Group 1: Market Performance - The food and beverage sector has shown strong performance, leading the market with a 3.64% increase in the food ETF (515710) as of the close on November 10 [1][3] - Major liquor stocks experienced significant gains, with Shede Liquor and Jiu Gui Liquor hitting the daily limit, and Luzhou Laojiao rising by 8.23% [1][3] Group 2: Capital Inflow - The food and beverage sector attracted over 10 billion CNY in net inflows from main funds in a single day, ranking first among 30 sectors [3][4] - The food ETF (515710) has seen a net inflow of over 1.2 billion CNY in the last five trading days and more than 2.4 billion CNY in the last ten trading days [4][5] Group 3: Valuation and Investment Opportunities - The valuation of the food and beverage sector is currently at a historical low, with the food ETF's underlying index PE ratio at 20.59, indicating a good entry point for long-term investments [6][7] - Analysts suggest that the food and beverage industry is gradually bottoming out, with opportunities to invest in liquor stocks at low prices [7][8]

Core Insights - The main point of the articles is the analysis of capital flow in various industries, highlighting the sectors that experienced significant inflows and outflows of funds on November 10, 2023. Group 1: Industry Performance - A total of 23 industries saw an increase, with the beauty care and food & beverage sectors leading with gains exceeding 3% [1] - Among the 8 declining industries, the power equipment sector had the largest drop at 1.09% [1] - The food & beverage and retail sectors received the highest net inflows, each exceeding 1.1 billion [1] Group 2: Capital Inflows - Ten industries experienced net inflows, with food & beverage and retail sectors leading with inflows over 1.1 billion each [1] - The real estate sector saw a net inflow of 700 million, while light industry manufacturing and pharmaceutical sectors each had inflows exceeding 400 million [1] Group 3: Capital Outflows - The power equipment sector had the highest net outflow, amounting to 6.88 billion [2] - Other sectors with significant outflows included electronics, mechanical equipment, automotive, and computer industries, each exceeding 2 billion [2] Group 4: Individual Stock Performance - Notable stocks with significant net inflows included Cambridge Technology with 758 million, marking the highest inflow since June 12, 2023 [4] - Wuliangye, a leading liquor company, saw a net inflow of 652 million, emphasizing its commitment to shareholder returns with a projected cash dividend rate of 70% for 2024 [4] - Other companies with notable inflows included BYD, Fushikong, and China Duty Free, among others [5] Group 5: End-of-Day Capital Flow - At the end of the trading day, there was a net inflow of 1.165 billion across the markets, with the ChiNext board contributing 928 million [10] - Individual stocks with significant end-of-day inflows included Tianfu Communication with 316 million [11]

Group 1 - The core viewpoint of the articles indicates a significant rebound in the consumer sector, with various sub-sectors such as beauty care, food and beverage, retail, and tourism showing strong stock performance as of November 10, 2023 [1][2] - The Shanghai Composite Index closed with a gain of 0.53%, surpassing the 4000-point mark, driven by a collective surge in consumer stocks [1] - The Ministry of Finance's report on November 7, 2023, highlighted ongoing efforts to boost consumption through fiscal policies, including subsidies for personal consumption loans [1][2] Group 2 - The food and beverage sector is nearing a bottom in its fundamental performance, with expectations for recovery increasing as negative impacts have largely been released [2] - The service consumption sector is undergoing a transformation, supported by policy initiatives, and is expected to become a key investment focus [2] - The "14th Five-Year Plan" emphasizes the importance of enhancing consumer power and expanding the supply of quality consumer goods and services [2] Group 3 - A total of 123 consumer stocks with rolling P/E ratios below 30 and underperforming the Shanghai Composite Index have been identified, indicating potential valuation advantages [3] - Among these, nine stocks with market capitalizations exceeding 100 billion yuan include major players like Kweichow Moutai and Gree Electric [3] - The stock with the largest decline is Ganyuan Food, which has dropped 33.79% year-to-date, with a reported net profit decline of 43.66% in the first three quarters [3][4] Group 4 - There are 43 stocks among the identified consumer stocks that have an upside potential exceeding 20%, with Poya leading at 49.05% [6][8] - Xueda Education and Haoyue Care follow closely with expected increases of 48.6% and 47.01%, respectively, driven by their strong market positions and growth strategies [6][7] - Poya has submitted a prospectus for a Hong Kong IPO to accelerate international expansion and support potential mergers and acquisitions [6][8]

2025岁末之际，中国白酒行业的调整已进入深水区。消费理性化、价格倒挂、库存高企三 大痛点交织。同时，"数据失真"、"信息闭塞"也成为制约行业转型的核心瓶颈。 不过，白酒调整期并不意味着市场各方只能被动等待，承压的渠道端需要解绑重构，消费者 的诉求也需得到满足。通盘来看，以"批发价"为主的现有报价产品对变化的行业环境的适 应存在局限性，包括酒企、经销商、消费者等在内的多方亟需洞察市场最真实的成交趋势。 在此背景下，新浪财经依托26年金融数据积淀，正式推出国内首个遵循"客观、真实、科 学、可追溯"原则的白酒终端价格服务体系——"酒价内参"。 【长按二维码查看"酒价内参"】 因此，对消费者而言，全渠道真实成交价的整合，提供了"买酒不踩坑"的权威指南，避免 被虚高定价或虚假促销误导，有效提升了消费体验。同时，高频核心数据也将成为预判行业 景气度、挖掘投资机会的"价值锚"。 聚焦核心九强大单品 打破信息不对称 回望过去十年，白酒行业走过了从繁荣到调整的完整周期。2015至2022年，以茅台为首的 高端白酒实现了量价齐升的盛况；2022年后，行业进入调整期，市场情绪也逐渐转为谨 慎，消费基础、产品属性、渠道结构与增长模 ...

Market Overview - The Shanghai Composite Index closed at 4018.60 points, up 0.53%, with a trading volume of 960.6 billion yuan [1] - The Shenzhen Component Index closed at 13427.61 points, up 0.18%, with a trading volume of 1213.865 billion yuan [1] - The ChiNext Index closed at 3178.83 points, down 0.92%, with a trading volume of 523.234 billion yuan [1] - The total trading volume of both markets reached 2174.465 billion yuan, an increase of 175.398 billion yuan compared to the previous trading day [1] Sector Performance - Strong sectors included beauty care, food and beverage, retail, agriculture, precious metals, oil and petrochemicals, insurance, and textiles [2] - Active concepts included duty-free, phosphorus chemicals, diamond cultivation, dairy, community group buying, liquor, nano-silver, organic silicon, and prepared dishes [2] - Weak sectors included electric equipment, machinery, electronics, communications, automotive, and steel [2] Stock Performance - A total of 3249 stocks rose, while 1812 stocks fell, with 98 stocks remaining flat and 8 stocks suspended [2] - 92 stocks hit the daily limit up, while 15 stocks hit the daily limit down [2] Fund Flow - The net outflow of main funds in the Shanghai and Shenzhen markets was 25.429 billion yuan, with the ChiNext experiencing a net outflow of 14.756 billion yuan [5] - The food and beverage sector saw the highest net inflow of main funds, amounting to 1.563 billion yuan [5] - The electric equipment sector had the largest net outflow, totaling 6.88 billion yuan [5] Individual Stock Highlights - 2106 stocks experienced net inflows, with 88 stocks receiving over 1 billion yuan in net inflows [8] - Cambridge Technology had the highest net inflow of 758 million yuan, followed by Wuliangye and BYD [9] - 3052 stocks faced net outflows, with 128 stocks seeing over 1 billion yuan in net outflows [11] - The stock with the highest net outflow was Xinyi Sheng, with an outflow of 1.816 billion yuan [12] Institutional Activity - Institutions had a net buy of 10 stocks, with Wanrun Technology leading at approximately 131.24 million yuan [14] - The total net sell by institutions was about 697 million yuan, with Xinquan shares experiencing the highest net sell of approximately 333.3 million yuan [14]

Core Viewpoint - The Shanghai Composite Index rose by 0.53% on November 10, with 23 industries experiencing gains, particularly in the beauty care and food & beverage sectors, which increased by 3.60% and 3.22% respectively [1] Industry Summary Food & Beverage Industry - The food & beverage industry saw a rise of 3.22% with a net inflow of 4.079 billion yuan in main funds, and 118 out of 124 stocks in this sector increased in value, with 9 hitting the daily limit [2] - Major contributors to the net inflow included Kweichow Moutai with a net inflow of 833 million yuan, followed by Wuliangye and Jiu Gui Jiu with inflows of 608 million yuan and 386 million yuan respectively [2] - The top gainers in the food & beverage sector included Kweichow Moutai (up 2.02%), Wuliangye (up 3.47%), and Jiu Gui Jiu (up 9.99%) [2] Fund Flow Analysis - The food & beverage sector had 81 stocks with net inflows, while the top three stocks with the highest net outflows were Jinzi Ham, Jiaoda Kunchong, and Chengde Lululemon, with outflows of 36.64 million yuan, 29.31 million yuan, and 25.71 million yuan respectively [2][4] - The overall market saw a net outflow of 31.427 billion yuan, with 17 industries experiencing net outflows, led by the electronics sector with an outflow of 9.6 billion yuan [1] Performance of Other Industries - The top declining industries included power equipment and machinery, which fell by 1.09% and 0.71% respectively [1]

行 业 及 产 业 食品饮料/ 白酒Ⅱ 2025 年 11 月 10 日 黎明前夕，曙光将至 看好 ——白酒进入底部战略性布局期 相关研究 本期投资提示： ⚫ 战略性看多白酒。复盘 2012-2015 板块表现，股价拐点领先基本面拐点出现，我们判 断基本面拐点 26Q3 出现。展望 26 年，若基本面如期修复，我们预计 26 年底-27 年 将迎来估值与业绩双击。对中长期资金来讲，已可以对优质企业进行长期定价。因此， 我们认为对优质公司而言，已经进入战略配置期。但这个阶段还需注意几点，1、对基 本面仍要保持耐心；2、企业的调整改善是分化并有先后的，这个阶段个股表现会有差 异；3、展望年底到明年，预计股价回报的主要贡献来自估值，对空间要合理预期。白 酒重点推荐：泸州老窖、山西汾酒、贵州茅台、五粮液，关注迎驾贡酒、金徽酒、古井 贡酒、今世缘、洋河股份等。 ⚫ 重要信息回顾： 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 《 白酒 2025 年三季报总结 —— 25Q3 基 本面加速探底，板块进入战略配置期》 2025/11/04 《板块进入战略配置期——食品饮料行业 ...

Group 1 - The liquor concept sector rose by 3.01%, ranking third among concept sectors, with 45 stocks increasing in value, including Zhongrui Co., Shide Liquor, and Kuaijishan hitting the daily limit [1][2] - Leading stocks in the liquor sector included Luzhou Laojiao, Gujing Gongjiu, and Shanxi Fenjiu, which increased by 8.23%, 6.73%, and 6.35% respectively [1][2] - The sector saw a net inflow of 2.787 billion yuan from main funds, with 30 stocks receiving net inflows, and 7 stocks exceeding 100 million yuan in net inflow [2][3] Group 2 - The top net inflow stock was Kweichow Moutai, with a net inflow of 833 million yuan, followed by Wuliangye, Jiu Gui Jiu, and Shide Liquor with net inflows of 608 million yuan, 386 million yuan, and 258 million yuan respectively [2][3] - Zhongrui Co., ST Yanshi, and Kuaijishan had the highest net inflow ratios at 34.96%, 22.05%, and 20.99% respectively [3] - The overall performance of the liquor sector indicates strong investor interest and confidence, as evidenced by the significant net inflows and stock price increases [2][3]

Investment Rating - Investment advice favors growth targets in beverages, food ingredients, and snacks, while revising expectations for Chinese baijiu [6][18]. Core Insights - The report highlights a focus on low valuation and high dividend yielding stocks within the soft drink sector, indicating potential for fundamental and valuation recovery as competition eases and consumer power improves [10][18]. - Chinese baijiu sector shows a significant decline in Q3, with revenues down 18% year-on-year and net profits down 22%, indicating a need for destocking and potential for market stabilization [7][18]. - The report emphasizes the importance of innovative supply and channel strategies among liquor companies to seek growth despite demand pressures [8][18]. Summary by Sections Investment Recommendations - Focus on flexible targets in Chinese baijiu such as ZJLD, Shede Spirits, and Luzhou Laojiao, while mid-term stable targets include Wuliangye and Kweichow Moutai [6][18]. - In the beverage sector, key growth targets include Eastroc Beverage and Nongfu Spring, alongside high dividend, low valuation options like Uni-President China and Want Want China Holdings [6][18]. - Snack and food ingredient growth targets include Three Squirrels and Guilin Seamild Foods, while beer targets include Tsingtao Brewery and China Resources Beer Holdings [6][18]. Baijiu Sector Analysis - Q3 reports indicate a significant revenue decline for the baijiu sector, with Moutai emphasizing high-quality growth and announcing a new dividend and buyback plan to boost market confidence [7][8][18]. - The report notes that the industry is still in a destocking phase, with potential for capital markets to bottom out early despite ongoing demand pressures [7][18]. Consumer Goods Sector Insights - The soft drink sector is highlighted for its high return on equity (ROE) and good cash flow characteristics, making it a quality dividend asset [10][18]. - Recent performance of Uni-President China shows a profit of RMB 2.01 billion for Q3, marking a 23.06% year-on-year increase, indicating strong growth potential [11][18].

Group 1 - The core viewpoint of the news highlights a surge in consumer stocks in A-shares, particularly in sectors such as duty-free, airports, tourism, food, and liquor, with significant gains in companies like China Duty Free and Kweichow Moutai [1][2] - The October CPI increased by 0.2% year-on-year and month-on-month, marking the highest level in eight months, while the core CPI rose by 1.2%, continuing a six-month upward trend [2] - The implementation of new duty-free policies in Hainan saw a shopping amount of 5.06 billion yuan and 72,900 shoppers in the first week, representing year-on-year growth of 34.86% and 3.37% respectively [2] Group 2 - The tourism ETF rose by 5%, with major holdings including China Duty Free and Shanghai Airport, indicating strong investor interest in the sector [3] - The food and beverage ETF increased by 2.99%, with a total scale of 6.064 billion yuan and a net inflow of 2.973 billion yuan in the second half of the year, leading its category [3] - The current price-to-earnings (PE) ratio for the food index stands at 20.59, which is at the 7.55% historical percentile over the past decade, suggesting a potential value opportunity in the consumer sector [2]