8月CPI同比下降0.4%，白酒价格有望逐步修复

Investment Rating - The industry investment rating is maintained as "Buy" [2][40] Core Views - The food and beverage industry saw a rise of 1.08% from September 8 to September 12, 2025, underperforming the CSI 300 index by 0.30 percentage points [2][8] - The overall valuation of the food and beverage industry is at a low level, with a PE ratio of 22X, ranking 22nd among Shenwan's primary industries [3][16] - The Consumer Price Index (CPI) decreased by 0.4% year-on-year in August, indicating potential gradual recovery in liquor prices [4][30] Summary by Sections Industry Performance - From September 8 to September 12, the food and beverage sector increased by 1.08%, while the Shanghai Composite Index rose by 1.52% and the Shenzhen Component Index by 2.65% [2][8] - Within the food and beverage sub-sectors, liquor increased by 2.56%, meat products by 2.45%, and baked goods by 1.84% [2][8] Valuation Analysis - As of September 13, 2025, the food and beverage industry's PE ratio is 22X, with other liquor categories at 59X, health products at 45X, and snacks at 37X, while liquor is at 19X, processed foods at 21X, and beer at 24X [3][16] Price Trends - In August, the CPI fell by 0.4% year-on-year, with food prices down by 4.3% [4][30] - The average price of fresh milk in major production areas was 3.03 yuan/kg, down 3.50% year-on-year, while yogurt and milk prices showed slight fluctuations [5][30] Investment Recommendations - The report suggests focusing on two main lines: stable demand leaders with strong risk resistance and companies actively innovating in new products, channels, and consumption scenarios [6][40] - Recommended companies include New Dairy, Shanxi Fenjiu, Guizhou Moutai, Andeli, Yanjinpuzi, and Qingdao Beer [6][40]