Xiangcai Securities·2025-12-07 12:19Investment Rating - The industry investment rating is maintained as "Buy" [2] Core Views - The food and beverage industry has shown a decline of 1.90% from December 1 to December 5, 2025, underperforming the CSI 300 index by 3.18 percentage points [4][9] - The overall valuation of the food and beverage industry is at a relatively low level, with a PE ratio of 22X, ranking 23rd among Shenwan's primary industries [5][16] - The report emphasizes the importance of focusing on consumer-driven strategies and innovation, as highlighted by the recent global dealer conference of Fenjiu [6] Summary by Sections Industry Performance - From December 1 to December 5, 2025, the food and beverage industry declined by 1.90%, ranking 28th out of 31 sectors, with sub-sectors showing mixed performance [4][9] Valuation Analysis - As of December 5, 2025, the food and beverage industry's PE ratio is 22X, with other liquor at 55X, health products at 36X, and snacks at 35X being the highest valued sub-sectors [5][16] Investment Recommendations - The report suggests focusing on companies with stable demand and strong risk resistance, as well as those actively innovating in new products and channels. Key companies to watch include Miaokelando, Andeli, Shanxi Fenjiu, Guizhou Moutai, and Yanjinpuzi [7][44]