行业报告 | 行业研究周报 食品饮料 证券研究报告 食品饮料周报：飞天淡季批价稳定，重视保健品新消费机会 市场表现复盘 本周（5 月 12 日-5 月 16 日）食品饮料板块/沪深 300 涨跌幅分别+0.48%/+0.12%。具体板块来 看，本周保健品(+8.54%)、烘焙食品(+2.36%)、乳品(+1.47%)、白酒Ⅲ(+0.57%)、零食(+0.25%)、 预加工食品(+0.21%)、调味发酵品Ⅲ(-0.38%)、肉制品(-1.05%)、啤酒(-1.08%)、软饮料(-1.21%)、 其他酒类(-3.12%)。 周观点更新 白酒：贵州茅台涨幅居前，淡季茅台批价平稳。本周白酒板块+0.57%，表现强于食品饮料整体， 弱于沪深 300，板块上涨主要由龙头酒企贵州茅台（+1.44%）、山西汾酒（+0.83%）拉动。据 国家统计局，4 月食品烟酒类价格同比上涨 0.3%，环比上涨 0.2%，其中，酒类价格同比下降 2% （环比持平），去库阶段价格端小幅承压，高端酒核心单品飞天批价表现稳定。当前 （2025-05-16）申万白酒指数 PE-TTM 为 20.08X，处于近 10 年 14.68%的合理偏低水位， ...

Investment Rating - Industry Rating: Outperform the market (maintained rating) [4] Core Viewpoints - The food and beverage sector showed a slight increase of +0.48% during the week, with notable performances in the health supplement sector (+8.54%) and baked goods (+2.36%) [1][18] - The white liquor sector is experiencing stable prices during the off-season, with key brands like Guizhou Moutai and Shanxi Fenjiu driving growth [2][11] - Health supplements and additives are viewed as the next "new consumption" trend due to their large market potential and alignment with consumer demand trends [3][16] Summary by Sections Market Performance Review - The food and beverage sector increased by +0.48%, while the Shanghai Composite Index rose by +0.12% [1] - Health supplements led the sector with an increase of +8.54%, followed by baked goods (+2.36%) and dairy products (+1.47%) [1][18] Weekly Viewpoint Updates - **White Liquor**: The sector rose by +0.57%, driven by Guizhou Moutai (+1.44%) and Shanxi Fenjiu (+0.83%). The current PE-TTM for the white liquor index is 20.08X, indicating a relatively low valuation [2][11] - **Beer & Beverages**: The beer sector declined by -1.08%, influenced by stock price fluctuations due to shareholder actions. Upcoming shareholder meetings may provide catalysts for recovery [2][12] - **Consumer Goods**: The health supplement sector is highlighted for its growth potential, with four main investment themes identified: cost control, new consumption trends, potential performance elasticity, and thematic expectations [3][13] Investment Recommendations - **Hong Kong Food and Beverage**: Recommended stocks include Qingdao Beer, China Resources Beer, Budweiser, Mengniu Dairy, and Master Kong [4][17] - **White Liquor**: Focus on leading brands such as Shanxi Fenjiu and Guizhou Moutai for strong alpha returns [4][17] - **Consumer Goods**: Emphasis on companies with cost control strategies and those benefiting from new consumption trends, such as H&H and Xianle Health [4][17]

金十图示：2025年05月20日（周二）富时中国A50指数成分股午盘收盘行情一览：物流、化学制药、家电等多个股涨幅居前，煤 炭板块跌幅居前，银行板块个股涨跌互现 中国中车 国电南瑞 面 2095.02亿市值 1840.15亿市值 1.15亿成交额 2.30亿成交额 7.30 22.91 -0.01(-0.14%) +0.01(+0.04%) @ JIN10.COM 金十数据 | 一个交易工具 IIN10.COM +0.01(+0.19%) 0.00(0.00%) +0.04(+0.53%) 保险 中国太保 中国平安 7.0 中国人保 9809.85亿市值 ■ 3613.10亿市值 3263.22亿市值 6.54亿成交额 10.71亿成交额 5.58亿成交额 53.87 8.17 33.92 +0.36(+1.07%) +0.57(+1.07%) -0.05(-0.61%) 酸酒行业 贵州茅台 山西汾酒 五粮液 19935.98亿市值 2429.80亿市值 5016.59亿市值 18.64亿成交额 10.49亿成交额 5.22亿成交额 1587.01 129.24 199.17 -0.93(-0.46%) +8 ...

Group 1 - The A-share liquor sector experienced a collective decline, with Kweichow Moutai falling 2.18% to 1578.98 yuan per share, bringing its market value below 2 trillion yuan [2] - The newly revised "Regulations on Strict Economy and Opposition to Waste by Party and Government Agencies" prohibits high-end dishes, cigarettes, and alcohol at official meals, which may tighten the liquor consumption market [2] - Analysts indicate that government consumption of liquor has significantly decreased, with its share being less than 5% post the 2012 regulations [2] Group 2 - The decline in the liquor sector is seen as normal due to seasonal sales and high inventory levels, although the liquor industry is still considered a long-term investment opportunity [2] - The market is gradually recovering from panic, with companies exploring new consumption scenarios, such as Moutai's "youth strategy" and the launch of the "i Moutai" digital platform [3] - The overall performance of liquor stocks is expected to slow down in 2024, as the industry undergoes a deep adjustment period [3]

金融界5月19日消息，A股三大指数收盘涨跌不一，上证180成长指数 (180成长，000028)下跌0.63%，报 3177.73点，成交额374.22亿元。 从指数持仓来看，上证180成长指数十大权重分别为：贵州茅台（10.74%）、紫金矿业（7.99%）、京 沪高铁（4.91%）、中芯国际（4.71%）、药明康德（4.25%）、海光信息（3.62%）、中国建筑 （3.31%）、万华化学（2.98%）、赛力斯（2.94%）、山西汾酒（2.72%）。 从上证180成长指数持仓的市场板块来看，上海证券交易所占比100.00%。 从上证180成长指数持仓样本的行业来看，工业占比21.35%、原材料占比19.54%、主要消费占比 17.34%、信息技术占比16.34%、医药卫生占比9.36%、可选消费占比9.08%、公用事业占比3.16%、金融 占比1.82%、能源占比1.46%、房地产占比0.55%。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。其中，上证180成长指数与上证180价值指数每次调整的样本比例一般不超过20%，定期调整设 置缓冲区，排名在48 ...

证券研究报告 | 2025年05月19日 食品饮料周报（25 年第 20 周） 优于大市 白酒淡季特征明显，啤酒、饮料步入旺季 本周（2025 年 5 月 12 日至 2025 年 5 月 16 日）食品饮料板块上涨 0.53%， 跑输上证指数 0.23pct。本周食品饮料板块涨幅前五分别为 ST 交昂 (35.59%)、仙乐健康(19.57%)、安德利(18.04%)、有友食品(14.95%)和百合 股份(12.13%) 白酒：本周资本市场低波龙头受益，消费需求仍然偏淡。根据国家统计局， 4 月食品烟酒类价格同比+0.3%，环比+0.2%；其中酒类价格同比-2%，环比持 平；1-4 月酒类价格同比-2%；整体消费需求延续压力。根据中国酒业协会， 2025 年第一季度白酒产量 103.24 万千升/同比-7.22%，销售额 1963.04 亿元 /同比-0.38%，利润 580.07 亿元/同比-0.73%；显示价格压力和出清趋势仍 在延续。茅台酱香酒公司 5 月 13 日公示美团、饿了么及抖音入选主题终端 店的运营商，此前茅台 1935 推出两项宴席新政策，宴席购酒退瓶盖返现及 婚宴送蜜月之旅等；茅台持续以 ...

5月18日，新修订后的《党政机关厉行节约反对浪费条例》正式印发，其中明确"工作餐不得提供高档菜 肴，不得提供香烟，不上酒"。在该消息刺激下，白酒板块跌幅居前。 截至5月19日收盘，迎驾贡酒（603198.SH）、山西汾酒（600809.SH）等多家白酒上市公司跌幅超过 2%，其中今世缘（603369.SH)盘中一度跌超3.5%，此外，古井贡酒（000596.SZ）等多家白酒上市公司 也呈不同程度的下跌。 但随着上述"中央八项规定"的推行，政府消费高端白酒的比例已经明显减少。肖竹青告诉南都湾财社记 者，此前"中央八项规定"引发白酒行业恐慌，主要是彼时政务消费占比较高，目前拉动高端、中高端白 酒消费的主要是商务用酒及居民需求，因此影响有限。 上述观点也可从此前的"禁酒令"中得到论证。2017年8月21日，贵州省政府新闻办发布消息称：自2017 年9月1日起，贵州省范围内的公务活动，一律禁止提供任何酒类，一律不得饮用任何单位和个人提供的 任何酒类，包括私人自带的酒类。同时明确，全省范围内的公务活动，一律禁止公款赠送任何酒类，在 工作时间内和工作日午间一律不许饮酒。重大外事活动和招商引资活动，确需提供酒类和饮酒的，须 ...

2.出席本次会议的股东必须为股权登记日登记在册的 公司股东，会议召开之前公司股东应该办理登记手续。 山西汾酒 2024 年年度股东大会资料 山西杏花村汾酒厂股份有限公司 2024 年年度股东大会 资料目录 | 一、会议须知 2 | | --- | | 二、会议议程 3 | | 三、2024 年度董事会工作报告 4 | | 四、2024 年度监事会工作报告 19 | | 五、2024 年度独立董事述职报告（周培玉） 23 | | 六、2024 年度独立董事述职报告（李临春） 29 | | 七、2024 年度独立董事述职报告（樊燕萍） 35 | | 八、2024 年度财务决算报告 41 | | 九、2024 年度利润分配预案 45 | | 十、关于 2024 年年度报告及其摘要的议案 47 | | 十一、关于聘请公司 2025 年度年报审计机构、内部控制审计机构的 | | 议案 53 | | 十二、关于增补第八届董事会董事的议案 54 | — 1 — 山西汾酒 2024 年年度股东大会资料 2024 年年度股东大会会议须知 为确保公司股东大会的正常秩序和议事效率，维护投资 者的合法权益，根据《公司法》《证券法》以 ...

Group 1 - The core index of the beverage sector, the China Securities Beverage Theme Index, experienced a decline of 1.06% closing at 25,626.43 points with a trading volume of 19.09 billion yuan [1] - Over the past month, the index has decreased by 2.20%, while it has increased by 3.61% over the last three months, and has seen a year-to-date decline of 1.56% [1] - The index comprises 50 listed companies in the beverage sector, including alcoholic and soft drink companies, reflecting the overall performance of the beverage theme listed companies [1] Group 2 - The top ten weighted companies in the index include Kweichow Moutai (16.73%), Wuliangye (14.16%), Shanxi Fenjiu (11.9%), and Luzhou Laojiao (11.06%) among others [1] - The index's holdings are primarily listed on the Shanghai Stock Exchange (58.00%) and the Shenzhen Stock Exchange (42.00%) [1] - In terms of industry composition, the index shows that liquor accounts for 77.09%, soft drinks for 11.44%, beer for 7.96%, wine and others for 2.09%, and yellow wine for 1.42% [1] Group 3 - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [2] - Weight factors are generally fixed until the next scheduled adjustment, with special circumstances allowing for temporary adjustments [2] - Companies that are delisted or undergo mergers, acquisitions, or splits are handled according to specific calculation and maintenance guidelines [2]

Core Viewpoint - The article discusses the mixed performance of A-shares, highlighting the impact of new regulations on mergers and acquisitions, the decline of the liquor sector due to stricter regulations, and the strong performance of the port and shipping industry driven by increased demand from the US-China trade situation. Group 1: Mergers and Acquisitions - New regulations from the China Securities Regulatory Commission (CSRC) have simplified the review process for mergers and acquisitions, leading to a surge in related stocks [5][6] - The introduction of a simplified review procedure allows certain transactions to bypass the securities exchange's review, with the CSRC making decisions within five working days [5] - Analysts believe these changes will enhance the efficiency of M&A reviews and encourage quality companies to grow through mergers, potentially boosting market confidence [6] Group 2: Liquor Sector - The liquor sector has seen a decline, with major brands like Kweichow Moutai and Luzhou Laojiao dropping over 2% due to new regulations prohibiting alcohol in official dining settings [8][10] - Historical data indicates that previous "ban on alcohol" policies have negatively impacted the liquor industry, leading to significant stock price drops [10][11] - Despite the current downturn, some analysts suggest that such policies may provide opportunities for leading companies to increase market share in the long run [11] Group 3: Port and Shipping Industry - The shipping sector is experiencing a strong upward trend, with stocks like Lianyungang and Ningbo Shipping hitting their limits, driven by increased demand following the US-China tariff reductions [13][14] - The average booking volume for US routes surged by 277% after the announcement of tariff reductions, indicating a rebound in demand from foreign trade enterprises [14] - Shipping companies are adjusting their capacities to meet the rising demand, with significant increases in freight rates observed on US routes [16]