消息面上，据报道，9月25日，2025年全国国庆文化和旅游消费月主场活动在四川省成都市举办，正式 启动国庆文旅消费月，于9月下旬至10月下旬开展系列文旅消费活动，激发假日消费活力，满足人民美 好生活需要。 9月19日，2025年海口国庆中秋双节促消费活动新闻发布会举办。据悉，海口市将发放1000万元的旅游 消费券，单人"机票+酒店"最高可省1800元。 9月15日，酒鬼酒在投资者关系活动记录表中称，公司与胖东来合作的联名产品"酒鬼·自由爱"上市以来 获得了消费者的广泛认可，目前该产品正按照合作计划进行发货。 据21世纪经济报道9月12日报道，正当市场和行业关注旺季白酒消费能否如期回暖时，茅台再次向外界 释放积极信号。"从此次对三地市场调研情况和各方反馈数据来看，随着传统双节临近，8月环比6、7月 份，市场终端动销有所回暖，8月底以来至今终端动销环比增长显著，市场态势有望进一步向好。"这是 茅台管理层过去两周在全国多地调研后得出的判断。 国海证券表示，政策密集出台，有望扭转宏观经济预期并促进食品饮料板块估值和业绩双提升，目前板 块估值仍然较低，基于此我们维持食品饮料行业"推荐"评级。 9月25日，食品饮料ETF ...

Market Overview - The beverage and dairy sector increased by 0.38% on September 24, with Yangyuan Beverage leading the gains [1] - The Shanghai Composite Index closed at 3853.64, up 0.83%, while the Shenzhen Component Index closed at 13356.14, up 1.8% [1] Stock Performance - Qiaoyuan Beverage (603156) saw a significant rise of 9.98%, closing at 23.25 with a trading volume of 141,000 shares and a transaction value of 318 million [1] - Other notable performers included Yili Co. (600887) with a slight increase of 0.11% and a transaction value of 946 million, and Miao Ke Lan Duo (600882) which rose by 2.11% with a transaction value of 226 million [2] Capital Flow - The beverage and dairy sector experienced a net inflow of 63.06 million from institutional investors, while retail investors saw a net outflow of 35.84 million [2] - Major stocks like Yangyuan Beverage had a net inflow of 70.31 million from institutional investors, indicating strong institutional interest [3] Individual Stock Analysis - Yangyuan Beverage (603156) had a net institutional inflow of 70.31 million, representing 22.08% of its trading volume, while retail investors showed a net outflow of 38.08 million [3] - Miao Ke Lan Duo (600882) also attracted institutional investment with a net inflow of 13.06 million, but faced a retail outflow of 1.25 million [3]

Core Viewpoint - The A-share market appears bullish on the surface, but underlying currents indicate significant divergence among investment styles and logic, leading to a "purging" of weaker stocks [1] Group 1: Market Dynamics - There is an unprecedented level of divergence between sectors, with high-valued tech stocks remaining strong while blue-chip and white-horse stocks decline sharply [1] - Approximately 70% of individual stocks are either stagnant or declining, highlighting a symbolic distinction between "old stocks" and "new stocks" [1] Group 2: Performance of Key Stocks - "Old stocks" such as liquor, real estate, coal, electricity, banks, and insurance are underperforming, while "new stocks" in AI, computing power, semiconductors, and robotics are thriving [3] - For instance, stocks like Midea Group and Kweichow Moutai have seen minimal gains or losses, while companies like Shenghong Technology and Dongxin Co. have experienced significant increases of 696.45% and 407.03%, respectively [3] Group 3: Industry Challenges - The liquor industry is facing a downturn, with a 0.9% decline in revenue to 239.7 billion yuan in the first half of the year, and a 5% drop in the second quarter due to a "ban on alcohol" [6][7] - Only 6 out of 23 listed liquor companies reported positive revenue and net profit growth, indicating a severe contraction in the sector [6] Group 4: Investment Trends - Investors are increasingly shifting focus from traditional sectors to technology, with notable figures like Lin Yuan publicly acknowledging investments in AI and semiconductor companies [8][9] - The current bull market is characterized by a lack of fundamentals, with capital flows driven more by narrative and "mind monopoly" rather than earnings per share (EPS) [9] Group 5: Future Outlook - The AI and semiconductor sectors are seen as having the potential for strong customer loyalty and ecological monopolies, similar to established brands in the liquor industry [12] - However, there are concerns about the sustainability of current valuations, as many companies in these sectors may not survive the inevitable market corrections [16]

Core Viewpoint - The article discusses the significant divergence in stock market performance between traditional "old stocks" (represented by sectors like liquor, real estate, and coal) and "new stocks" (focused on technology sectors such as AI and semiconductors) in 2023, highlighting a shift in investor sentiment and market dynamics [2][9]. Group 1: Market Performance Overview - As of September 23, 2023, the Shanghai Composite Index has risen by 14.02%, with technology sectors like SW Communication and SW Electronics showing remarkable gains of 103% and 93% respectively, while traditional sectors like SW Coal and SW Food & Beverage have declined by 1.82% and 0.78% [2][3]. - The article notes that many traditional blue-chip stocks have underperformed, with 16 out of 21 stocks in the SW liquor sector experiencing price declines this year, including a 3.16% drop in Kweichow Moutai [5][6]. Group 2: Individual Stock Performance - Notable "new stocks" include Cambricon Technologies (688256.SH), which has seen a price increase of 105.22%, and other companies in the AI sector like NewEase (300502.SZ) and Zhongji Xuchuang (300308.SZ), with annual gains of 329% and 253% respectively [4][6]. - In contrast, several "old stocks" such as Haitian Flavoring (603288.SH) and Gree Electric (000651.SZ) have reported declines of 12.68% and 6.96% respectively, despite some of these companies showing double-digit profit growth in the first half of the year [5][6]. Group 3: Investment Philosophy and Market Sentiment - The article highlights a growing divide between "old stock" investors, who favor value investing based on stable cash flows and dividends, and "new stock" investors, who are more focused on growth potential in technology sectors [9][10]. - The current market sentiment is characterized by a trend-driven investment approach, with younger investors and quantitative funds favoring short-term trends, leading to extreme sector divergence [10].

编辑 李严 校对 付春愔 新京报讯（首席记者郭铁）"让美好发声"伊利公益美好周互动体验展日前在北京798的UCCA尤伦斯当 代艺术中心启幕。展览通过"看见、听见、在场"3个环节，展现伊利在公益领域的长期行动与成果。同 时，展览融入4位艺术家的互动作品，让观众体验公益力量。 据伊利集团可持续和社会价值副总裁乔璐介绍，此次展览以"让美好发声"为主题，希望汇聚每个参与者 心中的善意火花，打破个体与公益间的距离感。世界动画协会中国分会成员何文文与设计师黄松晟以 《无声的告白》，鼓励失语者勇敢表达自身的美好，并通过虚拟与现实交织的空间，让每一句无声的告 白"发声"。雕塑艺术家、中国雕塑家协会会员刘宝亮的作品《我在现场》，打造了一场由废墟与鲜花构 筑的蒙太奇叙事。灯光艺术家刘洋的作品《彼时此刻》，以日常物与多媒体融合，构建出一个意境美好 的诗意空间，并借助AI（人工智能）技术创作了"一老一小"两位女性的生命影像与声音，让人沉浸"彼 时"与"此刻"的共存。 在伊利公益美好周互动体验展上，"伊利方舟""伊利营养2030""伊利童梦同宇""老年营养改善工程""伊利 家园行动""自然灾害救助"等公益项目集中呈现，将伊利覆盖"一老 ...

Core Points - The fifth China Quality Award was announced on September 16, with Inner Mongolia Yili Industrial Group Co., Ltd. winning a nomination award for its "self-prevention three-line zero" quality management model, showcasing the company's commitment to quality and the advancement of China's dairy industry [3][5][10] - The award highlights Yili's competitive edge in quality management and innovation, placing it alongside major players in high-end manufacturing and energy sectors [4][5] - Yili has consistently received nominations for three consecutive awards, demonstrating its sustained leadership in quality management [5] Group 1: Quality Management and Innovation - Yili's commitment to quality is reflected in its advanced technology and management practices at its ecological smart pastures, which utilize high-tech equipment for optimal dairy production [6][10] - The company emphasizes a culture of quality, where every employee is seen as a creator of quality, ensuring that quality awareness permeates all levels of the organization [8][9] - Yili has established a comprehensive quality management system, including the introduction of the "three-line" standard and the QbD (Quality by Design) control system, which enhances product quality [9][10] Group 2: Industry Recognition and Achievements - Yili has received multiple quality awards, including the Asia Quality Excellence Award and the China Quality Award nomination, establishing itself as a leader in the dairy industry [10][12] - The company has achieved significant improvements in milk quality, with its bacterial count consistently below EU standards, marking a milestone in the industry [11] - Yili's innovative practices and commitment to quality have positioned it as a global leader, with products exported to over 60 countries and regions [10][15] Group 3: Future Outlook and Commitment - Yili aims to continue driving high-quality development in the dairy industry, leveraging its quality culture and innovative capabilities to enhance its competitive edge [15] - The company is focused on building a sustainable future for the dairy industry, emphasizing the importance of quality as a core value and commitment to consumers [7][15]

Core Viewpoint - The market is experiencing a significant divergence between traditional "old stocks" (represented by sectors like liquor, real estate, and coal) and "new stocks" (focused on technology sectors such as AI and semiconductors), with the latter showing substantial gains while the former declines [1][3][8]. Group 1: Market Performance - As of September 23, the Shanghai Composite Index has risen by 14.02% year-to-date, with technology sectors like SW Communication and SW Electronics seeing gains of 103% and 93% respectively, while traditional sectors like SW Coal and SW Food & Beverage have declined by 1.82% and 0.78% [1][2]. - The performance of individual stocks reflects this trend, with tech stocks like Cambrian (688256.SH) doubling in price, while major liquor stocks like Kweichow Moutai (600519.SH) have seen a decline of 3.16% [3][5]. Group 2: Sector Analysis - The "new stocks" or "small stocks" have shown remarkable growth, with companies like Xinji Technology (300502.SZ) and Zhongji Xuchuang (300308.SZ) experiencing year-to-date increases of 329% and 253% respectively, driven by the AI computing wave [3][5]. - In contrast, the "old stocks" have struggled, with 16 out of 21 major liquor stocks experiencing declines, and several blue-chip stocks like Haitian Flavoring (603288.SH) and Gree Electric (000651.SZ) also showing negative performance [4][5]. Group 3: Investment Perspectives - The divide between "old stocks" and "new stocks" has sparked debates within the investment community, with traditional investors advocating for value investing based on cash flow and safety margins, while tech investors focus on growth potential and disruptive technologies [6][7]. - Current market dynamics suggest that the tech sector is seen as a trend-driven investment, supported by policies favoring AI and computing power, while traditional value investment strategies are becoming less effective, leading to extreme sector divergence [8].

Core Viewpoint - The event "Let Beauty Speak" organized by Yili Group and the "Sustainable Social Value Ecosystem" aims to merge art and public welfare, showcasing the company's long-term commitment to social responsibility and sustainable development [1][2][3]. Group 1: Event Overview - The exhibition features three interactive segments: "See, Hear, Be Present," highlighting Yili's public welfare actions and achievements [2]. - The event is supported by various organizations, including the China Red Cross Foundation and Tencent, emphasizing collaboration in amplifying the impact of public welfare [1][3]. Group 2: Artistic Contributions - Four artists presented interactive works that express public welfare, encouraging audience engagement and emotional connection to the cause [4]. - The artworks include "Silent Confession" by He Wenwen and Huang Songsheng, which encourages the voiceless to express their beauty, and "I Am Present" by Liu Baoliang, showcasing beauty through a montage of ruins and flowers [4]. Group 3: Public Welfare Initiatives - Yili's public welfare projects, such as "Yili Ark," "Yili Nutrition 2030," and "Elderly Nutrition Improvement Project," were showcased, illustrating the company's comprehensive approach to social responsibility [5]. - The "See" exhibition area featured smiling faces of children and the elderly, embodying the tangible impact of Yili's public welfare efforts [5]. Group 4: Collaborative Efforts - Yili has established the "Sustainable Social Value Ecosystem" with partners like Tencent and Lenovo, aiming to enhance social value through cross-sector collaboration [6]. - As of now, the ecosystem has grown to include 45 member organizations, indicating a robust network for driving sustainable actions [6][7].

Investment Rating - The report maintains a "Recommended" rating for the food and beverage industry [1] Core Insights - The report highlights that the sales of liquor are expected to face pressure during the upcoming Mid-Autumn Festival and National Day, but there are opportunities for bottom recovery in the sector [5] - The overall performance of the food and beverage sector has lagged behind the Shanghai Composite Index, with a decline of 1.48% over the past two weeks [14] - The report emphasizes the importance of monitoring the recovery of the liquor market and suggests that the worst phase for the industry has passed [5] Summary by Sections Recent Trends - In August, the retail sales of tobacco and liquor fell by 2.3% year-on-year, while restaurant income increased by 2.1%, indicating a gradual recovery in dining consumption [5] - The price of Feitian liquor has shown weakness, with a decline in wholesale prices [5] Market Performance - The food and beverage sector's performance over the last month was 1.3%, 4.6% over three months, and 20.8% over the past year, compared to the Shanghai Composite Index's performance of 6.6%, 17.1%, and 40.9% respectively [3] Key Recommendations - The report recommends several liquor companies for investment, including Luzhou Laojiao, Shanxi Fenjiu, and Kweichow Moutai, among others [5][25] - For consumer goods, it suggests focusing on companies like Bai Run Co., Wei Long, and Salted Fish [8][25] Valuation Insights - As of September 19, 2025, the dynamic price-to-earnings (PE) ratio for the food and beverage sector is 21.1x, indicating a relatively low valuation compared to other sectors [22] - The report notes that the liquor sub-sector has the highest valuation at 50.42x [22] Focused Companies and Earnings Forecast - The report provides a detailed earnings forecast for key companies, including Kweichow Moutai with an expected EPS of 74.19 yuan for 2025 and a PE ratio of 19.79 [28]

伊利集团副总裁张轶鹏在开展仪式上表示，期待与更多合作伙伴们，共同缔造美并传递美的故事，用艺 术之美来传递公益之美，也希望大家共享健康之美。中国红十字基金会副秘书长郭阳肯定伊利公益持续 投入，并希望在追求美好梦想之中能有更多搭子，一起创造一个人人享有人道，人人享有美的世界。新 周刊杂志社社长孙波、北京尤伦斯艺术基金会理事长吴奕萱，从媒体与艺术机构视角，强调合作对放大 公益影响力的重要性。 公益与艺术双向奔赴中，美好正成为触手可及的体验。9月22日，"让美好发声"伊利公益美好周互动体 验展，在北京798的UCCA尤伦斯当代艺术中心正式启幕。此次活动由伊利集团和"可持续社会价值生态 圈"联合主办，中国红十字基金会、新周刊特别支持，腾讯、联想等多方力量齐聚，共同见证这场融合 艺术与公益的美好之旅。 各界大咖云集，携手让美好发声 展览通过"看见、听见、在场"三个环节，串联起伊利的公益行动，生动展现其在公益领域的长期行动与 成果，向社会传递可持续向善的力量。同时，展览融入四位艺术家的互动作品，让观众在互动中感知公 益的温度，在体验中传递伊利"让公益更有益"的力量。 艺术与公益碰撞：让美好发声，让公益更有益 此次展览，以艺 ...