset growth of 5.79%, with Tencent Holdings as the largest holding at 9.51% [3][4] - Ruiyuan Stable Configuration Fund, managed by Rao Gang, outperformed its benchmark with growth rates of 3.01% and 2.94% for its A and C shares, respectively [5] Portfolio Adjustments - Ruiyuan Growth Value Fund increased its holdings in Shenghong Technology by 13.12 million shares, while reducing positions in major stocks like CATL and China Mobile [2][5] - Ruiyuan Stable Configuration Fund significantly reduced its stake in China Mobile by over 43%, holding 4.1 million shares at the end of Q1 2025 [5] - Ruiyuan Balanced Value Fund added new positions in stocks like Focus Media, while exiting from China Pacific Insurance [3][4] Market Outlook - The fund managers expressed optimism about the macroeconomic environment, anticipating government measures to stimulate domestic demand and economic growth [6][7] - They noted that the real estate market's downward trend is stabilizing, with signs of recovery in first-tier cities [7]

Core Viewpoint - The report reveals significant adjustments in the holdings of five funds managed by Ruiyuan Fund, with notable reductions in major stocks such as China Mobile, Tencent Holdings, and Xiaomi Group compared to the end of last year. However, fund managers remain optimistic about certain sectors, anticipating a positive shift in the macroeconomic environment that could support further stock market growth [1][2][4]. Group 1: Fund Performance and Adjustments - Ruiyuan Fund's three prominent managers, Fu Pengbo, Rao Gang, and Zhao Feng, have made substantial changes to their portfolios in Q1 2025, with only Ruiyuan Growth Value outperforming its benchmark [2]. - Fu Pengbo's Ruiyuan Growth Value A and C recorded net asset growth rates of 2.45% and 2.35%, respectively, underperforming their benchmarks by 0.16 and 0.26 percentage points. The fund maintained a high position and increased allocations in the Hang Seng Technology sector, medical device leaders, and the chip sector [2][3]. - Rao Gang's Ruiyuan Steady Configuration Two-Year Fund significantly reduced its holdings in China Mobile by over 43% and also decreased its positions in Tencent Holdings and Xiaomi Group by 20% and 13.91%, respectively. The fund increased its stake in CATL by nearly 10% and initiated a position in Alibaba [3][4]. - Zhao Feng's Ruiyuan Balanced Value Three-Year Fund showed strong performance with net asset growth rates of 5.79% and 5.71%, outperforming benchmarks by 3.74 and 3.66 percentage points. Zhao Feng also reduced holdings in major stocks but to a lesser extent than his peers, while significantly increasing positions in cyclical and financial stocks like Shanxi Fenjiu and China Pacific Insurance [3][4]. Group 2: Market Outlook and Investment Opportunities - The overall fund sizes have decreased, but there is a focus on emerging investment opportunities, particularly in consumer stocks. The Ruiyuan Fund managers are paying close attention to this sector [4]. - Fu Pengbo highlighted the potential for a new round of domestic consumption stimulus policies, which could positively impact the consumer sector this year [4][5]. - Rao Gang noted that while short-term tariff increases may negatively affect exports, they also present an opportunity for structural adjustments in the domestic economy, with consumption expected to play a crucial role in economic growth [4][5]. Group 3: Key Holdings and Changes - Major stock holdings across the funds include Tencent Holdings, China Mobile, and Xiaomi Group, with significant reductions in their positions. For instance, Ruiyuan Growth Value saw a 20.57% decrease in China Mobile and a 26.25% decrease in Giant Star Technology [2][3][6]. - Ruiyuan Steady Configuration Two-Year Fund's top holdings included Tencent Holdings, China Mobile, and CATL, with notable reductions in their positions [3][9]. - Ruiyuan Balanced Value Three-Year Fund's key holdings featured Tencent Holdings and Alibaba, with a focus on increasing positions in Shanxi Fenjiu and China Pacific Insurance [3][10].

Investment Rating - The industry investment rating is "Overweight" (maintained) [1] Core Viewpoints - The report indicates that the recovery of consumer demand is ongoing, supported by the expansion of the "old-for-new" policy and the restoration of consumer confidence. The food and beverage sector is expected to benefit from upcoming domestic demand expansion policies [4][6] - The report highlights that the liquor industry is at the bottom of its cycle, with a high probability of stable upward movement, making it a suitable time for medium to long-term investment [4] - In the snack segment, companies with channel reforms and overseas market expansion are favored, with recommendations for Ganyuan Food. The beer industry is also expected to improve with the recovery of dining, recommending Qingdao Beer. Additionally, the dairy industry is highlighted for its potential due to fertility policy catalysts and the expected balance in raw milk prices, recommending leading company Yili [4] Summary by Sections Industry Trends - The social retail sales data for March 2025 showed a year-on-year increase of 5.9%, with a month-on-month increase of 1.9 percentage points compared to January-February [5][9] - The food and oil consumption growth rate remains stable, with significant increases in March for food and beverage categories, indicating a recovery in dining and nightlife consumption [5][6] Quarterly Observations - In Q1 2025, social retail sales increased by 4.6% year-on-year, with improvements in dining revenue, reflecting ongoing consumer demand recovery [6][7] - The food and oil category maintained a high growth rate, while beverage and tobacco categories showed month-on-month improvements, driven by improved consumer confidence [6][7] Industry Analysis - Major liquor companies are adjusting their targets and managing channel pressures, leading to a stable transition in the industry. The performance of leading liquor companies is expected to improve in the second half of the year as the base effect diminishes [7] - The snack segment is anticipated to accelerate in Q2, supported by channel reforms and category expansion, maintaining a favorable industry outlook [7]