Group 1 - Beiningmei (002570.SZ) released its Q3 2025 report on October 29, 2025, showing that as of October 28, 2025, seven institutional investors disclosed holding a total of 203 million shares, accounting for 18.81% of Beiningmei's total share capital [1] - The institutional holding ratio increased by 1.24 percentage points compared to the previous quarter [1] - Among public funds, one fund, Tianhong Zhongzheng Food and Beverage ETF, increased its holdings, while 16 public funds did not disclose their holdings this period, including Changxin Zengli Dynamic Strategy Mixed Fund and others [1] Group 2 - Foreign investment sentiment showed that one foreign fund, Hong Kong Central Clearing Limited, increased its holdings by 0.40% compared to the previous period [1]

Group 1 - The core viewpoint of the news is that as of October 28, 2025, institutional investors hold a total of 64.8372 million shares of Haoxiangni (002582.SZ), accounting for 14.48% of the company's total share capital, with an increase of 0.84 percentage points compared to the previous quarter [1] Group 2 - A total of 9 institutional investors have disclosed their holdings in Haoxiangni, including notable funds such as China Everbright Bank's mixed fund and Industrial Bank's flexible allocation fund [1] - Among public funds, 2 funds increased their holdings, while 1 fund decreased its holdings by 0.22% compared to the previous quarter [2] - There are 2 newly disclosed public funds and 40 funds that were not disclosed in the previous quarter, indicating a dynamic change in the investment landscape [2]

Market Overview - On October 29, A-shares saw all three major indices rise, with the ChiNext Index increasing by over 1.5% [1] - Key sectors such as Hainan Free Trade Port, ultra-high voltage, copper-clad laminates, and energy storage remained active [1] ETF Performance - The newly listed Shanghai Stock Exchange 180 ETF (510670) experienced a slight increase, with top-performing holdings including Huaneng International, Industrial Fulian, TBEA, LONGi Green Energy, China Aluminum, and Top Group [1] - The Sci-Tech Innovation 50 ETF (159783) rose over 1% at one point, with leading stocks such as Canadian Solar, Sungrow Power Supply, Sanan Optoelectronics, Tigermed, and EVE Energy [1] Policy Insights - The Central Committee of the Communist Party of China released suggestions for the 15th Five-Year Plan on October 28, emphasizing the cultivation of emerging and future industries [1] - Strategic emerging industry clusters such as new energy, new materials, aerospace, and low-altitude economy are prioritized for development [1] - The plan aims to enhance the inclusiveness and adaptability of capital market systems and improve the coordination between investment and financing functions [1]

中信建投表示，政策+估值双重支撑，白酒底部机会可期。 国家倡导的"反内卷"导向，有利于食品饮料行业完成价格筑底，长期来看将推动行业高质量发展，同时 也提升了资本市场对未来经济走势与消费复苏的预期；。 随着政策持续纠偏，此前处于低位的白酒、餐饮产业链有望逐步回暖；当前白酒板块估值处于历史低 位，叠加茅台动销回暖的积极信号，食品饮料板块的底部机会值得重点珍视。 食品饮料板块当前呈现"低基数、低持仓、低预期"的三重特征，供需两端只要出现积极变化，就有望成 为股价上行的催化剂。 近期，外需市场风险有所增加，在此背景下，具备内需弹性的板块更可能率先迎来回暖。 具体投资方向上，建议重点关注三季报预期业绩高增的细分领域，例如零食、饮料、速冻食品等赛道。 食品饮料ETF（515170）跟踪中证细分食品饮料产业主题指数，聚焦白酒、饮料乳品、调味发酵品等高 壁垒、强韧性板块，前十大成分股囊括"茅五泸汾洋"，帮助投资者一键配置"吃喝板块"核心资产。相较 于其成分股动辄数万、数十万的最低投资门槛，食品饮料ETF是小资金参与板块投资的便捷工具。（联 接A类：013125；联接C类：013126） ...

Investment Rating - The report maintains a "Positive" investment rating for the food and beverage industry [2]. Core Insights - The 20th Central Committee's Fourth Plenary Session emphasized consumption as a key driver for economic growth during the "14th Five-Year Plan" period, indicating a shift in policy focus from supply-driven to a balanced supply-demand interaction [3][14]. - Future consumption policies are expected to be more targeted and sustainable, with potential measures including the issuance of consumption vouchers and subsidies for quality upgrades in the food and beverage sector [3][14]. - The report highlights a significant transformation in consumer behavior towards rational consumption, leading to the rise of new retail channels such as instant retail and membership supermarkets, which are reshaping the sales landscape of the food and beverage industry [4][15]. - Companies that can adapt to these new channels and consumer trends are expected to emerge as industry leaders, with specific recommendations for companies like Salted Fish and Ganyuan Foods in the new consumption track, and Kweichow Moutai in the cyclical sector [4][15]. Market Performance - Last week, the sub-sectors of the food and beverage industry showed varying performance, with soft drinks up by 2.05%, meat products by 2.03%, and other alcoholic beverages by 1.75%, while beer and yellow wine saw declines of -1.73% and -3.75% respectively [16][20]. - The report also notes the performance of key companies within the alcoholic beverage sector, with *ST Yedao leading with a 9.05% increase, while others like Shanxi Fenjiu and Zhujiang Beer experienced declines [20][24]. Industry Overview - The food and beverage industry comprises 126 companies with a total market capitalization of approximately 46,112.25 billion [9]. - The average price-to-earnings ratio for the industry stands at 21.31, indicating a moderate valuation level [9]. Key Company Tracking - Recent announcements include significant shareholding changes and asset restructuring activities among companies like Huangtai Liquor and Lihai Foods, indicating ongoing strategic adjustments within the industry [31][32]. - Notable performance was reported by Yangyuan Beverage, which achieved a revenue of approximately 1.44 billion, reflecting a year-on-year growth of 11.88% [34]. Future Events - Upcoming significant events in the industry include various earnings presentations and shareholder meetings for companies such as Water Well and Yili, scheduled for late October and early November [7].

Core Insights - As of October 28, the market's latest financing balance reached 24,769.91 billion yuan, an increase of 12.703 billion yuan compared to the previous trading day [1] - Among the 24 industries classified by Shenwan, the electronic industry saw the largest increase in financing balance, rising by 2.79 billion yuan [1] - The industries with notable increases in financing balance also include defense and military, electric equipment, and communication, with increases of 1.46 billion yuan, 1.07 billion yuan, and 0.81 billion yuan respectively [1] - Conversely, seven industries experienced a decrease in financing balance, with non-ferrous metals, non-bank financials, and food and beverage sectors seeing the largest declines of 0.505 billion yuan, 0.408 billion yuan, and 0.168 billion yuan respectively [2] Industry Financing Balance Changes - The electronic industry had a latest financing balance of 3,732.18 billion yuan, increasing by 2.79 billion yuan, representing a growth of 0.59% [1] - The defense and military industry reported a financing balance of 792.90 billion yuan, with an increase of 1.46 billion yuan, reflecting a growth of 1.88% [1] - The electric equipment sector's financing balance reached 2,050.71 billion yuan, increasing by 1.07 billion yuan, which is a growth of 0.52% [1] - The communication industry had a financing balance of 1,130.72 billion yuan, with an increase of 0.81 billion yuan, marking a growth of 0.72% [1] - The textile and apparel industry saw a decrease in financing balance to 81.89 billion yuan, down by 0.44 billion yuan, a decline of 0.53% [2] - The real estate sector's financing balance decreased to 348.83 billion yuan, down by 1.56 billion yuan, reflecting a decline of 0.44% [2] - The non-ferrous metals industry reported a financing balance of 1,194.91 billion yuan, decreasing by 5.05 billion yuan, which is a decline of 0.42% [2]

Group 1 - The three major indices opened higher, with the Shanghai Composite Index up 0.05%, the Shenzhen Component Index up 0.40%, and the ChiNext Index up 1.07% [1] - The Tianhong Food and Beverage ETF (159736) saw a net subscription of 10 million units yesterday, despite a current decline of 0.56% [1] - The Tianhong Food and Beverage ETF has attracted over 120 million yuan in net inflows over the past 10 trading days, indicating strong investor interest despite recent price weakness [1] Group 2 - Dongpeng Beverage reported Q3 revenue of 6.107 billion yuan, a year-on-year increase of 30.36%, and a net profit of 1.386 billion yuan, up 41.91% year-on-year [2] - The food and beverage industry is primarily driven by growth, with beverage leaders maintaining structural prosperity due to single product drivers, while food raw materials and health products are expected to see high growth or acceleration [2] - The white liquor industry is experiencing a "low expectation, weak reality" state, with Q3 reports serving as an important observation window as external factors decline and liquor companies adjust strategies [2]

Core Insights - Li Ziyuan (605337.SH) reported its Q3 2025 results on October 29, 2025, highlighting a total of 5 institutional investors holding 139 million shares, which accounts for 35.75% of the total share capital [1] - The institutional holding percentage decreased by 2.38 percentage points compared to the previous quarter [1] Institutional Investors - The institutional investors include Lishui Water Drip Spring Investment Development Co., Ltd., Moutai (Guizhou) Private Fund Management Co., Ltd., Zhejiang Li Ziyuan Food Co., Ltd. - 2024 Employee Stock Ownership Plan, Zhejiang Guotian Private Fund Management Co., Ltd., and the National Social Security Fund 111 Portfolio [1] - The total institutional holding percentage stands at 35.75% [1] Public Funds - A total of 48 public funds were not disclosed in the current period compared to the previous quarter, including notable funds such as Fortune China Securities Value ETF, Huaxia Xingyang One-Year Holding Mixed Fund, and others [1] Social Security Fund - One social security fund, the National Social Security Fund 111 Portfolio, reported a decrease in holdings, with a reduction percentage of 0.45% compared to the previous quarter [1]

Core Insights - The report indicates a decrease in institutional ownership of Three Squirrels, with a total of 34.8 million shares held by 9 institutional investors, representing 8.66% of the total share capital, down by 2.54 percentage points from the previous quarter [1] Institutional Investors - The institutional investors include NICE GROWTH LIMITED, Anhui Liaoyuan Investment Management Co., Ltd., Hong Kong Central Clearing Limited, among others [1] - The number of public funds that reduced their holdings this quarter is 1, specifically the Southern CSI 1000 ETF, with a slight decrease in shareholding [1] - A total of 172 public funds did not disclose their holdings this quarter, including major funds like Huaxia CSI 1000 ETF and CITIC Securities Rotation Mixed A [1] Social Security and Pension Funds - One new social security fund disclosed its holdings in Three Squirrels, namely CITIC Securities Co., Ltd. - Social Security Fund 17052 Combination [2] - Two social security funds did not disclose their holdings this quarter, including National Social Security Fund 418 Combination and National Social Security Fund 602 Combination [2] - One pension fund increased its holdings this quarter, specifically the Basic Pension Insurance Fund 16032 Combination, with a slight increase in shareholding [2] Foreign Investment - One foreign fund increased its holdings this quarter, namely Hong Kong Central Clearing Limited, with a slight increase in shareholding [2] - One foreign fund reduced its holdings this quarter, NICE GROWTH LIMITED, with a decrease of 0.92% [2]

Group 1 - The food and beverage sector is receiving continuous capital attention, with valuation recovery logic gradually strengthening during the third quarter report disclosure period [1] - The liquor sector shows characteristics of "bottom improvement + leading stability," with strong performance during the National Day and Mid-Autumn Festival consumption periods, evidenced by a nearly 100% month-on-month increase in terminal sales for Kweichow Moutai since September [1] - The consumer goods segment highlights structural differences, with snacks, beverages, pet food, and health products maintaining high prosperity, while traditional categories like dairy and condiments are in a transitional phase of inventory destocking and demand recovery [1] Group 2 - Cost and policy factors provide dual support, with a continued downward trend in raw material prices, ensuring profitability despite a narrowing decline [1] - The current dynamic PE of the sector is within a reasonable range, with a focus on the cyclical direction of supply clearing and valuation bottoming out, especially as the restaurant industry recovers month-on-month after September [1] - In the medium to long term, innovation in new categories, expansion of new channels, and consumption upgrades will continue to inject investment momentum into the sector [2] Group 3 - Relevant ETFs include Food and Beverage ETF and Consumption 30 ETF [3]