Investment Rating - The report maintains a recommendation for the industry, indicating that the overall upward risk outweighs the downward risk, especially with the current low positioning of the sector [1][3]. Core Insights - The industry is currently in a "corporate agony period," with signs of a bottom reversal established. The report suggests that while performance may be under pressure in the next two quarters, stock prices are expected to rebound [1][7][27]. - High-end liquor and strong regional brands are anticipated to lead the market recovery, with a particular focus on the evolution of Luzhou Laojiao and Shanxi Fenjiu [1][7][42]. Summary by Sections Section 1: Historical Review of the Industry - The previous adjustment period from 2012 to 2015 saw stock prices decline ahead of performance, with a notable drop of 61% in the index from its peak [11][16]. - The report outlines two phases during the last cycle: the "channel agony period" and the "corporate agony period," highlighting how stock prices often lead performance by 2-3 quarters [11][20]. Section 2: Current Cycle Analysis - The current cycle has transitioned from a "channel agony period" starting in 2022 to a "corporate agony period," with inventory levels decreasing and market conditions improving [7][27]. - The report notes that the current adjustment has been less severe than the previous one, with the index experiencing a 45% decline from its peak, compared to a more rapid decline in the earlier cycle [27][30]. Section 3: Investment Recommendations - The report recommends focusing on companies with strong market dynamics and improved strategic capabilities, such as Luzhou Laojiao and Shanxi Fenjiu, which are expected to outperform due to their robust distribution networks and mature pricing strategies [1][7][42]. - It also highlights the potential for leading brands like Guizhou Moutai and Wuliangye to benefit from the recovery, as they have historically led rebounds in previous cycles [1][42]. Section 4: Market Performance Metrics - The report provides data on the industry scale, noting 143 listed companies with a total market value of 5,313 billion [3]. - It also includes performance metrics, indicating a 6.3% absolute performance over one month and a 37.6% performance over six months [5].

Investment Rating - The report maintains a positive outlook on the liquor sector, suggesting a focus on optional consumption and service consumption price performance, particularly in the context of the recent recovery in trading sentiment [1][7]. Core Insights - The liquor industry is currently experiencing a gradual decline in its economic climate, with expectations hinging on actual consumption performance validating recent policy implementations [1][7]. - The report highlights that the price stability of premium liquor, particularly the slight recovery in the price of Feitian Moutai, is positively impacting channel profits and asset expectations [1][8]. - The report anticipates that the upcoming performance period will primarily focus on clearing inventory, with expectations for improved feedback from channels and liquor companies as the spring festival approaches [8]. Summary by Sections Liquor Sector - The liquor sector's PE-TTM is approximately 20X, positioned at the 13th percentile over the past three years and the 8th percentile over the past five years, indicating it is still in a cyclical bottom range [2][8]. - The report suggests focusing on cyclical stocks with potential catalysts, including national brands like Luzhou Laojiao and Shanxi Fenjiu, as well as high-end brands like Guizhou Moutai and Wuliangye, which are expected to benefit from robust consumer demand [2][8]. Soft Drinks - The soft drink sector is showing signs of recovery, with categories like sugar-free tea, energy drinks, and protein drinks experiencing strong growth [3][9]. - East Peak's annual report indicates a revenue of 15.839 billion yuan for 2024, a year-on-year increase of 40.6%, and a net profit of 3.327 billion yuan, up 63.1% [3][9]. Snacks - The snack industry continues to thrive, with new channels and product innovations driving growth, despite market expectations of a slowdown in Q1 [10]. - The report highlights the potential for high growth in 2025 through category exploration and channel expansion, recommending companies like Weilang and Yanjin Puzhou [10]. Restaurant Chains - The restaurant chain sector is stabilizing at the bottom, with the seasoning segment performing relatively well due to the trend of restaurant chain standardization [11]. - The report suggests that as restaurant consumption policies strengthen, related sectors may see significant performance elasticity and valuation improvements, recommending stocks like Angel Yeast and Qingdao Beer [11].

证券代码：002304 证券简称：洋河股份 公告编号：2025-005 根据公司《第一期核心骨干持股计划》和《第一期核心骨干持股计 划管理办法》的相关规定，本持股计划所获标的股票的锁定期为 24 个月， 1 自本持股计划草案经公司股东大会审议通过且公司公告最后一笔标的股 票过户至本持股计划名下之日起计算。公司于 2021 年 9 月 11 日披露了 《关于第一期核心骨干持股计划非交易过户完成的公告》（公告编号： 2021-036），公司于 2021 年 9 月 10 日收到中国证券登记结算有限责任 公司深圳分公司出具的《证券过户登记确认书》。本持股计划的锁定期 于 2023 年 9 月 10 日届满，本持股计划所持有的股份全部解锁，具体详 见《关于第一期核心骨干持股计划锁定期届满暨解锁条件成就的公告》 （公告编号：2023-022）。 公司于 2024 年 8 月 9 日召开第八届董事会第四次会议，审议通过了 《关于公司第一期核心骨干持股计划存续期展期的议案》，同意将本持 股计划存续期展期 12 个月，即存续期展期至 2025 年 9 月 10 日，具体详 见公司《关于第一期核心骨干持股计划存续期展期的公告》 ...

Investment Rating - The investment rating for the food and beverage industry is maintained as "Outperform" [3] Core Insights - The heavy holding ratio in the food and beverage sector has decreased, while the overweight ratio has slightly increased. As of Q4 2024, the total market value of heavy holdings in the food and beverage sector is 309.25 billion, down by 41.40 billion from the previous quarter, with a heavy holding ratio of 4.56%, a decrease of 0.42 percentage points [1][12][14] - The white liquor sector has seen a significant decline in heavy holding ratios, while the majority of the consumer goods sector has increased. The heavy holding ratio for the white liquor sector is 3.95%, down by 0.65 percentage points, while other sub-sectors like beverage and dairy have shown increases [1][15][17] Summary by Sections Heavy Holding Ratios - In Q4 2024, the food and beverage sector's heavy holding ratio ranks third among 31 primary industries, below the five-year average of 7.27%, indicating potential for growth [1][12] - The heavy holding market value in the food and beverage sector accounts for 11.73% of the total heavy holdings, a decrease of 0.52 percentage points [14] Sub-sector Performance - The white liquor sector's heavy holding ratio has decreased significantly, while the majority of consumer goods sub-sectors have increased. The beverage and dairy sub-sector's heavy holding ratio rose to 0.28%, while non-white liquor and snack food sectors also saw slight increases [15][17][18] - The heavy holding ratio for the food processing sub-sector has continued to decline, now at 1.30%, the lowest among all sub-sectors [18] Individual Stock Analysis - The top ten heavy holdings in the food and beverage sector are dominated by white liquor stocks, with seven out of ten positions held by white liquor companies. The overall heavy holding ratio for these top ten stocks is 4.22%, down by 0.44 percentage points [2][28] - The leading companies in heavy holdings include Kweichow Moutai, Wuliangye, and Shanxi Fenjiu, with Kweichow Moutai maintaining the highest heavy holding ratio at 2.05% [28][30] Investment Recommendations - Despite the overall weak recovery in consumption, it is anticipated that policies to boost consumption will be strengthened in 2025, presenting opportunities in the food and beverage sector. Key areas to focus on include: - White liquor: Expecting demand recovery to alleviate inventory pressure, particularly in mid-range and mass-market segments [3] - Beer: Cost reductions are expected to enhance profitability, with a recovery in demand for mid-to-high-end beers [3] - Seasoning products: Continued cost advantages and health-oriented demand are seen as growth drivers [3] - Dairy products: Approaching a cost inflection point, with price wars expected to ease [3]

证券代码：002304 证券简称：洋河股份 公告编号：2025-004 江苏洋河酒厂股份有限公司 二、变更后签字注册会计师基本情况 1、基本信息 项目合伙人、签字注册会计师：龚召平，2004 年成为注册会计师， 先后从事过上市公司、IPO 申报、政府投融资平台、央企及大型国企等审 计业务，具备专业胜任能力，无兼职。2010 年开始从事上市公司审计， 2024 年开始在该所执业，近三年签署上市公司审计报告 3 家，挂牌公司 审计报告 2 家，将为公司提供 2024 年度财务报告审计和内部控制审计服 务。 签字注册会计师：王文娟，2019 年成为注册会计师，为上市公司提 供过年报审计、内部控制审计等证券服务，具备专业胜任能力，无兼职。 2014 年开始从事上市公司审计，2024 年开始在该所执业，近三年签署上 市公司审计报告 1 家，将为公司提供 2024 年度财务报告审计和内部控制 审计服务。 2、诚信记录 关于变更签字注册会计师的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 江苏洋河酒厂股份有限公司（以下简称"公司"），分别于 2024 年 4 月 2 ...

作者 | RAYYYY 编辑 | 小白 随着公募基金2024年四季报进入密集披露期，顶流基金经理的调仓路径和投资思路也浮出水面。 Choice数据显示，四季报期间，上证指数上涨0.4%，沪深300指数下跌2.1%，创业板指数下跌1.5%， 恒生指数下跌5.1%，恒生中国企业指数下跌2.9%。 在四季度，股市整体呈现抗压态势，多头与空头交锋激烈，振幅较大，以上证指数为例，整体振幅高 达15.6%。 （来源：Choice数据） 因此风云君认为本次四季报中的业绩展示和调仓路径更能展示基金经理们的抗压能力及盈利思路，也 是其综合能力的体现。 接下来将对张坤、傅鹏博、李晓星等顶流基金经理的四季报进行研究。 管理规模继续缩水。 张坤：尝试在新领域中捕获盈利 1月21日，顶流基金经理张坤掌管的易方达蓝筹精选混合（005827.OF）、易方达优质企业三年持有 （009342.OF）、易方达优质精选混合（QDII）（110011.OF）、易方达亚洲精选股票（QDII）（118 001.OF）四只基金披露了2024年四季报。 从基金收益看，张坤掌管的4只基金在2024年四季度没有实现正收益，基金份额净值增长率从-6.6% 到-9 ...

证券代码：002304 证券简称：洋河股份 公告编号：2025-003 江苏洋河酒厂股份有限公司 2024年度中期权益分派实施公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 江苏洋河酒厂股份有限公司（以下简称"公司"或"本公司"）2024 年 度中期权益分派方案，已获 2025 年 1 月 15 日召开的公司 2025 年第一次 临时股东大会审议通过，现将权益分派事宜公告如下： 一、股东大会审议通过权益分派方案情况 1、公司 2025 年第一次临时股东大会审议通过的权益分派方案为： 以公司现有总股本 1,506,445,074 股为基数，用未分配利润向全体股东每 10 股派发现金红利人民币 23.30 元（含税）。 2、自公司 2024 年度中期权益分派方案披露至实施期间，公司股本 总额未发生变化。 3、本次实施的分配方案与股东大会审议通过的分配方案及其调整原 则一致。如在实施权益分派的股权登记日前公司总股本发生变动，将按 照分配总额不变的原则对分配比例进行调整。 4、本次实施的分配方案距离股东大会审议通过的时间未超过两个月。 三、股权登记日与除权除息日 ...

证券代码：002304 证券简称：洋河股份 公告编号：2025-002 江苏洋河酒厂股份有限公司 2025年第一次临时股东大会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 特别提示： 1、本次股东大会未出现否决提案的情形。 2、本次股东大会未涉及变更以往股东大会已通过的决议。 一、会议召开和出席情况 1、江苏洋河酒厂股份有限公司（以下简称"公司"）2025年第一次 临时股东大会采用现场投票和网络投票相结合方式召开。现场会议于 2025年1月15日15:30在江苏省宿迁市洋河酒都大道118号，公司总部办公 楼一楼多功能厅召开，网络投票时间为2025年1月15日，其中通过深圳 证券交易所交易系统投票的具体时间为：2025年1月15日9:15－9:25, 9:30－11:30和13:00－15:00；通过深圳证券交易所互联网投票系统投票 的具体时间为：2025年1月15日9:15－15:00期间的任意时间。本次会议 由公司董事会召集，现场会议由公司董事长张联东先生主持。本次会议 的召开符合《中华人民共和国公司法》《深圳证券交易所股票上市规则》 《上市公司 ...

根据《中华人民共和国公司法》、《中华人民共和国证券法》和中国证监会 《上市公司股东大会规则》等法律、法规和规范性文件以及公司《章程》的规定， 本所受贵公司董事会的委托，指派本律师出席贵公司 2025 年第一次临时股东大 会，并就本次股东大会的召集、召开程序、出席会议人员资格、召集人资格、表 决程序以及表决结果的合法有效性等事项出具法律意见。 为出具本法律意见书，本律师对本次股东大会所涉及的有关事项进行了审查， 查阅了本律师认为出具法律意见所必须查阅的文件，并对有关问题进行了必要的 核查和验证。 本律师同意将本法律意见书随贵公司本次股东大会决议一并公告，并依法对 本法律意见书承担相应的责任。 本律师根据相关法律、法规和规范性文件的要求，按照律师行业公认的业务 标准、道德规范和勤勉尽责精神，出具法律意见如下： 洋河股份 法律意见书 江苏世纪同仁律师事务所 关于江苏洋河酒厂股份有限公司 2025 年第一次临时股东大会的法律意见书 致：江苏洋河酒厂股份有限公司 一、关于本次股东大会的召集、召开程序 1、本次股东大会由董事会召集。2024 年 12 月 30 日，贵公司召开第八届董 事会第七次会议，决定于 2025 年 ...

会议以 10 票同意，0 票反对，0 票弃权，审议通过了《关于向西藏 日喀则市定日县地震灾区捐赠的议案》。 同意公司捐赠人民币1000万元用于西藏日喀则市定日县地震灾区抗 震救灾和灾后重建工作。 三、备查文件 证券代码：002304 证券简称：洋河股份 公告编号：2025-001 江苏洋河酒厂股份有限公司 第八届董事会第八次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 江苏洋河酒厂股份有限公司（以下简称"公司"）第八届董事会第八 次会议，于2025年1月9日以通讯表决方式召开。会议通知于2025年1月9 日以送达和通讯相结合方式发出，全体董事一致同意本次会议豁免提前 通知时限的要求。本次会议应参与审议表决董事10人，实际参与审议表 决董事10人。本次会议由董事长张联东先生召集，会议的召集、召开符 合《公司法》等有关法律法规和《公司章程》的规定。 二、董事会会议审议情况 第八届董事会第八次会议决议。 特此公告。 江苏洋河酒厂股份有限公司 董事会 2025 年 1 月 10 日 ...