CGS(SH:601881) Zheng Quan Shi Bao Wang·2025-10-14 00:33Core Viewpoint - The report from China Galaxy Securities indicates that the food and beverage index underperformed the broader market in September, with all sub-sectors undergoing a phase of adjustment. The focus for October will be on the performance of third-quarter reports, with a recommendation to pay attention to high-performing stocks and sectors. Looking ahead to the fourth quarter of 2025, there is an expectation of improvement in PPI gradually transmitting to CPI, suggesting a focus on cyclical stocks that are at valuation bottoms and experiencing supply clearance [1]. Summary by Categories Market Performance - In September, the food and beverage index showed weaker performance compared to the overall market, with all sub-sectors in an adjustment phase [1]. Future Outlook - For October, the market will concentrate on third-quarter earnings reports, with a recommendation to focus on high-performing stocks and sectors [1]. - By the fourth quarter of 2025, there is an expectation that improvements in PPI will gradually lead to improvements in CPI, indicating a potential focus on cyclical stocks [1]. Investment Recommendations - The report suggests three main investment lines for the medium to long term: 1. Growth stocks in new categories and new channels [1]. 2. Sectors with relatively stable demand and improved competitive landscapes [1]. 3. Cyclical recovery directions [1].