Core Viewpoint - The food and beverage ETF Tianhong (159736) has shown significant market activity, with a notable inflow of funds and rising stock prices among key components, indicating a positive trend in the sector [2][3]. Group 1: ETF Performance - The Tianhong food and beverage ETF (159736) experienced a slight decline of 0.28% as of the latest report, with a premium rate of 0.04% and frequent premium trading observed [1]. - The ETF has seen a net inflow of nearly 170 million yuan over the past nine trading days, with a total circulation of 7.62 billion shares, reaching a historical high [2]. Group 2: Component Stocks - Key component stocks such as Yangyuan Beverage, Gujing Gongjiu, Luzhou Laojiao, and others have shown price increases, with Yangyuan Beverage rising over 4% [2]. - The ETF closely tracks the CSI Food and Beverage Index, which includes major stocks from the beverage, packaged food, and meat industries, featuring top holdings like Kweichow Moutai, Yili, and Wuliangye [2]. Group 3: Market Trends - Reports indicate a significant increase in the prices of premium liquor, with notable price hikes for products like Feitian Moutai and other well-known brands over a short period [3]. - The liquor market is experiencing a surge in demand, particularly in the mid-range price segment (50-200 yuan), with increased sales reported across various regions [3]. - The upcoming National Day holiday is expected to boost tourism and consumer spending, with a projected 130% increase in travel compared to the previous year, indicating a potential for strong sales in the food and beverage sector [4].

Core Viewpoint - Hai Tian Flavoring Industry recently announced the appointment of Guan Jianghua as the new legal representative of the company, following a decision made during the sixth board of directors' ninth meeting [1] Group 1: Management Changes - Guan Jianghua, born in January 1974, holds a bachelor's degree and is a senior economist [1] - He joined the company in 1998 and has held various positions including manager of the sales department, vice president of marketing, general manager of operations, assistant president, and vice president [1] - The change in legal representation has not yet completed the industrial and commercial registration process, and the registration still shows Cheng Xue as the legal representative [1]

Investment Rating - The report maintains an "Overweight" rating for the food and beverage industry, expecting the industry index to outperform the market index by over 10% in the next six months [53]. Core Viewpoints - The report highlights the focus on liquor sales during the Mid-Autumn Festival and National Day, suggesting that consumer demand remains under pressure, particularly for high-end liquor brands like Kweichow Moutai [4][48]. - The report indicates a structural opportunity in mass-market products, with varying performance across different sub-sectors, emphasizing the importance of monitoring demand and cost indicators in the beer sector and consumption recovery in the condiment sector [4][48]. Summary by Sections Market Review - From September 12 to September 25, 2025, the SW food and beverage industry index fell by 5.76%, underperforming the CSI 300 index by approximately 6.76 percentage points [11]. - All sub-sectors underperformed the CSI 300 index during this period, with the baking sector experiencing the largest decline at -7.80% [13][14]. - Approximately 7% of stocks in the industry recorded positive returns, with notable gainers including Qianwei Yangchu (+21.90%) and Yangyuan Beverage (+16.80%) [15] . Industry Important Data Tracking Liquor Sector - As of September 25, 2025, the price of Feitian Moutai decreased to 1,765 RMB per bottle, while the price of Guojiao 1573 increased to 840 RMB per bottle [22]. Condiment Sector - As of September 25, 2025, the price of soybean meal was 2,988 RMB per ton, down 72 RMB from September 11, while the price of white sugar was 5,780 RMB per ton, down 110 RMB [25]. Beer Sector - As of September 25, 2025, the average price of barley was 2,230 RMB per ton, while the price of aluminum ingots was 20,710 RMB per ton, down 100 RMB [30]. Dairy Sector - The average price of fresh milk remained stable at 3.03 RMB per kilogram as of September 19, 2025 [37]. Meat Products Sector - The average wholesale price of pork was 19.44 RMB per kilogram as of September 25, 2025, down 0.49 RMB from September 11 [39]. Industry News - The report notes a slight decline in the national liquor price index in early September 2025, indicating ongoing market adjustments [41]. - The number of registered beer-related enterprises increased by 10.83% year-on-year from January to August 2025, reflecting a growing market [42]. Weekly Industry Perspective - The report emphasizes the importance of monitoring liquor sales during the upcoming holidays and suggests focusing on high-certainty liquor brands and mass-market products that benefit from policy catalysts [48].

Core Insights - The seasoning and fermentation sector saw a 0.56% increase on September 26, with Angel Yeast leading the gains [1] - The Shanghai Composite Index closed at 3828.11, down 0.65%, while the Shenzhen Component Index closed at 13209.0, down 1.76% [1] Stock Performance - Angel Yeast (600298) closed at 40.54, up 2.37% with a trading volume of 128,000 shares and a turnover of 520 million yuan [1] - Anji Food (603696) closed at 12.01, up 1.78% with a trading volume of 94,400 shares and a turnover of 113 million yuan [1] - Qianhe Flavor (603027) closed at 11.32, up 0.89% with a trading volume of 81,100 shares and a turnover of 91.29 million yuan [1] - Haitian Flavor (603288) closed at 38.80, up 0.52% with a trading volume of 135,000 shares and a turnover of 522 million yuan [1] - Other notable stocks include Jialong Co. (002495) at 2.60, up 0.39%, and Hengshun Vinegar (600305) at 7.86, up 0.26% [1] Capital Flow - The seasoning and fermentation sector experienced a net outflow of 13.39 million yuan from institutional investors, while retail investors saw a net outflow of 47.95 million yuan [2] - Conversely, speculative funds recorded a net inflow of 61.34 million yuan [2] Individual Stock Capital Flow - Angel Yeast (600298) had a net inflow of 10.98 million yuan from institutional investors, while retail investors experienced a net outflow of 43.58 million yuan [3] - Qianhe Flavor (603027) saw a net inflow of 10.51 million yuan from institutional investors, with retail investors also experiencing a net outflow of 4.44 million yuan [3] - Other stocks like Hengshun Vinegar (600305) and Haitian Flavor (603288) also showed varied capital flows, with net inflows and outflows from different investor types [3]

Core Viewpoint - Haitan Flavor Industry (603288) announced the resignation of Mr. Wen Zhizhou from the sixth board of directors due to internal governance structure adjustments, effective immediately upon submission of his resignation report [1] Group 1 - On September 25, 2025, the company held the third second employee representative assembly, where Mr. Wen was elected as an employee representative director of the sixth board, serving until the board's term ends [1] - The sixth board's ninth meeting was convened on the same day, approving the resolution to designate Mr. Guan Jianghua, the director and president, as the legal representative of the company, effective until the board's term ends [1]

Core Viewpoint - The announcement from Haitan Weiye (03288) indicates a significant internal governance restructuring with the resignation of a board member and the appointment of a new legal representative [1] Group 1: Board Resignation - On September 25, 2025, the board of directors received a written resignation from Mr. Wen Zhizhou due to internal governance adjustments [1] - The resignation is effective immediately upon delivery to the board [1] Group 2: Board Elections - On the same day, the company held its third second employee representative assembly, electing Mr. Wen as an employee representative director for the sixth board, with a term lasting until the board's term ends [1] - The sixth board consists of both employee representative directors and non-employee representative directors elected by the shareholders [1] Group 3: Legal Representative Appointment - The sixth board's ninth meeting was convened on September 25, 2025, where it approved a resolution to designate Mr. Guan Jianghua, the director and president, as the company's legal representative [1] - This appointment is also effective until the end of the sixth board's term [1]

证券日报网讯 9月25日晚间，海天味业发布公告称，选举文志州先生为公司第六届董事会职工代表董 事。 （文章来源：证券日报） ...

每经头条（nbdtoutiao）——"9·24"一周年，A股总市值破116万亿元！四大变革重塑中国资本市场新生 态 （记者 曾健辉） 每经AI快讯，海天味业9月25日晚间发布公告称，公司第六届第九次董事会会议于2025年9月25日在佛 山市禅城区文沙路21号之一公司会议室以现场结合通讯的方式召开。会议审议了《关于确定公司法定代 表人的议案》等文件。 ...

证券代码：603288 证券简称：海天味业 公告编号：2025-046 佛山市海天调味食品股份有限公司 关于变更法定代表人的公告 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。 佛山市海天调味食品股份有限公司（以下简称"公司"）于 2025 年 9 月 25 日召开公司第六届董事会第九次会议，审议通过《关于确定公司法定代表人的议 案》，同意确定公司董事兼总裁管江华先生（简历详见附件）为公司法定代表人， 任期至公司第六届董事会任期届满之日止。 公司将按照相关规定，尽快完成法定代表人的工商变更手续，具体以市场监 管部门的登记为准。 二〇二五年九月二十六日 1 附件： 管江华先生简历 管江华，男，1974 年 1 月出生，本科，正高级经济师。管江华先生 1998 年 加入公司，曾任公司营业部经理、营销副总经理、营运总经理、助理总裁、副总 裁等职务，现任公司董事兼总裁。 2 特此公告。 佛山市海天调味食品股份有限公司董事会 ...

证券代码：603288 证券简称：海天味业 公告编号：2025-044 针对一类持有人，公司 2024 年持股计划设置的公司业绩考核指标为 2024 年 归属于母公司的净利润相较于 2023 年增长不低于 10.8%（该等指标计算须剔除如 下事项的影响：i)2024 年持股计划及员工激励计划（如有）的股份支付费用的影响； ii)在考核年度公司发生的并购重组及资本运作（如有的影响））。根据毕马威华振会 计师事务所（特殊普通合伙）出具的公司 2024 年度《审计报告》，公司 2024 年归 属于母公司的净利润相较于 2023 年增长 12.75%，不低于 10.8%，即针对一类持有 人所涉及的公司业绩考核指标已达成。 1 根据前述公司业绩达成情况、持有人绩效考核结果和贡献大小，确定了 2024 年持股计划持有人股票权益的归属情况，该次归属涉及持有人合计 613 名，合计归 属的股票为 4,220,100 股，其中：公司现任董事、高级管理人员、原监事合计归属 245,000 股（具体见下表），其余 604 名持有人合计归属 3,975,100 股。对于前述已 归属的股票，公司将通过非交易过户的方式过户至相关持有人名 ...