Core Viewpoint - Company has established a strong production layout in the concentrated juice industry, focusing on proximity to raw material production areas and expanding its processing capacity in key regions [1] Group 1: Production Layout - Company has invested in 10 modern processing bases across seven major apple-producing provinces in China, including Shandong, Shaanxi, Shanxi, Liaoning, Jiangsu, Sichuan, and Xinjiang [1] - A cooperation agreement was signed with Suizhong County government to invest approximately 160 million yuan in a juice processing production line project, which will have an annual processing capacity of 120,000 tons of apples and pears upon completion [1] - The company operates 20 juice production lines with a designed annual processing capacity of 1 million tons, positioning it among the leaders in the global concentrated juice processing industry [1] Group 2: Competitive Advantages - The company's layout strategy of "multi-region collaboration and large-scale processing" helps reduce raw material transportation costs and allows for quick responses to production and order demands in different regions [1] - Company has established long-term stable partnerships with fruit farmers, leveraging its regional layout and financial advantages, and has built a good reputation in various areas [1] Group 3: Financial Impact - Since its establishment, the company has paid approximately 14 billion yuan to farmers for raw materials [1] - For the year 2025, the overall purchase price of raw fruits is expected to be lower than that of 2024, based on industry supply and demand and the company's actual procurement situation [1]

Investment Rating - Investment advice indicates a sector recovery catalyzed by recent CPI data, focusing on growth and supply-demand inflection points [5][16]. Core Views - The report emphasizes the importance of consumer goods growth, particularly in beverages, snacks, and food ingredients, while also highlighting structural opportunities in the baijiu sector [5][16]. - CPI data shows a positive trend with October CPI year-on-year at +0.2% and core CPI at +1.2%, indicating a recovery in domestic demand [6][16]. - The baijiu industry is undergoing accelerated clearing, with expectations for improved sales and inventory adjustments leading into 2026 [7][16]. - Consumer goods are expected to benefit from stabilization and recovery, with a focus on low valuation and high dividend stocks [8][16]. Summary by Sections Investment Recommendations - Recommended baijiu stocks include Shanxi Xinghuacun Fen Wine Factory, Gujing Distillery, and stable targets like Kweichow Moutai and Wuliangye [5][16]. - Beverage growth is highlighted with recommendations for Eastroc Beverage and Nongfu Spring, alongside low valuation stocks like China Foods and Tingyi [5][16]. - Snack and food ingredient stocks recommended include Bailong Chuangyuan, Yankershop Food, and Three Squirrels [5][16]. - Beer recommendations include Yanjing Brewery and Tsingtao Brewery, while condiment stocks like Haitian Flavoring & Food are also suggested [5][16]. Baijiu Sector Insights - The baijiu sector is experiencing a significant adjustment, with industry destocking still in progress and a focus on promotional sales for 2026 [7][16]. - Recent sales data from JD.com shows a +18% year-on-year increase in liquor sales during the Double 11 shopping festival, indicating a positive market response [7][16]. Consumer Goods Outlook - Consumer goods are expected to see growth as the mainline, with structural differentiation evident in beverages, snacks, and health products [8][16]. - The report notes that companies with product innovation and channel expansion will have growth advantages, particularly in the context of recent service and non-food price recoveries [8][16].

Core Viewpoint - Andeli's stock price has experienced fluctuations, with a year-to-date increase of 44.47% but a recent decline of 12.48% over the last five trading days [1] Group 1: Stock Performance - As of November 17, Andeli's stock price was 39.47 CNY per share, with a market capitalization of 13.467 billion CNY [1] - The stock has seen a trading volume of 13.81 million CNY, with a turnover rate of 0.13% [1] - Year-to-date, Andeli's stock has been on the leaderboard five times, with the latest instance on November 11, showing a net buy of -30.0717 million CNY [1] Group 2: Financial Performance - For the period from January to September 2025, Andeli reported a revenue of 1.321 billion CNY, representing a year-on-year growth of 28.88% [2] - The net profit attributable to shareholders for the same period was 284 million CNY, reflecting a year-on-year increase of 43.38% [2] Group 3: Shareholder Information - As of September 30, 2025, the number of Andeli's shareholders was 7,021, a decrease of 23.74% from the previous period [2] - The average number of circulating shares per person increased by 31.22% to 38,631 shares [2] - Since its A-share listing, Andeli has distributed a total of 234 million CNY in dividends, with 198 million CNY distributed over the last three years [3]

Group 1 - The core viewpoint of the report is that Haitong International has given Andeli (605198.SH, latest price: 40.95 CNY) an "outperform" rating based on strong performance indicators [1] - The company experienced high growth in the first three quarters, although there was a revenue decline in the third quarter [1] - Both international and domestic markets are maintaining rapid growth, indicating a robust demand environment [1] - Continuous capacity expansion is expected to enhance market share in the future [1]

Core Points - The stock of Andeli (605198) experienced a decline of 8.03% today, with a turnover rate of 2.06% and a trading volume of 234 million yuan, showing a fluctuation of 9.22% [2] - The stock was listed on the Shanghai Stock Exchange's watchlist due to a daily price deviation of -7.63%, with net selling from the Shanghai-Hong Kong Stock Connect amounting to 19.377 million yuan [2] - The company reported a revenue of 1.321 billion yuan for the first three quarters, representing a year-on-year growth of 28.88%, and a net profit of 284 million yuan, reflecting a year-on-year increase of 43.38% [3] Trading Activity - The top five trading departments accounted for a total transaction amount of 88.6018 million yuan, with buying amounting to 29.265 million yuan and selling amounting to 59.3367 million yuan, resulting in a net selling of 30.0717 million yuan [2] - The largest buying and selling department was the Shanghai-Hong Kong Stock Connect, with a buying amount of 12.611 million yuan and a selling amount of 31.988 million yuan, leading to a net selling of 19.377 million yuan [2] - Over the past six months, the stock has appeared on the watchlist five times, with an average price drop of 2.48% the day after being listed and an average decline of 2.17% over the following five days [2] Fund Flow - The stock saw a net outflow of 31.278 million yuan in main funds today, with a significant outflow of 8.7143 million yuan from large orders and 22.5635 million yuan from major funds [2] - In the last five days, the net outflow of main funds totaled 35.9721 million yuan [2]

Core Viewpoint - Andeli (605198.SH) reported a closing price of 41.48 yuan, with a decline of 8.03% [1] Group 1: Financial Performance - According to the research report by Guotai Junan Securities, Andeli's revenue showed a decline in the third quarter, while profitability continued to expand [1] - The report maintains a "Buy" rating for Andeli [1]

Core Insights - The apple futures sector experienced a decline of 2.32% on November 11, with Andeli leading the drop [1] - The Shanghai Composite Index closed at 4002.76, down 0.39%, while the Shenzhen Component Index closed at 13289.0, down 1.03% [1] Sector Performance - The closing prices and percentage changes for key stocks in the apple futures sector are as follows: - Honghui Fruits and Vegetables: 10.41, +1.07% - Guotou Zhonglu: 21.12, -0.28% - ST Langyuan: 6.15, -0.32% - Xinyangfeng: 16.49, -0.48% - Great Wall Electric: 10.50, -3.05% - Andeli: 41.48, -8.03% [1] Capital Flow - The apple futures sector saw a net outflow of 109 million yuan from main funds, while retail funds had a net inflow of 71.61 million yuan [1] - The detailed capital flow for individual stocks indicates: - Guotou Zhonglu: Main funds -68,000 yuan, retail funds -105,450 yuan - ST Langyuan: Main funds -2.38 million yuan, retail funds +95,270 yuan - Honghui Fruits and Vegetables: Main funds -13.61 million yuan, retail funds +2.96 million yuan - Xinyangfeng: Main funds -23.36 million yuan, retail funds +1.62 million yuan - Great Wall Electric: Main funds -33.74 million yuan, retail funds +2.17 million yuan - Andeli: Main funds -35.68 million yuan, retail funds +419,840 yuan [2]

Group 1 - The agricultural processing sector increased by 1.05% on November 10, with Yichang Magic leading the gains [1] - The Shanghai Composite Index closed at 4018.6, up 0.53%, while the Shenzhen Component Index closed at 13427.61, up 0.18% [1] - Key stocks in the agricultural processing sector showed significant price increases, with Yichang Magic rising by 6.97% to a closing price of 38.38 [1] Group 2 - The agricultural processing sector saw a net inflow of 30.35 million yuan from main funds, while retail investors experienced a net outflow of 48.61 million yuan [2] - Major stocks like COFCO Sugar and Jinlongyu attracted significant main fund inflows of 59.89 million yuan and 36.12 million yuan, respectively [3] - Retail investors showed a negative trend in several stocks, with notable outflows from COFCO Sugar and Jinlongyu [3]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年10月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 烟台北方安德利果汁股份有限公司 (於中華人民共和國註冊成立之股份有限公司) 呈交日期: 2025年11月5日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | 是 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02218 | 說明 | 安德利果汁 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 70,664,000 | RMB | | | 1 RMB | | 70,664,000 | | 增加 / 減少 (-) | | | | | | | RMB | | | | 本月底結存 | | | 70,664,000 | RMB | | | 1 RMB | | 70 ...

Core Viewpoint - The stock of Andeli has experienced fluctuations, with a year-to-date increase of 66.18% but a recent decline in the last five trading days by 1.75% [1] Financial Performance - For the period from January to September 2025, Andeli achieved a revenue of 1.321 billion yuan, representing a year-on-year growth of 28.88% [2] - The net profit attributable to the parent company for the same period was 284 million yuan, showing a year-on-year increase of 43.38% [2] Stock Market Activity - As of November 10, Andeli's stock price was 45.40 yuan per share, with a market capitalization of 15.49 billion yuan [1] - The stock has been on the龙虎榜 four times this year, with the most recent appearance on September 12, where it recorded a net buy of -15.99 million yuan [1] Shareholder Information - As of September 30, 2025, Andeli had 7,021 shareholders, a decrease of 23.74% from the previous period [2] - The average number of circulating shares per shareholder increased by 31.22% to 38,631 shares [2] Dividend Distribution - Since its A-share listing, Andeli has distributed a total of 234 million yuan in dividends, with 198 million yuan distributed over the last three years [3] Institutional Holdings - As of September 30, 2025, the Southern Core Growth Mixed A fund has exited the list of the top ten circulating shareholders of Andeli [3]