银河证券：市场风格切换下食品饮料指数迎来修复 后续趋势有望延续

Core Insights - The food and beverage index has shown recovery in early October due to a market style switch, with snacks, beer, and health products leading the gains [1] - The trend of style switching is expected to continue, with a focus on third-quarter earnings reports in late October [1] - Companies representing new consumption trends are anticipated to perform well, making them key stocks to watch [1] - For the fourth quarter of 2025, two key themes are suggested: 1) Year-end valuation switching focusing on new consumption companies with solid fundamentals; 2) Attention to cyclical stocks with low valuations and supply clearing as PPI improvements gradually transmit to CPI [1]