Yin He Zheng Quan·2025-10-26 14:08Investment Rating - The report maintains a "Recommended" rating for the food and beverage industry [1]. Core Insights - The "14th Five-Year Plan" has shifted focus towards enhancing domestic demand and domestic circulation, emphasizing the need for a balance between supply and demand [3]. - New consumption trends are expected to continue driving excess returns, particularly in new channels and product categories [3]. - The report highlights the potential benefits for dairy products and the restaurant supply chain due to policy stimuli aimed at boosting consumption [3]. - The report anticipates a gradual recovery in the dairy market, with milk prices expected to rise moderately due to improved supply-demand dynamics [3]. - Investment suggestions include focusing on companies with strong performance in new consumption directions, such as Dongpeng Beverage and Angel Yeast, as well as cyclical stocks with low valuations [3]. Summary by Sections Industry Overview - The report discusses the upgraded focus on domestic demand and the relationship between supply and demand in the context of the "14th Five-Year Plan" [3]. - It emphasizes the importance of new consumption trends and channels, such as instant retail and health-oriented products [3]. Key Areas of Focus - The dairy sector is highlighted as a key area benefiting from potential birth rate policies and consumer demand for dairy products [3]. - The restaurant supply chain is expected to see a boost from government consumption vouchers and ongoing support measures [3]. Investment Recommendations - The report suggests monitoring quarterly performance reports, particularly for companies aligned with new consumption trends [3]. - It identifies specific stocks to watch, including those with solid fundamentals and those in cyclical sectors that may benefit from improving market conditions [3].