Domestic Market Overview - The domestic market experienced a slight decline after a brief rise, with the Shanghai Composite Index closing at 3870.6 points, down 0.12%, and the Shenzhen Component Index at 12924.13 points, down 0.43% [1][9] - Among 30 first-level industries, 9 saw an increase, with non-ferrous metals, real estate, and steel leading the gains, while communication, banking, and non-bank financial sectors faced significant declines [1][9] - The total trading volume of the A-share market reached 25,483 billion, showing an increase compared to the previous day [1][9] Overseas Market Overview - The three major U.S. stock indices closed mixed, with the Dow Jones down 0.59% and the Nasdaq up 0.44%, reaching a new historical high [2] - Tesla's stock surged over 7%, while other companies like Merck and Sherwin-Williams fell more than 2% [2] Industry News - The Ministry of Commerce announced an anti-dumping investigation into imported simulation chips from the U.S., citing evidence of significant price drops and a dumping margin exceeding 300% [10][14] - The automotive industry is set to implement a growth stabilization plan aiming for annual vehicle sales of approximately 32.3 million units in 2025, with 15.5 million being new energy vehicles [17] - A national standard draft for pre-prepared dishes has passed expert review and will soon seek public opinion, marking a significant regulatory step for the industry [19]

每经编辑｜程鹏 潘海福 9月15日中午，西贝餐饮集团就近期预制菜争议发布致歉信（详见刚刚，西贝致歉：尽可能把中央厨房前置加工工艺调整到门店现场加工，改用非转基因 大豆油，10月前全国门店完成调整）。 不过这则道歉信在发布后又被删除，道歉信中称"顾客虐我千百遍"，受到不少网友质疑。不久后，这封道歉信又被发出，区别是"虐"字加了引号。 随后，罗永浩转发了该道歉信，称"顾客虐你什么了？顾客都被你打成网络黑社会了，谁虐谁呢"。 罗永浩称"华与华的老板已道歉" 9月15日，罗永浩发文称，"华与华的老板已经跟我道了歉，这件事可以过去了，毕竟它只是一个跑题的插曲。严肃的主题还是餐饮企业使用预制菜时，为 什么必须给消费者知情权。" 罗永浩直播间说道，"以后别的企业再用华与华，产生的可能就是大家会怀疑那个品牌是不是智力有问题，脑子有问题。" 罗永浩表示，"有人问是不是你们出钱给华与华，让华与华出这个招。那我们出不起，他们服务西贝10年，收了6000万。" 近期，西贝餐饮与罗永浩就预制菜引发的争论在网络上持续发酵。9月14日晚间，贾国龙在某个行业群内的言论截图流出。其中除了提到西贝从今以后要 打明牌、向胖东来学习外，还将罗永浩称 ...

Core Viewpoint - The recent controversy surrounding pre-prepared dishes (pre-cooked meals) has sparked significant public interest, particularly regarding their definition, safety, and the transparency of their use in the restaurant industry [2][3][24]. Group 1: Definition and Standards - Pre-prepared dishes are defined as meals made from one or more food products that undergo industrial pre-processing and require heating or cooking before consumption [5][14]. - Foods that do not fall under the category of pre-prepared dishes include raw vegetables that have only been cleaned and cut, as well as various staple foods like frozen noodles, sandwiches, and ready-to-eat salads [6][7][9]. Group 2: Safety and Regulation - The regulatory framework emphasizes the need for strict food safety management, including the establishment of food safety management systems and rigorous checks on raw materials [10][12]. - The notification from regulatory bodies highlights the importance of not adding preservatives to pre-prepared dishes, aligning with consumer expectations for fresh food [12][19]. Group 3: Consumer Rights and Transparency - There is a strong call for transparency in the use of pre-prepared dishes in restaurants, ensuring consumers are informed about what they are purchasing [19][23]. - The discussion around pre-prepared dishes reflects broader consumer concerns about food safety and quality, emphasizing the need for clear communication from food service providers [13][24]. Group 4: Industry Development and Future Directions - The pre-prepared dish industry is seen as a vital part of the food sector, with calls for standardized regulations and innovative practices to enhance quality and safety [20][21]. - Experts suggest that the future of the pre-prepared dish industry lies in standardization, transparency, and innovation, which will help build consumer trust and support industry growth [21][24].

Core Viewpoint - The recent controversy surrounding pre-prepared dishes (pre-cooked meals) has sparked significant public interest, particularly regarding consumer rights and the quality of dining experiences. The discussion emphasizes the need for clearer definitions, reduced information asymmetry, and maintaining food quality while providing convenience [3][25]. Group 1: Definition and Classification of Pre-prepared Dishes - Pre-prepared dishes are defined as meals made from one or more food products that undergo industrial pre-processing and require heating or cooking before consumption. They do not contain preservatives [5][16]. - Foods that do not fall under the category of pre-prepared dishes include simply processed fresh vegetables, frozen staple foods, and meals prepared in central kitchens that comply with food safety regulations [6][7][10]. Group 2: Safety and Regulatory Measures - The regulatory framework emphasizes the importance of strict food safety management, including the establishment of food safety management systems and rigorous quality control of raw materials [11]. - There is a call for enhanced supervision and inspection of pre-prepared dish production, focusing on quality control throughout the supply chain [11][24]. Group 3: Consumer Rights and Transparency - The promotion of transparency regarding the use of pre-prepared dishes in restaurants is crucial to safeguard consumer rights. Consumers should be informed about the nature of the dishes they are purchasing [12][22]. - The discussion highlights the need for a clear labeling system and the establishment of a complaint mechanism for consumers to report misleading practices [24][25]. Group 4: Industry Development and Future Directions - The pre-prepared dish industry is recognized as a significant component of the food industry, with calls for standardized regulations and innovative practices to enhance quality and safety [23][24]. - Experts suggest that the future of the pre-prepared dish industry lies in standardization, transparency, and innovation, which will help build consumer trust and support industry growth [24].

本文来自微信公众号：DD不扯蛋，作者：一级棒的Sam，题图来自：AI生成 一场争论，两种猜测 "几乎全都是预制菜，还那么贵，实在是太恶心了！"罗永浩9月10日的微博让西贝陷入舆论风暴，也让 整个预制菜行业站到了聚光灯下。 有人说老罗是预制菜的"行业冥灯"，一出手就让整个赛道遭受重创；也有人认为他是"救世主"，推动了 行业的正本清源。 9月13日，《预制菜食品安全国家标准》草案通过专家审查。这个时间节点很微妙——一场看似偶然的 消费纠纷，正成为万亿市场重新洗牌的导火索。 答案可能是：老罗既是冥灯，也是救世主。关键看你站在哪个位置。 大家其实是先接受价格，再接受预制菜 很多人为预制菜辩护时都爱拿萨莉亚举例："你看，大家不是很接受萨莉亚的预制菜吗？"但这个逻辑有 个盲点：大家并不是主动接受预制菜，而是先接受了价格，再被动接受预制菜。 萨莉亚一顿饭人均40～50元，这个价格让消费者对"标准化食品"有了心理预期。但如果萨莉亚卖到西贝 的价格，消费者还会这么宽容吗？ 问题的核心在于：预制菜在大家心智里，包括西贝老板贾国龙的心智里，还是和"低端"绑定的。 消费者对预制菜的认知场景有两种： 小作坊版本：地下室里阿姨一把鼻涕一 ...

Core Viewpoint - The article discusses the recent surge in the pre-prepared food (pre-cooked meals) sector in the A-share market, driven by public discourse and controversies surrounding the industry, particularly involving the West Be restaurant chain and influencer Luo Yonghao [3][4][14]. Group 1: Market Activity - On September 15, several pre-prepared food stocks experienced significant movements, with Delisi hitting the daily limit, and Huifa Foods and Sanjiang Shopping also seeing sharp increases [3][4]. - The pre-prepared food industry is witnessing a high growth trend, with a reported CAGR of 19% from 2019 to 2022, and projected revenue reaching 475.7 billion yuan by 2025 [17]. Group 2: Industry Controversy - The controversy began with Luo Yonghao criticizing West Be's pre-prepared meals, leading to a public debate that attracted attention from major media outlets like People's Daily and Xinhua News [3][14][15]. - West Be issued an apology, acknowledging discrepancies between their production methods and customer expectations, and announced plans to adjust their cooking processes to enhance customer experience [5][6][7][8][9][10][11][12][13]. Group 3: Regulatory and Industry Insights - Major media outlets emphasized the need for transparency and consumer trust in the pre-prepared food sector, highlighting the importance of clear standards and regulations [14][15][16]. - The article notes that the pre-prepared food industry is an essential part of the food industry, and its healthy development is crucial to meet the diverse needs of consumers [16]. Group 4: Future Outlook - Experts suggest that the future of the pre-prepared food industry lies in standardization, transparency, and innovation, with calls for national standards to guide production and processing [16][17]. - The current penetration rate of pre-prepared meals in China is between 10% and 15%, significantly lower than the 60% seen in mature markets, indicating substantial growth potential [17].

截至智通财经发稿，得利斯（002330.SZ）涨停，惠发食品（603536.SH）涨停，味知香（605089.SH）、国联水产（300094.SZ）、千味央厨（001215.SZ） 等跟涨。 当天，西贝发布致歉信称，将尽可能把中央厨房前置加工工艺调整到门店现场加工。2025年10月1日前，西贝全国门店会陆续完成相关调整。 登录新浪财经APP 搜索【信披】查看更多考评等级 智通财经编辑 | 江怡曼 近日，罗永浩与西贝的"预制菜争议"被大众所关注。9月15日，A股预制菜概念持续活跃。 9月13日，据第一财经报道，国家卫健委主导的《预制菜食品安全国家标准》草案已通过审查，即将向社会公开征求意见。届时，预制菜"身份"将有统一说 法，餐饮门店是否使用、如何使用预制菜，也将首次纳入信息披露范畴。也有专家建议，预制菜的上述信息应强制披露。 千味央厨在互动平台回答投资者关于如何应对公众对预制菜行业的信任危机时表示，其深刻理解并高度重视当前市场对预制菜行业存在的信任挑战，并采取 了多项应对措施，包括源头严控与供应链升级，公司始终将保障原料的稳定供应与卓越质量视为重中之重；构建严密的质量监控体系，针对不同业务环节制 定了质量管理 ...

Group 1: Market Overview - The Shanghai Composite Index has stabilized above 3400 points, with increasing trading volume and a stock rise-fall ratio of 2.57:1, indicating a seemingly strong market [1] - However, less than 50% of stocks have risen more than 6%, suggesting underlying weaknesses in the market [1] Group 2: Illusions in the Bull Market - The approval of the national standard for pre-prepared food safety reflects a "waiting for rise" illusion, indicating potential transformation pressures for related restaurant businesses [3] - A significant drop in shipping prices, with the Ningbo Export Container Freight Index decreasing by 11.7%, highlights the "hot and cold" illusion in the market [3] - The denial by Goldman Sachs regarding the upgrade of Shenghong Technology's target price illustrates the "rise and fall" illusion, where misleading information is prevalent [3] - Despite low loan interest rates (approximately 3.1% for new loans in August), a wave of shareholder reduction plans from over 30 companies indicates a "high and low" illusion in market liquidity [3] Group 3: Quantitative Perspective - Anxiety in investment decisions stems from the tendency to speculate on market fluctuations rather than focusing on fundamental data [4] - The analysis of two stocks shows that while one stock has occasional rebounds, its "institutional inventory" has disappeared, whereas the other stock, despite a sharp decline, maintains active "institutional inventory" [6] Group 4: Global Investment Insights - Recent global events, such as the U.S. anti-dumping investigation on simulated chips and significant layoffs at Musk's AI company, emphasize the need for a broader investment perspective in a globalized economy [12] - The new regulations on pre-prepared food not only signify the beginning of industry standardization but also indicate a trend towards consumer upgrades [12] - Investors are encouraged to focus on core data that truly impacts the market, rather than being swayed by overwhelming information, to avoid traps in a bull market and seize opportunities during fluctuations [12]

Investment Rating - The report maintains a "Recommended" investment rating for the food and beverage industry [9] Core Viewpoints - The liquor sector has seen companies initiate performance clearing in Q2, with adjustments in channels and product structures. The performance aligns with market expectations, and Q3 shows signs of marginal recovery in sales [6][58] - The prepared food sector is expected to benefit from the upcoming public consultation on food safety standards, which will enhance industry self-regulation and favor leading brands [7][59] - The new consumption sector is supported by initiatives from platforms like Gaode, which aims to boost offline dining through substantial subsidies [8][60] Summary by Sections Industry News - Gaode will distribute over 1 billion yuan in subsidies to encourage in-store consumption [19] - The draft of the national food safety standard for prepared dishes has passed review [19] - Alcohol prices have decreased by 2.0% year-on-year from January to August [19] Investment Insights - Liquor Sector: Companies like Guizhou Moutai, Wuliangye, and Luzhou Laojiao are recommended for their high dividend yields and cyclical advantages [6][58] - Prepared Food Sector: The new food safety standards are expected to clarify the definition and scope of prepared dishes, benefiting leading brands like Anjifood and Qianwei Central Kitchen [7][59] - New Consumption Sector: The introduction of Gaode's "Street Ranking" and support plans is anticipated to increase foot traffic in restaurants [8][60] Key Company Focus and Earnings Forecast - The report highlights key companies in the liquor sector, including Luzhou Laojiao, Gujing Gongjiu, and Wuliangye, all rated as "Buy" with projected earnings per share (EPS) growth [11][12] - In the prepared food sector, companies like Anjifood and Longda Meishi are noted for their potential growth due to industry standards [7][59]

Core Viewpoint - The recent controversy surrounding pre-prepared dishes (pre-cooked meals) has led to significant movements in related stocks in the A-share market, highlighting the industry's potential for growth and the need for transparency and standardization in the sector [1][2][11]. Stock Movements - On September 15, several pre-prepared dish concept stocks saw notable increases, with Delisi hitting the daily limit, and other companies like Huifa Foods and Sanjiang Shopping also experiencing significant gains [1][2]. - The stock price movements were influenced by the ongoing public debate sparked by the conflict between Xibei Restaurant and Luo Yonghao regarding the use of pre-prepared dishes [2]. Industry Response - Xibei issued an apology acknowledging the gap between its production methods and customer expectations, committing to adjust its processing methods to enhance customer experience by moving more preparation to the storefront [2][11]. - The company plans to implement changes by October 1, 2025, including switching to non-GMO soybean oil for all dishes cooked with soybean oil [2]. Media Coverage - Major media outlets like People's Daily, Xinhua News Agency, and CCTV have published articles discussing the implications of the pre-prepared dish debate, emphasizing the importance of consumer rights and the need for clearer standards in the industry [11][12]. - The discussions raised critical questions about how to define pre-prepared dishes, reduce information asymmetry, and ensure quality while providing convenient services [11]. Regulatory Framework - In March 2024, a joint notice from several regulatory bodies will clarify the definition of pre-prepared dishes and outline safety regulations to promote high-quality development in the industry [12]. - The notice emphasizes the need for transparency in the use of pre-prepared dishes in restaurants, ensuring consumers are informed about what they are consuming [12]. Industry Growth Potential - According to Huaxin Securities, the pre-prepared dish industry in China is expected to grow significantly, with a projected revenue of 475.7 billion yuan by 2025, reflecting a compound annual growth rate (CAGR) of 19% from 2019 to 2022 [14]. - The per capita consumption of pre-prepared dishes has increased from 5.4 kg in 2013 to 9.1 kg in 2022, indicating room for growth compared to more mature markets [14]. - The industry is anticipated to undergo consolidation, with increased market concentration as competition stabilizes [14].