【导读】周五，不平静 中国基金报记者 泰勒 大家好，今天市场很不平静，尾盘还大幅跳水，一起看看发生了什么事情。 尾盘跳水，失守4000点 11月14日，市场全天震荡调整，沪指失守4000点，创业板指跌近3%。截至收盘， 沪指跌0.97%，深成指跌1.93%，创业板指跌2.82%。 市场共1961只个股上涨，89只个股涨停，3323只个股下跌。 | 880005 张跌家数 | | | | --- | --- | --- | | 글 中 | 涨停 | 89 | | 涨幅 | > 7% | 118 | | 涨幅 | 5-7% | 70 | | 涨幅 | 3-5% | 173 | | 涨幅 | 0-3% | 1600 | | 跌幅 | 0-3% | 2720 | | 跌幅 | 3-5% | 427 | | 跌幅 | 5-7% | 119 | | 跌幅 | > 1% | 57 | | 其中 跌停 | | 9 | | 上涨家数 | | 1961 | | | | 3323 | | | | 165 | | 下跌下 解放款 | | 5449 | | | | 19803.82 Z | | | | 140104.1万 | | 涨家 ...

Market Overview - The three major A-share indices opened lower and closed down, with the Shanghai Composite Index falling by 0.97%, the Shenzhen Component Index down by 1.93%, and the ChiNext Index decreasing by 2.82% [1] - The total trading volume in the Shanghai and Shenzhen markets was 19,804 billion yuan, a decrease of 853 billion yuan compared to the previous day [1] - Over 3,300 stocks in the market experienced declines [1] Sector Performance - The Hainan and Fujian sectors showed strong performance throughout the day, with several stocks hitting the daily limit [1] - Pharmaceutical stocks related to influenza saw significant gains, while gas and photovoltaic equipment sectors also performed well [1] - The storage chip sector experienced a pullback, with stocks like Baiwei Storage dropping over 10% [1] - The CPO and food and beverage sectors faced adjustments, with San Yuan shares hitting the daily limit down [1] Notable Stocks - Stocks such as Kangzhi Pharmaceutical, Hainan Haiyao, Hainan Development, and Haima Automobile reached the daily limit up [1] - Gas stocks like Changchun Gas and Victory Shares also hit the daily limit up [1] - The photovoltaic concept saw a brief surge before retreating, with Zhongxin Bo rising over 10% [1] - Medical stocks led the market, with companies like Yuyuan Pingmin and Renmin Tongtai hitting the daily limit up [1]

食品饮料 2025 年 11 月 14 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -24% -12% 0% 12% 24% 2024-11 2025-03 2025-07 食品饮料 沪深300 相关研究报告 《白酒底部布局，兼顾成长型标的— 行业周报》-2025.11.9 《三季报业绩压力增大，白酒报表持 续出清—行业周报》-2025.11.2 《底部修复，柳暗花明—行业投资策 略》-2025.10.31 底部布局，柳暗花明 ——行业投资策略 | 张宇光（分析师） | 张恒玮（分析师） | 张思敏（分析师） | | --- | --- | --- | | zhangyuguang@kysec.cn | zhanghengwei@kysec.cn | zhangsimin@kysec.cn | | 证书编号：S0790520030003 | 证书编号：S0790524010001 | 证书编号：S0790525080001 | |  市场表现：食品饮料年初至今跑输大盘 | | | 食品饮料跑输大盘，零食板块表现较好。2025 年 1-10 月食品饮料板块下降 1.1%， 跑输沪深 300 约 3 ...

- The consumer index performed well in November, with the CSI Major Consumer Index (000932.SH) rising by 2.99% as of November 12, 2025, outperforming the Wind All A Index (-0.41%) during the same period [3][14][15] - Public fund holdings in the consumer sector have been declining throughout 2025, based on real-time calculations using public market information such as fund net value, disclosed holdings, and research activities [4][19][21] - ETF holdings in the consumer sector have been increasing since August 2025, reflecting the growing popularity of index investment products, with the total scale of public ETF funds exceeding 5.6 trillion yuan by the end of Q3 2025 [4][20][25] - Margin financing balances in the consumer sector have rebounded since June 2025, indicating increased market optimism among investors [4][23][26] - Institutional research activities in 2025 have been most frequent for companies such as Angel Yeast, Haid Group, and Fuling Zhacai [5][24][28] - Snowball platform influencers have shown the highest interest in companies like Anjoy Foods, Kweichow Moutai, and Proya since November 1, 2025 [5][28][29] - Major funds have flowed into companies such as COFCO Sugar, Dongpeng Beverage, and Luzhou Laojiao since November 1, 2025, with large and super-large orders used as proxy variables for major funds [5][29][30] - Companies such as Yangyuan Drinks, COFCO Sugar, and New Novartis have appeared on the Dragon Tiger List since April 1, 2025, reflecting active trading dynamics [5][32][33] - High-frequency shareholder data shows significant increases in shareholder numbers for companies like Anjoy Foods, Proya, and New Novartis, which may indicate potential risks for subsequent stock prices [5][34][36]

提振内需+低估赛道：食品饮料ETF(515170)； 电商龙头+新消费：港股消费ETF(513230)。 假期催化+冰雪经济：旅游ETF(562510)； 11月12日起，浙江、广东、四川多所中小学迎来史上首个秋假。航旅纵横大数据显示，11月12日-11月 23日，国内往返四川、浙江、广东、湖北的机票平均价格(不含税)约700元，同比去年增长约7%。秋假 期间，成都—三亚、成都—海口、杭州—厦门等航线较为热门，部分航班已显示售罄。"史上首个秋 假"引发出行热潮，机票价格上涨与部分航线售罄，体现出政策红利对文旅消费的直接拉动效应。作为 教育体系内的新假期安排，秋假的落地不仅释放了家庭出游需求，也在"黄金周"之外创造了新的旅游高 峰。 11月14日，国新办就2025年10月份国民经济运行情况举行新闻发布会，相关负责人表示，从新兴消费 看，数字消费和绿色消费持续壮大，有力促进消费增长。1-10月份，全国网上零售额同比增长9.6%，其 中实物商品零售额增长6.3%，快于社会消费品零售总额增速，即时零售交易额和直播电商交易额均保 持两位数增长。1-10月份，新能源汽车零售额继续保持较快增长。此外，我国正处在消费结构升级 ...

曾以"爱她，就请她吃哈根达斯"风靡中国的高端冰淇淋品牌，如今却频频被传出售。 11月13日，通用磨坊官方就"哈根达斯中国业务是否在出售中"回复21世纪经济报道记者称，"对此谣传 不予置评"。 "这主要归功于我们推出的手持产品。"通用磨坊国际业务总裁Ricardo Fernandez直言，在华面临更具挑 战性的宏观环境，"那里的消费者压力较大，特别是影响了我们的（哈根达斯）门店业务。" 更进一步的，通用磨坊全球首席执行官Jeff Harmening介绍，哈根达斯已将手持产品的生产转移到中 国。据介绍，在中国市场，哈根达斯手持冰淇淋的分销网络扩大至原来的两倍以上。 实际上，早在今年6月，哈根达斯要出售中国门店的传闻传得沸沸扬扬，通用磨坊就已回应过"对谣传不 予置评"。两次回应只字不差。 不仅是通用磨坊，哈根达斯的另一个运营方 Froneri，也被传出被高盛筹备以约1200亿人民币收购。 哈根达斯曾凭借 "纯天然" 品质打造高端形象。1996 年进入中国后，在那个国内冰棍、雪糕多为0.5元、 1元的年代，哈根达斯以单球25元的高价切入市场，黄金地段的门店选址和高端的门店装修，成功在中 国消费者心中塑造了高端品牌形象 ...

又一福建企业顺利实现权棒交接。 达利食品的前身，是许世辉于1989年在福建泉州惠安县创立的美利食品厂。在那个零食相对匮乏的年 代，饼干以散装称重为主，留意到消费者对高品质饼干的需求，许世辉推出了一款包装精美的"美利"牌 饼干，迅速为食品厂打开了销路。 踩中零食行业发展风口，为达利食品攒下了家底，而对标国际与国内行业龙头的爆款产品，采取跟随策 略，则是达利食品业绩腾飞的关键。 图源：pexels 1997年，韩国品牌好丽友的派类产品正式进入中国市场，成为风靡全国的明星单品。然而，好丽友派14 元一盒的价格在当时并不便宜。2002年，许世辉推出"达利园"蛋黄派，找来明星许晴代言，定价仅为好 丽友的三分之二，成功从韩国巨头手中抢下市场。 近日，达利食品集团（下称"达利食品"）宣布，创始人许世辉的女儿许阳阳正式接任集团总裁。至此， 这一成立超过30年的福建食品饮料巨头，正式实现二代接班。 达利食品由1958年出生的福建泉州人许世辉创立于1989年，旗下有"达利园""好吃点""可比克""和其 正""乐虎""豆本豆"六大国民品牌，2018年至2021年，达利食品的营收均超过200亿元。背靠闷声赚钱的 达利食品，许世辉家族 ...

中银国际表示，前期领涨的科技板块进入震荡平台期，随着三季报披露结束，市场进入业绩空窗期，市 场风格轮动加速，CPI回暖趋势初现，必选消费市场表现与CPI同比有较高相关性，盈利-估值性价比对 比，消费风格具有明确优势，多重催化之下消费风格或将迎来轮动补涨机会。 每日经济新闻 在美国就业数据明显走弱，通胀尚可的情况下，美联储官员释放鹰派信号。美联储于12月降息的概率大 幅下滑，引发全球股市调整，亚太地区日经225、韩国首尔综指、上证指数、深证成指、恒生指数等集 体调整。 近期市场担忧科技板块的估值泡沫，而相对低估的大消费、大金融等板块韧性较强，冰雪旅游、免税店 等概念活跃。食品饮料ETF（515170）、旅游ETF（562510）等盘中一度翻红。 ...

Group 1 - A-shares indices opened lower but closed higher, with the Shanghai Composite Index reaching a ten-year high, driven by strong performance in the consumer sector [1] - The China Securities Food and Beverage Index rose by 0.69%, marking six consecutive days of gains, with notable stocks including San Yuan and Xin Nuo Wei [1] - The China A500 Index increased by 1.43%, with multiple stocks such as Tianhua New Energy and Xinjie Materials rising over 10% [1] Group 2 - During the "Double 11" shopping festival from October 21 to November 11, the national postal and express delivery companies processed 13.938 billion packages, achieving significant year-on-year growth [2] - Instant retail emerged as the biggest surprise during the "Double 11" festival, with Meituan's flash purchase platform reporting record highs in transaction volume, user numbers, and per capita spending [2] - Zhongyin Securities anticipates a recovery in the food and beverage sector, highlighting resilient performance in the liquor sector and the recovery of mass consumer goods [2] - Shengan Securities noted that subcategories within mass consumer goods, such as snacks and yellow wine, continue to show growth, with Q3 revenue for leading companies in these categories maintaining good year-on-year growth [2]

Core Insights - The report highlights a potential rotation in consumer styles, driven by a recovery in CPI and favorable profit-valuation comparisons, suggesting that consumer sectors may experience a rebound [6][2][7] Company Summaries 1. China Eastern Airlines (600115.SH) - Notable inclusion in the November stock selection list, indicating positive sentiment towards the airline sector [1] 2. Baijiu Industry - The baijiu industry is experiencing a significant decline, with revenue and net profit growth rates of -5.8% and -6.9% respectively for the first three quarters of 2025. The third quarter saw a sharper decline with revenue and net profit growth rates of -18.5% and -22.1% respectively. The industry is transitioning from "over-competition" to "orderly competition" as companies reduce channel expenses to stabilize prices [8][7] 3. Baijun Medical (佰仁医疗) - The company reported a revenue of 382 million yuan for the first three quarters of 2025, a year-on-year increase of 30.58%. The net profit attributable to shareholders was 93 million yuan, up 57.93%. The third quarter alone saw a revenue of 134 million yuan, a 31.54% increase year-on-year, although net profit decreased by 9.39% [3][11][12] 4. Food and Beverage Sector - The food and beverage industry is expected to recover due to policies aimed at boosting consumer spending and improving macroeconomic data. The report notes that the core CPI has shown signs of recovery, with September and October figures at 1.0% and 1.2% respectively, indicating a positive trend in consumer prices [7][2][6] 5. Frozen Food and Beer Sectors - The frozen food sector is closely linked to the restaurant industry, with leading companies showing significant recovery as they adapt to market changes. The beer sector, while still facing challenges, is expected to benefit from the recovery in restaurant consumption in 2026 [9][8] 6. Consumer Spending - The report emphasizes that improving consumer spending is a key goal in the "14th Five-Year Plan," with a focus on enhancing domestic demand as a primary driver of economic growth. The contribution of final consumption expenditure to GDP growth has been higher than that of capital formation in recent years [7][6] 7. Research and Development in Baijun Medical - Baijun Medical has increased its R&D investment, with 118 million yuan spent in the first three quarters, accounting for 30.81% of its revenue. The company has several products in the approval process, which are expected to contribute to future growth [13][12][11]