Investment Rating - The report maintains an "Increase" rating for the food and beverage industry, indicating a positive outlook for the sector [4]. Core Insights - The report emphasizes the need for companies to strengthen their internal capabilities while actively seeking new growth avenues. It highlights three main investment themes in the liquor segment: leading brands, sustained dividends, and recovery beneficiaries [1]. - In the consumer goods sector, the focus is on identifying high-growth and strong recovery opportunities, with specific companies recommended for investment based on their growth potential and market positioning [1]. Summary by Relevant Sections Liquor Segment - Leading brands such as Kweichow Moutai, Wuliangye, Shanxi Fenjiu, and Gujing Gongjiu are expected to continue gaining market share [1]. - Companies like Yingjia Gongjiu and Jinshiyuan are highlighted for their high certainty in regional markets, while flexible stocks benefiting from recovery include Luzhou Laojiao and Shui Jing Fang [1]. Consumer Goods Segment - Companies like Salted Fish, Haoxiangni, and Dongpeng Beverage are noted for their high growth potential, while Qingdao Beer and Haitian Flavor Industry are expected to benefit from policy support and recovery improvements [1]. - The report mentions that companies are actively exploring new growth curves while maintaining their operational advantages [1]. Company-Specific Insights - Unified Enterprises China is launching new products in both beverages and food, indicating a stable operational performance [2]. - Haitian Flavor Industry is set to benefit from domestic demand stimulation and has clear overseas expansion goals, positioning it well for future growth [2]. - Good Idea is expanding its product categories while improving its core business, indicating a positive trend in operational performance [2]. - Zhou Hei Ya is focusing on enhancing store efficiency and exploring new markets, which may lead to a new growth trajectory [3]. - Hengshun Vinegar Industry is strengthening brand marketing and expanding distribution channels, which is expected to support steady growth [3]. - Qiaqia Food is under short-term cost pressure but is innovating in product categories to explore new opportunities [3]. - Guyue Longshan is increasing product prices and focusing on cross-industry innovations, aiming for sales growth of over 6% in 2025 [6].

【策略 】 总量业绩增速转正，成长股资本开支提速—— 2024年报与2025一季报分析 导读： 2025Q1 总量业绩增速回升转正，科技与部分顺周期业绩占优，新兴科技与两重两新是最清晰的 景气线索。成长板块资本开支提速，科技与周期经营现金流修复明显 。 总量增速回升转正，科技成长业绩占优。 全 A 非金融石油石化（全 A 两非）归母净利润 增速在 2024Q4 继续探底，但在后续的 2025Q1 转正，控费带动净利率回升是一季度盈利增速回升的主要 因 素，但周转率仍有下行压力。结构上，一季度景气线索清晰，具备新兴产业趋势的 AI 硬件业绩增速居 前，顺经济周期链条中"两重两新"落地扩容带动了汽车 / 家电 / 工程机械的业绩增长，供给受限的有色 / 化工增速居前。此外，非银受益资本市场活跃，业绩增速也改善明显。 总量增速改善，成长与中小盘修复明显。 1 ）盈利增速： 2024 年全 A 两非营收同比 -0.8% ，净利润 同比 -14.0% 。利润表拆分看，毛利率走弱与费用率上升共同拖累净利率。但 2025Q1 全 A 两非净利润 同比 +4.7% ，较 2024 全年明显改善，主要因为费用率的大幅下行与毛利 ...

智通财经APP获悉，华创证券发布研报称，酒企年报及一季报定调全年步入纾压节奏，行业进入筑底 期。节奏上看，25Q2进一步出清后，行业有望迎来底部信号，下半年酒企务实去库后或可轻装上阵， 有望迎来修复。优先推荐各价格带龙一茅台(600519.SH)、五粮液(000858.SZ)、汾酒(600809.SH)，持续 推荐动销反馈较好的区域龙头古井(000596.SZ)、今世缘(603369.SH)，以及需求一旦好转的弹性品种老 窖(000568.SZ)。 重视内需修复，先锐度，再厚度。自上而下视角，内需在宏观经济25年驱动地位更加突出，行业中观层 面看，新场景和新品类结构性机会已频出，零食、饮料等年报一季报具备亮点，而传统板块啤酒、乳 业、调味品已走出底部，预计餐饮供应链、白酒等也将逐一出清回暖。总而言之，我们建议更乐观看待 食品饮料今年投资机会，或将逐渐传导至筑底回暖板块，下半年甚至有望迎来基本面和估值双击的乐观 情景 华创证券主要观点如下： 白酒板块：底部信号渐显，结构剧烈分化，龙头韧劲突出。具体来看： 24年报表纾压，除茅台外头部酒企均放弃目标。24年白酒需求整体走弱，压力传导至上市酒企报表，自 24Q2行业 ...

2025 年 05 月 06 日 年报季顺利收官，五一白酒需求符合预期 推荐(维持) 投资要点 分析师：孙山山 S1050521110005 sunss@cfsc.com.cn 联系人：肖燕南 S1050123060024 xiaoyn@cfsc.com.cn 联系人：张倩 S1050124070037 zhangqian@cfsc.com.cn 行业相对表现 | 表现 | 1M | 3M | 12M | | --- | --- | --- | --- | | 食品饮料(申万) | -1.5 | 8.1 | -9.2 | | 沪深 300 | -2.4 | -0.6 | 4.6 | 市场表现 资料来源：Wind，华鑫证券研究 -40 -30 -20 -10 0 10 20 (%) 食品饮料 沪深300 相关研究 1、《食品饮料行业周报：业绩密集 披露期，整体反馈符合预期》2025- 04-28 2、《食品饮料行业周报：社零数据 超预期暨一季度业绩前瞻》2025- 04-21 3、《食品饮料行业点评报告：内需 持续释放，3 月社零数据超预期》 2025-04-18 ▌ 一周新闻速递 行业新闻：1）河南盛林年销售 ...

2025 年 05 月 06 日 年报季顺利收官，五一白酒需求符合预期 推荐(维持) 投资要点 分析师：孙山山 S1050521110005 sunss@cfsc.com.cn 联系人：肖燕南 S1050123060024 xiaoyn@cfsc.com.cn 联系人：张倩 S1050124070037 zhangqian@cfsc.com.cn 行业相对表现 | 表现 | 1M | 3M | 12M | | --- | --- | --- | --- | | 食品饮料(申万) | -1.5 | 8.1 | -9.2 | | 沪深 300 | -2.4 | -0.6 | 4.6 | 市场表现 资料来源：Wind，华鑫证券研究 -40 -30 -20 -10 0 10 20 (%) 食品饮料 沪深300 相关研究 1、《食品饮料行业周报：业绩密集 披露期，整体反馈符合预期》2025- 04-28 2、《食品饮料行业周报：社零数据 超预期暨一季度业绩前瞻》2025- 04-21 3、《食品饮料行业点评报告：内需 持续释放，3 月社零数据超预期》 2025-04-18 ▌ 一周新闻速递 行业新闻：1）河南盛林年销售 ...

月度策略/A 股市场 2025 年 4 月 30 日 继续企稳修复 2025 年 5 月份投资策略报告 分析师：费小平 SAC 执业证书编号： S0340518010002 电话：0769-22111089 邮箱：fxp@dgzq.com.cn 分析师：尹炜祺 SAC 执业证书编号： S0340522120001 电话：0769-22118627 邮箱： yinweiqi@dgzq.com.cn 分析师：曾浩 SAC 执业证书编号： S0340523110001 电话：0769-22119276 邮箱： zenghao@dgzq.com.cn | 市场主要指数 | 4 | 月份表现 | | --- | --- | --- | | | 收盘点位 | 涨跌幅 | | 上证指数 | 3279.03 | -1.70% | | 深证成指 | 9899.82 | -5.75% | | 沪深 300 | 3770.57 | -3.00% | | 创业板指 | 1948.03 | -7.40% | | 北证 50 | 1331.13 | 4.72% | | 科创 50 | 1012.42 | -1.01% | 资料来源：东莞 ...