Core Insights - The announcement from the Hefei Baohe District Market Supervision Administration details the results of food safety inspections, highlighting both non-compliant and compliant products in the region [1]. Non-Compliant Products - Several food items were found to exceed safety limits, including: - A sample of "Xiao Tai Mang" (小台芒) with a pesticide residue of 0.85 mg/kg, exceeding the limit of 0.2 mg/kg [4]. - "Carrot" samples showed a pesticide residue of 0.35 mg/kg, surpassing the acceptable level of 0.01 mg/kg [4]. - "Tie Gun Mountain" (铁棍山药) had a residue of 0.637 mg/kg for two pesticides, exceeding the limit of 0.3 mg/kg [4]. - "Potato" (马铃薯) samples contained 0.036 mg/kg of pesticide, exceeding the limit of 0.02 mg/kg [4]. - "Fried Oil" (煎炸过程用油) had an acid value of 6.1 mg/g, above the limit of 5 mg/g [4]. Compliant Products - The report also lists compliant products, including: - "Cai Bo Sorghum Wine" (彩波高粱酒坊) with an alcohol content of 48% vol [5]. - "Peach Tea" (蜜桃茶) from Vitasoy, packaged in 250 ml boxes [5]. - "Lemon Tea" (柠檬茶) from Nayuki, also in 250 ml boxes [5]. - "Bird's Nest and Silver Ear Soup" (燕窝银耳羹) from Anhui Guo Bu Li, packaged in 200g boxes [5]. Summary of Inspections - The inspections were conducted to ensure food safety and compliance with health standards, reflecting the ongoing efforts of local authorities to monitor food quality in the market [1].

Investment Rating - The report maintains a recommendation for the industry, indicating a focus on sectors with good performance and potential recovery in demand [3]. Core Insights - The liquor sector is experiencing a gradual improvement in sales dynamics, with a continued focus on clearing inventory. The report suggests that when performance no longer declines, it will signal a potential recovery in stock prices [7][13]. - The food sector shows a divergence in performance, with new consumption categories maintaining good momentum while traditional categories face weaker demand. The report emphasizes the importance of monitoring the recovery in traditional consumption [21][31]. Summary by Sections Liquor Sector - Sales dynamics in Q3 improved compared to May-June, but the report anticipates continued inventory clearance with a double-digit year-on-year decline expected. The demand from government and business sectors remains under pressure, while the banquet and mass consumption markets are relatively stable [7][13]. - Major brands like Moutai and Wuliangye are expected to see varied performance, with Moutai projected to achieve a 4% increase in revenue year-on-year, while Wuliangye may experience an 8% decline [14][16]. Food Sector - The overall demand environment in Q3 was relatively weak, with retail sales growth slowing down. However, sectors like snacks and beverages continue to show good performance, while traditional categories like seasonings and beer remain subdued [21][31]. - The report highlights that raw material costs are generally declining, but the trend is slowing down. Packaging prices have increased, impacting profit margins across various segments [24][25]. - Specific companies such as Yili and Mengniu are facing growth pressures, while new dairy companies are expected to maintain strong growth due to structural improvements [31][35]. Investment Strategy - The report recommends focusing on sectors with good performance, such as snacks and beverages, while also keeping an eye on traditional consumption recovery. Specific stock recommendations include West Wheat Foods in the snack sector and leading liquor brands like Shanxi Fenjiu and Luzhou Laojiao [10][11].

再看看9月20日揭幕的"川超"——四川省城市联赛。该赛事进一步就赞助层级进行细分。根据公众号"川超足球联赛"消息，除去赛事直转播运营商及平 台、网络媒体合作平台，"川超"的赞助商数量已经达到19家。最高赞助层级身份"全球独家冠名赞助商"为四川银行；其次，首席至尊合作伙伴青花郎，官 方合作伙伴中国移动，官方赞助商百威，这3个赞助层级都分别只有1家品牌或企业参与。而官方支持企业以及官方供应商类别则共计有15家，其中包括有 可口可乐、长虹、卡尔美体育、京东电器等长期参与体育营销的品牌。 自5月中旬开赛，苏超掀起了一股前所未有的足球狂热——线下上座人数持续创造纪录，线上自发诞生的热梗与讨论把这项城市足球联赛带进了更多人的 视野，另外在营销层面也展现强劲的商业吸引力。总之，2025年的苏超已然远超出足球赛事本身，成为了一种跨越体育、文旅、消费及公共服务的社会符 号。 "苏超"的火，也点燃了其他省级行政单位的区域性本土足球赛事的热情。"赣超""湘超""川超"等10余个省和直辖市落地举行城市联赛，"齐鲁超赛""广东省 超"也陆续开展俱乐部业余联赛。当然，还包括原有的"村超"类草根足球赛事以及各地社会足球邀请赛，这一系列足球 ...

Core Viewpoint - Dongpeng Beverage is making a second attempt to list on the Hong Kong Stock Exchange to support its international business development after an initial application was invalidated in April 2023. The company has experienced rapid growth since its A-share listing in 2021, becoming a leader in the functional beverage sector [1][2]. Financial Performance - Dongpeng Beverage's revenue has shown significant growth from 2022 to 2025, with figures of 8.5 billion yuan, 11.257 billion yuan, and 15.83 billion yuan respectively, reflecting year-on-year growth rates of 21.81%, 32.44%, and 40.62%. In the first half of 2025, the company achieved a revenue of 10.737 billion yuan, a 36.37% increase year-on-year, and a net profit of 2.375 billion yuan, up 37.22% [1]. Market Position - As of October 17, 2025, Dongpeng Beverage's market capitalization reached 156.7 billion yuan. The founder, Lin Muqin, has seen his wealth grow significantly, ranking as the richest person in Guangdong's Chaoshan region with a net worth of 30.5 billion yuan in 2022 [1]. Strategic Focus - The company emphasizes growth as its core strategy, with Lin Muqin stating that this focus is ingrained in the company's culture. Dongpeng is diversifying its product offerings beyond its flagship Dongpeng Special Drink to include new products like "Brew Water" and "Dongpeng Coffee" to reduce reliance on a single product [4][5]. Competitive Landscape - The beverage industry is highly competitive, and Dongpeng is actively working to expand its market share. The company has seen its market share grow from 4.7% in 2012 to 16.7% in 2021, while Red Bull's market share declined from 82.1% to 53.3% during the same period [15]. Digital Transformation - Dongpeng has integrated digitalization into its operations, allowing for real-time data tracking of sales and inventory. This digital approach has improved the company's efficiency in managing promotional activities and understanding market dynamics [16][18].

Summary of Conference Call Records Industry: Baijiu (Chinese Liquor) Key Points and Arguments 1. **Emerging Channels and Consumer Trends** The live streaming phenomenon at the Nanjing Sugar and Wine Fair highlights the penetration of new channels like instant retail in the baijiu industry. The popularity of light bottle liquor priced under 100 yuan indicates robust consumer spending and a trend towards consumption upgrades [1][3]. 2. **Performance During Mid-Autumn and National Day** The baijiu industry performed slightly better than expected during the Mid-Autumn and National Day holidays. Notably, the sales of Yanghe Jinshuiyuan exceeded company expectations, with significant year-on-year growth in sales volume and banquet sessions. However, the overall banquet sales growth was modest due to a decline in the number of bottles opened per banquet [4][5]. 3. **Consensus on Industry Bottoming** There is an increasing consensus that the baijiu industry has reached its bottom, but expectations for recovery remain cautious. Demand is currently affected by alcohol bans and economic downturns, while supply is entering a destocking phase. Moutai's prices have stabilized, and distributor inventories are low [6]. 4. **Price Trends and Distributor Conditions** Moutai's post-holiday prices exceeded expectations, with stable original box prices around 1,780 yuan. Distributors' inventory levels are healthy, with a turnover rate of about one month. In contrast, Wuliangye faces price inversion and subsidy pressures, leading to a challenging situation for both Wuliangye and Luzhou Laojiao [7][8]. 5. **Projected Performance for Q3 2025** For Q3 2025, Moutai is expected to maintain mid-to-high single-digit growth, while Wuliangye may see double-digit revenue growth but with larger profit margins. Luzhou Laojiao is also projected to achieve double-digit growth in both revenue and profit, while Fenjiu and Gujing Gongjiu are expected to decline significantly [9][10]. 6. **Future Outlook and Recommendations** The baijiu industry is currently at a fundamental bottom, with a potential adjustment period from Q2 to Q1 of the following year. The valuation appears attractive. Recommended stocks include leading brands like Moutai, Fenjiu, Gujing Gongjiu, and Jiansu Yuer, as well as dividend-paying companies like Wuliangye, Luzhou Laojiao, and Yanghe. Attention is also drawn to flexible stocks like Zhenjiu Lidu [10][11]. Industry: Beverage Key Points and Arguments 1. **Steady Growth in Beverage Sector** The beverage industry is experiencing steady growth in Q3 2025, with standout performances from tea drinks, traditional health waters, electrolyte waters, and coconut water. Companies like Nongfu Spring and Dongpeng Special Drink are seeing rapid revenue growth, with profit margins expected to improve [2][12]. 2. **Differentiated Performance of Major Brands** In Q3 2025, Master Kong benefited from price increases, while Uni-President faced challenges due to delivery subsidies. Master Kong's instant noodle business returned to low single-digit growth, while its beverage segment experienced a mid-single-digit decline [13][14]. 3. **Emerging Categories and Competitive Landscape** New categories such as tea drinks and health-oriented beverages are showing significant potential for growth. The competitive landscape is intensifying due to declining raw material prices and increased subsidies from delivery platforms [12][16]. 4. **Long-term Growth Potential** Companies like Nongfu Spring and Dongpeng Special Drink are recommended for their strong brand power and growth potential, with expectations for continued performance above industry averages in the coming years [15]. Industry: Dairy Products Key Points and Arguments 1. **Dairy Sector Challenges** The dairy sector is facing a decline in supply and weak downstream demand. The number of dairy cows has decreased, while milk prices have risen slightly. Companies like Yili are expected to see modest revenue growth, while Mengniu may experience a decline due to previous high bases [18]. 2. **Market Dynamics and Future Outlook** The overall dairy market is expected to stabilize in 2026, with potential improvements in competition dynamics as raw milk prices balance out. Companies like New Dairy, Mengniu, and Yili are seen as having certain investment value [18]. Industry: Snack and Frozen Food Key Points and Arguments 1. **Snack Industry Performance** The snack industry is developing steadily, with franchisees favoring larger stores. Despite a slight decline in average transaction prices, new product categories are expected to drive growth. Companies like Wancheng are projected to achieve significant revenue growth [19][20]. 2. **Frozen Food Sector Trends** The frozen food sector is experiencing flat performance, with slight revenue growth but ongoing profit pressures. Companies like Anjijia and Qianwei Central Kitchen are seeing modest revenue increases, while others like Baobi are benefiting from lower pork costs [22][23]. 3. **Future Growth Expectations** The snack sector is anticipated to perform better in 2026, with cost pressures easing and new channel opportunities emerging. Companies are encouraged to adapt to market changes and explore new distribution channels [21]. Industry: Beer Key Points and Arguments 1. **Beer Industry Performance** The beer industry is facing moderate demand, with on-premise channels underperforming. However, off-premise channels are showing resilience, with moderate sales growth. Companies like China Resources Beer and Qingdao Beer are expected to see slight revenue increases [24][25]. 2. **Cost and Profitability Trends** The cost of beer production is expected to stabilize, with key variables focusing on ASP (average selling price) increases and cost-saving measures. Companies with strong operational capabilities, such as China Resources Beer and Yanjing Beer, are recommended for investment [25][26].

Summary of Key Points from Conference Call Records Industry Overview 1. Baijiu Industry - The Baijiu industry experienced a seasonal sales decline of approximately 20% during the Mid-Autumn Festival, with high-end brands like Moutai, Wuliangye, and Fenjiu performing relatively well. Inventory levels have not significantly decreased, and a slight upward trend is expected in the future [1][3][4] - Strong brand power and good sales performance are crucial for companies in this sector, with companies like Moutai and Wuliangye maintaining advantages. Companies with flexible operations, such as Zhenjiu and Laojiao, are also worth monitoring [5] 2. Consumer Goods - The consumer goods sector saw a slowdown in growth during Q3 2025, with beverage and dairy products showing improvement from a low base, while condiments maintained steady growth. Leading companies like Dongpeng, Nongfu Spring, and Yanjing Beer performed well and are recommended for investment [1][6] 3. Beauty Industry - The beauty industry showed overall good performance with no significant slowdown in growth. Some companies even exceeded their Q2 growth rates. High-growth companies like Ruoyuchen and Shanghai Jahwa are recommended for investment [1][7] 4. Gold and Jewelry Sector - Leading companies in the gold and jewelry sector continued to grow rapidly, benefiting from rising gold prices and price increase strategies. Companies like Laofengxiang and Zhouliufu reported impressive growth, with Laofengxiang's single-store revenue reaching up to 200% growth in September [1][8] 5. Trendy Toys and Supermarket Reform - In the trendy toy sector, Pop Mart remains in a high growth phase, while Miniso's Q3 report showed promising data. In the supermarket reform sector, companies like Bubugao and Huijia Times are experiencing performance releases, and ATO's rapid growth in bedding products is noteworthy [1][9] 6. Pork Industry - Pork prices saw a slight decline this week, but demand for secondary fattening is increasing, stabilizing prices at the bottom. Companies with cost advantages, such as Wens Foodstuffs and Muyuan, are expected to seize more opportunities as breeding sow capacity continues to decrease [1][18][17] Home Appliance Sector - The home appliance sector faced challenges in Q3 due to the gradual withdrawal of subsidies, leading to a less optimistic outlook for domestic demand. However, white goods showed stable performance, with leading companies like Haier and Midea expected to achieve near double-digit revenue growth [2][13] Other Notable Trends - The light industry, particularly the paper industry, is expected to see a turning point in Q4, with potential price increases in packaging and cultural paper [14] - The agricultural sector is focusing on the pork industry, with ongoing capacity reduction impacting future supply and price trends [17] - The pet sector is showing strong growth, with companies like Zhongchong and Guibao Pet expected to perform well [20] This summary encapsulates the key insights and trends across various industries as discussed in the conference call records, highlighting potential investment opportunities and risks.

Investment Rating - The report maintains a "Recommended" investment rating for the food and beverage industry [10][59]. Core Insights - The feedback from the recent Nanjing Autumn Sugar Fair was relatively flat, with major liquor companies showing low enthusiasm for participation. The focus is shifting towards consumer engagement through live streaming and other sales models [6][57]. - The white liquor sector is experiencing a demand bottoming phase, with inventory levels still relatively high. The report suggests focusing on high-dividend leaders like Kweichow Moutai, Wuliangye, and Luzhou Laojiao, as well as flexible stocks that have corrected to appropriate levels [6][57]. - The consumer sector is rebounding, driven by market sentiment towards domestic demand policies amid U.S.-China tariff impacts. Companies in the snack food sector, such as Yanjin and Weidong, are benefiting from increased market penetration and revenue growth [7][58]. Summary by Sections Industry News - From January to August, the export value of Zunyi liquor increased by 776.17% year-on-year. In September, liquor prices fell by 1.3% year-on-year, and the Hubei liquor market reached a scale of 35 billion yuan [5][17][19]. Company News - Kweichow Moutai reported a significant recovery in terminal sales for its sauce-flavored liquor in September. Luzhou Laojiao held a 110th anniversary event, continuing to lead the vintage liquor market [19]. Key Company Feedback - The report highlights the performance of key companies, with a focus on their stock price movements and earnings forecasts. For instance, Kweichow Moutai's stock price is at 1455.00 yuan, with an EPS forecast of 68.64 for 2024 [60]. Industry Data Trends - The white liquor industry saw a cumulative production of 4.145 million tons in 2024, a decrease of 7.72% year-on-year, while industry revenue reached 796.4 billion yuan, an increase of 5.3% year-on-year [34][36]. Investment Strategy - The report emphasizes the importance of focusing on companies with long-term value and high dividends in the white liquor sector, while also highlighting the potential in the snack food and beverage sectors due to changing consumer preferences and market dynamics [58][59].

证券研究报告 | 2025年10月19日 行情回顾：本周食品饮料（A 股和 H 股）累计上涨 0.66%，其中 A 股食品饮 料（申万食品饮料指数）上涨 0.85%，跑赢沪深 300 约 3.07pct，反映防御 性配置需求；H 股食品饮料（恒生港股通食品饮料）下跌 1.92%，跑输恒生 指数 0.54pct。本周食品饮料板块涨幅前五分别为会稽山(11.08%)、妙可蓝 多(8.52%)、桂发祥(6.90%)、晨光生物(6.50%)和金达威(5.36%)。本周投资 组合平均上涨 2.15%，跑赢食品饮料（申万）指数 1.31pct。 品类基本面延续分化，饮料＞食品＞酒类。（1）酒类。白酒：三季报预计 加速出清，关注政策催化，贵州茅台有望迎来重估。继续优先推荐战略复利 优势、产品增长抓手较多、渠道改革领先行业的泸州老窖；推荐飞天动销改 善、伴随流动性改善价值重估空间打开的贵州茅台。啤酒：行业库存良性， 静待需求回暖。继续优先推荐大单品快速增长、内部改革持续深化、业绩成 长性强的燕京啤酒，推荐啤酒业务竞争优势突出、估值逐步修复的华润啤酒。 （2）饮料。乳制品：需求平稳复苏，供给渐进出清，布局 2025 年供需改善 ...

避开人从众、不做特种兵，人们的旅行习惯正在经历一场从"匆忙打卡"到"沉浸体验"的转变。随着人们愿意用更多时间去观察、去感受，甚至去享 受迷路的惊喜时刻，无数风景如画、烟火可亲的小城也就顺理成章地成为文旅潜力股。 在刚刚过去的国庆假期，抖音生活服务「发现宝藏小城-超出彩」深度挖掘20座小城城市本色，打造了不同色彩主题的出游路线；并携手「发现宝 藏小城-超出彩」代言人韩红、联动数十位达人探索文旅闪光点，上饶、榆林、商丘等城市热度飙升；同时结合当地特色、联动多个经典IP，落地好 吃好玩好逛的丰富线下活动，有效激发了假期消费市场的活力。 活动期间 #发现宝藏小城 话题持续升温，播放量突破79.4亿次，成为如火如荼的假期出行热潮中浓墨重彩的一笔。 为小城上色，出游热度全网飙升 很多小城，从不缺值得一游的自然景色、人文气象与踏实烟火，只是"酒香也怕巷子深"，这些宝藏小城，缺少的是与游客相遇的机会。本次「发现 宝藏小城-超出彩」综合运用短视频、海报、明星、达人等多种平台资源，生动诠释小城"性格底色"，将其转化为可感知、可传播的独特故事，在 短时间为它们吸引了大量游客的关注。 一支"小城大片"，将小城的多彩美景与调色盘色彩一 ...

报告导读： 成长优先，并重视低估值及长期成长确定性较强的传统消费龙头价值修复。中 秋国庆假期消费有所回暖，量价均有看点。白酒动销环比改善，表现符合节前预期。 报告来源 以上内容节选自国泰海通证券已发布的证券研究报告。 报告名称： 秋糖反馈平淡，重视成长标的；报告日期：2025.10.19 报告作者： 訾猛（分析师），登记编号：S0880513120002 徐洋（分析师），登记编号：S0880520120008 李美仪（分析师），登记编号：S0880524080002 重要提醒 本订阅号所载内容仅面向国泰海通证券研究服务签约客户。因本资料暂时无法设置访问限制，根据《证 券期货投资者适当性管理办法》的要求，若您并非国泰海通证券研究服务签约客户，为保证服务质量、 控制投资风险，还请取消关注，请勿订阅、接收或使用本订阅号中的任何信息。我们对由此给您造成的 不便表示诚挚歉意，非常感谢您的理解与配合！如有任何疑问，敬请按照文末联系方式与我们联系。 投资建议： 饮料、零食、食品原料等成长标的业绩优势持续，白酒预期加速修正、部分出清。 成长标的仍具业绩优势，关注确定性标的价值修复。 人群变迁、 渠道裂变、品类创新之下新消费景 ...