Guoyuan Securities·2025-09-22 07:43Investment Rating - The report maintains a recommendation for the food and beverage industry [4] Core Viewpoints - The A-share food and beverage industry has seen a decline of 1.48% over the past two weeks, underperforming the Shanghai Composite Index by 1.68 percentage points and the Shenzhen Component Index by 5.29 percentage points [1][11] - In the sub-sectors, processed food (+0.71%) and soft drinks (+0.39%) have increased, while snacks (-5.82%), other alcoholic beverages (-3.70%), and baked goods (-3.23%) have experienced significant declines [1][11] - Key stocks such as Qianwei Yangchu (+21.28%), Richen Co. (+14.10%), and Weizhi Xiang (+10.87%) have shown notable gains, while Kweichow Moutai (-13.07%), Ziyan Food (-11.79%), and Jiahe Food (-11.54%) have faced substantial losses [1][11] Summary by Sections Market Review - The A-share food and beverage industry has declined by 3.37% year-to-date, underperforming the Shanghai Composite Index by 17.35 percentage points and the Shenzhen Component Index by 28.88 percentage points [11] - The total retail sales in August reached 396.68 billion yuan, growing by 3.4% year-on-year, with a slight decrease of 0.3 percentage points compared to July [3][54] Key Data Tracking - The price of Feitian Moutai has decreased by 30 yuan for original boxes and 40 yuan for loose packaging compared to two weeks ago, with current prices at 1,830 yuan and 1,800 yuan respectively [2][26] - The average price of fresh milk in major production areas is 3.03 yuan per kilogram, down 3.5% year-on-year [34] Key Events Tracking - The national standard for sterilized milk has been revised, prohibiting the addition of reconstituted milk in long-term pure milk [3][54] - The snack brand Mingming Hen Mang has surpassed 20,000 stores, becoming the first in the domestic leisure food and beverage chain industry to achieve this milestone [3][54] Investment Recommendations - In the liquor sector, it is advised to closely monitor price trends and sales performance, focusing on high-end liquor companies with strong brand and channel capabilities such as Kweichow Moutai, Wuliangye, and Luzhou Laojiao [7][56] - For consumer goods, the beer industry remains stable, and there is high demand in segments like snacks and energy drinks [7][57]