旺季临近，关注底部配置价值：食品饮料行业周报-20250929

Investment Rating - The report maintains a "Buy" rating for the food and beverage industry [8] Core Insights - The food and beverage industry experienced a decline of 2.49% from September 22 to September 26, underperforming the CSI 300 index by 3.56 percentage points [3][11] - The overall valuation of the industry is at a relatively low level, with a PE ratio of 21X, ranking 22nd among Shenwan's primary industries [3][16] - The report highlights the launch of a full-chain authenticity system for liquor by Meituan, which is expected to boost consumer confidence and sales as the peak consumption season approaches [4][21] - The report suggests focusing on companies with stable demand and strong risk resistance, as well as those actively innovating in new products and channels [5][46] Summary by Sections Market Review - From September 22 to September 26, the Shanghai Composite Index rose by 0.21%, while the Shenzhen Component Index increased by 1.06%. The food and beverage sector fell by 2.49%, ranking 26th out of 31 sectors [3][11] Industry Valuation - As of September 26, 2025, the food and beverage industry's PE ratio stands at 21X, with sub-sectors like other alcoholic beverages at 56X and health products at 43X, while white liquor is at 19X [3][16] Investment Recommendations - The report emphasizes the importance of identifying high-quality stocks with alpha opportunities, particularly in the context of consumer transformation and low valuations [5][46] - Key companies to watch include New Dairy, Shanxi Fenjiu, Guizhou Moutai, Andeli, Yanjinpuzi, and Qingdao Beer [5][46]