食品饮料行业2月月报：行情显著升高，关注节日标的

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 index over the next six months [115]. Core Insights - The food and beverage sector experienced a slight increase of 0.55% in January 2026, with a total trading volume of 32.16 billion shares, reflecting a decrease in trading activity compared to December 2025 [7][8]. - Key sub-sectors related to the Spring Festival, such as prepared foods, snacks, and alcoholic beverages, saw price increases, while previously strong sectors like soft drinks and dairy products experienced declines [9][13]. - The investment growth in the food and beverage manufacturing sector remained high in the first half of 2025 but showed signs of decline in the second half, with a notable contraction in the production of liquor and dairy products [7][36]. - The report recommends focusing on investment opportunities in prepared foods, soft drinks, health products, baking, and snacks, with a suggested stock portfolio including companies like Baoli Food, Li Gao Food, and Xianle Health [7][110]. Summary by Sections 1. Market Performance - In January 2026, the food and beverage sector's performance ranked sixth from the bottom among 31 primary industries, indicating a weak overall market trend [13][22]. - The proportion of stocks that increased in value reached 64.84%, with significant improvements in sectors like prepared foods and snacks [25][26]. 2. Valuation - As of January 31, 2026, the food and beverage sector's valuation stood at 19.33 times earnings, which is relatively low compared to historical averages [18][22]. - The liquor sector's valuation was 17.76 times, also at a historical low, while other segments like snacks and prepared foods had significantly higher valuations [18][22]. 3. Individual Stock Performance - Stocks in the snack and prepared food sectors showed strong performance, with notable increases in companies like Qianwei Yangchun and Haoxiangni [26][31]. - The liquor sector displayed mixed results, with some brands like Huangtai Liquor and Water Well Liquor performing well, while others like Yanghe and Moutai faced declines [31][32]. 4. Investment Trends - The food and beverage manufacturing sector's investment growth was robust in early 2025 but began to decline in the latter half of the year, reflecting cautious investment behavior amid rising costs [33][36]. - The production of fresh and frozen meat maintained high growth, while liquor and dairy products continued to see production declines [38][39]. 5. Import and Price Trends - In 2025, imports of corn and wheat saw significant declines, while imports of high-end dairy products and nuts experienced growth [54][56]. - Domestic prices for raw milk are stabilizing, while prices for oils and vegetables are showing upward trends [81][82].