| 代码 | 简称 | 今日涨跌幅 | 今日换手率 | 主力资金流量（万 | 主力资金净流入比率 | | --- | --- | --- | --- | --- | --- | | | | （%） | （%） | 元） | （%） | | 600887 | 伊利股 份 | 3.59 | 1.87 | 35537.13 | 10.81 | | 002570 | 贝因美 | 6.01 | 15.55 | 17165.74 | 15.54 | | 300997 | 欢乐家 | 19.98 | 7.09 | 17142.24 | 30.31 | | 600429 | 三元股 份 | 10.06 | 3.22 | 4789.18 | 18.63 | | 600300 | 维维股 份 | 3.63 | 4.54 | 4041.03 | 15.02 | | 002910 | 庄园牧 场 | 10.02 | 10.22 | 2792.47 | 13.91 | | 300892 | 品渥食 品 | 8.84 | 16.98 | 2144.63 | 5.47 | | 600882 | 妙可蓝 | 8.12 | 2.98 | 21 ...

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]

风险提示：以上产品由基金管理人发行与管理，代销机构不承担产品的投资、兑付和风险管理责任。投 资人应当认真阅读《基金合同》、《招募说明书》、《基金产品资料概要》等基金法律文件，了解基金 的风险收益特征，选择与自身风险承受能力相适应的产品。基金过往业绩并不预示其未来表现，基金投 资须谨慎！销售机构（包括基金管理人直销机构和其他销售机构）根据相关法律法规对本基金进行风险 评价，投资者应及时关注基金管理人出具的适当性意见，各销售机构关于适当性的意见不必然一致，且 基金销售机构所出具的基金产品风险等级评价结果不得低于基金管理人作出的风险等级评价结果。基金 合同中关于基金风险收益特征与基金风险等级因考虑因素不同而存在差异。投资者应了解基金的风险收 益情况，结合自身投资目的、期限、投资经验及风险承受能力谨慎选择基金产品并自行承担风险。中国 证监会对上述基金的注册，并不表明其对上述基金的投资价值、市场前景和收益做出实质性判断或保 证。基金投资须谨慎。 MACD金叉信号形成，这些股涨势不错！ 责任编辑：杨赐 11月10日，截至14时30分，消费龙头ETF（516130）盘中表现稳健，场内价格现涨2.0%，成交额为 1370.1 ...

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]

来源：市场资讯 （来源：乳业在线） 01 农业部统计截至10月30日，内蒙古/河北等11个生鲜乳主产区合同内外平均收购价格3.03元/公斤，环比 跌0.3%，同比下跌2.9%。（注意：农业部收集数据主要为规模化牧场长协价格为主，和市场最关心的 合同外现货奶价有较大差距，请参考该数据时注意） 02 06 | 留名 | 到货期 | 报价(元/聘) | 提货港口 | 联系人 | | --- | --- | --- | --- | --- | | 新西兰OCD全融奶粉(W26C) | 2025.12 | 30300 | 上海/广州/天津 | 孔小姐:15900817787 | | 新西兰OCD全脑奶粉(UHT) | 2025.12 | 30300 | 上海/广州/天津 | 孔小姐:15900817787 | | NZMP全剔奶粉 | 2025.12 | 30500 | 广东/上海自提 | 丁小姐:13918577924 | | 新西兰NZMP无水奶油 | 2026年3月 | 57000 | 上海 | 孔小姐:15900817787 | | 新西兰OCD冷冻车达 | 2026年1季度 | 42500 | 上海 | 孔小 ...

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]