食品饮料行业周报（2025年第2周）

Investment Rating - The industry rating is "Outperform the Market" [4] Core Viewpoints - The report indicates that the Shanghai Composite Index experienced a decline of approximately -1.1% from January 6 to January 10, with the food and beverage sector declining by about -3.5%. The total trading volume for the food and beverage sector was approximately 143.6 billion yuan [10][11] - The report emphasizes the importance of domestic demand and anticipates a recovery in performance due to ongoing policy support [3] Market Review - From January 6 to January 10, the Shanghai Composite Index fell by about -1.1%, while the food and beverage sector saw a decline of approximately -3.5%, with a trading volume of around 143.6 billion yuan [10][11] - The report highlights the performance of various sub-sectors, with beverage dairy, liquor II, food processing, seasoning and fermentation products II, snacks, and non-liquor showing declines of -0.4%, -3.6%, -4.6%, -5.2%, -5.5%, and -5.7% respectively [11] Industry High-Frequency Data Tracking - In November, the retail sales of consumer goods increased by 3.0% year-on-year, with urban retail sales up by 2.9% and rural retail sales up by 3.2% [20] - The Citigroup China Economic Surprise Index was reported at 6.2 on January 10, down by 9.2 from the previous week, indicating a decline after reaching a peak in December [22] - In November, the production of Chinese liquor was 375,000 kiloliters, down by 15.2% year-on-year, while the cumulative production from January to November was 3.726 million kiloliters, down by 0.6% [26] - The average price of fresh milk in major production areas was 3.12 yuan per kilogram on January 2, showing a slight increase from the previous week but a year-on-year decrease of 14.8% [28] - In December, beef prices fell by 13.8% year-on-year, while pork prices rose by 12.5% [31] - In November, beer production was 1.695 million kiloliters, up by 5.7% year-on-year, with a cumulative production of 32.774 million kiloliters from January to November, down by 1.5% [34] Industry News and Company Announcements - Yanghe launched a special consumption coupon worth 300 million yuan for the Spring Festival, available for use in purchasing promotional products [39] - Xifeng Company held a food safety meeting emphasizing quality culture and strict supervision to ensure food safety [39] - Zhongju Gaoxin held a board meeting to elect a new independent director, while Haoxiangni announced a stock repurchase plan due to the departure of several incentive plan participants [40]