证券代码：600887 证券简称：伊利股份 公告编号：临 2025-012 内蒙古伊利实业集团股份有限公司 关于股份回购进展公告 内蒙古伊利实业集团股份有限公司（简称"公司"）分别于 2024 年 4 月 28 日、2024 年 5 月 20 日召开第十一届董事会临时会议和 2023 年年 度股东大会，审议通过了《关于以集中竞价交易方式回购公司股份方案 的议案》，同意公司使用不低于人民币 10 亿元（含）且不超过人民币 20 亿元（含）的自有资金以集中竞价交易方式回购公司股份，回购价格不 超过人民币 41.88 元/股（含），回购期限自公司股东大会审议通过回购 方案之日起不超过 12 个月，回购股份将用于依法注销减少注册资本。具 体内容详见公司于 2024 年 5 月 21 日披露的《内蒙古伊利实业集团股份 有限公司关于以集中竞价交易方式回购公司股份的回购报告书》。 1 回购方案首次披露日 2024/4/30 回购方案实施期限 2024/5/20~2025/5/19 预计回购金额 10 亿元~20 亿元 回购用途 √减少注册资本 □用于员工持股计划或股权激励 □用于转换公司可转债 □为维护公司价值及股东权益 ...

Investment Rating - The report emphasizes a positive outlook on the food and beverage sector, particularly highlighting the defensive nature of mass consumer goods and the cyclical elasticity of the liquor sector [3][4]. Core Insights - The food and beverage sector has shown a pattern of performance during systemic events, with significant downturns in 2018 and substantial recoveries in 2020, indicating resilience and potential for future growth [3][6]. - The report suggests that leading companies in the sector have become attractive for mid-term allocation after adjustments, with mass consumer goods showing stronger defensive characteristics and liquor companies exhibiting greater cyclical elasticity [3][4]. - Recommendations include increasing allocations to key liquor brands like Kweichow Moutai and Wuliangye, as well as mass consumer brands such as Yili and Qingdao Beer, due to their favorable valuations and growth potential [3][4]. Summary by Sections 1. Event Overview - The report discusses the importance of domestic consumption and the government's focus on boosting consumer demand, especially in light of recent economic challenges [6]. 2. 2018 Review 2.1 Sector Performance - In 2018, the food and beverage sector declined by 21.95%, with a relative excess return of 8.04%, ranking third among sub-industries [17]. - The first half of 2018 saw better performance due to market consumption upgrades, while the second half was affected by trade war concerns [17]. 2.2 Changes in Performance and Valuation - Most companies in the food and beverage sector did not see significant adjustments in profit forecasts, but liquor companies experienced some upward revisions [28]. - By the end of 2018, the dynamic PE ratios for liquor companies ranged from 15-20x, while mass consumer goods were at 20-30x [29]. 3. 2020 Review 3.1 Sector Performance - The food and beverage sector surged by 84.97% in 2020, with a relative excess return of 59.07%, again ranking third among sub-industries [41]. - The sector initially lagged due to pandemic impacts but rebounded strongly as consumption patterns shifted back to normal [41]. 3.3 Changes in Performance and Valuation - By the end of 2020, many food and beverage companies saw downward adjustments in earnings forecasts, while some, like Shanxi Fenjiu and JiuGuiJiu, experienced upward revisions due to improved management and product launches [48]. - Liquor companies saw significant valuation expansions, with some exceeding 50x dynamic PE ratios by year-end [48].

Investment Rating - The report maintains a "Recommended" rating for the food and beverage industry, indicating that the industry index is expected to outperform the benchmark index by more than 10% [7]. Core Insights - The food and beverage sector in A-shares has shown resilience, with a 0.46% increase over the past two weeks, outperforming major indices such as the Shanghai Composite Index and the Shenzhen Component Index [2][13]. - Key segments within the industry, such as soft drinks and snacks, have experienced significant growth, while categories like baked goods and liquor have seen declines [2][13]. - The report highlights the importance of monitoring quarterly and annual reports for performance insights [2]. Market Review - A-shares in the food and beverage sector rose by 0.46% from March 24 to April 3, outperforming the Shanghai Composite Index by 1.14 percentage points and the Shenzhen Component Index by 3.47 percentage points [2][13]. - Within the sector, soft drinks (+6.45%), snacks (+6.40%), and beer (+4.14%) led the gains, while baked goods (-2.68%), liquor (-1.82%), and pre-processed foods (-1.82%) lagged [2][13]. - Notable stock performances included Miaokelan (+27.88%), Wancheng Group (+27.40%), and Yanjinpuzi (+26.02%) as top gainers, while Rock Shares (-31.99%), Sunshine Dairy (-16.57%), and Huangshi Group (-14.79%) faced significant losses [2][13]. Key Data Tracking - The report provides detailed tracking of key data points, including liquor prices, with Moutai's original box price at 2,180 RMB and the bulk price at 2,170 RMB, both down from two weeks prior [3][27]. - The average price of fresh milk in major production areas is reported at 3.08 RMB/kg, a year-on-year decrease of 12.3% [4][38]. - Pork prices are noted at 26.17 RMB/kg, reflecting a year-on-year increase of 3.9% [4][41]. Policy and News Tracking - The report discusses the release of 50 national food safety standards, which prohibit the use of "zero additives" on pre-packaged foods [56]. - New regulations for infant formula encourage the use of raw milk and prohibit repackaging [56]. - Moutai has reportedly met its sales targets for the first quarter, indicating stable market performance [56]. Investment Recommendations - For liquor, the report suggests focusing on high-end brands like Moutai, Wuliangye, and Luzhou Laojiao, as they have shown strong price control and market resilience [5][58]. - In the consumer goods segment, companies such as Yili, New Dairy, Dongpeng Beverage, and Haitian Flavoring are highlighted as key investment opportunities due to their strong market positions and consumer demand [5][58].

从指数持仓来看，中证南方小康产业指数十大权重分别为：中国联通（5.93%）、上汽集团 （4.76%）、中国建筑（4.36%）、宝钢股份（3.48%）、伊利股份（2.71%）、海螺水泥（2.57%）、万 华化学（2.3%）、交通银行（2.28%）、国电电力（2.15%）、中国移动（2.12%）。 从中证南方小康产业指数持仓的市场板块来看，上海证券交易所占比100.00%。 从中证南方小康产业指数持仓样本的行业来看，原材料占比20.84%、金融占比19.83%、工业占比 18.83%、公用事业占比9.79%、可选消费占比8.39%、通信服务占比8.05%、能源占比5.23%、医药卫生 占比3.63%、主要消费占比3.02%、房地产占比1.29%、信息技术占比1.11%。 金融界4月3日消息，上证指数低开高走，中证南方小康产业指数 (小康指数，000901)下跌0.17%，报 5739.36点，成交额632.55亿元。 数据统计显示，中证南方小康产业指数近一个月上涨0.37%，近三个月下跌1.49%，年至今下跌4.63%。 据了解，中证南方小康产业指数从上证180指数样本中选取先进制造业、现代服务业和基础产业最具代 ...

证券代码：600887 证券简称：伊利股份 公告编号：临 2025-011 内蒙古伊利实业集团股份有限公司关于 2025 年度 第三、四、五期超短期融资券发行结果的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 | 簿记管理人 | 中信银行股份有限公司 | | --- | --- | | 主承销商 | 中信银行股份有限公司 | | 联席主承销商 | 中国邮政储蓄银行股份有限公司、中国民生银行股份有限公司、中国工商银行股份有限 公司 | | 名称 | 内蒙古伊利实业集团股份有限公司 2025 年度第四期超短期融资券 | 简称 | 25 伊利实业 SCP004 | | --- | --- | --- | --- | | 代码 | 012580804 | 期限 | 84 天 | | 起息日 | 2025 年 4 月 2 日 | 兑付日 | 2025 年 6 月 25 日 | | 计划发行总额 | 110 亿元 | 实际发行总额 | 110 亿元 | | 发行利率 | 1.71% | 发行价格 | 100 元/百元面值 | | ...

Group 1 - The core viewpoint of the news is that the China Securities Index for food and beverage has shown mixed performance, with a recent decline in the index despite a slight increase over the past month [1][2]. - The China Securities Index for food and beverage has increased by 1.92% in the last month, but has decreased by 1.96% over the last three months and year-to-date [2]. - The index is composed of 50 listed companies from the food and beverage sector, reflecting the overall performance of this industry in the Shanghai and Shenzhen markets [2]. Group 2 - The top ten weighted companies in the index include Kweichow Moutai (15.84%), Wuliangye (13.97%), and Yili Group (12.51%) [2]. - The index is primarily composed of companies listed on the Shanghai Stock Exchange, which accounts for 63.40% of the index, while the Shenzhen Stock Exchange accounts for 36.60% [2]. - The index is adjusted semi-annually, with changes implemented on the next trading day following the second Friday of June and December [3]. Group 3 - Public funds tracking the food and beverage sector include the Huaan CSI Food and Beverage ETF [4].

根据《上市公司股份回购规则》《上海证券交易所上市公司自律监管 指引第 7 号--回购股份》等相关规定，公司应当在每个月的前 3 个交易 日内公告截至上月末的回购进展情况，现将回购股份进展情况公告如下： 证券代码：600887 证券简称：伊利股份 公告编号：临 2025-010 内蒙古伊利实业集团股份有限公司 关于股份回购进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、回购股份的基本情况 内蒙古伊利实业集团股份有限公司（简称"公司"）分别于 2024 年 4 月 28 日、2024 年 5 月 20 日召开第十一届董事会临时会议和 2023 年年 度股东大会，审议通过了《关于以集中竞价交易方式回购公司股份方案 的议案》，同意公司使用不低于人民币 10 亿元（含）且不超过人民币 20 亿元（含）的自有资金以集中竞价交易方式回购公司股份，回购价格不 超过人民币 41.88 元/股（含），回购期限自公司股东大会审议通过回购 方案之日起不超过 12 个月，回购股份将用于依法注销减少注册资本。具 体内容详见公司于 2024 ...

Core Viewpoint - The CSI 800 Value Index has shown a slight increase of 0.24% recently, while it has experienced a decline of 2.14% year-to-date, indicating a challenging market environment for value stocks [1]. Group 1: Index Performance - The CSI 800 Value Index closed at 6035.55 points with a trading volume of 91.696 billion yuan [1]. - Over the past month, the index has increased by 1.35%, but it has decreased by 2.14% over the last three months and year-to-date [1]. Group 2: Index Composition - The top ten holdings of the CSI 800 Value Index include China Ping An (5.5%), China Merchants Bank (5.25%), Midea Group (3.65%), and others, indicating a concentration in major financial and industrial companies [2]. - The index is primarily composed of stocks from the Shanghai Stock Exchange (74.42%) and Shenzhen Stock Exchange (25.58%) [3]. Group 3: Sector Allocation - The sector allocation of the CSI 800 Value Index shows that financials dominate with a 43.03% share, followed by industrials (13.40%) and materials (9.47%) [3]. - Other sectors include consumer discretionary (8.64%), energy (6.32%), communication services (5.62%), utilities (4.43%), consumer staples (3.05%), information technology (2.80%), healthcare (1.80%), and real estate (1.44%) [3]. Group 4: Index Adjustment Mechanism - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [3]. - New samples are prioritized based on their value factor scores, with a maximum adjustment ratio of 30% [3].

Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [2] Core Viewpoints - The revenue of the beverage and tea industry in January-February decreased by 0.4% year-on-year [2] - The overall performance of the food and beverage sector shows a slight increase, with the food and beverage index rising by 0.40% from March 24 to March 28, ranking third among 28 sub-industries [6][7] - The report recommends high-end liquor with stable demand and high growth certainty, including Guizhou Moutai, Wuliangye, and Luzhou Laojiao, as well as strong regional brands [18] Summary by Sections Industry Performance - From March 24 to March 28, the overall market index increased by 0.07%, while the food and beverage index increased by 0.40% [6][7] - The top-performing sectors were meat products (+2.86%), dairy products (+2.13%), and beer (+2.01%) [6] - Notable stock performances included Miaokelando (+28.66%), Guangming Meat (+13.02%), and Yanjinpuzi (+5.33%) [6] Company Announcements - Shuanghui Development reported a total revenue of 59.561 billion yuan for 2024, down 0.55% year-on-year [21] - Zhujiang Beer reported a total revenue of 5.731 billion yuan for 2024, up 6.56% year-on-year [21] - Sanquan Food reported a total revenue of 3.476 billion yuan for 2024, up 10.41% year-on-year [21] - Three squirrels reported a total revenue of 10.622 billion yuan for 2024, up 49.30% year-on-year [21] Industry News - The 112th National Sugar and Wine Commodity Fair is preparing to sign several major projects with a total investment exceeding 3 billion yuan [23] Consumer Data - In January-February 2025, the total retail sales of consumer goods increased by 4.0% year-on-year, while the catering retail sales increased by 4.3% [24] - The consumer confidence index for January 2025 was 87.5, down 1.57% year-on-year [24] Alcohol Industry Data - In January-February 2025, the production of liquor, beer, and wine decreased by 11.2%, 4.9%, and 25% year-on-year, respectively [29]

Group 1 - The core viewpoint of the articles highlights the increasing penetration of food and beverage companies into the dining consumption scene, with a focus on product innovation and health-oriented offerings [1][2][3] - The beverage market in dining channels has surpassed 160 billion yuan, growing at an annual rate of 10%, making it a key driver for the overall beverage industry [2] - Major companies like Yili, Yuanqi Forest, and others are launching products specifically designed for dining scenarios, such as low-sugar and probiotic beverages, to meet consumer demands for healthier options [1][2] Group 2 - Companies are increasingly focusing on creating a closed-loop ecosystem that integrates product development, channel adaptation, and consumer engagement to succeed in the competitive dining beverage market [3] - The trend of health-conscious consumption is becoming more prevalent in dining settings, with companies shifting from high-sugar carbonated drinks to healthier dairy-based beverages [2][3] - Several leading industry players, including Nongfu Spring and Master Kong, are prioritizing the dining channel and have designed exclusive products and packaging for this market [2]