Market Overview - The Shanghai Composite Index closed at 4018.60 points, above the annual line, with a change of 0.53% [1] - The total trading volume of A-shares reached 2,194.371 billion yuan [1] Stocks Breaking Annual Line - A total of 112 A-shares have surpassed the annual line today, with notable stocks showing significant deviation rates [1] - The stocks with the highest deviation rates include: - Shede Liquor: 9.90% - Binhai Energy: 8.36% - Pinwo Food: 6.38% [1] Detailed Stock Performance - The following table summarizes the performance of stocks that broke the annual line: - Shede Liquor (600702): Today's change of 10.01%, turnover rate of 7.58%, latest price 65.63 yuan [1] - Binhai Energy (000695): Today's change of 9.96%, turnover rate of 5.02%, latest price 12.47 yuan [1] - Pinwo Food (300892): Today's change of 8.84%, turnover rate of 16.98%, latest price 36.70 yuan [1] - Other notable stocks include: - Haida Co. (300320): 8.77% change, 9.19% turnover, latest price 10.91 yuan [1] - Huachao City A (000069): 9.92% change, 3.74% turnover, latest price 2.66 yuan [1] Additional Stocks with Minor Deviations - Stocks with smaller deviation rates that just crossed the annual line include: - Wanxin Media: Minor deviation rate [1] - Chengdu Bank: Minor deviation rate [1] - China Publishing: Minor deviation rate [1]

Group 1 - The core viewpoint of the articles highlights the performance of the Consumption Leader ETF (516130), which saw a 2.0% increase in price and a transaction volume of 13.71 million yuan, with a total fund size of 150 million yuan [1] - Key stocks within the ETF include China Duty Free, which hit the daily limit, and New Spring Co., which fell to the daily limit, while ShouLai Hotel and YanJin PuZi saw significant gains of 9.88% and 7.6% respectively [1] - The upcoming 2025 Double 11 shopping festival will incorporate instant retail as a core focus, enhancing "minute-level delivery" services, which is expected to benefit companies like Yili and Haier from increased demand for smart home appliances and fast-moving consumer goods [1] Group 2 - The Ministry of Finance and other departments have issued a notice to optimize duty-free shopping policies, which may provide policy benefits to companies like China Duty Free [1] - The consumption sector is under pressure, but four main trends are identified: (1) Brand expansion into emerging markets, (2) Emotional value sectors like trendy toys and pet products, (3) Growth in AI-driven consumer sectors, and (4) The rise of instant retail and cost-effective dining options [1] - The Consumption Leader ETF passively tracks the Consumption Leader Index, with top ten weighted stocks including Kweichow Moutai, Gree Electric, Yili, and others [2]

Core Insights - Cheese products, particularly cream and butter, are highlighted as key attractions at this year's China International Import Expo (CIIE) [1] - Yili's Pro Global Selection cream and Maken butter have gained popularity for their use in various baked goods showcased at the event [1] Group 1: Product Highlights - Yili's Pro Global Selection cream is designed for B2B channels, enhancing market growth in baking, catering, and beverage sectors [3] - The cream is versatile, suitable for various applications including traditional and innovative desserts, and is made from 100% fresh milk sourced from New Zealand [3] - Maken butter, produced in Yili's Hokitika factory, has doubled its annual production capacity to 42,000 tons, making it the largest butter factory on New Zealand's West Coast [4] Group 2: Market Expansion and Recognition - Maken butter has successfully entered over 20 international markets, including China, the USA, Japan, and Australia, and has won multiple awards in New Zealand [4] - The rapid development of China's dairy industry is attributed to a collaborative approach across the supply chain, enabling significant advancements in a relatively short time [4] - International representatives have praised Yili for its innovative capabilities and global vision, highlighting the brand's ability to combine health and taste effectively [5]

Core Insights - The new consumer trend of "milk skin candy hawthorn" has gained immense popularity, leading to a threefold increase in prices and a supply shortage from manufacturers [1] - This trend is compared to the explosive popularity of barbecue in Zibo in 2023 and spicy hot pot in Tianshui in 2024 [1] - Related stocks in the A-share market have seen significant gains, with companies like San Yuan, Zhuangyuan Pasture, Tianrun Dairy, and Western Pastoral rising sharply [1] Market Dynamics - The online price of milk skin candy hawthorn has surged to 98 yuan per skewer in Shanghai, with cities like Hangzhou and Nanjing experiencing long queues as consumers are willing to wait up to three hours to try it [1] - The topic has dominated social media platforms, with posts featuring the candy garnering over ten thousand views, indicating its status as a new internet sensation [1]

Investment Rating - The report maintains a positive outlook on the food and beverage industry, indicating that it has entered a strategic allocation period for quality companies [4][8]. Core Views - Despite the need for patience regarding fundamental improvements, the report highlights significant revenue declines for major liquor companies, with a focus on finding a balance between volume and price [4][8]. - The report emphasizes that long-term investors can start pricing quality companies as the market approaches a predictable bottom [4][8]. - Key recommendations include premium liquor brands such as Luzhou Laojiao, Kweichow Moutai, Shanxi Fenjiu, and Wuliangye, along with consumer staples like Yili, Qingdao Beer, and Anjuke Food [4][8]. Summary by Sections 1. Weekly Perspective on Food and Beverage - The food and beverage sector experienced a decline of 0.56% last week, with liquor down 0.84%, underperforming the Shanghai Composite Index by 1.64 percentage points [7]. - The top gainers included Anji Food (+13.87%), Huifa Food (+13.07%), and Babi Food (+11.32%) [7]. 2. Market Performance of Food and Beverage Sectors - The report notes that the food and beverage industry underperformed the Shenwan A index by 1.20 percentage points from November 3 to November 7, 2025 [45]. - Sub-sectors such as food processing and leisure foods outperformed the index, while liquor categories, including white liquor and other alcoholic beverages, lagged behind [45]. 3. Industry Events and Updates - Kweichow Moutai announced a stock buyback plan of between 1.5 billion and 3 billion yuan and a cash dividend distribution of 30 billion yuan [2][9]. - The report indicates that Moutai's revenue growth slowed to 0.35% year-on-year in Q3 2025, while Wuliangye's revenue fell by 53% [9]. 4. Valuation Table - The food and beverage sector's dynamic PE is reported at 20.22x, with a premium rate of 23%, while the liquor sector's dynamic PE stands at 18.93x, with a premium rate of 15% [33].

Core Insights - The event "2025 China Dairy Quality Creation Conference" was launched at the 8th China International Import Expo, focusing on showcasing the quality confidence of the Chinese dairy industry [1][3] - The conference highlighted the collaborative development model of the dairy industry, emphasizing a win-win approach among upstream, midstream, and downstream partners [3] - The event featured the premiere of the documentary "2025 Cloud Tour of Yili," which presents Yili's global supply chain quality practices [3][4] Group 1 - The conference was co-hosted by Xinhua News and Yili Group, with participation from global partners such as Cargill, GEA, and DSM [1][3] - Yili Group's Vice President emphasized the significant progress made by the Chinese dairy industry in the past two decades, bridging a gap of over a century with developed countries [3] - The event showcased various star products, including New Zealand pure milk and premium infant formula, highlighting the meticulous attention to detail in their development [4][5] Group 2 - Partners like Cargill and GEA shared their experiences of collaboration with Yili, noting the continuous optimization of management systems and the development of industry-leading smart manufacturing equipment [5] - The event culminated in the launch of the "Quality Partner, Co-Creation" initiative, aimed at establishing a collaborative development ecosystem with shared responsibilities and outcomes [5] - Yili's commitment to quality and collaboration reflects the broader trend of the Chinese dairy industry towards openness and progress on the global stage [5]

Core Insights - The "2025 China Dairy Quality Creation Conference" was launched at the 8th China International Import Expo, focusing on showcasing the quality confidence of the Chinese dairy industry [1][3] - The event highlighted the collaborative development model of the dairy industry, emphasizing a win-win approach among upstream, midstream, and downstream partners [3][9] Group 1: Event Overview - The conference was co-hosted by Xinhua News Agency and Yili Group, with participation from global partners including Cargill, GEA, and others [1] - The event featured the premiere of the documentary "2025 Cloud Tour Yili," showcasing Yili's global supply chain quality practices [3] Group 2: Product Highlights - Star products such as New Zealand Pure Milk and Gold Crown Milk Powder were showcased, with representatives sharing stories behind their quality and innovation [4] - International guests praised Yili's ability to combine health and taste in its products, reflecting the brand's depth and warmth [4] Group 3: Collaborative Efforts - Cargill and GEA representatives emphasized the importance of Yili's commitment to quality in driving collaborative upgrades in management systems and smart manufacturing [6][7] - The launch of the "Quality Partner, Together Create" initiative aims to establish a collaborative development ecosystem focused on shared responsibilities and outcomes [9]

Group 1 - The average purchase price of fresh milk in major production areas such as Inner Mongolia and Hebei is 3.03 yuan per kilogram, down 0.3% month-on-month and 2.9% year-on-year [1] - The domestic market for whole milk powder is experiencing a decline in prices due to low demand, with major manufacturers facing slow sales and inventory issues [20] - The price of imported skim milk powder remains stable, supported by auction performance, while domestic skim milk powder is tentatively declining but overall supply is balanced [20] Group 2 - New Zealand's major manufacturers are facing pressure with lower-than-expected signing rates for whole milk powder, indicating potential supply challenges in the future [9] - The market for cream cheese is becoming saturated, leading to sporadic sell-offs as domestic production increases [20] - The demand for concentrated whey protein is strong, with New Zealand's signing rates high, suggesting limited short-term price reduction intentions [21] Group 3 - The average price of corn in China is 2.46 yuan per kilogram, down 0.8% week-on-week but up 2.5% year-on-year, indicating a mixed trend in agricultural commodity prices [19] - The international dairy market is experiencing a downturn, with all dairy futures in the US showing declines, reflecting broader market challenges [12] - The recent ceasefire in Gaza and ongoing geopolitical tensions are impacting global oil prices, which may indirectly affect agricultural and dairy commodity markets [13]

Group 1: Core Insights - The food and beverage sector, particularly the liquor segment, has been undergoing adjustments since 2021, with the white liquor sector experiencing significant changes since May 2025, leading to a market sentiment shift [5][7][40] - The white liquor industry is expected to continue its adjustment phase into 2026, with a focus on left-side allocation opportunities as the sector's average dividend yield is around 3.5% and the price-to-earnings ratio is below 20 times [5][40] - The beer industry is shifting towards scenario-based expansion, with a focus on non-consumption channels and cross-category growth as the market matures [5][56][74] Group 2: White Liquor Sector - The white liquor sector has faced a negative revenue growth rate of 4.9% in Q2 2025, with a further decline of 18.4% in Q3 2025, indicating a significant pressure release in the industry [13][19] - Major brands like Guizhou Moutai and Wuliangye have reported declining revenues, with Moutai's TTM revenue at 178.6 billion and a growth rate of 8.1%, while Wuliangye's revenue has decreased by 10% from its peak [20][23] - The next high-end liquor brands are also experiencing substantial revenue drops, with brands like Jiu Gui Jiu and She De Jiu Ye seeing declines of 77% and 36% respectively from their peak revenues [27][32] Group 3: Consumer Goods Sector - The consumer goods sector, particularly in beer, is witnessing a slowdown in the high-end market, with companies focusing on expanding their distribution channels and product categories to seek growth [5][56] - The condiment market is facing weak demand in the B-end restaurant sector, while the C-end is showing a clear trend towards health and convenience, with companies like Yihai International focusing on high dividend yields and overseas market expansion [5][80][90] - The dairy sector is seeing a gradual improvement in sales, particularly in low-temperature products, with companies like Yili and New Dairy focusing on enhancing their operational performance [92][94]

编辑 唐峥 校对 赵琳 新京报讯（首席记者郭铁）第八届进博会期间，伊利携旗下大洋洲乳业、澳优乳业联合参展。在11月7 日召开的品质创享会上，伊利集团联合嘉吉食品、GEA、康美包等全球合作伙伴，讲述伊利海外创新 产品背后的品质故事，并一同启动"品质搭子，伊起创享"计划，旨在构建"责任共担、成果共享"的协同 发展生态。 伊利集团副总裁杨超群在致辞中表示，中国奶业用二十年左右的时间，跨越了与奶业发达国家之间上百 年的差距，这离不开全行业坚持合作共赢的发展理念，共同构建"上游共生、中游共创、下游共享"的发 展格局。 嘉吉食品代表称："在与伊利的长期合作中，其对品质的极致追求推动我们共同优化管理体系，实现了 产业链的协同升级。"GEA代表亦分享道："基于伊利的高标准，我们联合研发的多款智能制造设备，已 成为全球推广的行业标杆。" ...