KWEICHOW MOUTAI(SH:600519) Dongguan Securities·2026-02-13 07:33Investment Rating - The industry investment rating is "Overweight," indicating that the industry index is expected to outperform the market index by more than 10% in the next six months [56]. Core Insights - The report highlights the public consultation on the national standard for prepared dishes, emphasizing the importance of monitoring demand during the Spring Festival [5][52]. - The liquor sector is experiencing short-term fluctuations in market sentiment due to factors such as real estate policies and sales performance of premium liquor brands like Moutai, which has exceeded market expectations [5][52]. - The report suggests focusing on key stocks such as Guizhou Moutai (600519) and Shanxi Fenjiu (600809) in the liquor sector, as well as companies in the mass consumer goods sector that are benefiting from Spring Festival stocking [5][54]. Summary by Sections Market Review - From January 30 to February 12, the SW Food and Beverage Industry Index fell by 0.95%, underperforming the CSI 300 Index by approximately 0.23 percentage points [12]. - Most sub-sectors underperformed the CSI 300 Index, with the seasoning sector showing the highest increase of 0.64%, while other liquor sectors saw the largest decline of 6.40% [13][14]. Industry Data Tracking - In the liquor sector, the price of Moutai increased to 1,670 RMB per bottle, up by 90 RMB from January 29, while the prices of other premium liquors remained stable [23]. - The report notes that approximately 21% of stocks in the food and beverage sector recorded positive returns during the review period, with notable gainers including Huangtai Liquor (+10.43%) and Maiqu'er (+9.23%) [16]. Important News - The report mentions the formal establishment of five national standards for liquor, which are currently under revision [44]. - The national standard for prepared dishes was released for public consultation, marking a new phase of regulated development in the industry [45]. Key Recommendations - The report recommends focusing on stocks such as Hai Tian Wei Ye (603288), Qingdao Beer (600600), Yili (600887), and Dongpeng Beverage (605499) due to their potential benefits from the upcoming Spring Festival demand [53][54].