食品饮料及新消费行业跟踪报告：三季报陆续披露，细分龙头表现亮眼

Investment Rating - The industry investment rating is "Outperform the Market" [1][19]. Core Viewpoints - The food and beverage industry is experiencing a recovery, with strong performance from leading companies as quarterly reports are released. The industry is currently at a low valuation, and there is potential for demand recovery as policy pressures ease [1][3]. - The report highlights the strong growth of specific companies such as Dongpeng Beverage and Wanchen Group, with significant year-on-year revenue increases and improvements in profit margins [3][4]. Summary by Sections Industry Performance - The food and beverage sector underperformed the Shanghai Composite Index, with a decline of 0.95% compared to a 2.88% increase in the index during the week of October 20-24 [3][5]. - Among sub-sectors, pre-processed foods led gains, while snacks experienced the largest declines [3][7]. Company Highlights - Dongpeng Beverage reported Q3 2025 revenue of 6.107 billion yuan, a year-on-year increase of 30.36%, with net profit rising by 41.91% [3]. - Wanchen Group achieved Q3 2025 revenue of 13.980 billion yuan, up 44.15%, and net profit surged by 361.22% [3]. - Pop Mart's Q3 2025 revenue grew by 245%-250%, driven by strong performance in both online and offline channels, particularly in overseas markets [3]. Investment Recommendations - The report suggests focusing on high-growth companies within the consumer goods sector, such as Nongfu Spring and Dongpeng Beverage, which are expected to benefit from new products and channels [4]. - For the liquor segment, it is recommended to consider leading companies like Kweichow Moutai and Wuliangye, which are expected to provide stable returns and attractive dividend yields [1][3].