中国银河证券：食品饮料行业迎来修复，优先关注新消费方向

Core Insights - The report from China Galaxy Securities indicates a market style switch in early October, leading to a recovery in the food and beverage index, with snacks, beer, and health products showing significant gains [1] - Looking ahead to late October, the focus will shift to Q3 earnings reports, with companies in the new consumption sector expected to perform well, highlighting potential investment opportunities in high-performing stocks and sectors [1] - For Q4 2025, two key themes are suggested: first, a year-end valuation switch focusing on new consumption companies with solid fundamentals; second, attention to cyclical sectors with low valuations and supply clearing, as PPI improvements gradually transmit to CPI [1]