Company News - Romashi has officially ceased operations and closed multiple flagship stores on various platforms due to ongoing quality issues, with employees reportedly packing their belongings and seeking legal counsel for unpaid benefits [8][9] - The first low-altitude economy asset-backed security (ABS) in China has been listed on the Shenzhen Stock Exchange, with a total issuance scale of 584 million yuan, aimed at supporting the development of the low-altitude economy [11] - Muyuan Foods, known as "Pig King," has reported a staggering net profit increase of 9 times for the first half of 2025, with expected profits between 10.5 billion to 11 billion yuan, driven by increased pig sales and reduced breeding costs [12][13] - Renrenle, once a leading retail chain, has officially delisted from the stock market after entering the delisting period on June 13, 2025, marking the end of its 15-year journey in A-shares [14] - Knight Dairy has been investigated for significant losses in futures trading and failure to disclose these losses in a timely manner, highlighting the struggles of regional dairy companies [15][16] - Seres Group has projected a net profit of 2.7 billion to 3.2 billion yuan for the first half of 2025, representing a year-on-year increase of 66.2% to 97% [16] - GAC Fiat Chrysler has been declared bankrupt due to its inability to repay debts, as confirmed by the management [17] - Honda China reported a 24% year-on-year decline in vehicle sales for the first half of 2025, with total sales of 315,152 units [18] Industry Insights - The real estate market in Chengdu has outperformed Shanghai, with over 176,000 homes sold in the first half of 2025, making it the top city for residential transactions in China [19] - Hong Kong's real estate market has seen a resurgence, with 37,000 transactions in the first half of 2025, the highest in three and a half years [20] - Guangdong has 17 banks listed among the world's top 1,000 banks, reflecting a strong presence in the financial sector [21] - Santander Bank has received approval to establish a branch in Shenzhen, expanding the presence of foreign financial institutions in the region [22][23] - The banking wealth management market has shown resilience, with a total market size of 30.97 trillion yuan as of June 2025, despite declining deposit rates [25]

Investment Rating - The report maintains an "Increase" rating for the food and beverage industry, indicating a positive outlook for selected companies within the sector [4]. Core Insights - The report highlights a significant differentiation within the industry, particularly in the liquor segment, where companies are actively seeking transformation amid market pressures. It emphasizes three main investment themes: leading brands, high-certainty regional brands, and flexible companies benefiting from recovery [1][2]. - In the beer and beverage sector, companies like Yanjing and Zhujiang are expected to show strong profit growth, with Yanjing projected to achieve a net profit of 1.06 to 1.14 billion yuan, reflecting a year-on-year increase of 40% to 50% [3]. Summary by Sections Liquor Industry - The liquor industry is experiencing a challenging half-year, with demand and policy impacts leading to a slowdown in sales. The report anticipates that the performance expectations for the mid-year and the entire year of 2025 have been largely adjusted [2]. - Key players like Kweichow Moutai and Wuliangye are focusing on service enhancement and transformation strategies to navigate the current market conditions. The report suggests that the upcoming month of September will be critical for assessing the impact of policies and consumer demand [2]. Beer and Beverage Sector - Yanjing Beer is expected to achieve a net profit of 1.06 to 1.14 billion yuan for the first half of 2025, marking a year-on-year increase of 40% to 50%. Zhujiang Beer is also projected to see a profit increase of 15% to 25% [3]. - Eastroc Beverage is forecasted to generate revenue of 10.63 to 10.84 billion yuan, with a net profit of 2.31 to 2.45 billion yuan, reflecting a growth of 33% to 42% year-on-year [3]. Consumer Goods - The report notes that companies like Youyou Foods and Miaokelando are expected to report significant profit increases, with Youyou Foods projecting a revenue growth of 40.91% to 50.77% [7]. - The overall consumer goods sector is highlighted as a space to watch for growth, particularly for companies that are innovating and expanding their market reach [7].

2025 年 07 月 13 日 投资评级：看好（维持） 食品饮料 行业走势图 数据来源：聚源 -24% -12% 0% 12% 24% 36% 2024-07 2024-11 2025-03 食品饮料 沪深300 相关研究报告 《白酒承压待布局，魔芋赛道涌生机 —行业周报》-2025.7.6 《白酒持续探底，新消费标的值得重 视—行业周报》-2025.6.29 《"禁酒令"纠偏催化反弹，重视板块 底部机会—行业周报》-2025.6.22 白酒布局机会渐显，新消费择优长期持有 ——行业周报 张宇光（分析师） 张思敏（联系人） zhangyuguang@kysec.cn 证书编号：S0790520030003 zhangsimin@kysec.cn 证书编号：S0790123070080 核心观点：战略布局头部酒企，坚守优质新消费标的 7 月 7 日-7 月 11 日，食品饮料指数涨幅为 0.8%，一级子行业排名第 23，与沪深 300 基本持平，子行业中白酒（+1.4%）、保健品（+1.4%）、啤酒（+1.2%）表现 相对领先。本周食品饮料行情出现变化，新消费标的高位震荡；传统消费底部有 企稳迹象。本轮白酒行 ...

上市公司进入2024年年报及2025年一季报的披露高峰期。 今夜又有多家上市公司大手笔分红。其中： 古井贡酒(000596)4月27日晚间发布2024年年度报告，公司实现营业收入235.78亿元，同比增长16.41%； 净利润55.17亿元，同比增长20.22%。公司拟以2024年末股份总数5.286亿股为基数，每10股派发人民币 50.00元（含税），共计人民币26.43亿元，不送红股，不以公积金转增股本。同日公司发布2025年一季 报，营业收入91.46亿元，同比增长10.38%；归属于上市公司股东的净利润为23.30亿元，同比增长 12.78%。 泸州老窖(000568)4月27日晚间披露年报，公司2024年实现营业收入311.96亿元，同比增长3.19%；净利 润134.73亿元，同比增长1.71%；基本每股收益9.18元。公司拟每10股派发现金红利45.92元（含税）， 共计拟派发现金红利67.59亿元（含税）。同日公司披露2025年一季报，一季度实现净利润45.93亿元， 同比增长0.41%。 美格智能(002881)发布2025年一季报，公司一季度实现营业收入9.97亿元，同比增长73.57%； ...

2025 年 07 月 13 日 A 股估值及行业中观景气跟踪周报 ——行业比较周跟踪（20250705-20250711） - 证券分析师 林丽梅 A0230513090001 linlm@swsresearch.com 刘雅婧 A0230521080001 liuyj@swsresearch.com 郝丹阳 A0230523120002 haody@swsresearch.com 王胜 A0230511060001 wangsheng@swsresearch.com 研究支持 冯彧 A0230123080001 fengyu@swsresearch.com 联系人 冯彧 (8621)23297818× fengyu@swsresearch.com 研 究 证 券 研 究 报 告 本期投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 策 略 行 业 比 较 相关研究 一、A 股本周估值（截至 2025 年 7 月 11 日） ✓ 1）指数及板块估值比较： ✓ 中证 A 股整体 PE 为 19.7 倍，处于历史 78%分位； ✓ 上证 50 指数 PE 为 ...

"冰·JOYS一直在行业内引领着白酒冰镇、愉悦畅饮的风潮，打破白酒在年轻人心中的刻板印象。"张彪 为揭幕式致辞时表示，"今天，我们在798，以结合艺术展览、周边产品、餐酒融合的全新形式，打 造'灵感发酵局'。希望在当下快节奏、高压力的环境下，为大家提供一个舒适、悦己、释放压力的生活 场所。" "国窖1573不仅是中国白酒文化的典范，更是全球范围内最坚定支持当代艺术发展的品牌之一。"尤洋表 示，"在这个夏天，让我们共同感受艺术的温度，品味生活的诗意。愿每一位到场的朋友，都能在此收 获灵感、友谊与难忘的回忆。" 高伟光表示，"作为演员，我觉得灵感是'角色转换'，冰·JOYS也是'一次精彩的角色转换'，它像一把钥 匙，解锁了国窖1573更纯粹、更灵动、层次更丰富的一面——在经典的厚重与浓烈之上，焕发出更有活 力的时尚气质，让这股新潮的'冰饮旋风'吹向了年轻人的夏日生活。" 此次国窖1573冰·JOYS"灵感发酵局"邀请八位艺术家成为轮值主理人，推出"多巴胺灵感周""精神解码灵 感周""纯粹东方灵感周""重塑JOYS灵感周""明日创想灵感周""秘密狂欢灵感周"六大主题灵感周活动， 内容涵盖展览、艺术沙龙、狂欢派对、特 ...

Core Viewpoint - The ongoing suspension of sales by major liquor companies, such as Sichuan Tuopai Shede and Shui Jing Fang, reflects a broader effort to stabilize pricing and address the issues of excessive inventory and price wars in the Chinese liquor industry [1][2][4]. Group 1: Company Actions - Sichuan Tuopai Shede announced a suspension of orders for its core product, Tuopai Tequ 2.0, effective July 10, with a date for resuming orders to be announced later [1]. - Shui Jing Fang implemented a full-channel suspension of its core product, Zhen Niang Ba Hao, and is tightening control over e-commerce channels to enforce pricing policies [1][2]. - Shui Jing Fang has taken strict measures against violations, including fines and termination of partnerships, to combat cross-regional sales and maintain pricing integrity [1]. Group 2: Industry Context - The liquor industry is experiencing unprecedented inventory pressure, with a shift in consumer drinking habits leading to increased market segmentation [4]. - Major liquor companies, including Wuliangye and Luzhou Laojiao, have adopted similar suspension measures to stabilize prices, indicating a collective industry response to the challenges faced [4]. - The high-end liquor market is seeing price fluctuations, while competition in the mid-range segment is intensifying, prompting companies to shift from a "channel pressure" model to a "sales-driven" approach [5]. Group 3: Future Outlook - The effectiveness of the suspension measures remains uncertain, as reducing market supply may alleviate downward price pressure but does not address the underlying inventory issues [5]. - The long-term recovery of the liquor industry hinges on restoring consumer confidence, balancing manufacturer interests, and optimizing product structures [5]. - The industry faces the challenge of achieving a smooth transition during this adjustment period while seeking new growth drivers [5].

三五知己，推杯换盏，两杯小酒既可以在餐桌上成为主角，成为调节气氛的利器；也能够让人暂时忘却 俗世的烦恼，获得短暂的愉悦。 对于拥有主场优势的白酒来说，这本来是自带buff的绝妙开局。但白酒行业自2021年开始年年跑输大盘 的疲软，似乎又证明了事情并不如想象中那么美妙。 白酒，"等待戈多" 在年初发布的2025年酒业市场走向预测中，中国酒业协会曾明确表示，"白酒头部领军企业稳步前行， 整体态势2025年优于2024年，酒业前景一片向好"。 本文来自微信公众号：新周刊 （ID：new-weekly），作者：梓晨，编辑：DR，头图来自：AI生成 中国人爱喝酒，也需要酒精的作用。 而现在，随着消费回归理性，原本就处于调整周期的白酒行业，也放下了年内向上反弹的期望。 然而，事实证明，行业"触底反弹"的前提是已经"见底"。 2025年5月，随着相关规定出台，贵州茅台、五粮液、泸州老窖等头部白酒企业股价集体下挫，单日跌 幅均超2%。 继消费面的挑战之后，白酒业再遭政策面的影响，关于行业的前景描述变成了"产业升级迫在眉睫"。 半年后，中国酒业协会发布的《2025中国白酒市场中期研究报告》显示，商务宴请在半年内的市场中占 比持 ...

Investment Rating - The report maintains a positive outlook on the food and beverage industry, particularly highlighting the long-term investment value of leading traditional consumer companies after adjustments [4][8]. Core Views - The report emphasizes that the head enterprises in traditional consumption have adjusted and now possess long-term investment value from a dividend and yield perspective. It notes that the performance of food stocks with new consumption characteristics will diverge in the future, focusing on companies with genuine long-term competitiveness and improvement potential [4][8]. - In the liquor sector, it is anticipated that sales pressure will remain significant due to slow macro demand recovery and limited consumption scenarios. The report recommends key companies such as Kweichow Moutai, Shanxi Fenjiu, and Luzhou Laojiao, while keeping an eye on Wuliangye, Jiansu Yanjia, and Yingjia Gongjiu [4][8]. - For the mass consumer goods sector, the report suggests that cost advantages will support profitability, and new products and channels will drive growth. It recommends leading companies in mature sectors like dairy and beer, and highlights growth opportunities in new retail formats and categories driven by consumer trends towards self-care, health, and convenience [4][8]. Summary by Sections 1. Weekly Insights on Food and Beverage - The food and beverage sector saw a 0.84% increase last week, with liquor rising by 1.41%. However, it underperformed the broader market by 0.25 percentage points, ranking 26th among 31 sub-industries [7][43]. 2. Market Performance of Food and Beverage Sectors - The report indicates that the food and beverage industry underperformed the Shenwan A index by 0.73 percentage points from July 7 to July 11, 2025. The sub-industries, including liquor, beer, and snacks, also showed varying degrees of underperformance [43][44]. 3. Key Company Updates - Yanjing Beer expects a net profit of 1.06 to 1.14 billion yuan for H1 2025, a year-on-year increase of 40% to 50% [12]. - Dongpeng Beverage anticipates a net profit of 2.31 to 2.45 billion yuan for H1 2025, reflecting a growth of 33.5% to 41.6% [13]. - Youyou Foods projects a net profit of 105 to 112 million yuan for H1 2025, marking a growth of 37.91% to 47.57% [14]. 4. Price Trends and Cost Changes - The average price of fresh milk in major production areas is 3.04 yuan/kg, down 6.5% year-on-year. The report also notes price trends for various agricultural products, including pork and soybeans [24][39][40].

证券研究报告 最新A股、港股、美股估值怎么看？ ——估值周报（0707-0711） 李立峰 SAC NO:S1120520090003 冯逸华 SAC NO:S1120523070007 2025年7月12日 请仔细阅读在本报告尾部的重要法律声明 全球主要指数估值总览 注：自2010年1月起，截至2025年7月11日 0 20 40 60 80 100 120 140 160 上证指数 创业板指 恒生指数 恒生科技 标普500 纳斯达克指数 道琼斯工业指数 日经225 德国DAX 中位数 最大值 最小值 现值 A股 港股 美股 日股 德股 图表1：全球主要指数PE(TTM) 资料来源： wind ，华西证券研究所 2 目录 风险提示 3 一、A股市场估值水平 二、A股行业估值水平 三、部分机构集中持有个股估值水平 四、港股市场估值水平 五、港股行业估值水平 六、美股市场估值水平 七、中概股估值、中美银行股估值比较 1.1 A股绝对估值变化 图表2、3：A股整体PE(TTM)、A股剔除金融和石油石化PE(TTM，剔除负值) 15.94 2010-01 2011-01 2012-01 2013-01 2014-0 ...