12月9日，三大指数涨跌不一，沪指、深成指震荡回落，创业板指冲高回落尾盘拉升。沪深两市成交额 1.9万亿元，较上一个交易日缩量1327亿。中证食品饮料指数(930653.CSI)下跌0.83%，该指数成分股 中，一鸣食品上涨超6%，均瑶健康上涨超5%，香飘飘上涨超4%。 食品饮料ETF天弘（159736，场外C类001632）跟踪中证食品饮料指数，仓位布局高端、次高端白酒龙 头股，兼顾饮料乳品、调味、啤酒等细分板块龙头，前十权重股包括"茅五泸汾洋"、伊利股份、海天味 业等。 广发证券研报指出，（1）白酒：从基本面角度来看，白酒历经四年调整期，2025年处于"估值+业绩"双 底，板块股息率与十年期国债收益率比值较高，配置性价比显现。看好行业出清后需求面的恢复。 （2）大众品：展望2026年，CPI逐步回暖，大众品龙头公司持续推新品，期待CPI上行期新品放量，带 来收入业绩加速增长。 据证券时报，《贵州省促进白酒销售若干措施（征求意见稿）》公开征求意见。其中提到，加大白酒线 上销售力度。 海天味业12月8日在港交所公告称，将于12月18日召开董事会会议，藉以考虑建议派发特别股息、审议 及批准2025年至2027年 ...

Core Insights - The Hong Kong consumer sector showed slight fluctuations, with the Hong Kong Consumer ETF (513230) experiencing a drop of over 0.8% at one point, but the decline narrowed to around 0.2% [1] - The State Council's executive meeting emphasized enhancing the adaptability of supply and demand in consumer goods to further promote consumption, indicating a strategic focus on consumption upgrades leading to industrial upgrades [1] - China International Capital Corporation (CICC) noted that the previously leading technology sector has entered a consolidation phase, and with the end of Q3 earnings reports, the market is transitioning into a performance vacuum period, suggesting a potential rotation and rebound opportunity for the consumer sector [1] Industry Summary - The consumer sector is expected to benefit from multiple catalysts, including a warming CPI trend, which has a high correlation with essential consumer market performance [1] - Related popular ETFs include the Tourism ETF (562510) driven by holiday catalysts and the Ice and Snow Economy, the Food and Beverage ETF (515170) aimed at boosting domestic demand, and the Hong Kong Consumer ETF (513230) focusing on e-commerce leaders and new consumption trends [2]

Investment Rating - The report maintains a "Buy" rating for the food and beverage industry [2] Core Insights - The food and beverage industry experienced a slight decline of 0.56% from November 3 to November 7, while the overall market indices showed mixed results, with the Shanghai Composite Index down by 0.18% and the Shenzhen Component Index down by 1.40% [5][10] - The industry valuation is currently at a low level, with a Price-to-Earnings (PE) ratio of 22X as of November 14, 2025, ranking 23rd among Shenwan's primary industries [5][15] - The Consumer Price Index (CPI) showed a year-on-year increase of 0.2% in October, indicating a recovery in consumer sentiment, particularly in service consumption [6][8] Summary by Sections Industry Performance - The food and beverage sector outperformed the broader market, with a 2.82% increase, ranking 6th out of 31 sectors [5][10] - Sub-sectors such as pre-processed foods, baked goods, and dairy products saw increases of 6.93%, 5.07%, and 4.33% respectively [5][10] Valuation Metrics - The food and beverage industry's PE ratio is 22X, with other alcoholic beverages at 58X, health products at 38X, and snacks at 36X, while white spirits, beer, and pre-processed foods have lower valuations at 20X, 23X, and 23X respectively [15] Consumer Trends - The CPI's increase is attributed to policies aimed at boosting domestic demand and the impact of the National Day and Mid-Autumn Festival holidays [6] - Food prices saw a decline of 2.9% year-on-year, with dairy prices down by 1.7% and alcoholic beverages down by 2.0% [7] Investment Recommendations - The report suggests focusing on companies with stable demand and strong risk resilience, as well as those innovating in new products, channels, and consumption scenarios [8][42] - Recommended companies include New Dairy, Andeli, Shanxi Fenjiu, Guizhou Moutai, and Yanjinpuzi [8][42]