Zhi Tong Cai Jing·2025-11-26 11:06Core Insights - The food and beverage index in early November showed a recovery, outperforming the broader market due to a shift in market style and a positive CPI growth rate [1][3] - The pre-processed food, baked goods, and dairy products sectors experienced the highest gains [1][3] - The konjac snack industry is expected to be highly prosperous in 2025, with a focus on the sustainability of this trend in 2026 [1] Group 1: Konjac Snack Industry - The konjac snack industry is projected to have strong growth in 2025, with companies like Salted Fish (002847) and Wei Long achieving significant revenue and stock price increases compared to the overall snack market [1] - The growth of konjac snacks is supported by health and taste trends, with potential for increased market penetration and innovation in "konjac+" products to attract new customers and boost repeat purchases [1] - The competitive landscape is favorable for leading companies, which are expected to maintain or increase market share through product innovation and supply chain capabilities [1] Group 2: Alcohol Industry Pricing - As of mid-November, the wholesale prices of Moutai have stabilized, with slight increases compared to the end of October, but still lower than the same period last year [2] - The prices of packaging materials have shown a mixed trend, with glass and PET prices decreasing, while aluminum and cardboard prices have increased [2] - Raw material prices for sugar, flour, palm oil, pork, and sunflower seeds have decreased year-on-year, while quail eggs and soybean prices have increased [2] Group 3: Food and Beverage Sector Performance - From November 1 to November 17, the food and beverage sector rose by 2.6%, matching the excess return of the overall A-share index [3] - Nine out of ten sub-sectors within the food and beverage industry reported positive returns, with pre-processed foods, baked goods, and dairy products leading the gains at 9.4%, 7.6%, and 4.5% respectively [3]