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]

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 证券研究报告 | 2025年05月19日 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 ...

Investment Rating - The report maintains a "Recommended" investment rating for the food and beverage industry [8]. Core Viewpoints - The white liquor sector is experiencing a demand bottoming out, with overall business demand under pressure and banquet demand showing differentiation. Companies are adopting conservative targets for 2025 and actively reducing channel burdens while stabilizing inventory [5]. - The report highlights the low overall valuation of the liquor sector, with many companies engaging in buybacks or increasing holdings, and dividend payouts continuing to rise [5]. - In the mass consumer goods sector, companies are focusing on health-oriented products and enhancing supply chain flexibility. The report notes that the mass consumer goods sector is expected to continue its recovery [6]. Summary by Sections Industry News - From January to April, liquor prices decreased by 2% year-on-year. The export value of Ningxia wine reached 13.75 million yuan in 2024 [17]. - Guizhou Moutai's sales through mainstream e-commerce channels grew over 30% in the first four months of the year [17]. Company News - The report discusses various companies, including Moutai, Langjiu, and Xijiu, focusing on their strategies for production stability, quality enhancement, and market expansion [17]. - It mentions that the company Huazhi Jiuhang is emphasizing long-term strategies and digital marketing to enhance its online and offline sales networks [5]. Key Company Feedback - The report provides earnings forecasts for several companies, indicating a positive outlook for companies like Luzhou Laojiao, Moutai, and Wuliangye, all rated as "Buy" [9]. - The report notes that the liquor industry generated revenue of 756.3 billion yuan in 2023, reflecting a year-on-year increase of 9.7% [33]. Industry Performance - The food and beverage sector's performance over the past month shows a slight increase of 0.3%, while the Shanghai and Shenzhen 300 index increased by 3.1% [3]. - The report includes various charts illustrating the performance of different segments within the food and beverage industry, highlighting trends in liquor production and revenue [33][36].

金十图示：2025年05月19日（周一）富时中国A50指数成分股午盘收盘行情一览：银行、保险板块涨跌不一，白酒、汽车整车等 跌幅居前，半导体板块涨幅居前 -0.01(-0.19%) -0.01(-0.13%) +0.03(+0.76%) 保险 中国太保 中国平安 中国人保 01 3639.63亿市值 3213.19亿市值 9716.98亿市值 4.60亿成交额 11.02亿成交额 6.91亿成交额 53.36 8.23 33.40 -0.03(-0.06%) -0.03(-0.09%) +0.02(+0.24%) 酸酒行业 贵州茅台 山西汾酒 五粮液 19797.05亿市值 2451.03亿市值 5011.54亿市值 38.40亿成交额 6.14亿成交额 20.76亿成交额 1575.95 129.11 200.91 -38.18(-2.37%) -4.09(-2.00%) -1.97(-1.50%) 半导体 北方华创 寒武纪-U 海光信息 HYGON 2321.53亿市值 2789.36亿市值 3247.10亿市值 12.09亿成交额 15.83亿成交额 7.58亿成交额 139.70 434.60 668 ...

2025 年 05 月 19 日 关注茅台股东大会，小食品持续向好 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) 0.3 6.7 -8.4 沪深 300 3.1 -0.6 5.7 市场表现 -40 -30 -20 -10 0 10 20 (%) 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：降息"靴 子落地"，利好市场情绪提振》 2025-05-11 2、《食品饮料行业周报：年报季顺 利收官，五一白酒需求符合预期》 2025-05-06 3、《食品饮料行业周报：业绩密集 披露期，整体反馈符合预期》2025- 04-28 ▌ 一周新闻速递 行业新闻：1）1-4 月酒类价格同比下降 2%；2） 宁夏葡萄酒 2024 出口额达 1375 万元；3） 泸州：积极促进酒旅深度融 合； 公司新闻：1） ...

2025开年以来，丸美生物上涨60.82%，排在涨幅榜首位；上海家化上涨46.72%，居次席；华大基因上 涨34.45%；安集科技、信立泰、韦尔股份涨逾20%；科沃斯和广联达分别上涨19.60%和18.79%；珀莱 雅、恒瑞医药涨逾17%；海大集团、兆易创新、澜起科技涨逾14%；天士力、山西汾酒、药明康德分别 上涨13.20%、12.85%和11.48%。 关注国内政策发力力度 展望后市，星石投资表示，短期来看，当前在存量资金博弈背景下，宽基指数或在当前位置保持震荡。 市场结构方面，板块间或继续保持轮动，需要等待新的主线出现。 □本报记者 王宇露 上周市场反弹，中证新华社民族品牌工程指数上涨0.94%，报1666.03点。华大基因、以岭药业、石头科 技等成分股上周表现强势。2025开年以来，丸美生物、上海家化、华大基因等成分股涨幅居前。展望后 市，机构认为，接下来市场或许会重新聚焦国内经济基本面变化，预计政策面会积极应对，市场具有中 期支撑。 多只成分股表现强势 上周市场继续反弹，上证指数上涨0.76%，深证成指上涨0.52%，创业板指上涨1.38%，沪深300指数上 涨1.12%，品牌工程指数上涨0.94% ...

食品饮料策略会反馈及板块观点更新 20250518 摘要 • 茅台价格小幅回升，飞天茅台批价预计在 2,100-2,200 元波动，普飞发货 节奏加快，非标产品增多，总库存略升。高端白酒五粮液批价在 920-925 元以上，但成交量少，渠道库存低。 • 汾酒对实现增长充满信心，重点关注腰部产品，青花 26 和青花 30 系列增 速快。2025 年营销和利润预期乐观，预计均实现大个位数增长。清香型 白酒市场供需紧张，青花 20 货源紧俏。 • 政策对政务消费监管严格，商务需求下滑接近双位数，对传统产业和出口 订单扰动大。经销商预期端午订单平稳，关注五月下旬及 618 前后价格波 动。 • 白酒行业整体呈现周期性调整迹象，规上企业数量减少，销售额微增，利 润下降。主动权益基金对白酒板块超低配，建议关注高端白酒和渠道优势 品种。 • 蜜雪冰城及其竞争品牌门店数量持续加密，加盟商投资回报期约为两年， 加盟意愿强烈。零食量贩行业仍处于扩展阶段，单店盈利模型稳定。 Q&A 近期茅台产品价格小幅回弹，如飞天茅台价格约为 2,180 元左右，经销商拆箱 销售报价与原先差不多。散瓶精品茅台造假严重，多数经销商暂停售卖散瓶精 品 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The report emphasizes that the value of liquor allocation is stronger, and consumer goods are embracing new consumption trends. The food and beverage index increased by 0.5% from May 12 to May 16, ranking 15th among 28 sub-industries, underperforming the CSI 300 by approximately 0.6 percentage points. Sub-industries such as health products (+8.5%), baked goods (+2.4%), and dairy products (+1.5%) performed relatively well [3][10][12] - The report indicates that liquor companies are experiencing slow revenue growth, which is already anticipated by the market. This is due to demand remaining at a low level and companies reducing channel burdens. The report suggests that liquor is currently at a bottom range, with signs of marginal recovery in business demand and a pragmatic approach from liquor companies to reduce supply growth to alleviate channel pressure. Future performance growth is expected to rise gradually [3][10][11] - New consumption trends are emerging due to changes in business models and consumer perceptions, focusing on consumer demand and reconstructing consumption scenarios and experiences. This is reflected in new channels within the food and beverage industry, where traditional retail channels face challenges such as traffic loss and declining profit margins [11] Summary by Sections Market Performance - The food and beverage index increased by 0.5%, ranking 15th out of 28, and underperformed the CSI 300 by about 0.6 percentage points. Leading sub-industries included health products (+8.5%), baked goods (+2.4%), and dairy products (+1.5%) [10][12] - Individual stocks such as Xianle Health, Youyou Foods, and Xiwang Foods showed significant gains, while Bai Run Foods, Ganyuan Foods, and ST Jia Jia experienced declines [12][18] Upstream Data - Some upstream raw material prices have decreased. For instance, the price of whole milk powder increased by 30.6% year-on-year, while the price of fresh milk decreased by 10.0% year-on-year [18][21] - The price of pork increased by 1.8% year-on-year, while the price of live pigs decreased by 3.8% year-on-year [24][25] Liquor Industry News - Moutai's sales through major e-commerce channels grew by over 30% in the first four months of the year. The company is also implementing new policies to boost sales for events and weddings [44] Recommendations - Recommended stocks include Shanxi Fenjiu, Guizhou Moutai, and Ximai Foods. Shanxi Fenjiu faces short-term demand pressure but has high mid-term growth certainty. Guizhou Moutai is focusing on sustainable development and increasing dividend rates. Ximai Foods is expected to improve profitability due to better raw material costs [4][51]

食品饮料 2025 年 05 月 18 日 zhangsimin@kysec.cn 证书编号：S0790123070080 投资评级：看好（维持） 行业走势图 数据来源：聚源 -36% -24% -12% 0% 12% 24% 2024-05 2024-09 2025-01 食品饮料 沪深300 相关研究报告 《暖意渐起，焕启新程—行业投资策 略》-2025.5.14 《白酒底部建议加配，大众品三条思 路选股—行业周报》-2025.5.11 《内需提振预期强化，关注政策改善 可期—行业投资策略》-2025.5.8 白酒配置价值更强，大众品拥抱新消费 ——行业周报 张宇光（分析师） 张思敏（联系人） zhangyuguang@kysec.cn 证书编号：S0790520030003 核心观点：白酒配置价值更强，大众品拥抱新消费 5 月 12 日-5 月 16 日，食品饮料指数涨幅为 0.5%，一级子行业排名第 15，跑输 沪深 300 约 0.6pct，子行业中保健品（+8.5%）、烘焙食品（+2.4%）、乳品（+1.5%） 表现相对领先。年内白酒企业营收普遍低速增长已在市场预期内，一方面源于需 求仍在底部徘徊 ...

证券研究报告 食品饮料 报告日期：2025 年 05 月 15 日 白酒处于调整期，零食景气度较高 ——食品饮料行业 2024 年报和 2025 一季报综述 华龙证券研究所 投资评级：推荐（维持） 最近一年走势 执业证书编号：S0230520050001 邮箱：wangf@hlzq.com 复—食品饮料行业周报》2025.03.18 《政策积极，静待复苏—食品饮料行业 周报》2025.03.05 《促消费政策积极，关注需求修复边际 改善—食品饮料行业周报》2025.02.17 摘要： 请认真阅读文后免责条款 请认真阅读文后免责条款 1 公司研究报告 2025Q1 食品饮料行业营收和归母净利润增速较 2024 年趋缓。食 品饮料行业业绩分化加剧，子行业来看，白酒业绩实现稳健增长， 软饮料、零食行业上市公司营收和归母净利润同比增幅居前。 分析师：王芳 相关阅读 《育儿补贴政策催化，关注乳品估值修 白酒处于筑底阶段，零食行业延续较高景气度。2025Q1 白酒上 市公司整体营收和归母净利润实现小个位数增长，增速低于 2024 年。高端白酒盈利能力稳健，具备韧性；次高端价格带内部延续 分化趋势，山西汾酒表现较好；地产酒 ...