Investment Rating - The report maintains a "Recommended" rating for the food and beverage industry [1] Core Viewpoints - The supply-demand relationship is expected to improve, with a focus on investment opportunities related to CPI recovery [5] - CPI has shown a positive growth trend since October 2025, with food CPI also reflecting improvements [5] - The report highlights specific sectors such as liquor, dairy, and consumer goods that are poised for recovery [12][14][15] Summary by Sections Supply-Demand Relationship and CPI Recovery - PPI transmission combined with consumer recovery is likely to sustain the CPI improvement trend, with CPI growth recorded at +0.7% in November and +0.8% in December 2025 [5] - Food CPI showed a year-on-year increase of +0.2% in November and +1.1% in December, with fresh vegetable prices rising significantly [5][11] - The report anticipates that the CPI recovery will continue into 2026, driven by PPI improvements and supportive domestic demand policies [5] Sector-Specific Insights - **Liquor**: The price of Feitian Moutai has rebounded, with prices reaching 1710 RMB for whole boxes and 1660 RMB for individual bottles as of February 8, 2026, indicating strong demand during the Spring Festival [12][14] - **Dairy**: The average price of fresh milk has stabilized around 3.04 RMB per kilogram, with expectations for upward movement in 2026 due to supply adjustments and improved demand from demographic policies [14] - **Consumer Goods**: Prices for certain products, such as frozen foods and snacks, are beginning to recover, with companies like Anjijia adjusting promotional strategies to enhance profitability [15] Investment Recommendations - The report suggests focusing on companies within the consumer goods sector, including Dongpeng Beverage, Nongfu Spring, and others, as well as key players in the liquor sector like Guizhou Moutai and Shanxi Fenjiu [21]

Investment Rating - The report maintains an "Outperform the Market" rating for the food and beverage sector [4][5]. Core Insights - The food and beverage sector has shown a cumulative increase of 4.48% this week, with A-shares rising by 4.44%, outperforming the CSI 300 by approximately 5.77 percentage points [1]. - The report highlights the ongoing differentiation in the fundamentals of various categories, with liquor outperforming food and beverages [2]. - Key investment recommendations include leading companies such as Kweichow Moutai, Shanxi Fenjiu, and Luzhou Laojiao in the liquor segment, as well as Yili in dairy and Nongfu Spring in beverages [2][3]. Summary by Sections Liquor - The report notes a gradual increase in sales leading up to the Spring Festival, with Kweichow Moutai performing particularly well. It suggests that the overall decline in sales is expected to narrow to around 10% during the festive period [10]. - Investment recommendations include Kweichow Moutai, Luzhou Laojiao, and Shanxi Fenjiu, with a focus on their growth potential and market recovery [10][11]. Beer - The beer industry is experiencing healthy inventory levels, with expectations for demand recovery. The report recommends Yanjing Beer and China Resources Beer as key players to watch [11]. Snacks - The report emphasizes the importance of strong alpha stocks in the snack category, particularly focusing on the growth potential of konjac snacks. Leading companies like Wei Long and Yan Jin Pu Zi are highlighted for their innovative product offerings [12][18]. Dairy - The dairy sector is seeing orderly preparations for the Spring Festival, with a recommendation for Yili as a leading company with a favorable valuation margin. The report anticipates a gradual recovery in demand and a potential balance in supply and demand by mid-2026 [14]. Beverages - The beverage segment is primarily focused on inventory reduction during the off-season, with stable preparations for the Spring Festival. The report continues to recommend Nongfu Spring and Dongpeng Beverage for their growth strategies [15]. Supply Chain - The report discusses the public consultation on national standards for prepared dishes, which may accelerate the clearing of inefficient suppliers in the industry. Recommendations include leading companies like Yihai International and Haidilao [13].

Core Insights - The implementation of national standards for prepared dishes is beneficial for the healthy development of the industry, with leading companies having advantages in production, transportation, quality control, and supply chain management, thus benefiting from the short-term normalization of the industry [1] - Long-term, the standardization of flavors and ease of preparation for B-end prepared dishes effectively addresses the core pain points of high labor costs and slow serving speeds in the catering industry, driven by the increase in chain restaurant rates [1] - The C-end prepared dishes have vast growth potential as consumer trust continues to rise [1] Group 1: Definition and Requirements - The draft clearly defines prepared dishes as pre-packaged dishes that require heating or cooking before consumption, excluding staple foods, fresh vegetables, ready-to-eat foods, and dishes made in central kitchens [2] - The use of preservatives is prohibited, and the use of food additives must be minimized, with a limited list of acceptable additives as per national standards [2] - The maximum shelf life for products is set to not exceed 12 months [2] - Detailed labeling requirements are established, including information on ingredients, composition, and preparation methods, allowing consumers to easily understand the product [2] Group 2: Consumer Rights and Transparency - The announcement promotes the protection of consumer rights and choices, encouraging food service providers to accept social supervision and take necessary measures to ensure transparency [3] - Food service providers are encouraged to clearly indicate the processing and preparation methods of dishes [3] - Various methods for disclosure, such as menus, ordering apps, and visible displays in stores, are suggested to enhance consumer understanding and trust in the products [3] Group 3: Industry Development and Investment Opportunities - The national standards for prepared dishes clarify requirements for production, storage, transportation, and labeling, raising industry entry barriers and operational costs, indicating a clear trend towards standardization [4] - This trend is expected to lead to increased industry concentration, with smaller companies potentially being eliminated, favoring leading companies with strong production capabilities and supply chain management [4] - The growth potential for C-end prepared dishes is significant, with strong brand companies likely to benefit first [4] - Investment recommendations include focusing on companies with clear capacity and channel advantages, such as Anjijia Food (603345) and Qianwei Central Kitchen (001215) [4]

Investment Rating - The report maintains a "Buy" rating for the companies in the prepared food industry, specifically for Anjuke Food (2648 HK, 603345 CH) and Sanquan Food (002216 CH) [5][11]. Core Insights - The introduction of national standards for prepared foods is expected to enhance industry order and standardization, benefiting leading companies due to their comprehensive advantages in R&D, production, cold chain logistics, and quality control [6][7]. - The prepared food industry is transitioning from a chaotic phase to a more regulated one, with the new standards raising entry barriers and improving consumer confidence in product quality [9][10]. - The report anticipates a strong demand for inventory ahead of the Spring Festival, with a recovery in channel confidence, and a long-term trend towards food industrialization [7][9]. Summary by Sections Industry Overview - The prepared food industry is undergoing a process of standardization, with the new national standards defining the scope and management of prepared foods, emphasizing the control of food contaminants and additives [6][9]. - The standards stipulate that the maximum shelf life of prepared foods should not exceed 12 months, which aligns with the health-conscious consumption trend [10]. Company Recommendations - Anjuke Food (2648 HK) is highlighted as a leader in the frozen hot pot ingredient sector, with a target price of 99.38 HKD, benefiting from improved fundamentals and a rational competitive landscape [12]. - Anjuke Food (603345 CH) is also rated "Buy" with a target price of 113.04 CNY, as the company is expected to see profit recovery and growth driven by product innovation and structural adjustments [12]. - Sanquan Food (002216 CH) is recommended with a target price of 13.44 CNY, as the company is focusing on product innovation and channel diversification to improve operational quality [12].

Investment Rating - The report assigns an "Accumulate" rating for the food and beverage industry [1] Core Insights - Recent policies have strengthened consumer expectations, leading to marginal improvements in consumption during the Spring Festival peak season. The performance of high-end liquor, particularly Moutai, has rebounded, and the stability in pricing has improved market sentiment [3][4] - The report highlights the potential for recovery in the food and beverage sector, driven by improved domestic demand and consumption patterns as the Spring Festival approaches [4][7] Summary by Sections Investment Recommendations - The report suggests focusing on high-end liquor stocks with price elasticity, recommending companies such as Guizhou Moutai, Wuliangye, and Luzhou Laojiao. It also identifies potential stocks for gradual clearance, including Yingjia Gongjiu and Gujing Gongjiu [7] - Beverage companies are expected to benefit from favorable travel conditions, with recommendations for Dongpeng Beverage and Nongfu Spring. Low valuation and high dividend stocks like China Foods and Master Kong are also highlighted [7] - For snacks and food raw materials, recommended stocks include Bailong Chuangyuan and Weilong [7] - Beer recommendations include Qingdao Beer and Zhujiang Beer, while condiment and catering sectors are expected to recover, with recommendations for Qianhe Flavor Industry and Baoli Food [7] Liquor Sector Insights - The high-end liquor sector is leading market sentiment, with Moutai's sales data boosting confidence. The report notes that Moutai's monthly active users exceeded 15.31 million, with over 2.12 million orders in January [8][9] - The liquor industry is currently at a cyclical bottom, with expectations for recovery in sales and pricing as the Spring Festival approaches. Positive trends in inventory and demand could catalyze stock prices further [9] Consumer Goods Insights - The approval of D-allohexose-3-epimerase as a food additive is expected to expand the market for this product, benefiting leading companies like Bailong Chuangyuan. The report anticipates significant growth potential for this company [10][11] - The catering supply chain is expected to recover, with companies like Baobi Food showing promising growth driven by new store formats. The report notes Baobi's revenue of 1.859 billion in 2025, a year-on-year increase of 11.22% [11]

Core Insights - The article discusses how certain industries are thriving despite a general perception of economic downturn, highlighting eight key sectors that present significant business opportunities in a low-desire society [3][4]. Group 1: Key Industries - **Second-Hand Economy**: The second-hand luxury market in Japan, represented by companies like Daikokuya, has seen a surge in revenue. In China, platforms like Hongbulin and Panghu are experiencing similar growth, indicating a shift in consumer spending towards second-hand goods [6][7][8][9]. - **Pet Economy**: With declining birth rates, young people are spending more on pets, leading to significant growth in pet food and healthcare products. Companies like Inaba in Japan and Guobao in China are capitalizing on this trend [11][12][14][15]. - **Adult Care Products**: The adult diaper market in Japan has surpassed $10 billion, indicating a growing demand for adult care products in China, with companies like Kexin showing potential for growth [16][17][18]. - **Health Food and Beverages**: The rise in health consciousness has led to increased demand for sugar-free beverages and functional drinks. Brands like Dongfang Shuye and Jianchun are gaining traction in this sector [21][22]. - **Beauty Economy**: The demand for beauty products, including collagen supplements and at-home beauty devices, is on the rise. Companies like Jinbo Biological are seeing significant market value growth [23][25]. - **Outdoor and Leisure Products**: The outdoor equipment market is thriving, with brands like Kailas and Camel experiencing rapid sales growth, as consumers seek leisure activities despite economic constraints [25][26][27]. - **Emotional Economy**: Brands like Labubu and Rio are tapping into the emotional needs of consumers, providing products that offer comfort and joy, even in a tight economic climate [28][29][30]. - **Convenience Economy**: The demand for convenience products, such as frozen foods and smart home appliances, is increasing as younger generations spend less time cooking. Companies like Anjijia and Kewot are benefiting from this trend [33][35][36]. Group 2: Market Trends - The article emphasizes that the current economic climate, often viewed as a "winter," presents opportunities for those willing to invest in counter-cyclical sectors. The key to success lies in recognizing and seizing these opportunities [39].

Core Viewpoint - Anjuke Foods (02648) has seen its stock price rise nearly 4% during trading, reaching a new high of 80.80 HKD since its listing, indicating strong market performance and investor confidence [1] Company Performance - As of the latest report, Anjuke Foods' stock price increased by 2.77%, currently trading at 79.80 HKD with a transaction volume of 96.45 million HKD [1] - The company is transitioning from a channel-oriented approach to a product-oriented strategy, which is expected to help capture industry growth opportunities and gain market share [1] Product Segments - Frozen prepared products, which form the company's core business, are anticipated to see a recovery in both volume and price driven by innovations like "fresh-lock packaging" [1] - The frozen rice and noodle products are expected to gradually recover growth supported by product transformation and channel enhancements [1] - The frozen dishes segment is projected to maintain a growth rate faster than the overall market, bolstered by the introduction of new products such as shrimp rolls, small crispy meat, grilled sausages, and beef and lamb rolls [1]

Core Viewpoint - Anjiu Foods (603345) has seen a nearly 4% increase in stock price, reaching a new high of 80.8 HKD since its listing, driven by positive sales forecasts in the frozen food sector [1] Group 1: Company Performance - Anjiu Foods' stock price rose by 3.8% to 80.6 HKD, with a trading volume of 78.6093 million HKD [1] - The company is experiencing growth in its C-end products, particularly in hot pot meatballs and frozen sausages, leading to an increase in market share [1] Group 2: Industry Trends - According to Donghai Securities, the overall performance of the food and beverage sector is expected to improve, with frozen food sales projected to grow by 6.5% year-on-year and show quarter-on-quarter improvement [1] - Specific product categories such as hot pot meatballs, frozen sausages, and shrimp slides are expected to see significant sales growth, with increases of approximately 15%, 45%, and 55% year-on-year, respectively [1] - Other products like pizza and frozen prepared beef are also anticipated to have strong year-on-year growth rates exceeding 35% and 25% [1] Group 3: Future Outlook - Caixin Securities believes that Anjiu Foods' shift from a channel-oriented approach to a product-oriented strategy may help the company recapture industry growth opportunities and gain market share [1] - The company’s core frozen prepared products are expected to benefit from innovations like "fresh-lock packaging," leading to a potential recovery in both volume and price [1] - The frozen rice and noodle products are projected to gradually recover growth due to product transformation and channel support, while frozen dishes are expected to maintain a growth rate faster than the overall market, driven by products like shrimp slides, small crispy meat, grilled sausages, and beef and lamb rolls [1]

Group 1 - The core viewpoint of the article highlights that Anjuke Foods (02648) has seen a nearly 4% increase in stock price, reaching a new high of 80.8 HKD since its listing, with a trading volume of 78.6 million HKD [1] Group 2 - According to Donghai Securities, the overall performance of the food and beverage categories is expected to improve by Q4 2025, with frozen food sales projected to increase by 6.5% year-on-year and show quarter-on-quarter improvement [1] - Specific product categories such as hot pot meatballs, frozen sausages, and shrimp slides have seen significant sales growth, with year-on-year increases of approximately 15%, 45%, and 55% respectively [1] - Sales of pizzas and frozen prepared beef are expected to grow year-on-year by over 35% and 25%, while small crispy meat sales are projected to increase by about 20% [1] Group 3 - Caixin Securities notes that Anjuke Foods is transitioning from a channel-oriented approach to a product-oriented strategy, which is expected to help the company recapture industry growth opportunities and gain market share [1] - The company's core frozen prepared products are anticipated to see a recovery in both volume and price, driven by innovations such as "fresh-lock packaging" [1] - Frozen rice and noodle products are expected to gradually recover growth supported by product transformation and channel backing, while frozen dishes are projected to maintain a growth rate faster than the overall market due to the introduction of products like shrimp slides, small crispy meat, grilled sausages, and beef and lamb rolls [1]

Investment Rating - The industry investment rating is "Leading the Market" [6] Core Insights - The report indicates that the consumer demand in 2026 is expected to improve, and given the low level of active equity fund holdings in the food and beverage sector, the rating of "Leading the Market" is maintained [6] Summary by Sections Overall Sector Performance - In Q4 2025, the active equity fund's heavy holdings in the food and beverage sector decreased slightly, with an overweight ratio increasing by 0.2 percentage points. The total market capitalization of the food and beverage sector was 43,559 billion, down 5.36% from Q3 2025, underperforming the CSI 300 index by 4.64 percentage points [6][8] Subsector Analysis - In Q4 2025, the heavy holdings in the liquor sector decreased, while the heavy holdings in the consumer goods sector increased. The heavy holdings in liquor were 2.93%, down 0.25 percentage points, while the consumer goods sector's heavy holdings were 1.12%, up 0.15 percentage points [6][19] Key Companies - Only Kweichow Moutai entered the top 20 heavy holdings of active equity funds in the food and beverage sector. The heavy holding ratio for Kweichow Moutai remained stable, while other liquor companies like Shanxi Fenjiu and Luzhou Laojiao saw decreases [6][36] Stock Connect Analysis - In Q4 2025, the food and beverage sector's holdings in the Stock Connect accounted for 5.4% of the total market value, down 0.92 percentage points, with an overweight ratio of +1.52 percentage points [6][39] Investment Recommendations - The report suggests that the food and beverage sector is positioned for potential growth, with a maintained rating of "Leading the Market" due to expected improvements in consumer demand and low fund holdings [6]