图片来源：视觉中国-VCG211308670616 虽然头部企业的排名有所变化，比如山西汾酒弯道超车、以360亿元的营收跻身行业前三，但中腰部酒企却在过去一年真正上演了一场激战"卡位战"。前一 年白酒业务达百亿元的顺鑫农业，2024年缩水到70亿元，加入迎驾贡酒与珍酒李渡之间的激战；2023年营收达到70亿元的舍得酒业，在行业深度调整之下采 取主动控量，营收水平下滑，与老白干酒、水井坊成为卡位"50亿元"营收的三大酒企。 当前，行业将继续调整，增长也迎来了换挡期，产品布局高端化、年轻化成为白酒行业的共同趋势。可对于单个酒企特别是区域化更加明显的中腰部酒企来 说，要在激烈的市场竞争中"卡位"成功，恐怕更多是要看全国化布局的成效如何。到底谁能以奇招破题呢？ 每经记者｜熊嘉楠 每经编辑｜彭水萍 随着上市公司2024年度财报披露完毕，白酒上市公司去年整体的业绩表现也浮出水面。总的来说，在行业整体承压之下，大多数白酒股还是交出了稳健增长 的"成绩单"。 Wind数据显示，22家白酒上市公司2024年实现营业收入合计4462.22亿元，归母净利润合计1678.18亿元，8.12%和6.67%的增速则较上一年营收、净利双位 ...

证 券 研 究 报 告 食品饮料行业跟踪报告 华创证券研究所 行业渐进修复，结构亮点已现 推荐（维持） ——中期策略会交流反馈报告（附 16 家公司要点） 行业研究 食品饮料 2025 年 05 月 14 日 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 证券分析师：董广阳 电话：021-20572598 邮箱：dongguangyang@hcyjs.com 执业编号：S0360518040001 联系人：严文炀 邮箱：yanwenyang@hcyjs.com 联系人：王培培 邮箱：wangpeipei@hcyjs.com 行业基本数据 证券分析师：严晓思 邮箱：yanxiaosi@hcyjs.com 执业编号：S0360524070015 邮箱：liuxude@hcyjs.com 执业编号：S0360523080010 （ ...

为进一步加强与投资者的互动交流，公司将参加由山西证监局、山西 省上市公司协会与深圳市全景网络有限公司联合举办的"山西辖区上市 公司2025年投资者网上集体接待日暨年报业绩说明会"，就公司2024年 度业绩、公司治理、发展战略、经营状况和可持续发展等投资者关心的问 题，与投资者进行沟通与交流。 1.活动时间：2025年5月20日（周二）15:00—17：00 2.活动方式：网络在线交流 本次活动将采用网络在线交流的方式举行，投资者可登录"全景路演" 网站（http://rs.p5w.net），或关注微信公众号"全景财经"，或下载 全景路演APP，参与本次互动交流。 1 公司副总经理、总会计师王怀先生，公司副总经理、汾酒销售公司执 行董事、总经理张永踊先生，公司董事会秘书许志峰先生，公司证券事务 代表张弛先生。 联系部门：董事会办公室 联系电话：0358-7329809 欢迎广大投资者积极参与。 特此公告 山西杏花村汾酒厂股份有限公司 董事会 2025年5月15日 2 ...

食品饮料 2025 年 05 月 13 日 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 《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 《一季报白酒稳健增长，零食新品红 利表现突出—行业周报》-2025.5.5 暖意渐起，焕启新程 ——行业投资策略 | 张宇光（分析师） | 张恒玮（分析师） | 张思敏（联系人） | | --- | --- | --- | | zhangyuguang@kysec.cn | zhanghengwei@kysec.cn | zhangsimin@kysec.cn | | 证书编号：S0790520030003 | 证书编号：S0790524010001 | 证书编号：S0790123070080 | |  市场表现：食品饮料年初至今跑赢大盘 | | | 食品饮料跑赢大盘，零食板块表现较好。2025 年 1-4 月食品饮料板块上涨 0.5 ...

Investment Rating - The report assigns an "Overweight" rating for the food and beverage industry, indicating that the industry index is expected to outperform the CSI 300 index by 10% or more over the next six months [1]. Core Insights - The report highlights a positive outlook for the dairy sector driven by favorable policies related to fertility, which are expected to boost demand. The supply-demand balance for raw milk is anticipated to improve, leading to stabilization in milk prices [4]. - In the liquor segment, the focus is on high-end products and regional leaders, with specific recommendations for companies like Kweichow Moutai and Wuliangye. The report notes that the white liquor sector is currently experiencing a bottoming out in valuations, with expectations for demand recovery supported by policy measures [4]. - The snack food sector continues to show high growth potential, with recommendations for companies such as Yanjinpuzi and Ganyuan Food. The report also emphasizes the resilience of the restaurant supply chain, suggesting investments in companies like Anjifood and Qianwei Yangchun [4]. Summary by Sections 1. Market Performance - The food and beverage sector rose by 1.76% last week, underperforming the CSI 300 index by 0.24 percentage points, ranking 20th among 31 sectors [5][10]. - The best-performing sub-sectors included health products and baked goods, which increased by 5.09% and 4.25%, respectively [10]. 2. Key Consumption and Raw Material Prices - The report provides detailed pricing data for key liquor products, noting that the price of the 2024 Moutai original bottle is 2,190 yuan, reflecting a slight increase from the previous week [20]. - In the beer sector, production for March 2025 reached 312.8 million hectoliters, a year-on-year increase of 1.9% [25]. 3. Industry Dynamics - The report notes a 2% year-on-year decline in liquor prices as of April, with overall food and beverage prices showing a slight increase [55]. 4. Core Company Updates - Qingdao Beer plans to acquire 100% equity of Jimo Huangjiu from Xinhua Jin Group and Lujin Group for 666 million yuan [56]. - Baba Foods announced a cash dividend of 0.80 yuan per share, totaling 192 million yuan [56].

Investment Rating - The report assigns an "Overweight" rating for the food and beverage industry, indicating that the industry index is expected to outperform the CSI 300 index by 10% or more over the next six months [1][56]. Core Insights - The food and beverage sector saw a 1.76% increase last week, underperforming the CSI 300 index by 0.24 percentage points, ranking 20th among 31 first-level sectors [5][10]. - The report highlights strong performance in the snack and baking sub-sectors, with increases of 5.09% and 4.25% respectively [5][10]. - Key companies to watch include high-end liquor brands such as Kweichow Moutai and Wuliangye, as well as leading snack companies like Salted Fish and Gan Yuan Foods [4][5]. Market Performance - The food and beverage sector's performance is detailed, with the top five gainers being Jia Jia Foods (21.49%), Qinghai Spring (20.65%), Jiao Da Ang Li (15.18%), Lanzhou Yellow River (14.05%), and West Wheat Foods (12.83%) [10][15]. - Conversely, the top five decliners included Miao Ke Lan Duo (-1.92%), Hao Xiang Ni (-1.95%), Shanghai Mei Lin (-3.21%), Gan Yuan Foods (-5.31%), and An Ji Foods (-15.99%) [10][15]. Sub-sector Analysis - The liquor segment is focusing on product and channel optimization, with companies like Wuliangye and Jinshiyuan showing stable sales and market strategies [5][10]. - The beer sector is expected to see marginal improvements in sales as temperatures rise, with a reported production of 854.1 million liters in the first quarter of 2025, down 2.2% year-on-year [25][28]. - The snack sector remains robust, with Salted Fish and Jin Zai Foods leading in growth, supported by new channels and strong product categories [4][5]. Price Trends - As of May 10, 2025, the price for 2024's original and scattered Flying Moutai is reported at 2,190 RMB and 2,120 RMB respectively, with slight fluctuations noted [20][21]. - Dairy product prices show a downward trend, with fresh milk priced at 12.17 RMB per liter, down 0.90% year-on-year [27][39]. Company Dynamics - Recent developments include Qingdao Beer acquiring 100% equity of Jimo Yellow Wine for 665 million RMB, and Baba Foods announcing a cash dividend of 0.80 RMB per share [55].

Economic Overview - In April 2025, China's export growth was 8.1% year-on-year in USD terms, while imports decreased by 0.2%[16] - The trade surplus in April was stronger than the average in Q1 2025, providing support to the economy[17] - The CPI showed a month-on-month increase of 0.2%, driven by rising food and travel prices, while the PPI remained low at -2.7% year-on-year[13][15] Market Trends - The A-share market saw a slight increase in trading activity, with average daily turnover rising from CNY 1.10 trillion to CNY 1.35 trillion, and the proportion of stocks rising increased to 84%[22] - Foreign capital inflow into the A-share market was USD 2.1 million, with the proportion of trading by foreign investors dropping to 11.0%[23] Sector Performance - The automotive sector showed strong performance, with passenger car sales increasing by 7% year-on-year during the May Day holiday[27] - New home sales in 30 major cities increased by 13.7% year-on-year, indicating a recovery in the real estate market[28] Policy and Monetary Environment - The People's Bank of China indicated a shift towards a more accommodative monetary policy, with expectations for further interest rate cuts and adjustments to deposit rates[6][7] - The government is expected to accelerate the issuance and utilization of special bonds to support infrastructure investment[7] Risks and Challenges - Ongoing uncertainties in trade relations and domestic growth policies may impact economic stability[6][12] - The real estate market continues to face pressure, with potential risks to consumer spending and investment recovery[28]

截至2025年5月13日 14:01，中证主要消费指数(000932)上涨0.05%，成分股珀莱雅(603605)上涨2.69%，新诺威(300765)上涨1.96%，汤臣倍健(300146)上涨 1.34%，东鹏饮料(605499)上涨1.28%，贝泰妮(300957)上涨1.27%。主要消费ETF(159672)上涨0.13%，最新价报0.78元。流动性方面，主要消费ETF盘中换手 4%，成交335.68万元。拉长时间看，截至5月12日，主要消费ETF近1年日均成交569.24万元。 跟踪精度方面，截至2025年5月12日，主要消费ETF近1月跟踪误差为0.014%，在可比基金中跟踪精度最高。 从估值层面来看，主要消费ETF跟踪的中证主要消费指数最新市盈率（PE-TTM）仅20.15倍，处于近1年10.36%的分位，即估值低于近1年89.64%以上的时 间，处于历史低位。 数据显示，截至2025年4月30日，中证主要消费指数(000932)前十大权重股分别为伊利股份(600887)、贵州茅台(600519)、五粮液(000858)、牧原股份 (002714)、山西汾酒(600809)、泸州老窖(00056 ...

Investment Rating - The report maintains an "Outperform the Market" rating for the food and beverage sector [4][5][76] Core Views - The food and beverage sector is showing signs of seasonal demand recovery, particularly in functional beverages and other categories [1][10] - The overall demand for liquor remains weak, with a consensus among liquor companies on slowing growth, highlighting the need for policies to boost domestic demand [2][10] - The beer industry is entering a phase of inventory replenishment and demand stabilization, with leading brands showing positive growth [13][14] - The snack food sector is experiencing mixed performance, with some companies showing significant revenue growth despite overall challenges [15] - The condiment sector is performing steadily, with leading companies maintaining strong cash flow and profitability [16] - The frozen food sector is facing challenges due to weak restaurant demand, while the dairy sector is expected to see improvements in supply and demand dynamics [17][18] - The beverage industry is entering a peak season, with leading companies optimistic about continued growth [18] Summary by Sections 1. Weekly Insights - The food and beverage sector saw a 1.88% increase in the week from May 6 to May 9, underperforming the Shanghai Composite Index by 0.04 percentage points [19] - The liquor sector is under pressure, with a reported revenue of 442.23 billion yuan for 2024, a year-on-year increase of 7.3% [2][10] - The beer sector's revenue grew by 3.7% year-on-year in Q1 2025, with leading brands like Yanjing and Zhujiang showing strong performance [13][14] 2. Key Data Tracking - The liquor index increased by 2.3% during the week, with policy measures boosting market confidence [12] - The snack food sector reported a 31.0% year-on-year revenue growth in Q1 2025, although profitability faced challenges [15] - The condiment sector's revenue for Q1 2025 was 24.8 billion yuan, a year-on-year increase of 1.6% [16] 3. Company Profit Forecasts and Investment Ratings - Key companies such as Kweichow Moutai, Shanxi Fenjiu, and Luzhou Laojiao are rated as "Outperform the Market" with projected earnings per share (EPS) growth [4] - Kweichow Moutai's stock price is at 1,591.2 yuan, with a market capitalization of 1,998.84 billion yuan [4] 4. Important Events - Significant corporate announcements include organizational restructuring at Jiuziyuan and share repurchase updates from Kweichow Moutai [2][10][71]

证券研究报告 | 2025年05月12日 食品饮料周报（25 年第 19 周） 优于大市 大众品旺季催化渐显，功能饮料等多个品类验证高景气 本周（2025 年 5 月 6 日至 2025 年 5 月 9 日）食品饮料板块上涨 1.88%，跑 输上证指数 0.04pct。本周食品饮料板块涨幅前五分别为安德利（29.87%)、 甘化科工（21.94%)、加加食品（21.49%)、青海春天（20.65%)和 ST 交昂 （15.18%)。 白酒：需求整体偏弱、酒企降速共识强化，关注提振内需政策发力。业绩回 顾，2024 年 SW 白酒Ⅲ实现营业总收入 4422.3 亿元/同比+7.3%，归母净利润 1666.3 亿元/同比+7.4%，板块增速于 2021 年来降低到个位数；2025Q1 收入 1534.2 亿元/同比+1.7%，归母净利润 633.9 亿元/同比+2.3%，仅贵州茅台、 古井贡酒实现双位数增长；需求压力延续，行业降速共识进一步强化，酒企 主动或被动进入调整周期。今世缘5 月5 日公告公司组织架构优化调整议案， 成立客户关系管理部；撤销战略研究部，细化研究工作至企管部和销售部； 我们认为公司组织优化方 ...