Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The food and beverage sector is experiencing a strong upward trend, driven by multiple factors including policy support, trading dynamics, fundamental improvements, and external catalysts, indicating clear investment value [3][9] - The food and beverage index increased by 4.3% from February 2 to February 6, outperforming the CSI 300 by approximately 5.6 percentage points, with sub-sectors like liquor, soft drinks, and beer leading the performance [9][11] - The liquor industry is entering a new development cycle, with Guizhou Moutai's market-oriented reforms marking a significant phase, and the pricing system gradually returning to a supply-demand driven model [10] Summary by Sections Market Performance - The food and beverage index rose by 4.3%, ranking first among 28 sectors, with liquor (+5.3%), soft drinks (+4.7%), and beer (+4.5%) showing relative strength [11][12] - Individual stocks such as Huangtai Liquor, Hai Xin Food, and Ri Chen Co. saw significant gains, while *ST Yedao, *ST Chuntian, and Li Ziyuan experienced declines [11][14] Upstream Data - Some upstream raw material prices are declining, with the price of whole milk powder at $3,614 per ton, down 13.3% year-on-year, and fresh milk prices at 3.04 yuan per kilogram, down 2.9% year-on-year [15][31] - The price of pork is down 20.1% year-on-year, with live pig prices at 12.2 yuan per kilogram, reflecting a broader trend of price adjustments in the sector [21][24] Liquor Industry News - Some distributors of Moutai have sold out their first batch of flying Moutai quotas for March, indicating strong demand during the Spring Festival [36] - The Qingdao Beer production base has commenced operations, aiming to produce high-end products and achieve an annual output value of approximately 1 billion yuan [36] Investment Recommendations - Focus on leading liquor stocks such as Guizhou Moutai, Wuliangye, Luzhou Laojiao, and Shanxi Fenjiu, as well as elastic stocks like Shede Liquor and benefiting stocks like Jiu Gui Liquor [10] - In the consumer goods sector, three main lines are suggested: the snack sector, dairy products, and the restaurant supply chain, with specific companies highlighted for potential growth [10][43]

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]

#五粮液将终止二代五粮春系列酒瓶盖回收#【3月1日起将终止二代五粮春系列酒瓶盖回收业务？五粮 液：政策信息属实】2月6日，记者从五粮液浓香经销商、终端店处获悉，接四川五粮液浓香酒有限公司 通知，自2026年3月1日起，将终止二代五粮春系列酒（瓶盖+盒盖）的回收业务，2026年3月1日（含） 之后扫码的瓶盖，不再回收。同时，还提醒经销商、终端店、消费者，于2026年3月25日前，将符合回 收条件且已完成扫码的（瓶盖+盒盖）进行兑换，逾期将无法办理兑换。记者第一时间向五粮液公司求 证，五粮液公司相关工作人员回应称，"该通知非浓香酒公司官方发布，但政策信息属实，该变化为品 牌市场政策正常切换过渡"。（每经） ...

同时，还提醒经销商、终端店、消费者，于2026年3月25日前，将符合回收条件且已完成扫码的（瓶盖 +盒盖）进行兑换，逾期将无法办理兑换。 《每日经济新闻·将进酒》记者第一时间向五粮液公司求证，五粮液公司相关工作人员回应称，"该通知 非浓香酒公司官方发布，但政策信息属实，该变化为品牌市场政策正常切换过渡"。 来源：每日经济新闻 2月6日，《每日经济新闻·将进酒》记者从五粮液浓香经销商、终端店处获悉，接四川五粮液浓香酒有 限公司通知，自2026年3月1日起，将终止二代五粮春系列酒（瓶盖+盒盖）的回收业务，2026年3月1日 （含）之后扫码的瓶盖，不再回收。 ...

Investment Rating - The report assigns an "Accumulate" rating for the liquor industry [5] Core Insights - The liquor industry is currently at the bottom of its cycle, with the "opening red" sales expected to remain under pressure year-on-year, while brand differentiation is evident. Positive feedback from high-end liquor is significantly boosting market confidence, and a shift in style and improved expectations may catalyze liquor stock prices [2][6] Summary by Sections Market Overview - The liquor market is experiencing a deep adjustment, with sales and revenue expected to decline throughout the year. However, there are signs of marginal improvement starting from Q4 2025, with high-end brands like Moutai and Wuliangye leading the market [6] High-End Liquor Performance - High-end liquor brands are showing resilience, with Moutai and Wuliangye implementing strategies to stabilize prices and enhance channel profits. Moutai's sales performance has improved, with significant user engagement and order volume [6][7] Stock Recommendations - The report recommends stocks with price elasticity, including Guizhou Moutai, Wuliangye, and Luzhou Laojiao, as well as other brands like Shanxi Fenjiu and Yingjia Gongjiu, which are expected to clear inventory [6][7] Future Outlook - The liquor industry is believed to be at the bottom of its current cycle, with potential catalysts for stock prices including improvements in sales, price increases, and inventory reduction. Positive signals from policy changes could further enhance market sentiment [6][7]

Group 1 - The company emphasizes the importance of its stock price and has implemented several measures to enhance shareholder value [1] - The company plans to increase its dividend payout, with a shareholder return plan for 2024-2026 that includes a minimum dividend payout ratio of 70% and a total dividend amount of no less than 20 billion yuan [1] - The cash dividend rate for 2024 is set at 70%, which represents a 10 percentage point increase year-on-year [1] Group 2 - The company has already implemented a mid-term dividend of 10 billion yuan for 2025 [1] - The major shareholder has shown confidence in the company's future by increasing their stake in the company during two recent rounds of stock purchases [1]

（编辑 姚尧） 证券日报网讯 2月6日，五粮液在互动平台回答投资者提问时表示，公司高度重视中小投资者权益，近 年来通过持续加大分红力度、承诺三年期分红、股东优惠购酒等方式积极回馈广大投资者。对于资金使 用，公司始终坚持在保障资金安全、保障生产经营秩序前提下，充分发挥资金优势，多维度使用资金， 在当前环境下，公司需保有充足的资金来应对可能出现的市场挑战以及保障可持续的股东回报。 ...

Group 1 - The core viewpoint of the article is that Wuliangye attributes its stock price decline to various factors including macroeconomic conditions, industry trends, and market sentiment [2] - The company emphasizes its commitment to maintaining production and operations effectively [2] - Wuliangye expresses its intention to actively reward investors despite the current challenges [2]

（文章来源：每日经济新闻） 2月6日，《每日经济新闻·将进酒》记者从五粮液浓香经销商、终端店处获悉，接四川五粮液浓香酒有 限公司通知，自2026年3月1日起，将终止二代五粮春系列酒（瓶盖+盒盖）的回收业务，2026年3月1日 （含）之后扫码的瓶盖，不再回收。 同时，还提醒经销商、终端店、消费者，于2026年3月25日前，将符合回收条件且已完成扫码的（瓶盖 +盒盖）进行兑换，逾期将无法办理兑换。 《每日经济新闻·将进酒》记者第一时间向五粮液公司求证，五粮液公司相关工作人员回应称，"该通知 非浓香酒公司官方发布，但政策信息属实，该变化为品牌市场政策正常切换过渡"。 ...

Core Viewpoint - Wuliangye is adapting to market changes by continuously optimizing product structure, strengthening brand development, deepening channel layout, and expanding new consumption scenarios [2] Group 1 - The company emphasizes the importance of product structure optimization to meet market demands [2] - Brand building is a key focus for the company to enhance its market presence [2] - The company is actively working on channel development to improve distribution and accessibility [2] - New consumption scenarios are being explored to capture emerging market opportunities [2]