Core Viewpoint - The food and beverage index in November shows continued recovery, outperforming the broader market due to a shift in market style and a positive CPI growth rate, with pre-processed foods, baked goods, and dairy products leading the gains [1] Group 1: Market Trends - The food and beverage sector experienced a 0.8% increase in November, with an excess return of 3.1% compared to the Wind All A index, ranking 11th among 31 sub-industries [4] - Five out of ten sub-sectors achieved positive monthly returns, with pre-processed foods, dairy, and baked goods showing significant increases of +9.1%, +6.6%, and +4.2% respectively [4] Group 2: Investment Opportunities - The report highlights opportunities in the retail and dining supply chain, with a focus on developing private labels in supermarkets, which could see a growth potential of 2-3 times, translating to a market increment of approximately 100 billion [2] - The dining channel is expected to recover as competition stabilizes, with pre-processed food net profit growth showing improvement in Q3 2025, driven by the easing of price competition and the gradual lifting of alcohol bans [2] Group 3: Price Tracking - As of November 30, 2025, the price of premium liquor has decreased compared to the previous month and year, with specific prices for various brands noted [3] - Packaging material prices have shown mixed trends, with glass and PET prices down year-on-year, while aluminum and cardboard prices have increased [3] - Raw material prices for sugar, flour, palm oil, and pork have decreased significantly year-on-year, while quail eggs and soybean prices have increased [3]

Group 1 - The core viewpoint of the article highlights the growing trend of private label products in the retail sector, particularly in response to the success of brands like Sam's and Pang Donglai [2] - The company HeBai Group (000417.SZ) is actively exploring the development of its private label brands, focusing on quality, health, safety, and cost-effectiveness [2] - HeBai Group has established a matrix of four private label brands: HeJiaFu, JiaXiaoBai, RouXiaoBai, and HeJiaXian, with a total of 470 private label SKUs covering various categories such as daily chemicals, beverages, grains, and fresh produce [2] - From January to October, the sales of the company's private label products have increased by 96.25% year-on-year [2]