Tai Ping Yang Zheng Quan·2026-01-26 14:10Investment Rating - The industry is rated positively, with expectations of overall returns exceeding the CSI 300 Index by more than 5% in the next six months [24]. Core Views - The food and beverage sector is currently at a phase of bottoming out, with a focus on the upcoming Spring Festival inventory buildup as a catalyst for growth [1][5]. - The liquor sector is experiencing a slow recovery in demand, with a focus on stabilizing expectations before discussing recovery, particularly for leading brands like Kweichow Moutai and Shanxi Fenjiu [6][19]. - The snack sub-sector has shown strong performance, with significant growth in companies like Mingming Hen Mang, which plans to go public in Hong Kong [20][22]. Summary by Sections Sub-industry Ratings - No ratings for liquor, beverages, and food sectors [3]. - Recommended companies include: - Kweichow Moutai: Buy - Shanxi Fenjiu: Buy - Guming: Buy - Mixue Group: Increase Holding - Ximai Food: Buy - Dongpeng Beverage: Buy - Wancheng Group: Buy - Pop Mart: Buy [3]. Industry Performance - The food and beverage sector saw a decline of 1.57%, ranking 28th among 31 sub-industries [5][14]. - The top-performing sub-sectors were snacks, pre-processed foods, and cooked foods, with increases of 6.44%, 5.02%, and 4.25% respectively [5][14]. - The top five stocks in the sector included: - Haoxiangni (+19.59%) - Weizhi Xiang (+17.23%) - Wancheng Group (+14.32%) - Quanyuan (+13.57%) - CITIC Nia (+9.69%) [5][14]. Liquor Sector Insights - The liquor index fell by 2.80%, with a focus on the upcoming Spring Festival for potential recovery [6][19]. - Current prices for Moutai products are: - Feitian Moutai (loose bottle): 1560 RMB, up 10 RMB from last week - Pu'er Moutai: 810 RMB, unchanged from last week [6][19]. Consumer Goods Sector Insights - Several companies are planning IPOs in Hong Kong, with Mingming Hen Mang aiming to raise between 32.37 billion to 33.36 billion HKD [20][22]. - The company reported a GMV of 661 billion RMB for the first three quarters of 2025, a 74.5% year-on-year increase [20][22]. - Dongpeng Beverage plans to issue 40.89 million H shares, with an expected listing date of February 3, 2026 [20][22].