大消费行业周报：板块有所回调，关注底部机会-20251124

Investment Rating - The industry investment rating is "stronger than the market," indicating an expected performance exceeding the market by more than 5% within the next six months [28]. Core Views - The report highlights a recent decline in the consumer sector, with the Shanghai and Shenzhen 300 index dropping by 3.77% from November 17 to November 21, 2025. All sub-sectors within the consumer industry experienced declines, with the most significant drop in consumer services at -6.53% [3][5]. - The report suggests focusing on bottom-fishing opportunities following the recent pullback in the consumer sector [3]. Summary by Sections Consumer Goods - Mass Market - The mass market segment shows high demand in functional beverages and snacks, with a notable performance from brands like Dongpeng Beverage and Salted Fish [3]. - The dairy sector is experiencing a steady recovery, with leading companies likely entering a profit recovery phase [3]. - The restaurant supply chain is stabilizing, with industries like condiments and frozen foods beginning to recover from previous lows [3]. Consumer Goods - Alcohol - Most liquor companies reported a deeper decline in net profits for Q3 2025 compared to Q2 2025, indicating ongoing challenges [3]. - The report identifies three key investment lines: high-end white liquor, mid-range white liquor with national expansion, and local market-focused liquor [3]. Social Services - The social services sector is entering a performance vacuum following Q3 reports, with a focus on companies like China Duty Free and Aimeike that may benefit from policy catalysts and mergers [3]. - The report notes the introduction of snow holidays in regions like Xinjiang, which may boost local tourism [17]. Home Appliances - The home appliance market is experiencing a rational adjustment, with significant declines in retail sales during the Double Eleven shopping festival [15]. - Air conditioning production is expected to drop by 22.6% in December, reflecting ongoing downward pressure in the industry [15]. Textile and Jewelry - The report recommends continued attention to investment opportunities in the gold and jewelry accessories sector, particularly brands with potential for market share growth [3]. Cultural Communication - The report emphasizes the importance of understanding consumer sentiment in niche markets, suggesting that companies in the media sector could benefit from this insight [3].