KWEICHOW MOUTAI(SH:600519) Xiangcai Securities·2025-10-30 02:56Industry Overview - The food and beverage industry experienced a decline of 0.95% from October 20 to October 25, 2025, underperforming against major indices such as the Shanghai Composite Index, which rose by 2.88% [2] - The overall valuation of the food and beverage industry is at a relatively low level, with a PE ratio of 21X as of October 25, 2025, ranking 22nd among Shenwan's primary industries [2] Sub-industry Performance - Among sub-industries, other liquor has the highest valuation at 58X, followed by health products at 45X and snacks at 34X. Conversely, the lowest valuations are seen in baijiu at 19X, pre-processed foods at 21X, and beer at 23X [2] Investment Recommendations - The report suggests focusing on high-quality stocks with stable demand and strong risk resistance, as well as companies actively innovating in new products, channels, and consumption scenarios [5] - Key companies to watch include New Dairy, Andeli, Shanxi Fenjiu, Guizhou Moutai, and Yanjinpuzi, maintaining a "buy" rating for the food and beverage industry [5] Market Dynamics - Moutai Airport has increased the lottery winning rate for purchasing Moutai liquor, reflecting a strategic move to adapt to market price declines and enhance consumer experience [4] - The wholesale reference price for Moutai liquor has seen a slight decrease, with the original batch price at 1770 RMB per bottle, down 0.56% from the previous week [4]