Investment Rating - The report maintains an "Outperform the Market" rating for the food and beverage sector [4][5][15]. Core Views - The food and beverage sector is expected to benefit from a recovery in consumer spending, particularly in the context of the upcoming 2026 fiscal year, with a focus on health innovation and digital supply chains [3][10]. - The report highlights the differentiation in performance across categories, with beverages outperforming food and alcoholic beverages [2][10]. - Key investment opportunities are identified in premium liquor brands, dairy products, and innovative snack foods, with specific recommendations for companies like Guizhou Moutai, Yili, and Eastroc Beverage [2][3][15]. Summary by Relevant Sections Market Overview - The food and beverage sector saw a cumulative decline of 1.52% this week, with A-shares down 1.36% and H-shares down 3.69% [1]. - Notable performers included Nanchao Food (+11.91%) and Yili (+2.65%) [1]. Alcoholic Beverages - The liquor sector is entering a left-side layout phase, with premium brands expected to gain market share [2][10]. - Recommendations include Luzhou Laojiao, Shanxi Fenjiu, and Guizhou Moutai, with a focus on companies that can leverage pricing power and regional advantages [2][10]. Beer - The beer industry is experiencing healthy inventory levels, with expectations for demand recovery [2][11]. - Yanjing Beer is recommended for its strong growth potential and ongoing internal reforms [2][11]. Dairy Products - The dairy sector is seeing a steady recovery in demand, with Yili recommended for its valuation safety margin [2][13]. - The report anticipates improvements in supply-demand dynamics by 2026 [2][13]. Snacks - The report emphasizes the growth potential of konjac snacks, with leading companies like Weilong and Yanjinpuzi showing strong competitive advantages [2][12]. - The snack industry is shifting towards a category-driven growth model, necessitating strong product differentiation [2][12]. Investment Recommendations - The recommended investment portfolio includes Guizhou Moutai, Babi Food, Eastroc Beverage, Weilong, and Luzhou Laojiao, with an average decline of 4.94% this week [3][15]. - The report suggests that the current pricing environment for Moutai presents a favorable investment opportunity, with expectations for revenue growth in the coming years [15][16].

Core Insights - Emmi, a Swiss dairy major, is acquiring The English Cheesecake Company to enhance its desserts portfolio and solidify its position as a "category captain" following a previous acquisition of Mademoiselle Desserts in France [1][5] Company Overview - The English Cheesecake Company, founded in 2000, specializes in premium cheesecakes based on traditional British recipes, offering a range that includes classic, vegan, frozen, and snack formats [2] - The company generated sales of approximately £23 million ($30.1 million) in its last financial year and is listed with major UK retail chains while also supplying the foodservice channel [2] Financial Performance - The English Cheesecake Company reported a turnover of £22.8 million in the year ending 31 March, an increase from £19.8 million in the previous year [3] - Operating profit rose to £1.6 million from £1.4 million, and net profit increased to £1.1 million from £925,622 [3] Strategic Rationale - Emmi's acquisition of The English Cheesecake Company is seen as a strategic move to enhance its presence in the premium cheesecakes segment, aligning with the global indulgence megatrend [5] - The acquisition is expected to create synergies within Emmi's portfolio and strengthen its distribution strategy in the UK market [5] Market Position - Emmi operates in around 60 countries with 72 production sites across 13 markets, employing approximately 12,000 people [6] - In the first half of 2025, Emmi's group sales increased by 12.7% to SFr2.27 billion ($2.8 billion), largely driven by a positive acquisition effect of 11.8% despite a negative currency impact of 3.5% [6]

Core Viewpoint - Yiming Foods (605179) is collaborating with Zhejiang University on a dairy and cattle research project, which is currently in the ongoing R&D and validation phase [1] Group 1 - The project has established a quantifiable heat stress index system to assess individual cow heat tolerance levels [1] - This research direction is expected to positively impact milk quality improvement and supply chain stability [1] - The initiative may become a key competitive advantage for the company at the source level in the future [1]

Core Viewpoint - Yiming Food (605179.SH) is collaborating with Zhejiang University on a dairy and cattle research project, which is currently in the ongoing research and validation phase [1] Group 1: Research Progress - The project has established a quantifiable heat stress index system to assess the heat tolerance levels of individual cows [1] - The research aims to enhance milk source quality and supply chain stability [1] Group 2: Strategic Importance - This research direction is expected to play a positive role in improving core competitive advantages at the source level for the company in the future [1]

Core Insights - The article discusses the rising trend of "3-second self-made latte" among office workers, highlighting its convenience and appeal in urban areas [6][9][11]. Group 1: Market Trends - The "3-second latte" has gained popularity in major cities, allowing consumers to easily create their own lattes using fresh milk and coffee liquid or powder from convenience stores [9][12]. - Major dairy companies like Mengniu and Meiji Fresh have launched products combining milk with coffee, catering to the growing demand for quick and transparent beverage options [12][13]. Group 2: Consumer Behavior - Consumers are drawn to the transparency of ingredients in the milk and coffee combination, which contrasts with the often opaque nature of ready-to-drink coffee products [19][21]. - The DIY aspect of making coffee at home appeals to busy office workers, providing a sense of ritual and satisfaction without the need for complex equipment [22][24]. Group 3: Product Development - Companies are responding to consumer demand for convenient and transparent products, with many coffee shops and retailers exploring new offerings that allow for self-preparation of beverages [31][32]. - The combination of milk and coffee liquid is seen as a simple yet effective innovation that meets consumer needs for convenience and quality [43][44].

近日，全球规模最大燕麦饮公司Oatly（噢麦力）发布2025年第三季度财报显示，该品牌实现上市后首 个季度盈利。在电话业绩会上，Oatly提到，大中华区团队在充满挑战的消费环境下，在多个渠道实现 有力增长。 然而，Oatly想要保持长期的持续性盈利并不容易。多方数据分析显示，我国植物奶市场经过2021年的 热潮后，自2022年起出现降温，赛道内投融资基本停滞，植物奶在线下零售货架包装饮品市场的整体份 额有所下滑。究其主要原因，在于植物奶从产品定位到消费场景上执着于"牛奶替代品"，未形成独立消 费场景，健康属性不够充分，同时面临口感与价格的双重挑战。 新京报记者近日对电商平台销售的23款植物奶统计发现，不少品牌倾向于使用或暗示"替代牛奶"的说 法。例如，Oatly官网声称"从营养角度看，用营养强化燕麦饮代替牛奶是很好的"。素香斋素食店销售 的一款"植物密码"福娘膳食均衡系列燕麦奶，在商品页面打出"适合中国人体质的牛奶替代饮品"。 然而营养成分表显示，23款产品中，超八成样本蛋白质含量不及纯牛奶，仅5款产品标示了钙含量，近 四成样本添加了植物油和食用盐。营养专家提醒，植物奶并不是传统意义上的"奶"，而是属于植物蛋 ...

近日，美赞臣公益基金会迎来成立5周年的重要里程碑。自2020年成立以来，基金会始终秉持"守护新生、滋养健康、赋能未来"的愿景，通过乡村母婴营养 改善计划、罕见病儿童关爱项目、重大灾害应急救援等一系列行动，将科学营养惠及更广泛地区。 美赞臣中国高级副总裁、美赞臣公益基金会理事长赵丽表示："今年恰逢美赞臣120周年及基金会成立5周年，在这具有双重意义的时刻，基金会将立足新起 点，持续夯实母婴公益基础，并进一步拓展至全生命周期公益服务，继续为'健康中国'贡献力量。" 5年深耕以科学营养守护新生 自2020年起步以来，美赞臣公益基金会以"用爱传递·更好开始"乡村母婴营养改善计划为起点，将科学实证的营养支持带到河北平山、西藏林芝、贵州毕节 等全国超过100个县市，累计服务超过20万乡村母婴家庭。 美赞臣公益基金会累计服务超过20万乡村母婴家庭。 在推动营养改善计划广泛覆盖的同时，基金会还聚焦特殊群体的精准需求。2022年，美赞臣持续投入特殊配方研发与公益支持，为超过2000名"柠檬宝宝"等 罕见病患儿提供特殊配方奶粉及资金支援。 基金会的高效响应，更体现在国家紧急救援应对方面。自2022年正式加入中国儿童少年基金会"减 ...

近日，法国高端乳制品品牌爱乐薇(Elle & Vire Professionnel®)与米其林星级主厨Pierre Gagnaire先生携 手，于上海联袂呈现"自然本味·匠心璀璨"主题晚宴。本次活动以品牌核心产品爱乐薇Excellence超高温 灭菌稀奶油和Finesse轻脂稀奶油为核心，邀请了与品牌保持长期合作的业界伙伴及重要客户，共赴一场 兼具仪式感与互动性的法式美食之旅。通过深度参与、匠心对话与艺术化体验，爱乐薇不仅再次彰显了 其作为专业奶油品牌的权威性与影响力，传递"自然本味，一步到味"的品牌理念，更引领来宾完成了一 次通往卓越的独特体验。 作为美食界的先锋之一，Pierre Gagnaire以其标志性的创新精神诠释了爱乐薇两款稀奶油的无限可能。 这位拥有18颗米其林评星(*)的法餐泰斗，基于对食材本真价值的共同追求，与爱乐薇始终保持着紧密 的合作关系。在本次晚宴上，通过爱乐薇两款产品的双重变奏，Pierre Gagnaire及其团队将稀奶油从传 统配料提升为创作语言中不可或缺的味觉维度。这种默契配合，不仅展现了Pierre Gagnaire的精湛技 艺，更印证了爱乐薇产品与顶级厨艺大师相得益彰的完美 ...

近一年中国奶粉进口情况统计图 相关报告：智研咨询发布的《2025-2031年中国奶粉行业竞争现状及投资决策建议报告》 根据中国海关数据显示：2025年10月中国奶粉进口数量为4万吨，同比下降2.5%，进口金额为4.81亿美 元，同比增长1.6%。 数据来源：中国海关，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 ...

根据中国海关数据显示：2025年10月中国乳品进口数量为18万吨，同比下降2.4%，进口金额为8.79亿美 元，同比增长4.5%。 近一年中国乳品进口情况统计图 上市企业：阳光乳业（001318），皇氏集团（002329），贝因美（002570），麦趣尔（002719），燕塘 乳业（002732），庄园牧场（002910），新乳业（002946），西部牧业（300106），品渥食品 （300892），熊猫乳品（300898），海融科技（300915），天润乳业（600419），三元股份 （600429），光明乳业（600597），妙可蓝多（600882），伊利股份（600887），一鸣食品 （605179），佳禾食品（605300），骑士乳业（832786） 相关报告：智研咨询发布的《2025-2031年中国乳制品行业市场调查研究及发展前景规划报告》 数据来源：中国海关，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决 ...