Market Perspective - The A-share market is experiencing a "slow bull" trend, with high volatility but not reaching the peaks of previous bull markets, indicating room for expansion in the market [4][8][10] - The market's trading indicators show that the current sentiment is not at a boiling point, with growth in trading volume and turnover still below historical highs [8][9] - The report suggests focusing on sectors driven by "policy + profit," particularly in technology and high-end manufacturing, as well as consumer sectors [10][11] Consumer Sector Insights - The rise of the prepared food industry is attributed to technological breakthroughs, the demand for standardized meals from B-end enterprises, and the simplification of cooking needs in the C-end market [4][22][28] - The historical development of prepared foods in the U.S., Japan, and China highlights the importance of logistics, technological advancements, and changing social structures in driving industry growth [23][25][26] High-End Manufacturing Highlights - Rare earth elements are positioned as core resources for high-end manufacturing and strategic emerging industries, with a supply-demand resonance emerging [4][29] - China's rare earth industry is seeing significant revenue growth, with North Rare Earth achieving a revenue of 18.866 billion yuan, a 45.24% year-on-year increase, and a net profit of 931 million yuan, up 1951.52% [29][30] - The global demand for rare earth elements is expected to rise due to green transformation and carbon neutrality goals, further solidifying the strategic position of the rare earth industry [4][35] Hard Technology Outlook - The AI sector continues to show strong growth, particularly in wafer foundry and storage segments, driven by increasing demand for AI applications [4][12][16] - The report notes that the storage sector is experiencing upward momentum, primarily due to the shift towards high-end products like DDR5, while traditional consumer electronics and semiconductors are showing relatively flat performance [4][12][16]

中新社北京9月22日电 (记者 刘亮)近日，连锁餐饮集团西贝和网络名人罗永浩的"口水战"，让预制 菜再次站在舆论风口浪尖。这场争议背后，既反映出消费者与餐饮经营者之间对预制菜的认知差异，也 折射消费者对餐厅使用预制菜信息不透明的担忧。 清华大学新华国际传播研究院院长助理苏婧也表示，与居家准备餐食不同，餐厅和食堂的后厨对消 费者而言是陌生的、不可控的、不透明的，也因此需要餐饮业和监管者充分理解消费者对餐饮业食品安 全的担忧情绪。 近年来，预制菜市场发展迅速。机构数据显示，预计到2030年中国预制菜市场规模有望达到6749亿 元人民币，十年复合年均增长率或超10%。但其发展也面临着"标准不完善""消费者信任度低"等"成长 的烦恼"。 早在去年，中国就已出台《关于加强预制菜食品安全监管 促进产业高质量发展的通知》(下称《通 知》)，首次在国家层面明确预制菜的定义和范围。据该《通知》，预制菜不添加防腐剂，经工业化预 加工制成，是加热或熟制后方可食用的预包装菜肴，不包括主食类食品。同时，国家市场监管总局相关 司局负责人表示，连锁餐饮企业广泛应用的中央厨房制作的菜肴，不纳入预制菜范围。 "由于缺少认定标准与强制性明示要求 ...

| 申万期货品种策略日报——股指 | 2025/9/23 星期二 | | | | --- | --- | --- | --- | | 申银万国期货研究所 贾婷婷（从业资格号：F3056905；交易咨询号：Z0016232 ）jiatt@sywgqh.com.cn;15921620356 | | | | | 申银万国期货研究所 柴玉荣 （从业资格号：F03111639；交易咨询号：Z0018586）chaiyr@sywgqh.com.cn;18802979529 | | | | | 一、股指期货市场 | | | | | IF当月 | IF下月 IF下季 | IF隔季 | | | 前两日收盘价 | 4510.00 4487.00 4464.40 | 4440.40 | | | 前日收盘价 | 4506.40 4493.40 4484.00 | 4459.00 | | | 沪深300 | 涨跌 -3.38 -1.60 13.60 | 12.40 | | | 涨跌幅 | -0.07 -0.04 0.30 | 0.28 | | | 成交量 | 33705.00 2045.00 65934.00 | 8437.00 | ...

Core Viewpoint - The company is considering entering the prepared food market, prompted by the lack of trusted brands in the current offerings available online [1] Group 1 - The prepared food market has been experiencing rapid growth in recent years, yet major food brands have not significantly participated in this sector [1] - The company plans to test a wide range of prepared food products available in the market to identify which ones are safe for consumers [1] - The inquiry into why established food giants are not producing prepared meals raises questions about consumer trust and market dynamics [1]

Group 1 - Luo Yonghao responded to debt issues, stating that his frozen equity totals approximately 17.58 million yuan [9] - The company "Taier Suancaiyu" and other prepared dishes have been launched at Sam's Club, with prices for dishes like Taier Suancaiyu at 119.9 yuan per serving [10] - Baiguoyuan plans to raise about 300 million yuan to repay debts, reporting a loss of over 300 million yuan in six months and closing more than 1,600 stores in a year [10] Group 2 - Guizhou Moutai denied rumors of lowering its annual performance targets, confirming that it has completed its target progress for the first half of the year as planned [15] - OpenAI has confirmed collaboration with domestic supply chains for related projects, indicating ongoing partnerships with companies like Luxshare Precision [16] - Nvidia announced an intention to invest up to 100 billion dollars in OpenAI to support data center and infrastructure development [3]

Group 1 - The article discusses the growing trend of pre-prepared meals among urban workers, highlighting their reliance on convenience due to busy lifestyles [6][26][44] - Young people are increasingly turning to pre-prepared meals, convenience store ready-to-eat options, and meal delivery services as solutions to their dining needs [7][27][45] - The pre-prepared meal market in China is projected to exceed 500 billion by 2025, with significant growth in ready-to-eat meal sales at convenience stores [26][38] Group 2 - The article emphasizes the dichotomy between the desire for home-cooked meals and the convenience of pre-prepared options, illustrating how young people navigate this balance [12][62] - There is a notable increase in the sales of kitchen appliances like air fryers and electric stoves, indicating a continued interest in cooking despite the reliance on pre-prepared meals [56][58] - Shared kitchens and community dining spaces are emerging as popular trends, allowing urban dwellers to reconnect with the act of cooking and dining together [49][60]

Core Viewpoint - The Chinese government is accelerating the establishment of national standards for pre-prepared dishes to enhance transparency and protect consumer rights in the food service industry [1][3]. Group 1: Industry Development - The rapid development of the catering industry has led to increased industrialization, with many dishes being prepared in a semi-finished state to improve kitchen efficiency [2]. - The business model is evolving towards a combination of central kitchens and chain stores, but there remains a significant consumer perception that food service should involve fresh ingredients and made-to-order cooking [2]. - The pre-prepared dish market in China is projected to reach 674.9 billion RMB by 2030, with a compound annual growth rate exceeding 10% over the next decade [2]. Group 2: Consumer Concerns - Consumers express concerns about the transparency of pre-prepared dishes used in restaurants, emphasizing the need for clear labeling and information about the food they consume [3]. - The lack of established standards and mandatory disclosure requirements has led many operators to avoid informing consumers about the use of pre-prepared dishes [3]. - Regions such as Guangdong, Shanghai, and Hunan are actively exploring ways to promote transparency in pre-prepared dishes, including labeling them clearly as "pre-prepared dishes" [3].

Core Viewpoint - The recent public dispute between the restaurant chain Xibei and internet celebrity Luo Yonghao highlights the differing perceptions of prepared dishes between consumers and restaurant operators, as well as consumer concerns regarding the transparency of information about the use of prepared dishes in restaurants [1] Group 1: Regulatory Developments - The Chinese State Council's Food Safety Committee has organized multiple departments to expedite the formulation of national standards for prepared dishes and promote transparency in their use within the restaurant sector, thereby better protecting consumer rights [1] - A notification issued last year defined prepared dishes at the national level, stating that they do not contain preservatives and are pre-processed for heating or consumption, excluding staple foods [1] - The National Market Supervision Administration clarified that dishes made in central kitchens by chain restaurants do not fall under the category of prepared dishes [1] Group 2: Consumer Perception and Market Trends - The rapid industrialization of the restaurant sector has led to a significant increase in the use of semi-finished products, enhancing kitchen efficiency, while the business model has evolved to combine central kitchens with chain stores [2] - Despite the growth of the prepared dish market, which is projected to reach 674.9 billion RMB by 2030 with a compound annual growth rate exceeding 10%, challenges such as incomplete standards and low consumer trust persist [2] - The ongoing consumer debate emphasizes the need for transparency regarding the use of prepared dishes, with consumers expressing a preference for clear labeling of such products [2][3] Group 3: Consumer Rights and Industry Practices - The Consumer Rights Protection Law in China grants consumers the right to know the true nature of the products or services they purchase, which aligns with the push for clear labeling of prepared dishes in restaurants [3] - Some regions, including Guangdong, Shanghai, and Hunan, are actively exploring measures to promote transparency in the use of prepared dishes, such as requiring labels that indicate "prepared dishes" or "central kitchen production" [3] - Researchers suggest that if operators proactively disclose their definitions of prepared dishes, they could gain consumer trust and benefit from a market return based on integrity [3]

Core Viewpoint - The article emphasizes the urgent need for transparency in the pre-prepared food industry in China, highlighting the lack of internal motivation among companies and the necessity for mandatory national standards to protect consumer rights and choices [3][4][5]. Group 1: Current Situation and Standards - The State Council's Food Safety Office is accelerating the development of national standards for pre-prepared foods due to rising public concern, particularly following a public dispute involving a well-known figure and a restaurant chain [3][4]. - Currently, there are no national standards for pre-prepared foods in China, although various industry and local standards exist, which lack the enforcement power of national regulations [3][4][8]. - The definition of pre-prepared foods has been clarified by the National Market Supervision Administration, but there are no mandatory labeling requirements for restaurants regarding their use of such foods [4][8]. Group 2: Industry Dynamics and Consumer Perception - The restaurant industry in China is experiencing significant growth in chain operations, with the chain rate increasing from 12.8% in 2018 to 23% in 2024, driven by advancements in supply chain technologies [5]. - Consumers are increasingly confused about pre-prepared foods, often associating higher prices with freshly made dishes, leading to skepticism about the value of pre-prepared options [5][6]. - The blurred lines between "freshly made" and "pre-prepared" foods have created a need for clear national standards to restore consumer trust and address industry chaos [4][5]. Group 3: Challenges and Recommendations - There is a lack of proactive transparency among pre-prepared food companies, with few voluntarily disclosing their use of such products, as it is seen as a burden without clear consumer benefits [4][8]. - The complexity of the supply chain for pre-prepared foods, from sourcing to consumption, lacks unified management, complicating the establishment of standards [8]. - Experts suggest that third-party oversight and legislative measures are necessary to improve transparency and safety in the pre-prepared food sector, with a national standard expected to clarify the identity and usage of pre-prepared foods [8].

Investment Rating - The report maintains a "Recommended" investment rating for the food and beverage industry [8][52]. Core Viewpoints - The white liquor sector is expected to see differentiated performance in sales channels and regions as the National Day and Mid-Autumn Festival approach, with traditional channels under pressure while new retail channels show growth [6][52]. - The pre-prepared food sector is poised for growth with the introduction of national safety standards, benefiting leading brands and enhancing industry self-regulation [7][53]. - The new consumption sector is supported by initiatives like the "Gaode Street Ranking" which aims to boost offline dining, indicating a positive trend for restaurant traffic [7][53]. Summary by Sections Industry News - Beer enterprise registrations increased by 10.83% year-on-year from January to August [5][19]. - The retail sales of tobacco and alcohol reached 419.4 billion yuan in the first eight months [5][19]. - White liquor production decreased by 9% cumulatively [5][19]. Investment Insights - In the white liquor sector, sales are under pressure, particularly in group purchase channels, while instant retail and live streaming channels are growing rapidly [6][52]. - The report suggests focusing on leading companies with high dividends such as Kweichow Moutai, Wuliangye, and Luzhou Laojiao, as well as more elastic stocks like JiuGuiJiu and SheDeJiuYe [6][52]. - The pre-prepared food industry is expected to benefit from clearer safety standards, which will help leading brands expand their market share [7][53]. Key Company Feedback - The report highlights several companies with strong growth potential, including Xiamen Food, Youyou Food, and Dongpeng Beverage, as well as beverage brands like Nayuki Tea and others [8][56]. - The report provides earnings forecasts for key companies, indicating a positive outlook for their performance [8][56]. Industry Data Trends - The cumulative production of white liquor in 2024 was 4.145 million tons, a decrease of 7.72% year-on-year, while the industry revenue reached 796.4 billion yuan, an increase of 5.3% [32][33]. - The pre-prepared food market is projected to grow at a CAGR of 23%, reaching 749 billion yuan by 2026 [51][53].