Core Viewpoint - The company is in the process of applying for the issuance of overseas listed shares (H-shares) and plans to list on the Main Board of the Hong Kong Stock Exchange [1] Group 1 - The company has recently received a notification from the China Securities Regulatory Commission regarding the overseas issuance and listing [1] - The company intends to issue no more than 66,446,000 shares of overseas listed common stock [1] - The listing will take place on the Hong Kong Stock Exchange [1]

Group 1 - The China Securities Regulatory Commission (CSRC) confirmed the overseas listing application of Dongpeng Beverage Group Co., Ltd. on November 27, 2025 [1][2] - Dongpeng Beverage plans to issue no more than 66.446 million overseas listed ordinary shares and list on the Hong Kong Stock Exchange [1] - The CSRC has set multiple regulatory requirements for Dongpeng Beverage, including reporting major events through the CSRC's filing management information system until the overseas listing is completed [1][2] Group 2 - After the overseas listing, Dongpeng Beverage must report the listing situation within 15 working days through the same system [1] - The filing notice emphasizes that it only confirms the company's overseas listing filing information and does not imply any judgment or guarantee regarding the investment value of the company's securities [1][2] - If Dongpeng Beverage does not complete the overseas listing within 12 months from the issuance of the notice and intends to continue, it must update the filing materials [1]

Investment Rating - The report maintains an "Overweight" rating for the food and beverage industry, indicating an expectation that the industry index will outperform the market index by more than 10% over the next six months [2][47]. Core Viewpoints - The white liquor sector is bottoming out, with a focus on structural opportunities. The report anticipates continued pressure on sales in the white liquor market through Q4 of this year and Q1 of next year, with a potential recovery in Q2 of next year due to a low base effect. The report suggests monitoring high-end liquor brands like Kweichow Moutai and other regional brands for investment opportunities [2][44]. - The report highlights a mixed performance across various segments within the food and beverage industry, with certain sectors like snacks and soft drinks showing potential growth driven by key products and channel contributions [2][44]. Summary by Sections 1. Market Review - The SW food and beverage industry index decreased by 2.97% from November 14 to November 27, 2025, outperforming the CSI 300 index by approximately 1.00 percentage points [9][11]. - Most sub-sectors underperformed the CSI 300 index during the same period, with the dairy sector showing the smallest decline of 0.11% [11][12]. - Approximately 6% of stocks in the industry recorded positive returns, with notable gainers including Hai Xin Food (+11.34%) and Nan Qiao Food (+7.86%) [13][14]. - The industry valuation is currently below the five-year average, with a PE ratio of approximately 21.3 times, compared to the historical average of 32 times [15]. 2. Key Industry Data Tracking 2.1 White Liquor Sector - The report notes a decline in the prices of premium liquor brands, with the price of Feitian Moutai at 1590 RMB per bottle, down 50 RMB from the previous period [17]. 2.2 Seasoning Sector - Prices for soybean meal increased, while white sugar and glass prices decreased. The price of white sugar fell to 5470 RMB per ton, a decrease of 290 RMB [22]. 2.3 Beer Sector - The average price of barley decreased to 2195 RMB per ton, while the price of aluminum ingots increased slightly [27]. 2.4 Dairy Sector - The average price of fresh milk remained stable at 3.03 RMB per kilogram [34]. 2.5 Meat Products Sector - The average wholesale price of pork decreased to 18.07 RMB per kilogram, reflecting a year-on-year decline of 22.88% [36]. 3. Industry News - The report mentions a 4.1% year-on-year growth in retail sales of tobacco and alcohol for October 2025, indicating a positive trend in consumer spending [39]. - The report also highlights a 16.1% increase in beer exports for the first ten months of 2025, suggesting a growing international demand [40]. 4. Company Announcements - Yili Group announced a shareholder return plan for 2025-2027, committing to a cash dividend of no less than 75% of the net profit attributable to shareholders [43]. 5. Weekly Industry Perspective - The report emphasizes the importance of monitoring economic recovery and distributor confidence in the white liquor sector, while also suggesting investment in high-quality brands and sectors benefiting from policy support [44][45].

Core Viewpoint - The report from Guotou Securities emphasizes the importance of consumption in economic growth, predicting a stabilization in the consumption fundamentals in 2026, which presents a significant opportunity for investment in the food and beverage industry [1] Group 1: Alcohol Industry - The liquor sector is at a cyclical bottom, with low expectations, low holdings, and low valuations, suggesting potential for left-side layout opportunities [2] - The rapid clearing of financial reports in the past two quarters indicates a resolution of supply-demand conflicts, with a gradual recovery in household consumption expected [2] - The white liquor business model remains strong, and with a potential economic recovery, valuations are likely to rebound quickly [2] Group 2: Beer Industry - The beer sector is expected to maintain a structural market in 2026, with investment opportunities in companies with strong single-product growth logic and those benefiting from competitor adjustments [3] - Overall profitability in the beer sector is on an upward trend, driven by the expansion of products priced between 8-10 yuan and improved efficiency from lean management [3] Group 3: Dairy Industry - The dairy sector is positioned for a turnaround in the raw milk cycle in 2026, with a focus on the profitability elasticity of the dairy supply chain [4] - Demand for dairy products has shown differentiation, with low-temperature fresh milk and cheese experiencing healthy growth, while room temperature liquid milk has been a drag [4] - The average milk price in major production areas is expected to recover above the average cost of production in 2026, making it an opportune time to invest in the dairy supply chain [4] Group 4: Soft Drink Industry - The soft drink sector has seen significant performance differentiation, with companies in strong growth categories leading the industry [5] - In 2026, there is a focus on functional beverages and the competitive landscape of packaged water, with an emphasis on companies introducing new products [5] - The demand for low-sugar functional beverages is anticipated to grow, particularly among white-collar workers seeking fatigue-relief options [5] Group 5: Snack Industry - The snack sector is benefiting from strong new channel drivers, with expectations of improved gross and net profit margins due to scale effects [6] - The konjac product category is maintaining high market interest, with significant growth potential in China [6] - Investment recommendations include focusing on companies with strong performance during the adjustment period and those with leading products in the snack sector [6]

Group 1 - Dongpeng Beverage executed a block trade on November 25, with a volume of 239,800 shares and a transaction amount of 55.653 million yuan, at a price of 232.11 yuan, which represents a discount of 10.17% compared to the closing price of the day [1][2] - The buyer of the block trade was the Shanghai Huangpu District Xizang South Road Securities Branch of China Merchants Securities, while the seller was the Beijing Jianguo Road Securities Branch of China Merchants Securities [1] - Over the past three months, Dongpeng Beverage has recorded a total of 8 block trades, with a cumulative transaction amount of 513 million yuan [1] Group 2 - The latest margin financing balance for Dongpeng Beverage is 380 million yuan, with an increase of 815,500 yuan over the past five days, reflecting a growth rate of 0.22% [2] - As of November 25, the closing price of Dongpeng Beverage was 258.39 yuan, with a slight increase of 0.19%, and a daily turnover rate of 0.31% [1] - The stock experienced a net outflow of 12.0845 million yuan in main funds throughout the day, and over the past five days, the total net outflow of funds was 704,400 yuan, with a cumulative increase of 0.72% in stock price [1]

Investment Rating - The report maintains an "Outperform the Market" rating for the food and beverage sector [4][5][15]. Core Views - The food and beverage sector is expected to benefit from a recovery in consumer spending, particularly in the context of the upcoming 2026 fiscal year, with a focus on health innovation and digital supply chains [3][10]. - The report highlights the differentiation in performance across categories, with beverages outperforming food and alcoholic beverages [2][10]. - Key investment opportunities are identified in premium liquor brands, dairy products, and innovative snack foods, with specific recommendations for companies like Guizhou Moutai, Yili, and Eastroc Beverage [2][3][15]. Summary by Relevant Sections Market Overview - The food and beverage sector saw a cumulative decline of 1.52% this week, with A-shares down 1.36% and H-shares down 3.69% [1]. - Notable performers included Nanchao Food (+11.91%) and Yili (+2.65%) [1]. Alcoholic Beverages - The liquor sector is entering a left-side layout phase, with premium brands expected to gain market share [2][10]. - Recommendations include Luzhou Laojiao, Shanxi Fenjiu, and Guizhou Moutai, with a focus on companies that can leverage pricing power and regional advantages [2][10]. Beer - The beer industry is experiencing healthy inventory levels, with expectations for demand recovery [2][11]. - Yanjing Beer is recommended for its strong growth potential and ongoing internal reforms [2][11]. Dairy Products - The dairy sector is seeing a steady recovery in demand, with Yili recommended for its valuation safety margin [2][13]. - The report anticipates improvements in supply-demand dynamics by 2026 [2][13]. Snacks - The report emphasizes the growth potential of konjac snacks, with leading companies like Weilong and Yanjinpuzi showing strong competitive advantages [2][12]. - The snack industry is shifting towards a category-driven growth model, necessitating strong product differentiation [2][12]. Investment Recommendations - The recommended investment portfolio includes Guizhou Moutai, Babi Food, Eastroc Beverage, Weilong, and Luzhou Laojiao, with an average decline of 4.94% this week [3][15]. - The report suggests that the current pricing environment for Moutai presents a favorable investment opportunity, with expectations for revenue growth in the coming years [15][16].

Group 1 - The core point of the article highlights that Dongpeng Beverage executed a block trade of 239,800 shares on November 25, with a transaction value of 55.653 million yuan, accounting for 11.96% of the total trading volume for that day [2][3] - The transaction price was 232.11 yuan, which represents a discount of 10.17% compared to the market closing price of 258.39 yuan [2][3] - The buying brokerage for the transaction was China Merchants Securities Co., Ltd., located in Shanghai, while the selling brokerage was also China Merchants Securities Co., Ltd., based in Beijing [3]

Investment Rating - The report maintains an "Outperform the Market" rating for the food and beverage sector [4][5][15]. Core Views - The food and beverage sector is expected to perform well in 2026, driven by recovery in consumer demand and the sector's inherent growth potential [3][10]. - The report highlights the differentiation in performance across categories, with beverages outperforming food and alcoholic beverages [2][10]. - Key investment opportunities are identified in premium liquor brands, dairy products, and innovative snack foods, with a focus on companies that demonstrate strong growth potential and market positioning [2][10][15]. Summary by Sections Market Overview - The food and beverage sector experienced a decline of 1.52% this week, with A-shares down 1.36% and H-shares down 3.69%. Notably, South Qiao Food and Yili Co. showed positive performance with increases of 11.91% and 2.65% respectively [1][3]. Alcoholic Beverages - The liquor sector is entering a left-side layout phase, with premium brands like Luzhou Laojiao, Shanxi Fenjiu, and Guizhou Moutai expected to gain market share. The report suggests a focus on companies with pricing power and regional influence [2][10]. - Moutai's price is currently down 26% year-on-year, indicating a potential for recovery in consumer demand during the upcoming festive season [10][15]. Beer - The beer industry is showing healthy inventory levels, with expectations for demand recovery. The report recommends investing in leading brands like Yanjing Beer, which is expected to see profit growth supported by strong market fundamentals [2][11]. Dairy Products - The dairy sector is experiencing a steady recovery in demand, with leading companies like Yili expected to benefit from improved supply-demand dynamics by 2026 [2][13]. Snacks - The report emphasizes the growth potential in the konjac snack category, recommending companies like Weilong and Yanjinpuzi for their competitive advantages and strong growth trajectories [2][12][16]. Investment Recommendations - The recommended investment portfolio includes Guizhou Moutai, Baba Foods, Dongpeng Beverage, Weilong, and Luzhou Laojiao, reflecting a diversified approach across high-potential segments [3][15].

Investment Rating - The report maintains a "Buy" rating for the food and beverage industry, highlighting several key companies as investment opportunities [3][4]. Core Insights - The food and beverage industry is experiencing internal rotation in new consumption and improvement at the bottom of traditional consumption. The overall performance in 2025 was weak, primarily due to the adjustment in the liquor sector, but the long-term recovery trend for mass consumer goods remains intact [3][8]. - For 2026, structural opportunities are expected to continue, with new consumption showing internal rotation and traditional consumption gradually recovering from the bottom [3][15]. Summary by Sections Industry Overview - In 2025, the food and beverage sector's revenue grew by only 0.1% year-on-year, while profits fell by 14.6%, underperforming compared to the previous year. The industry index ranked last among 31 sub-industries with a decline of 4.8% [8][11]. - The adjustment in the liquor sector is identified as the main factor for the overall weak performance, while the recovery trend for mass consumer goods is expected to persist [8][11]. Soft Drinks - The beverage industry is projected to benefit from a rebound in travel demand in 2026, with a revenue increase of 6.2% in the first half of 2025 compared to the previous year [42][45]. - Cost advantages from declining prices of raw materials like sugar and PET are expected to continue, enhancing profit margins for beverage companies [45][49]. Snacks - The konjac snack sector is experiencing high growth, with companies like Salted Fish and Wei Long achieving significant revenue increases in 2025 [66][67]. - The competitive landscape for konjac products is expected to remain manageable, with established brands likely to maintain their market positions despite new entrants [70][76]. Dairy Products - The dairy sector is anticipated to see a recovery in supply-demand balance, with raw milk prices expected to stabilize in 2026 due to ongoing supply adjustments [38][39]. - Policies promoting consumption are expected to benefit liquid milk and milk powder sales, driving demand improvements [38][39]. Frozen and Condiment Products - The frozen food sector is expected to see performance improvements as competition stabilizes, with a focus on recovery in demand [38][39]. - The condiment sector is also projected to benefit from a gradual recovery in consumer demand [38][39]. Liquor - The liquor industry is still in an adjustment phase but is gradually approaching a bottoming out stage, with supply clearing expected to continue into 2026 [6][25]. - The report suggests that the long-term value of liquor stocks will become more apparent as the market stabilizes [6][25]. Investment Recommendations - Key companies to watch include Dongpeng Beverage, Nongfu Spring, and Moutai in the beverage sector, as well as Wei Long and Salted Fish in the snack sector [6][8].

证券代码：605499 证券简称：东鹏饮料 公告编号：2025-067 东鹏饮料（集团）股份有限公司 关于使用部分闲置自有资金进行现金管理的进展公告 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。 重要内容提示： 1.委托理财受托方：华夏银行股份有限公司、兴业银行股份有限公司、信银 理财有限责任公司、珠海横琴万方私募基金管理合伙企业（有限合伙）、北银理 财有限责任公司、中银理财有限责任公司、中邮理财有限责任公司、厦门国际信 托有限公司； 2.本次委托理财金额：合计 140,000.00 万元； 3.委托理财产品类型：理财、私募基金、信托计划； 4.委托理财期限：无固定期限、30 个月、36 个月； 5.履行的审议程序：东鹏饮料（集团）股份有限公司（以下简称"公司"） 于 2025 年 3 月 7 日召开第三届董事会第十三次会议和第三届监事会第十二次会 议及 2025 年 4 月 2 日召开 2024 年年度股东会，分别审议通过了《关于 2025 年 度使用闲置自有资金进行现金管理的议案》，公司股东会授权公司及其子公司在 保证日 ...