轻工制造行业快评报告：9月工业企业利润加快恢复，超半数消费制造行业利润端有所改善

Investment Rating - The industry investment rating is "Outperform the Market," indicating an expected increase of over 10% in the industry index relative to the market over the next six months [9]. Core Insights - In the first nine months of 2025, the total profit of industrial enterprises above designated size reached 537.32 billion yuan, a year-on-year increase of 3.2%, with a growth acceleration of 2.3 percentage points compared to January-August [2]. - In September alone, the profit of these enterprises increased by 21.6% year-on-year, reflecting continuous improvement in industrial profits [2]. - The revenue for the same period was 1,020,846.7 billion yuan, showing a year-on-year growth of 2.4% [2]. Summary by Relevant Sections Consumer Goods Manufacturing - Among 13 major categories in consumer goods manufacturing, six industries, including agricultural and sideline food processing, food manufacturing, and beverages, reported positive profit growth from January to September. Notably, the beverage and agricultural processing industries saw profit growth rates exceeding 10%, at +14.4%, +12.5%, and +10.7% respectively [3]. - Conversely, seven industries experienced negative profit growth, with six of them declining over 10%. The furniture manufacturing industry faced a decline of -19.1%, while textiles and apparel saw a drop of -16.2% [3]. - Compared to January-August, profit growth in agricultural processing and food manufacturing further expanded, while the printing and chemical fiber industries turned from negative to positive growth [3]. Investment Recommendations - The report suggests focusing on sectors benefiting from macro policies and low base effects from the previous year. Key recommendations include: 1. Food and Beverage: The liquor industry is seen as bottoming out, with low valuations and high dividends providing strong support. The market is expected to see an upward turn ahead of financial reports as channel inventories clear [4]. 2. Social Services: As a core driver of consumption, sectors like tourism, duty-free, hotels, and restaurants are expected to benefit from policy support [4]. 3. Retail: In the context of a changing global trade environment, gold jewelry is highlighted as an attractive investment due to its status as a safe-haven asset [4]. 4. Light Industry: With policies promoting real estate recovery and "old-for-new" subsidies, demand for home and appliance products is anticipated to rise [4].