证券研究报告 | 2025年11月17日 食品饮料周报（25 年第 42 周） 优于大市 消费场景有序恢复，餐饮供应链边际改善 行情回顾：本周食品饮料（A 股和 H 股）累计上涨 2.93%，其中 A 股食品饮 料（申万食品饮料指数）上涨 2.83%，跑赢沪深 300 约 3.91pct；H 股食品饮 料（恒生港股通食品饮料）上涨 4.33%，跑输恒生消费指数 0.08pct。本周 食品饮料板块涨幅前五分别为欢乐家(43.19%)、三元股份(31.79%)、科拓生 物(15.76%)、西麦食品(12.23%)和海欣食品(11.60%)。 品类基本面延续分化，饮料＞食品＞酒类。（1）酒类。白酒：磨底阶段寻 找优质公司主线，关注 12 月酒企经销商大会。当前板块进入左侧布局阶段， 具备价位、区域话语权的优质公司有望获取更大增长空间，推荐泸州老窖/ 山西汾酒、贵州茅台、迎驾贡酒，也建议关注五粮液/洋河股份/舍得酒业的 改革节奏。啤酒：行业库存良性，静待需求回暖。全年啤酒龙头利润增长具 备较强支撑，建议积极布局啤酒板块，继续优先推荐大单品快速增长、内部 改革持续深化、业绩成长性强的燕京啤酒。（2）饮料。乳制品：需求平 ...

Market Overview - The A-share market experienced a significant trading volume of over 2.5 trillion, an increase of over 800 billion compared to the previous day, indicating a shift in capital direction [1][5] - The major indices showed minimal movement, with the Shanghai Composite Index down 0.12%, the Shenzhen Component down 0.43%, and the ChiNext Index down 1.09% [3] Sector Performance - The metals sector, particularly precious metals and copper, saw notable gains, with stocks like Hunan Silver and Northern Copper reaching their daily limit up [3] - The storage chip sector also gained traction, with stocks such as Beijing Junzheng and Xiangnong Chip rising over 10%, reflecting renewed interest in the semiconductor industry's recovery [3] Real Estate Sector - The real estate sector was active, with companies like Rongsheng Development and Huaxia Happiness hitting their daily limit up, driven by recent policy changes and stabilization in some companies' operations [4] - Investors are encouraged to focus on companies with strong fundamentals and core assets, as potential policy support could enhance long-term value in this sector [4] Other Sectors - The banking and liquor sectors faced adjustments, with banks like Pudong Development Bank dropping over 3% and liquor stocks experiencing a pullback after initial gains [4] - The banking sector is influenced by macroeconomic conditions and interest rate spreads, while the liquor sector's performance is tied to consumer recovery [4] Investment Strategy - The significant trading volume indicates a reallocation of funds across different sectors, suggesting a need for investors to focus on sectors with strong industrial logic and policy support [5] - It is advised to monitor the fundamental health of sectors experiencing declines, as short-term fluctuations may present opportunities for long-term investment [5]