国泰海通 · 晨报1211｜食品饮料、策略

Group 1: Alcohol Industry - The price of Feitian Moutai has experienced fluctuations, currently ranging from 1530 to 1550 RMB, influenced by year-end cash flow needs and supply release schedules [3] - Moutai has introduced a product authentication service through its iMoutai app to enhance consumer protection and market order [3] - The liquor industry is in a stabilization phase, with valuations and dividends indicating a certain cost-effectiveness, suggesting that the capital market may bottom out ahead of the fundamentals [3] Group 2: Beverage Sector - The valuation attractiveness of growth stocks in the soft drink sector has increased due to recent price corrections, with low valuation and high dividend stocks maintaining long-term allocation value [4] - China Wangwang reported a 2.1% year-on-year revenue increase for FY25H1, with snack sales showing nearly double-digit growth and emerging channels also growing significantly [4] Group 3: AI and Service Consumption - The AI industry continues to show high prosperity, with demand in the electronic supply chain driven by AI infrastructure investments, leading to price increases in high-end storage devices [9] - Service consumption has shown a year-on-year improvement, with significant increases in tourism and movie box office revenues, indicating a shift towards light consumption types [10] Group 4: Real Estate and Durable Goods - Real estate sales have seen a significant decline, with a 34.8% year-on-year drop in transaction volume across 30 major cities, attributed to high base effects from policy optimizations [10] - The sales of passenger vehicles have also decreased, with a year-on-year decline of 8.1% in November 2025, indicating increasing inventory pressure among dealers [10] Group 5: Manufacturing and Resource Prices - The price of DRAM storage devices remains high, with DDR4 and DDR5 prices at 46.5 and 26.3 USD respectively, reflecting strong demand driven by AI infrastructure [11] - Coal prices have significantly decreased, while industrial metal prices have risen due to expectations of overseas interest rate cuts [11]