Investment Rating - The report maintains a "Recommended" investment rating for the food and beverage & commercial sectors [6][52]. Core Insights - The liquor sector shows clear signs of bottoming out, with Kweichow Moutai's shareholder meeting reinforcing market confidence and presenting a good opportunity for low valuation positioning [51]. - The consumer goods sector is experiencing structural differentiation, with the snack food segment remaining strong while soft drinks enter the off-season [52]. - The restaurant supply chain industry is at a clearing point, with key stocks leading the recovery [52]. Summary by Sections 1. Weekly News Summary - Industry news includes a 2.6% increase in liquor production in Luliang from January to October and a 9.6% increase in the added value of the liquor and tea industry in Bozhou during the same period [14]. - Company news highlights Kweichow Moutai's focus on five key areas and the appointment of new leadership at various liquor companies [14]. 2. Key Company Feedback - The report provides insights into the performance of key companies, with a focus on their stock price movements and market strategies [25][26]. 3. Industry Rating and Investment Strategy - The liquor sector is advised for long-term investment in high-dividend leaders such as Kweichow Moutai, Wuliangye, and Luzhou Laojiao, while also considering flexible stocks that have corrected to appropriate levels [51][52]. - The consumer goods sector is recommended for companies like Anjuke Food and Baidu Food, which are adapting to market changes and consumer preferences [52]. 4. Key Companies and Earnings Forecast - The report lists several companies with their respective earnings per share (EPS) and price-to-earnings (PE) ratios, recommending a "Buy" rating for all listed companies [54].

Core Viewpoint - The article highlights the rising trend of low-priced "opened" or "damaged" liquor being sold on live streaming and second-hand platforms, raising concerns about product safety and authenticity [1][2][3]. Group 1: Sales Channels and Pricing - Some liquor brands are being sold at significantly lower prices on live streaming platforms compared to official retail prices, such as a case of 53-degree 500ml Yuanxi liquor priced at 380 yuan versus 590 yuan on official platforms [1][2]. - Various brands are available on second-hand platforms, with prices for opened bottles ranging from 199 yuan for Wuliangchun to 380 yuan for Yanghe Dream Blue [1][2][3]. Group 2: Product Integrity and Safety Concerns - The practice of selling "opened" liquor raises questions about the integrity of the product, as many brands require the bottle to be opened for verification, which can compromise packaging [12][13]. - Legal experts indicate that selling opened or repackaged liquor may violate food safety and trademark laws, posing risks of counterfeit products [13][14]. Group 3: Consumer Warnings and Recommendations - Consumer organizations have repeatedly warned about the safety risks associated with opened liquor, emphasizing that compromised packaging can lead to contamination and spoilage [15][16]. - Recommendations include purchasing liquor from reputable sources such as large supermarkets or licensed online retailers to minimize risks associated with low-priced opened products [16].

Core Viewpoint - The performance of prominent fund managers at Invesco Great Wall Fund has significantly declined, with key figures like Liu Yanchun and Yang Ruiwen failing to achieve competitive returns, raising concerns about the future of the firm’s active equity management team [2][3][8] Group 1: Performance of Key Fund Managers - Liu Yanchun, a notable figure in the fund management industry, has six funds under management, all of which have underperformed, with the best fund showing a net value increase of less than 4%, ranking below 4000 out of 4500 similar funds [2][3] - Yang Ruiwen, the second most recognized manager, has all his products yielding around 30%, with no significant breakthroughs in performance [2] - Liu Su, another manager, oversees nine funds with a total scale of less than 10 billion yuan, and only one fund has doubled its return, indicating a lack of effective management [6] Group 2: Analysis of Fund Holdings - Liu Yanchun's funds are heavily invested in traditional stocks, particularly in the liquor sector, which has seen poor performance, with only one stock among his top holdings showing an increase of about 16% [4][5] - The majority of Liu Yanchun's holdings, including major liquor brands, have not performed well, with the best performer, Luzhou Laojiao, showing a gain of less than 14% [4] - Liu Su's top holdings have also underperformed, with the best stock, Longi Green Energy, only increasing by 18.20% over the year [6] Group 3: Future Outlook and Challenges - The departure of key figures like Bao Wuke and the declining performance of established managers like Liu Yanchun and Yang Ruiwen present both opportunities and challenges for the next generation of fund managers at Invesco Great Wall [8] - The firm’s reliance on managers who have not been cultivated internally raises questions about the sustainability of its investment strategies and future performance [7][8]

11月29日，由澳大利亚网球协会、中国网球协会、四川省体育局和成都市体育局主办，泸州老窖股份有 限公司和四川国际网球中心共同承办的2026年澳大利亚网球公开赛亚太区外卡赛(以下简称"澳网亚太区 外卡赛")在成都落下帷幕。经过六天的激烈角逐，中国选手布云朝克特与哈萨克斯坦名将迪亚斯分别收 获男女单外卡，而普纳查/艾萨罗与小堀桃子/清水绫乃则分获男女双外卡。 作为澳网官方合作伙伴和唯一指定白酒，国窖1573助力选手们征战外卡赛，为赛场上每一次的全力挥拍 加油助威，也与球迷们一起享受精彩比赛，为胜利时刻干杯。 布云朝克特收获男单外卡 现场感谢球迷支持 国窖1573在澳网的胜利时刻 在男单方面，头号种子布云朝克特迎战他的决赛对手。开局对手利用切削战术一度让布云朝克特频频失 误，并率先破发，布云朝克特以1-3落后。但他很快调整状态，连保带破，以6-4先下一盘。第二盘，他 手感渐入佳境，越战越勇，以6-2锁定胜局，全程未失一盘，顺利拿下这张宝贵的2026澳网男单正赛外 卡。从第一轮伊始，小布的每场比赛都受到了球迷的热烈喝彩，取得胜利的他特意向球迷表达了感 谢："今天来了很多球迷支持我，感谢你们抽出宝贵的周末时间过来。感谢 ...

Group 1 - The core viewpoint of the articles indicates that the white liquor market is showing signs of stabilization and slight price increases after the Double Eleven shopping festival, with the average retail price of the top ten products rising marginally [1] - The total price for a bundled sale of one bottle from each of the top ten products is 9154 yuan, reflecting a slight increase of 2 yuan from the previous day [1] - The data collected for price analysis comes from approximately 200 sampling points across various regions, ensuring a comprehensive and objective representation of the market [1] Group 2 - The performance of specific products shows significant price movements, with Crystal Jian Nan Chun increasing by 10 yuan per bottle, and other notable increases from products like Wuliangye and Guojiao 1573 [2] - Conversely, some products like Gu Qing Gong Gu 20 and Xijiu Junpin experienced notable price declines, indicating a mixed market response [2] - The analysis emphasizes that understanding the underlying business dynamics, such as production capacity and inventory levels, is more critical than merely predicting price fluctuations [3]

Summary of the Conference Call for Luzhou Laojiao Industry Overview - The liquor industry, particularly the baijiu sector, is undergoing a deep adjustment period, with external environment and policy impacts being the main sources of pressure. The industry has not yet reached a bottom or turning point, and pressure is expected to persist in the near future due to a weak consumption environment [2][3][7]. Company Performance and Expectations - Luzhou Laojiao's performance expectations for Q4 and the entire year are under pressure, with reported data aligning with terminal sales conditions. However, sales pressure is affecting inventory digestion. The company maintains a stable pricing strategy and does not compensate for losses from low-price sales [2][4]. - The company has not disclosed its operational plan for 2026, indicating that it will plan according to market conditions and economic laws while ensuring a healthy sales ecosystem [2][6]. Product Performance - There is a noticeable differentiation in performance between high and low alcohol products, with low alcohol products showing relative resilience. The low alcohol product 1,573 has performed steadily, and the trend towards lower alcohol content is gradual and long-term [2][9][10]. - The brand "Laozihao Tequ" is focused on brand revival, maintaining a stable price around 200 yuan, and is less affected by industry adjustments. The company plans to strengthen channel construction and consumer cultivation in the 100-300 yuan price range [2][11][12]. Sales and Distribution Strategy - Luzhou Laojiao is expanding its terminal presence, particularly in Sichuan and North China, to enhance market share. The company emphasizes online channels and instant retail while traditional tobacco and liquor stores remain the main distribution channels [4][15][18]. - The company is cautious about introducing lower alcohol products below 30 degrees, focusing on quality and stability before launching new products [10][20]. Market Trends and Consumer Behavior - The company anticipates that the consumption environment will remain weak, with the impact of policies likely to diminish over time. However, a sudden surge in consumer demand during the Spring Festival is not expected [7][25]. - The current pricing strategy is stable, with the company not compensating for losses from low-price sales, which helps maintain price stability [8][23]. Digitalization and Inventory Management - Luzhou Laojiao has a relatively mature digitalization strategy, with high opening rates for its products. The implementation of a five-in-one system effectively addresses issues of cross-regional sales [4][24]. - The company is managing inventory levels carefully, as a slowdown in sales could lead to instability in inventory levels [5]. Future Outlook - The company expects to continue facing significant pressure in the liquor industry over the next few quarters, with cautious optimism for 2026 depending on improvements in the consumption environment and reduced policy impacts [25]. This summary encapsulates the key points discussed during the conference call, highlighting the challenges and strategies of Luzhou Laojiao within the broader context of the baijiu industry.

Summary of Company and Industry Insights Industry Overview Consumer Market - The consumer market fundamentals have bottomed out, with expectations for low growth in 2026. The improvement in CPI will be crucial for this growth [2][4] - In December, the consumer market is expected to show a low-speed growth trend, with October CPI data exceeding expectations, particularly in the service sector [2] Growth and Defensive Strategies - Growth stocks have seen accelerated declines, reflecting a shift in investor sentiment away from these companies, which is not necessarily linked to their fundamentals. Defensive strategies are favored in the short term, but well-adjusted growth stocks may become preferred choices in 2026 [5] Sector-Specific Insights Alcohol Industry - Notable companies in the alcohol sector, such as Gujing Gongjiu, Shanxi Fenjiu, and Luzhou Laojiao, are recommended for their growth potential in 2026 [5] Cosmetics Industry - The cosmetics sector is expected to perform slightly worse in 2026 compared to this year, but leading companies like Ru Yichen, Mao Ge Ping, and Shangmei are anticipated to have optimistic growth prospects. Companies that have seen significant declines, such as Dengkang Oral, Runmen Co., and Proya, are also worth monitoring [6] Travel and Tourism - The travel sector is projected to have a positive outlook, benefiting from reforms in holiday policies. Companies like Ctrip, Tongcheng, Atour, Huazhu, Jinjiang, and Shou Trip, as well as scenic spots like Emei Mountain, Changbai Mountain, and the Three Gorges, are recommended [7] Gold and Jewelry - The gold and jewelry industry remains price-driven, with sales under pressure. Companies with strong pricing power or direct sales models are recommended, including Lao Feng Xiang, Jin Cai Bai, and Hong Kong's Luk Fook and Chow Tai Fook [8] New Consumption Trends - The new consumption sector is thriving, with a focus on trendy toys, emerging national tide jewelry, and related e-commerce companies like Pop Mart, Jimu Technology, and Miniso [9] Home Appliances - The home appliance sector shows signs of bottoming out, with a significant production decline in December attributed to high year-on-year comparisons. Midea is highlighted for its stable market share and good dividend expectations, while Anfu Technology is noted for its potential revenue growth from power bank sales [10] Two-Wheeled Vehicles and Clean Appliances - The two-wheeled vehicle industry is set to face new national standards, with Company 9 being a focal point for adjustments. The clean appliance sector is also seeing improvements in valuation and growth potential, with attention on companies like Roborock and Ecovacs [11] Light Industry - The light industry is trending positively, particularly in the paper sector, with price increases for cultural paper expected to stimulate further growth. Companies like Guohui, Sun Paper, and Zhiye are recommended [12] Apparel Industry - The apparel sector in North America is recovering from low inventory levels, with high-end brands performing well. Recommendations include companies in the foreign trade sector like Shenzhou International and Huazhi Group, as well as domestic brands like Jiangnan Buyi and Bosideng [13] Agriculture - In the agriculture sector, rising corn prices benefit seed companies, while companies like Petty Holdings with overseas factories are positioned well. In pig farming, companies like Muyuan Foods and Tiankang Biological are expected to perform well due to capacity reduction expectations and winter epidemic risks [14]

□本报记者 王宇露 上周市场反弹，中证新华社民族品牌工程指数上涨2.08%，报1978.41点。兆易创新（603986）、中际旭 创（300308）、北方华创（002371）等成分股上周表现强势；下半年以来，中际旭创、阳光电源 （300274）、兆易创新等成分股涨幅居前。 展望后市，机构认为，短期不确定性因素减少，下行风险释放较为充分，后续股市可能表现为震荡修 复。从中长期视角看，此轮大行情的基础并未发生改变。 下半年以来，中际旭创上涨253.10%，排在涨幅榜首位；阳光电源上涨171.64%，居次席；兆易创新上 涨60.89%；亿纬锂能（300014）、盐湖股份（000792）、我武生物涨逾50%；宁德时代（300750）、中 微公司、澜起科技、达仁堂（600329）涨逾40%；科沃斯（603486）、以岭药业、安集科技、国瓷材 料、药明康德（603259）、北方华创、信立泰涨逾30%；中国中免（601888）、中兴通讯、中芯国际、 长白山（603099）、泸州老窖（000568）、芒果超媒（300413）涨逾20%；恒瑞医药、安琪酵母、海尔 智家（600690）、锦江酒店（600754）、双汇发展（000 ...

Investment Rating - The report maintains a positive investment outlook for high-quality companies in the food and beverage sector, indicating that it has entered a strategic allocation period [6][8]. Core Insights - The report highlights a significant decline in revenue for major liquor companies, with high-end liquor prices continuing to drop, leading to a search for a balance between volume and price [6][7]. - It emphasizes the need for patience regarding fundamentals and notes that the performance of individual stocks will vary during this adjustment phase [6][8]. - The report anticipates that stock price returns will primarily come from valuation contributions in the upcoming year, suggesting reasonable expectations for price movements [6][8]. Summary by Sections 1. Weekly Overview of Food and Beverage Sector - The food and beverage sector saw a slight increase of 0.07% last week, with the liquor segment declining by 0.73%, underperforming the broader market by 1.33 percentage points [5]. - The top gainers included Hai Xin Food (up 45.38%), Jia Long Co. (up 16.29%), and Yan Tang Dairy (up 15.25%) [5]. 2. Market Performance of Food and Beverage Segments - The report provides detailed pricing data for major liquor brands, noting that Moutai's bottle price is 1570 RMB, down 80 RMB week-on-week, and Wuliangye's price is approximately 825 RMB, down 5 RMB [7][25]. - It discusses the strategic direction of Moutai, focusing on quality over quantity and maintaining stable cash dividend policies [7]. 3. Industry Indicators and Future Outlook - The report predicts a gradual improvement in the Consumer Price Index (CPI) for 2026, which could lead to a recovery for companies with pricing power in various sub-sectors [8]. - It recommends focusing on sectors such as seasoning, frozen foods, and dairy, highlighting companies like Anjiu Food, Qianhe Flavor, and Yili Group as key players [8]. 4. Valuation Levels - As of November 28, the food and beverage sector has a dynamic PE of 20.59x, with a premium rate of 28%, while the liquor segment has a dynamic PE of 19.35x, with a premium rate of 20% [26].

Group 1: Core Insights - The report indicates that the food and beverage sector is entering a strategic allocation period, particularly for high-quality companies, as the market is expected to reach a predictable bottom in the near future [2][6][8] - Key recommendations for the liquor sector include Luzhou Laojiao, Shanxi Fenjiu, Guizhou Moutai, and Wuliangye, while for consumer goods, the focus is on Yili, Qingdao Beer, Anjui Food, Qianhe Flavor Industry, Tianwei Food, and New Dairy [2][6][8] Group 2: Market Performance - The food and beverage sector saw a slight increase of 0.07% last week, with the liquor segment declining by 0.73%, underperforming the Shanghai Composite Index by 1.33 percentage points [5] - Moutai's bottle price is reported at 1570 RMB, down 80 RMB week-on-week, while the box price is 1580 RMB, down 85 RMB [7][30] Group 3: Industry Trends - The report highlights that the high-end liquor prices are declining, indicating a search for balance between volume and price in the market [6][7] - For the consumer goods sector, the core observation for 2026 is the Consumer Price Index (CPI), which is expected to improve gradually, leading to potential recovery for companies with pricing power [8][31] Group 4: Valuation Metrics - As of November 28, 2025, the food and beverage sector has a dynamic PE of 20.59x, with a premium rate of 28%, while the liquor sector has a dynamic PE of 19.35x, with a premium rate of 20% [31]