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].

北京商报讯（记者 郭秀娟 王悦彤） 11月23日，洽洽食品在投资者互动平台回答投资者提问称，目前公 司产品主要出口到泰国、越南、马来西亚、印度尼西亚、美国、加拿大等国家和地区。公司在欧洲的业 务尚在拓展中，目前在荷兰、德国、法国等国的部分市场进行销售。 ...

洽洽食品（002557.SZ）11月23日在投资者互动平台表示，目前公司产品主要出口到泰国、越南、马来 西亚、印度尼西亚、美国、加拿大等国家和地区。公司在欧洲的业务尚在拓展中，目前在荷兰、德国、 法国等国的部分市场进行销售。 （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：我看到年报上写公司在欧洲地区收入增长良好，请问 包括欧盟国家吗？ ...

Core Viewpoint - The company is actively procuring sunflower seeds and is adjusting its purchasing strategy based on market conditions and inventory levels [2] Group 1 - Investors inquired about the company's sunflower seed storage status for the year [2] - The company confirmed that sunflower seed procurement is ongoing [2] - The company will dynamically adjust the proportion of procurement before and after the Spring Festival based on market trends and inventory changes [2]

洽洽食品11月23日在互动平台表示，公司已积极推进白坚果产品入驻山姆等渠道的相关工作。目前公司 产品主要出口到泰国、越南、马来西亚、印度尼西亚、美国、加拿大等国家和地区。公司在欧洲的业务 尚在拓展中，目前在荷兰、德国、法国等国的部分市场进行销售。 ...

人民财讯11月23日电，洽洽食品（002557）11月23日在互动平台表示，公司已积极推进白坚果产品入驻 山姆等渠道的相关工作。目前公司产品主要出口到泰国、越南、马来西亚、印度尼西亚、美国、加拿大 等国家和地区。公司在欧洲的业务尚在拓展中，目前在荷兰、德国、法国等国的部分市场进行销售。 ...

Market Overview - The leisure food sector experienced a decline of 2.33% on November 20, with Nanjiao Food leading the drop [1] - The Shanghai Composite Index closed at 3931.05, down 0.4%, while the Shenzhen Component Index closed at 12980.82, down 0.76% [1] Individual Stock Performance - Nanjiao Food (605339) closed at 19.05, down 9.37% with a trading volume of 175,500 shares [1] - Jin Zai Food (003000) closed at 11.86, down 3.18% with a trading volume of 80,900 shares [1] - Wanchen Group (300972) closed at 168.22, down 3.10% with a trading volume of 18,300 shares [1] - Three Squirrels (300783) closed at 23.22, down 2.85% with a trading volume of 81,500 shares [1] - Black Sesame (000716) closed at 6.26, down 2.80% with a trading volume of 224,500 shares [1] - Other notable declines include Lihai Food (300973) down 2.52% and Liangpinpuzi (603719) down 2.51% [1] Capital Flow Analysis - The leisure food sector saw a net outflow of 178 million yuan from main funds, while retail investors contributed a net inflow of 118 million yuan [1] - Speculative funds recorded a net inflow of 60.43 million yuan [1] Detailed Capital Flow for Selected Stocks - Lihai Food (300973) had a main fund net inflow of 5.90 million yuan, but a retail net outflow of 13.17 million yuan [2] - Ziyan Food (603057) experienced a main fund net inflow of 42,400 yuan, with a retail net outflow of 1.79 million yuan [2] - Maquur (002719) had a negligible main fund net inflow of 4,364 yuan, with a retail net outflow of 127,690 yuan [2] - Other stocks like Guangzhou Restaurant (603043) and Huangshanghuang (002695) also reported net outflows from main funds [2]

Core Viewpoint - Qiaqia Food (002557) has entered into a partnership with Chengdu Zhengchuang Laomofang Enterprise Management Center to establish a joint venture in Qujing City, Yunnan Province, focusing on high-quality konjac products in the health food sector [1] Group 1 - The joint venture will be controlled by Qiaqia Food, leveraging both parties' strengths in resource reserves, production technology, channel networks, and management [1] - The collaboration aims to enhance consumer demand by focusing on taste improvement and nutritional retention [1] - The initiative represents a strategic move to capitalize on the growing health food market [1]

Market Overview - The leisure food sector experienced a decline of 1.9% on November 18, with Wancheng Group leading the drop [1] - The Shanghai Composite Index closed at 3939.81, down 0.81%, while the Shenzhen Component Index closed at 13080.49, down 0.92% [1] Individual Stock Performance - Wancheng Group (300972) closed at 174.91, down 3.24% with a trading volume of 13,800 [1] - Lihai Food (300973) closed at 41.91, down 3.19% with a trading volume of 29,500 [1] - Yanjinpuzi (002847) closed at 74.60, down 2.89% with a trading volume of 27,500 [1] - Maiqu'er (002719) closed at 10.05, down 2.62% with a trading volume of 82,600 [1] - Ximai Food (002956) closed at 25.20, down 2.36% with a trading volume of 44,000 [1] - Nanjiao Food (605339) closed at 19.11, down 2.25% with a trading volume of 86,000 [1] - Huangshanghuang (002695) closed at 12.51, down 2.04% with a trading volume of 50,500 [1] - ST Juewei (603517) closed at 13.96, down 1.76% with a trading volume of 85,000 [1] - Guifaxiang (002820) closed at 13.85, down 1.63% with a trading volume of 113,400 [1] - Hezhima (000716) closed at 6.47, down 1.52% with a trading volume of 201,600 [1] Capital Flow Analysis - The leisure food sector saw a net outflow of 222 million yuan from main funds, while retail investors had a net inflow of 254 million yuan [1] - The table of capital flow indicates varying levels of net inflow and outflow among individual stocks, with notable movements in stocks like Huangshanghuang and Guifaxiang [2]

Investment Rating - Investment advice indicates a sector recovery catalyzed by recent CPI data, focusing on growth and supply-demand inflection points [5][16]. Core Views - The report emphasizes the importance of consumer goods growth, particularly in beverages, snacks, and food ingredients, while also highlighting structural opportunities in the baijiu sector [5][16]. - CPI data shows a positive trend with October CPI year-on-year at +0.2% and core CPI at +1.2%, indicating a recovery in domestic demand [6][16]. - The baijiu industry is undergoing accelerated clearing, with expectations for improved sales and inventory adjustments leading into 2026 [7][16]. - Consumer goods are expected to benefit from stabilization and recovery, with a focus on low valuation and high dividend stocks [8][16]. Summary by Sections Investment Recommendations - Recommended baijiu stocks include Shanxi Xinghuacun Fen Wine Factory, Gujing Distillery, and stable targets like Kweichow Moutai and Wuliangye [5][16]. - Beverage growth is highlighted with recommendations for Eastroc Beverage and Nongfu Spring, alongside low valuation stocks like China Foods and Tingyi [5][16]. - Snack and food ingredient stocks recommended include Bailong Chuangyuan, Yankershop Food, and Three Squirrels [5][16]. - Beer recommendations include Yanjing Brewery and Tsingtao Brewery, while condiment stocks like Haitian Flavoring & Food are also suggested [5][16]. Baijiu Sector Insights - The baijiu sector is experiencing a significant adjustment, with industry destocking still in progress and a focus on promotional sales for 2026 [7][16]. - Recent sales data from JD.com shows a +18% year-on-year increase in liquor sales during the Double 11 shopping festival, indicating a positive market response [7][16]. Consumer Goods Outlook - Consumer goods are expected to see growth as the mainline, with structural differentiation evident in beverages, snacks, and health products [8][16]. - The report notes that companies with product innovation and channel expansion will have growth advantages, particularly in the context of recent service and non-food price recoveries [8][16].