Investment Rating - The industry investment rating is "Overweight," indicating that the industry index is expected to outperform the CSI 300 index by 10% or more over the next six months [7]. Core Insights - The report highlights the recent explosion at Youdao Chemical, which may lead to stricter production regulations in the chemical industry. This incident is expected to impact the recovery timeline for the company and could accelerate market consolidation in the chlorantraniliprole sector [6]. - The chlorantraniliprole market has seen significant price declines due to increased domestic production following the expiration of patents. The price dropped from over 1 million CNY per ton in August 2022 to 228,000 CNY per ton by May 25, 2025 [6]. - The report suggests that the agricultural chemical industry may benefit from reduced supply due to production accidents, potentially leading to price increases for certain pesticide products in the short term [6]. Summary by Sections Industry Overview - The report discusses the chlorantraniliprole market, noting that it is the world's leading insecticide with a global sales increase from 1.402 billion USD in 2017 to 1.93 billion USD in 2022. The market is dominated by China, which accounted for 58% of global exports in 2024 [6]. Key Events - The explosion at Youdao Chemical on May 27, 2025, is a significant event that may lead to longer recovery times and stricter regulations in the industry [6]. Production Capacity - Major companies with production capacity include Youdao Chemical (11,000 tons/year), Hubei Yilihong Chemical (30,000 tons/year), and others, indicating a competitive landscape with potential overcapacity [6]. Investment Recommendations - The report recommends focusing on companies with technological advantages and registration reserves, such as Yangnong Chemical, Guangxin Co., Lier Chemical, and others, as they are likely to gain market share amid industry consolidation [6].

Investment Rating - The report assigns an "Overweight" rating for the food and beverage industry, indicating that the industry index is expected to outperform the CSI 300 index by 10% or more over the next six months [1][58]. Core Insights - The food and beverage sector experienced a decline of 1.27% last week, underperforming the CSI 300 index by 1.09 percentage points, ranking 22nd among 31 sectors [4][10]. - The report highlights that the liquor industry is at a bottom valuation level, with expectations for demand recovery driven by policy support [4][5]. - The dairy sector is anticipated to stabilize in 2025 due to adjustments in production capacity and favorable policies [4]. Summary by Sections 1. Market Performance - The food and beverage sector's performance was down 1.27%, with pre-processed foods showing a positive increase of 3.41% [4][10]. - Top-performing stocks included Kweichow Moutai, Wuliangye, and others, while stocks like Western Pastoral and Shanxi Fenjiu faced significant declines [4][10]. 2. Key Consumption and Raw Material Prices - Liquor prices showed slight declines, with Moutai's retail price at 2080 RMB for scattered bottles, down 10 RMB from the previous month [22]. - Beer production in April 2025 reached 289.60 million hectoliters, a year-on-year increase of 4.8% [28]. - Dairy prices are stabilizing, with fresh milk priced at 12.15 RMB per liter, showing a slight decrease [30]. 3. Industry Dynamics - The report notes a significant increase in beer exports from Putian, Fujian, with a 28.6% rise in volume [54]. - The liquor production for the first four months of 2025 was 130.8 million hectoliters, reflecting a year-on-year decrease of 7.8% [55]. 4. Core Company Developments - Kweichow Moutai is focusing on five key areas for development, including strengthening its core business and enhancing brand culture [4]. - Qingdao Beer is optimizing its resource allocation in southern markets and expanding its online retail capabilities [4].

Investment Rating - The report assigns an "Overweight" rating for the food and beverage industry, indicating a positive outlook compared to the broader market index [1][58]. Core Insights - The food and beverage sector experienced a decline of 1.27% last week, underperforming the CSI 300 index by 1.09 percentage points, ranking 22nd among 31 sectors [4][10]. - The report highlights that the liquor industry is expected to stabilize, with major companies focusing on strategic initiatives to enhance brand value and market presence [4][5]. - The beer segment shows signs of improvement as the peak demand season approaches, with a year-on-year production increase of 4.8% in April 2025 [28]. - The snack food sector is characterized by high growth potential, driven by strong product categories and new distribution channels [4]. - The dairy industry is anticipated to see demand growth due to favorable policies, with milk prices expected to stabilize as supply-demand dynamics improve [4]. Summary by Sections 1. Market Performance - The food and beverage sector's performance last week was a decline of 1.27%, with pre-processed foods showing a positive trend, increasing by 3.41% [4][10]. - Top-performing stocks included Kweichow Moutai and Wuliangye, while the worst performers were Western Pastoral and Shanxi Fenjiu [4][10]. 2. Key Consumption and Raw Material Prices - Liquor prices have shown fluctuations, with Moutai's retail price at 2080 RMB for scattered bottles, down 10 RMB from the previous week [22]. - Beer production in April reached 289.60 million hectoliters, reflecting a 4.8% year-on-year increase [28]. - Dairy prices as of May 16, 2025, include fresh milk at 12.15 RMB per liter, with a slight decrease compared to the previous week [30]. 3. Industry Dynamics - The report notes a 28.6% increase in beer exports from Putian, Fujian, indicating a growing international demand [54]. - The liquor production for the first four months of 2025 was 130.8 million hectoliters, down 7.8% year-on-year, with a significant drop in April [55]. 4. Core Company Developments - Major liquor companies are focusing on strategic initiatives to enhance brand strength and market stability, with Moutai emphasizing internationalization and youth engagement [4][5]. - Qingdao Beer is optimizing resource allocation in southern markets, aiming for growth above the company average [4].

[Table_Reportdate] 2025年05月27日 超配 行 业 简 评 [证券分析师 Table_Authors] 张晶磊 S0630524090001 zjlei@longone.com.cn 证券分析师 谢建斌 S0630522020001 xjb@longone.com.cn 证券分析师 吴骏燕 S0630517120001 wjyan@longone.com.cn 联系人 花雨欣 hyx@longone.com.cn [table_stockTrend] -31% -21% -11% -2% 8% 17% 27% 24-05 24-08 24-11 25-02 申万行业指数:基础化工(0722) 沪深300 [相关研究 table_product] 1.原料成本端压力缓解，关注内外需 变化——轮胎行业月报 2.制冷剂价格维持上行趋势，需求持 续提升——氟化工行业月报 3.巨化股份（600160）：制冷剂景气 上行，公司业绩大幅提升——公司简 评报告 [Table_NewTitle 农达诉讼事件推演 ] ，有望长期推动草铵 膦市场 ——基础化工行业简评 [table_main] 投资要点： ...

[Table_Reportdate] 2025年05月27日 非 银 金 融 陶圣禹 S0630523100002 tsy@longone.com.cn [table_stockTrend] -30% -13% 3% 20% 36% 53% 69% 24-05 24-08 24-11 25-02 申万行业指数:非银金融(0749) 沪深300 [相关研究 table_product] 1.修订并购重组管理办法，制度包容 度提升释放市场活力——资本市场 聚焦（三） 2.并购重组新规迎修订，第三批险资 长投试点落地——非银金融行业周 报（20250512-20250518） 3.券商一季报业绩大幅增长，保险 NBV延续高增势头——非银金融行 业周报（20250428-20250504） [Table_NewTitle 浮动管理费率基金加速推出， ] LPR下调 有望推动预定利率调整Q3落地 ——非银金融行业周报（20250519-20250525） [table_main] 投资要点： 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 超配 行 业 周 报 行 ...

吴康辉 wkh@longone.com.cn 联系人： 李嘉豪 lijiah@longone.com.cn 重点推荐 [Table_Reportdate] 2025年05月27日 [晨会纪要 Table_NewTitle]20250527 [证券分析师： Table_Authors] 姚星辰 S0630523010001 yxc@longone.com.cn 联系人： 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 财经要闻 晨 会 纪 要 [table_summary] ➢ 1. 重 磅 BD 交易再次带动创新药热度————医药生物行业周报（ 2025/05/19- 2025/05/25） ➢ 2.小米发布自研玄戒双芯，华为鸿蒙电脑正式发布——电子行业周报2025/5/19-2025/5/25 ➢ 3.4月社零同比+5.1%，政策效应持续显现——4月社零报告专题 ➢ 1.美国总统特朗普：将推迟对欧盟商品征收50%关税 ➢ 2.中办、国办印发《关于完善中国特色现代企业制度的意见》 | 1. 重点推荐 | 3 | | --- | --- | | 1.1. ...

[Table_Reportdate] 2025年05月26日 超配 [证券分析师 Table_Authors] 1.创新药链热度持续，关注中药等细 分板块 — 医 药 生 物 行 业 周 报 （2025/05/12-2025/05/18） 2.关注国产替代、内需方向——医药 生物行业周报（20250331-2025407） 3.关注业绩边际变化——医药生物 行业周报（20250314-20250330） [Table_NewTitle 重磅 ] BD交易再次带动创新药热度 ————医药生物行业周报（2025/05/19-2025/05/25） [table_main] 投资要点： 市场表现： 上周（05月19日-05月23日）医药生物板块整体上涨1.78%，在申万31个行业中排第 1位，跑赢沪深300指数1.96个百分点。年初至今，医药生物板块整体上涨4.30%，在申万 31个行业中排名第6位，跑赢沪深300指数5.64个百分点。当前医药生物板块PE估值为 27.51倍，处于历史中低位水平，相对于沪深300的估值溢价为132%。子板块涨幅前三的 为化学制药(申万)、生物制品(申万)、医疗服务(申万)，涨幅分别 ...

[Table_Reportdate] 2025年5月26日 标配 [Table_Authors] 证券分析师 方霁 S0630523060001 fangji@longone.com.cn 联系人 董经纬 djwei@longone.com.cn [table_stockTrend] [table_product] 相关研究 1.8月国内手机出货量同比上升 26.7%，联想发布多款AIPC新 品 — — 电 子 行 业 周 报 （20240923-20240929） 1. 美出台措施加强半导体出口管 制，国产AI芯片2025年国内市占率 有望升至40%——电子行业周报 （2025/5/12-2025/5/18） 2. 晶圆代工厂产能利用率高企，下 游市场需求结构性复苏——电子行 业周报（2025/5/5-2025/5/11） 3. 海外云厂商Q1云业务表现亮眼， 资本开支维持高位——电子行业周 报（2025/4/28-2025/5/4） [Table_NewTitle] 小米发布自研玄戒双芯，华为鸿蒙电脑 正式发布 ——电子行业周报2025/5/19-2025/5/25 [table_main] 投资要点： ...

联系人 吴康辉 wkh@longone.com.cn [table_stockTrend] -30% -20% -10% 0% 10% 20% 30% 40% 50% 2024-05 2024-07 2024-09 2024-11 2025-01 2025-03 2025-05 商贸零售(申万) 沪深300 [Table_Reportdate] 2025年05月26日 超配 [证券分析师 Table_Authors] 姚星辰 S0630523010001 yxc@longone.com.cn 证券分析师 任晓帆 S0630522070001 rxf@longone.com.cn [相关研究 table_product] 1.3月社零同比+5.9%，促消费政策 出台有望提振信心——3月社零报告 专题 2.社零稳中向好，政策定调积极—— 1-2月社零报告专题 3.12月社零同比增速提升，政策支持 品类表现较优——12月社零报告专 题 [Table_NewTitle] 4月社零同比+5.1%，政策效应持续显现 ——4月社零报告专题 [table_main] 投资要点： 行 业 简 评 证券研究报告 HTTP://W ...

[Table_Reportdate] 2025年5月26日 标配 [Table_Authors] 证券分析师 方霁 S0630523060001 fangji@longone.com.cn 联系人 董经纬 [table_stockTrend] [table_product] 相关研究 djwei@longone.com.cn 1.8月国内手机出货量同比上升 26.7%，联想发布多款AIPC新 品 — — 电 子 行 业 周 报 （20240923-20240929） 1. 美出台措施加强半导体出口管 制，国产AI芯片2025年国内市占率 有望升至40%——电子行业周报 （2025/5/12-2025/5/18） 2. 晶圆代工厂产能利用率高企，下 游市场需求结构性复苏——电子行 业周报（2025/5/5-2025/5/11） 3. 海外云厂商Q1云业务表现亮眼， 资本开支维持高位——电子行业周 报（2025/4/28-2025/5/4） [Table_NewTitle] 小米发布自研玄戒双芯，华为鸿蒙电脑 正式发布 ——电子行业周报2025/5/19-2025/5/25 [table_main] 投资要点： ...