KAIYUAN SECURITIES·2025-04-24 12:08Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The food and beverage sector has shown signs of improvement in April 2025, influenced by external environment changes and market style shifts. The sector is expected to benefit from increased domestic demand and is seen as a safe haven for funds during market volatility [8][34] - The white wine industry is believed to be at its cyclical bottom, with expectations of a stable upward trend in the future. Key companies recommended for investment include Guizhou Moutai, Shanxi Fenjiu, and Ancient Well Wine [8][35] Summary by Sections Market Trends - In Q1 2025, the allocation ratio of food and beverage in the overall market funds decreased from 10.6% in Q4 2024 to 9.8%, marking a new low since 2020. Active equity funds also reduced their allocation to 8.1% from 8.3% [5][14] - The food and beverage sector's market value increased by 0.2% in Q1 2025, ranking 18th out of 31 sectors, while the transaction amount proportion fell to 2.14% [15][21] Fund Holdings - The overall number of shares held by funds in the food and beverage sector decreased in Q1 2025, indicating a general reduction in holdings across major consumer companies [7][27] - The concentration of fund holdings in the white wine sector increased, with active equity funds raising their allocation from 6.46% in Q4 2024 to 6.57% in Q1 2025, while overall market funds decreased their allocation from 9.0% to 8.5% [6][23] Investment Recommendations - The report suggests actively positioning in the food and beverage sector due to strengthening domestic demand expectations. Key areas of focus include: - Snacks sector, with companies like Ganyuan Food and Yanjinpuzi being highlighted for their growth potential [8][36] - Beer industry, particularly Qingdao Beer, expected to improve due to low base effects and restaurant recovery [8][36] - Dairy industry, with a focus on Yili Group, benefiting from policy catalysts and expected price stabilization [8][36] - Other companies worth noting include Angel Yeast, Ximai Food, and Bairun Co., which are expected to benefit from cost advantages and new product launches [8][36]