食品饮料行业10月月报：个股表现好于板块整体，关注新消费-20251107

Investment Rating - The industry investment rating is "In line with the market," indicating that the industry index is expected to fluctuate between -10% to 10% relative to the CSI 300 over the next six months [58]. Core Insights - The food and beverage sector recorded a decline in October 2025, with a component index drop of -0.58%. The performance of the liquor segment significantly dragged down the overall results, while sectors like prepared foods, health products, and baking showed positive growth [6][7]. - From January to October 2025, the food and beverage sector's cumulative performance was -0.97%, underperforming the market benchmark index, with significant contributions from the weak performance of major segments like liquor and beer [11][14]. - The valuation of the food and beverage sector is at a relative low point historically, with a current valuation of 20.06 times earnings, down 6.27% from the previous month. This is the lowest in ten years, with liquor valuations also below the sector average [17]. - In October 2025, 60.16% of individual stocks in the sector saw price increases, indicating that individual stock performance was better than the overall sector [23][29]. Summary by Sections 1. Market Performance of the Food and Beverage Sector - The food and beverage sector experienced a decline in October 2025, with a component index drop of -0.58%. The total trading volume for the sector was 20.352 billion shares, a significant decrease from September [6][7]. - The cumulative performance from January to October 2025 was -0.97%, with the sector ranking last among 31 primary industries [11][14]. 2. Valuation of the Food and Beverage Sector - As of October 31, 2025, the sector's valuation stood at 20.06 times earnings, marking a 6.27% decrease from the previous month. This valuation is lower than 20 other industries, placing it in the lower tier of industry valuations [17]. 3. Individual Stock Performance - In October 2025, 60.16% of individual stocks in the food and beverage sector increased in value, with notable performances from composite seasoning, dairy, health products, and prepared foods [23][29]. - Specific stocks that performed well included Hai Xin Foods (+12.65%), Tang Chen Bei Jian (+8.85%), and others across various sub-sectors [24][25]. 4. Industry Output and Price Factors - The food and beverage manufacturing sector saw a fixed asset investment increase of 22.9% year-on-year in 2024, with a continued high growth level into 2025 [31]. - Production trends showed a decline in liquor and wine output, while fresh meat and edible oil production maintained growth [35][37]. 5. Investment Strategy - The report recommends focusing on investment opportunities in soft drinks, health products, baking, yeast, composite seasoning, and snacks for November 2025 [54][55]. - The suggested stock portfolio includes companies like Bao Li Foods, Li Gao Foods, and Xian Le Health, all rated for potential growth [56].