这是新消费智库第 2 6 9 0 期文章 新消费导读 1. 光合星球推出 HMO 母爱配方全营养宝宝面 . . . . . . 一周新品 1. 光合星球推出 HMO 母爱配方全营养宝宝面 2. 大窑推出宜养说植物蛋白系列新品 3. 水獭吨吨推出轻乳茶新品 4. 海河乳品上新天津卫月饼味酸奶 5. 逮虾记推出虾肉做的面 6. 呷哺呷哺在上海成立企管新公司 7. 美团小象超市线下首店 8. 波司登高端线 VERTEX 全球首店在沈阳万象城开业 9. 元气森林登陆英国 Tesco 10. 追觅汽车完成首轮融资 11. 盒马上新「 HPP 益生元西梅油柑汁饮料」 12. 「喜茶」上新羽衣甘蓝青瓜 13. 美赞臣蓝臻官宣高圆圆为品牌代言人 图片来源：AI生成 光合星球推出 HMO 母爱配方全营养宝宝面，添加了母乳低聚糖 HMO 、 1:2 DHA:ARA 、双重益生元等 19 种营养，采用澳洲「野阳 光」小麦， 3000+ 小时产地年光照羊粪净化后作为有机肥料。 （ EBH 母婴时代 ） 2. 大窑推出宜养说植物蛋白系列新品 近 日，大窑饮品宣布推出宜养说植物蛋白系列新品。 该系列共有六种坚果乳、栀香茉莉奶茶和花生露三 ...

Summary of Key Points Core Viewpoint - On September 21, no A-share listed companies disclosed any increase in shareholding, while eight companies announced plans to reduce their holdings [1]. Group 1: Companies Announcing Share Reductions - Changfei Optical Fiber: On September 19, Draka Comteq B.V. reduced its holdings by 5% of H-shares through block trading [2]. - Shanxi Fenjiu: Shareholder Huachuang Xinrui plans to reduce holdings by no more than 1.33% of the company's shares [2]. - Zhongjing Food: Director Liu Hongyu plans to reduce holdings by no more than 150,000 shares [2]. - Ruifeng High Materials: Shareholder Sang Peizhou plans to reduce holdings by no more than 2.4 million shares [2]. - Global Printing: Shareholder plans to reduce holdings by no more than 1% of the company's shares [2]. - Xiugang Co.: Shareholder plans to reduce holdings by no more than 1.06% of the company's shares [2]. - Haitai Technology: Shareholders plan to collectively reduce holdings by 2.53% of the company's shares [2]. - Changliang Technology: Huang Shizhao Weihong plans to reduce holdings by no more than 1.05 million shares [2]. Group 2: Market Signals - The MACD golden cross signal has formed, indicating a positive trend for certain stocks [2].

Investment Rating - The industry investment rating is maintained as "Buy" [2] Core Insights - The food and beverage industry experienced a decline of 2.53% from September 14 to September 19, 2025, underperforming the CSI 300 index by 2.09 percentage points [5][10] - The overall valuation of the food and beverage industry is at a relatively low level, with a PE ratio of 22X, ranking 22nd among Shenwan's primary industries [5][15] - In August 2025, the total retail sales of consumer goods increased by 3.4% year-on-year, indicating a recovery in consumer demand [6][7] Summary by Sections Industry Performance - The food and beverage industry underperformed the market, with a relative return of -5.3% over one month, -12.5% over three months, and -20.0% over twelve months [4] - The industry saw an absolute return of 1.3% over one month, 4.6% over three months, and 20.8% over twelve months [4] Valuation Analysis - As of September 19, 2025, the food and beverage industry's PE ratio is 22X, with sub-industries like other alcoholic beverages at 57X, health products at 44X, and snacks at 35X, while white liquor is at 19X, pre-processed foods at 21X, and beer at 24X [5][15] Consumer Demand - The retail sales of beverages increased by 2.8% year-on-year in August, while tobacco and alcohol sales decreased by 2.3% [6] - The Ministry of Commerce and other departments have introduced measures to expand service consumption, which may positively impact the food and beverage sector [7] Investment Recommendations - The report suggests focusing on companies with stable demand and strong risk resistance, as well as those actively innovating in new products, channels, and consumption scenarios [8][43] - Key companies to watch include New Dairy, Shanxi Fenjiu, Guizhou Moutai, Andeli, Yanjinpuzi, and Qingdao Beer [8][43]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - In August, the growth rate of social retail sales declined, with the liquor sector stabilizing and a focus on niche segments in consumer goods. The food and beverage index fell by 2.5%, ranking 23rd among primary sub-industries, underperforming the CSI 300 by approximately 2.1 percentage points. The sub-industries of processed foods (+0.3%), soft drinks (+0.1%), and health products (0.0%) performed relatively well [4][13][15] - The total retail sales of consumer goods in August 2025 increased by 3.4% year-on-year, with a month-on-month decline of 0.3 percentage points from July. The weakening growth rate is attributed to the diminishing marginal effects of the "old-for-new" policy and a general weakness in consumer demand across various categories [4][13] - The liquor industry is currently in a destocking phase, with high inventory levels in some products. However, there are signs of improvement in terminal demand, and the sector is expected to see a recovery in consumption during the upcoming Mid-Autumn Festival and National Day holidays [5][14] Summary by Sections Market Performance - The food and beverage index experienced a decline of 2.5%, ranking 23rd out of 28 sectors, and underperformed the CSI 300 by about 2.1 percentage points. Leading individual stocks included Qianwei Yangchun, Rizhiyuan, and Weizhi Xiang, while Jiahe Foods, Jinzi Ham, and Junyao Health saw significant declines [15][17] Upstream Data - Some upstream raw material prices have decreased. For instance, the price of whole milk powder was $3,790 per ton, down 0.5% month-on-month but up 9.9% year-on-year. Conversely, the price of fresh milk was 3.0 yuan per kilogram, unchanged month-on-month but down 3.5% year-on-year [18][20] Liquor Industry Data - The cumulative production of liquor from January to August 2025 was 2.352 million kiloliters, a decrease of 9% year-on-year. In August alone, production fell by 18.2% year-on-year [41][43] Recommended Portfolio - The report recommends a portfolio including Guizhou Moutai, Shanxi Fenjiu, Ximai Foods, Wancheng Group, and Bairun Shares, highlighting their growth potential and market positioning [6][14]

Group 1 - The China-ASEAN Expo showcased 15 competitive Malaysian companies across various sectors including food and beverage, petrochemicals, and cosmetics, leading to multiple cooperation intentions with Chinese buyers [1] - The CEO of Malaysian Halal Consulting Company emphasized the opportunity to leverage the upgraded China-ASEAN Free Trade Area 3.0 to increase the import and sales scale of Malaysian products in China [1] - Malaysian companies reported strong interest in their products, with one company selling out its entire stock within three days, highlighting the potential for industrial cooperation between Malaysia and China [1] Group 2 - The expo provided Malaysian companies with insights into Chinese market demands and policy environments, facilitating practical cooperation between Malaysian and Chinese enterprises [1] - Several Malaysian companies plan to expand their participation in next year's expo to further penetrate the Chinese market [1]

饱眼福 非遗文创齐亮相 成都双流体育中心赛场外，1.5万平方米的足球嘉年华互动体验区，设置了70个展位、三大主题区 （观演区、游玩区、美食区），赛前表演、比赛直播、美食玩乐一站式"集结"。 在非遗展示区，蜀绣、竹编、糖画等吸引众多球迷驻足。糖画师傅现场制作的足球造型糖画，被 小朋友们一抢而空。"这是我们第一次尝试将非遗与足球结合，效果出乎意料地好。"活动现场负 责人表示，"尤其是糖画足球，成了今天最抢手的纪念品。" □四川日报全媒体记者阚莹莹 雷倢 9月20日晚，"川超"揭幕战在成都双流体育中心打响。赛场外，成都、遂宁两个城市，带来了特色 文创、农产品、美食等。空气中弥漫的麻辣兔头、遂宁豆腐干香味，与足球热情交织在一起，让 赛场内外沸腾起来。 客场作战的遂宁，布置了城市展厅和多个摊位组成的体验区。宋瓷、麦秆画等文创产品受球迷喜 爱。四川宋瓷博物馆展示了近10种文创产品，包括一款名叫"罐会装"的毛绒玩偶文创产品。"这是 我们根据博物馆镇馆之宝龙泉窑青釉荷叶形盖罐设计的，在这次揭幕战上首次对外发售。"四川宋 瓷博物馆宋小瓷文创区负责人谢津玉说。 成都市双流区商务局消费场景营造科负责人介绍，本次嘉年华以大熊猫为主题 ...

广东证监局有关负责人还表示，站在谋划"十五五"发展的关键起点，辖区上市公司应更加主动融入国家 发展大局，切实扛起主体责任，持续夯实发展基础、优化治理结构、增强核心竞争力，全面提升公司质 量、投资价值与市场形象，以持续稳健的经营业绩和切实可观的分红回报，真正赢得投资者的信任与长 期支持。 广东作为改革开放的前沿阵地，资本市场一直保持蓬勃生机与创新活力。截至目前，广东辖区（不含深 圳）上市公司总数达到459家，总市值超过6.59万亿元。2025年上半年，辖区上市公司进一步坚定发展 信心，整体经营业绩稳健增长，关键指标优于全国平均水平，交出了一份亮眼的"成绩单"。辖区459家 A股上市公司合计实现营业收入1.85万亿元，实现归母净利润1150.74亿元，同比分别增长6.97%和 9.19%。 在业绩稳健增长的同时，广东上市公司积极响应一年多次分红号召，增加分红频次，稳定分红预期。截 至8月底，广东辖区74家上市公司开展中期分红超160亿元，其中美的集团、海天味业等4家上市公司中 期分红金额超10亿元，22家上市公司股利支付率超50%。2024年度，广东辖区共有329家公司实施分红 或回购，累计金额达1218.6亿元 ...

天眼查App显示，近日，临湘市羊楼司苗寨苗方食品店（个体工商户）成立，法定代表人为廖小古，注 册资本5万人民币，经营范围为许可项目：酒类经营。（依法须经批准的项目，经相关部门批准后方可 开展经营活动，具体经营项目以相关部门批准文件或许可证件为准）一般项目：保健食品（预包装）销 售；食品销售（仅销售预包装食品）。（除依法须经批准的项目外，凭营业执照依法自主开展经营活 动）。 ...

天眼查App显示，近日，南昌市西湖区希望商贸行（个体工商户）成立，法定代表人为晁碧华，注册资 本1万人民币，经营范围为许可项目：酒类经营（依法须经批准的项目，经相关部门批准后在许可有效 期内方可开展经营活动，具体经营项目和许可期限以相关部门批准文件或许可证件为准）一般项目：食 品销售（仅销售预包装食品）（除依法须经批准的项目外，凭营业执照依法自主开展经营活动）。 ...

资金流向方面，深证国企股东回报R（470064）指数成份股当日主力资金净流出合计11.92亿元，游资资 金净流出合计940.03万元，散户资金净流入合计12.01亿元。成份股资金流向详情见下表： 证券之星消息，9月19日，深证国企股东回报R（470064）指数报收于2221.85点，涨0.16%，成交275.25 亿元，换手率1.08%。当日该指数成份股中，上涨的有26家，徐工机械以5.94%的涨幅领涨，下跌的有23 家，中油资本以4.5%的跌幅领跌。 深证国企股东回报R（470064）指数十大成份股详情如下： | 证券代码 | 股票简称 | 权重 | 最新价 | 涨跌幅 | 总市值(亿元) | | 所属行业 | | --- | --- | --- | --- | --- | --- | --- | --- | | sz000725 | 京东方A | 9.90% | 4.13 | -0.24% | | 1545.19 | 电子 | | sz000858 | 五粮液 | 8.57% | 124.08 | 0.11% | | 4816.30 | 食品饮料 | | sz002415 | 海康威视 | 7.86% | ...