食品饮料 2025 年 08 月 24 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -12% 0% 12% 24% 36% 2024-08 2024-12 2025-04 食品饮料 沪深300 相关研究报告 《进入业绩披露期，关注绩优股表现 —行业周报》-2025.8.17 《白酒预期回归，新消费重获青睐— 行业周报》-2025.8.10 《白酒承压头部企业占优，生育政策 与 行 业 新 机 遇 共 振 — 行 业 周 报 》 -2025.8.3 白酒中报加速出清，大众品优先成长性 ——行业周报 张宇光（分析师） 张思敏（分析师） zhangyuguang@kysec.cn 证书编号：S0790520030003 zhangsimin@kysec.cn 证书编号：S0790525080001 核心观点：白酒底部渐显，食品积极布局 8 月 18 日-8 月 22 日，食品饮料指数涨幅为 3.3%，一级子行业排名第 10，跑输 沪深 300 约 0.9pct，子行业中其他酒类（+8.2%）、软饮料（+5.1%）、白酒（+3.6%） 表现相对领先。个股方面，酒鬼酒、百润股份、舍得酒业涨幅领先；桂发祥、煌 ...

Investment Rating - The report maintains a "Positive" outlook on the food and beverage industry, indicating a favorable investment environment despite current challenges [4]. Core Insights - The recent increase in the sector is attributed to market rotation, with the industry fundamentals requiring patience for improvement. The liquor segment is expected to undergo a bottoming process, while food companies should seek structural opportunities from the bottom up. Absolute returns are more dependent on market conditions rather than fundamental drivers, and relative returns are not favorable [8][9]. - Traditional consumer leading companies have adjusted and now possess long-term investment value from a dividend and yield perspective. Companies with new consumption characteristics are expected to differentiate based on performance in the future [8][9]. - The liquor sector faces significant pressure due to slow macro demand recovery and limited consumption scenarios, with expectations of continued challenges in sales and financial reports [8][9]. Summary by Sections 1. Weekly Insights on Food and Beverage - The food and beverage sector rose by 3.29% last week, with liquor increasing by 3.62%. However, it underperformed the Shanghai Composite Index by 0.20 percentage points, ranking 11th among 31 sub-industries [7]. - The top three gainers included JiuGuiJiu (25.1%), BaiRun Co. (13.26%), and *ST YanShi (12.94%), while the largest decliners were GuiFaXiang (-8.72%), HuangShangHuang (-3.66%), and WanChen Group (-2.99%) [7]. 2. Liquor Sector - Moutai's price for loose bottles is 1820 RMB, down 30 RMB week-on-week, while the box price is 1845 RMB, down 20 RMB. Wuliangye's price remains stable at approximately 860 RMB, and Guojiao 1573 is around 840 RMB [9][33]. - The report suggests patience in waiting for changes in the industry's fundamentals, with a focus on the peak season in August and September. Companies with solid base markets and price bands below 200 RMB are expected to show stronger resilience [9]. 3. Consumer Goods Sector - The report is optimistic about the dairy industry's cost decline and supply-demand improvement, recommending companies like Yili and New Dairy. Beer is seen as a necessity, with recommendations for Yanjing Beer and Qingdao Beer [10]. - The snack, beverage, and low-alcohol segments are highlighted for their structural growth opportunities, with key recommendations including Unified Enterprises China, WeiLong, and YanJinPuZi [10]. 4. Key Company Updates - Salted Fish Co. reported a total revenue of 1.403 billion RMB for Q2 2025, a year-on-year increase of 13.54%, with a net profit of 195 million RMB, up 21.75% [10]. - The report also highlights the performance of various companies, including ZhenJiu LiDu and Kuaijishan, with significant revenue and profit changes noted [12][27].

Group 1 - The report titled "2025 White Liquor Industry ESG White Paper" focuses on the development of the white liquor industry and its ESG practices, providing a comprehensive overview and future direction for practitioners and researchers [1][2] - The white liquor industry is a unique symbol of Chinese traditional culture and economic life, evolving from workshop-style brewing to industrial production, and expanding from regional consumption to national and global markets [1][8] - The report presents data on grain production, including a total planting area of 119,319.1 thousand hectares, a total yield of 70,649.9 million tons, and a yield per unit area of 5,921.1 kg/hectare, which serves as a reference for understanding the raw material supply for the white liquor industry [1][26] Group 2 - The ESG development section highlights the importance of ESG principles in the white liquor industry, emphasizing the need for companies to balance economic benefits with social value while enhancing long-term competitiveness through ESG practices [2][7] - The report analyzes the ESG practices of leading companies such as Kweichow Moutai, Wuliangye, and Shanxi Fenjiu, focusing on their carbon neutrality plans, greenhouse gas emission verification, and environmental information disclosure [2][3] - The white paper discusses the role of organizations like the Shanghai Modern Service Industry Association and the Hongxing ESG Research Institute in promoting ESG principles and providing solutions for companies [3][7] Group 3 - The white liquor industry is characterized by strong resource constraints, relying heavily on natural endowments such as quality water sources and specific grain materials, which creates a unique regional exclusivity [15][16] - The industry has a significant environmental impact, with high water usage and waste management challenges, particularly in regions like the Chishui River basin [17][18] - The production process of white liquor is complex, involving multiple stages from raw material selection to final product, with strict quality control measures in place [29][30] Group 4 - The competitive landscape of the white liquor industry shows a "Matthew effect," where leading companies are rapidly increasing their market share, with the top firms holding a significant portion of the market [50][51] - Financial performance data for leading companies in the industry indicates a clear tiered structure, with Kweichow Moutai leading with a revenue of 120.7 billion yuan and a net profit of 60.8 billion yuan [53][56] - The market share analysis reveals that the industry is becoming increasingly concentrated, with the top two companies holding a combined market share of 30% [57][59] Group 5 - The report identifies key trends in the white liquor industry, including diversification of consumption scenarios, innovation driven by younger consumer groups, and the acceleration of digital marketing and channel transformation [59][60] - The internationalization of the white liquor industry is gaining momentum, with companies exploring markets in Southeast Asia and Europe, leveraging cultural similarities and trade policies to expand their reach [61][62]

从个股来看，贵州茅台收盘价达1463.95元/股，上涨1.08%；五粮液收盘价达125.79元/股，上涨0.27%；山西汾酒收盘价达196.54元/股，上涨1.10%；泸州老窖收盘价达130.69元/股， 华泰证券在其研报中指出，绝对收益角度，酒企更加重视投资者利益维护，多家公司落地长期分红规划和中期分红规划公告，当下利率环境下长期配置价值高。展望来看，此轮调整中头部酒企均 北京商报讯（记者 刘一博 冯若男）8月22日尾盘，沪指3825.76点上涨1.45%。白酒股：2341.62点收盘微涨0.06%，其中13只白酒股上涨。 ...

华泰证券在其研报中指出，绝对收益角度，酒企更加重视投资者利益维护，多家公司落地长期分红规划 和中期分红规划公告，当下利率环境下长期配置价值高。展望来看，此轮调整中头部酒企均以长期健康 发展为主，基本面筑底企稳，叠加促销费政策托底，行业正逐步进入良性修复阶段，建议底部布局强基 本面龙头。 从个股来看，贵州茅台收盘价达1463.95元/股，上涨1.08%；五粮液收盘价达125.79元/股，上涨0.27%； 山西汾酒收盘价达196.54元/股，上涨1.10%；泸州老窖收盘价达130.69元/股，上涨0.80%；洋河股份收 盘价达72.16元/股，下跌0.03%。 北京商报讯（记者 刘一博 冯若男）8月22日尾盘，沪指3825.76点上涨1.45%。白酒股：2341.62点收盘 微涨0.06%，其中13只白酒股上涨。 ...

证券之星消息，8月22日白酒板块较上一交易日上涨0.87%，*ST岩石领涨。当日上证指数报收于 3825.76，上涨1.45%。深证成指报收于12166.06，上涨2.07%。白酒板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 600696 | *ST岩石 | 6.72 | 5.00% | 5.18万 | | 3445.42万 | | 600702 | 舎得酒V | 60.91 | 2.72% | 18.66万 | | 11.24 Z | | 000596 | 古井贡酒 | 164.33 | 2.57% | 4.20万 | | 6.77亿 | | 600779 | 水井坊 | 45.40 | 1.54% | 6.77万 ﻠ | | 3.04亿 | | 600809 | 山西汾酒 | 196.54 | 1.10% | 6.30万 | | 12.31亿 | | 600519 | 贵州茅台 | 1463.95 | 1.08% | 4.50万 | | 65.45 乙 ...

北京商报讯（记者 刘一博 冯若男）8月22日早盘，三大指数集体上涨，沪指3796.36点上涨0.67%。白酒板块午盘2328.65点收盘下跌0.49%。 从个股来看，贵州茅台收盘价达1453.10元/股，上涨0.33%；五粮液收盘价达125.14元/股，下跌0.25%；山西汾酒收盘价达195.30元/股，上涨0.46%；泸州老窖收盘价达129.16元/股， 华泰证券在其研报中指出，白酒板块筑底改善，底部布局可期。白酒板块估值和情绪均处于低位，当前基本面整体企稳，行业中秋旺季将至；同时政府对提振内需关注度持续提升，促消费政策持 ...

随着新生代消费者的崛起，适合微醺的低度酒正赢得年轻人的青睐。 面对此变局，传统名酒也在经历一场低度化突围。 此前，泸州老窖（000568）在2024年股东大会上披露，国窖1573系列销售额突破200亿元，38度单品销售占比达50%，或成为行业首个百亿级 低度大单品。 它的成功不仅是一个产品的胜利，更揭示了浓香型白酒在低度化赛道上的天然基因优势，以及泸州老窖低度化战略布局的前瞻性。 从攻克"降度不降质"的技术难题，到开创"白酒冰饮"新范式，再到打造出业内首个低度酒超级单品。 作为浓香型白酒龙头，泸州老窖正以长期主义战略为锚点，书写中国白酒拥抱新消费时代的答案。 作为最依赖于窖池发酵的浓香型白酒，从窖池中获取的风味物质也更为丰富。 特别是百年以上的老窖池，窖池窖泥中的酿酒微生物经过长期驯化富集，酿出的酒体窖香、粮香、陈香等复合香气饱满浓郁，主体香突出，从 而在降度之后依然能保持"低而不淡"。 低度酒赛道现"风味壁垒" 泸州老窖"活窖池"构筑护城河 白酒降度曾长期受困于"浑浊、寡淡、水解"三大技术壁垒，其中尤以"寡淡"最甚，使消费者深陷"低度即低质"的认知窠臼。 然而，浓香型白酒却凭借其独特的技艺基因，在低度化赛道 ...

Core Viewpoint - The liquor sector is showing signs of bottoming out, with potential for future recovery as the overall market sentiment and valuations are currently low, and the upcoming Mid-Autumn Festival is expected to boost demand [1] Industry Summary - The three major indices collectively rose, with the Shanghai Composite Index reaching 3796.36 points, an increase of 0.67% [1] - The liquor sector closed at 2328.65 points, down 0.49% [1] - Guizhou Moutai's closing price was 1453.10 CNY per share, up 0.33% [1] - Wuliangye's closing price was 125.14 CNY per share, down 0.25% [1] - Shanxi Fenjiu's closing price was 195.30 CNY per share, up 0.46% [1] - Luzhou Laojiao's closing price was 129.16 CNY per share, down 0.38% [1] - Yanghe's closing price was 72.04 CNY per share, down 0.19% [1] Company Summary - Huatai Securities indicated that the liquor sector is in a phase of bottoming out, with improved conditions expected for bottom-fishing investments [1] - The overall fundamentals of the liquor sector are stabilizing, and government policies aimed at boosting domestic demand are being implemented, which will support the sector [1]

Core Viewpoint - The low-alcohol liquor segment is gaining traction among major Chinese liquor companies as they seek to tap into new market opportunities amid declining sales and high inventory levels [2][3]. Group 1: Industry Trends - Since June 2023, several liquor companies, including Shede Liquor, Gujing Gongjiu, and Wuliangye, have launched low-alcohol products, indicating a competitive shift towards lower alcohol content [2]. - The introduction of low-alcohol products is seen as a response to the overall adjustment period in the liquor industry, where companies face declining sales and increased competition [3][5]. Group 2: Company Performance - Shede Liquor reported a significant decline in revenue and net profit for 2024, with revenue down 24.41% to 5.357 billion yuan and net profit down 80.46% to 346 million yuan [3]. - The inventory levels of 20 A-share liquor companies reached 168.389 billion yuan, an increase of 19.29 billion yuan year-on-year, indicating ongoing inventory pressure [4]. Group 3: Consumer Demographics - The liquor industry is focusing on attracting younger consumers, particularly those born between 1985 and 1994, as their consumption preferences shift towards lower alcohol content and more personalized products [5]. - Young consumers are increasingly favoring light social drinking scenarios and products that are visually appealing and easy to consume [5]. Group 4: Market Expectations - The low-alcohol product "38-degree Guojiao 1573" is expected to generate significant sales, potentially reaching 10 billion yuan in tax-inclusive sales, reflecting a positive growth trend [6]. - There are concerns among investors that the success of low-alcohol products may impact overall revenue due to their lower price points compared to traditional high-alcohol products [6].