食品饮料 2025 年 10 月 12 日 相关研究 《行业筑底，保持耐心——2025 中秋国 庆白酒渠道反馈》 2025/10/08 《旺季尾声批价回稳 行业调整仍在继续— —食品饮料行业周报 20250922- 20250926》 2025/09/27 证券分析师 行 业 及 产 业 吕昌 A0230516010001 lvchang@swsresearch.com 周缘 A0230519090004 zhouyuan@swsresearch.com 王子昂 A0230525040003 wangza@swsresearch.com 研究支持 王栗晴 A0230123110002 wanglq@swsresearch.com 联系人 吕昌 (8621)23297818× lvchang@swsresearch.com 行业继续筑底 关注高股息品种 看好 ——食品饮料行业周报 20251006-20251010 本期投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 行 业 研 究 / 行 点 评 证 券 研 究 报 告 ⚫ 投资分析意见：维持观点，行业基 ...

Group 1 - The core viewpoint of the articles highlights the innovation in the dairy industry, focusing on health technology and targeted nutritional solutions to meet summer dietary needs [2] - Major dairy brands such as Mengniu, Yili, and San Yuan are leveraging biotechnological breakthroughs to address specific consumer pain points, such as children's immunity and digestive sensitivity [2] - The report indicates a shift from homogeneous nutritional offerings to precise health management, driven by technological advancements and unique processing methods [2] Group 2 - The scarcity attributes of specialty ingredients are reshaping their value, with brands like Zespri and Hu Jihua enhancing product appeal through health claims and cultural connections [3] - Zespri is positioning its products as "healthy luxury symbols" by utilizing unique varieties and premium packaging, while Hu Jihua emphasizes traditional craftsmanship to differentiate its peanut oil [3] - Brands like Coca-Cola and Yibao are effectively tapping into basic consumer needs, transforming their products into emotional and experiential offerings [3] Group 3 - The report outlines a comprehensive index evaluation system developed by Shiyan Index, which includes various consumption trend reports across multiple industries [4] - The index aims to objectively present trends in consumer behavior, assisting brands and industries in tracking market dynamics and enhancing competitive strength [4]

两融数据显示，该股最新融资余额为38.36亿元，近5日增加1.17亿元，增幅为3.15%。（数据宝） 伊利股份9月30日大宗交易平台出现一笔成交，成交量22.00万股，成交金额600.16万元，大宗交易成交 价为27.28元。该笔交易的买方营业部为招商证券股份有限公司北京景辉街证券营业部，卖方营业部为 广发证券股份有限公司总部。 进一步统计，近3个月内该股累计发生4笔大宗交易，合计成交金额为6703.59万元。 证券时报·数据宝统计显示，伊利股份今日收盘价为27.28元，上涨0.33%，日换手率为0.80%，成交额为 13.77亿元，全天主力资金净流入5793.37万元，近5日该股累计下跌0.37%，近5日资金合计净流出2.78亿 元。 9月30日伊利股份大宗交易一览 | 成交量 | 成交金额 | 成交价格 | 相对当日收盘折 | 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | | （万股） | （万元） | （元） | 溢价（%） | | | | 22.00 | 600.16 | 27.28 | 0.00 | 招商证券股份有限公司北京 | 广发证券 ...

中外媒体嘉宾在云南昆明海埂体育训练基地体验相关设 备。 人民网记者 李发兴摄 中外媒体嘉宾在云南大理体验当地非遗项目。 本报记者 蒋雨师摄 中外媒体嘉宾在云南大理祥云县沙龙镇鲜花基地参观采 访。 本报记者 蒋雨师摄 坚持创新驱动 推进开放合作 湖北省武汉市委宣传部常务副部长、武汉市人民政府新闻办主任 何建新 湖北省武汉市着力推动"三个优势转化"，积极融入国家发展大局，以武汉所能服务国家所需。2024年， 全市经济总量突破2.1万亿元，同比增长5.2%。 坚持创新驱动，加速培育新质生产力。依托92所高校、140多万名在校大学生、100多个国家级创新平台 和1.6万家高新技术企业，武汉全力建设科技创新高地，推动光电子信息等优势产业集群出海，与共 建"一带一路"国家和地区合力构建开放包容、互利共赢的合作生态。 不断推进开放合作，提升枢纽辐射力。中欧班列（武汉）运输线路辐射40个国家，武汉港航线通达130 多个国家和地区，航空客货运双枢纽功能持续放大。2025年上半年完成集货1.9万吨，外贸增速达 22.3%。 厚植生态人文底蕴，城市美誉度显著提升。武汉推进文旅深度融合，"微笑天使"江豚成为城市生态名 片，145处革 ...

进一步统计，近3个月内该股累计发生4笔大宗交易，合计成交金额为2.41亿元。 伊利股份9月10日大宗交易平台出现一笔成交，成交量154.44万股，成交金额4410.81万元，大宗交易成 交价为28.56元，相对今日收盘价溢价0.46%。该笔交易的买卖双方均为机构专用席位。 | 成交量（万 | 成交金额（万 | 成交价格 | 相对当日收盘折溢价 | 买方营业 | 卖方营业 | | --- | --- | --- | --- | --- | --- | | 股） | 元） | （元） | （%） | 部 | 部 | | 154.44 | 4410.81 | 28.56 | 0.46 | 机构专用 | 机构专用 | 注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 （文章来源：证券时报网） 证券时报·数据宝统计显示，伊利股份今日收盘价为28.43元，下跌0.46%，日换手率为0.99%，成交额为 17.69亿元，全天主力资金净流出8688.01万元，近5日该股累计上涨1.86%，近5日资金合计净流出199.51 万元。 两融数据显示，该股最新融资余额为34.96亿元，近5日增加1.46亿元，增幅为4.3 ...

Group 1 - The core viewpoint of the news is that Yili Group's stock performance and financial results indicate a mixed outlook, with revenue growth but a decline in net profit [1] - As of July 30, 2025, Yili Group's stock closed at 27.88 yuan, up 1.31%, with a trading volume of 781,500 hands and a transaction amount of 2.174 billion yuan [1] - The net inflow of main funds today was 70.34 million yuan, accounting for 3.24% of the transaction amount, with significant inflows from large orders [1] Group 2 - For the first quarter of 2025, Yili Group reported total operating revenue of 33.018 billion yuan, a year-on-year increase of 1.35%, while net profit attributable to shareholders decreased by 17.71% to 4.874 billion yuan [1] - The company's non-recurring net profit increased by 24.19% to 4.629 billion yuan, indicating strong operational performance despite the decline in net profit [1] - Yili Group has a current ratio of 0.801, a quick ratio of 0.693, and a debt-to-asset ratio of 59.76%, reflecting its liquidity and financial leverage [1] Group 3 - Yili Group has made investments in 116 companies and participated in 1,311 bidding projects, showcasing its active engagement in business expansion [2] - The company holds 5,000 trademark registrations and 5,000 patent registrations, indicating a strong focus on intellectual property [2] - Yili Group has obtained 113 administrative licenses, which may facilitate its operational capabilities [2]

Summary of Key Points Core Viewpoint - The announcement details the external guarantee situation of Inner Mongolia Yili Industrial Group Co., Ltd.'s wholly-owned subsidiary, Inner Mongolia Huishang Financing Guarantee Co., Ltd., for the second quarter of 2025, highlighting the total amount of guarantees provided to upstream suppliers and downstream distributors. Group 1: Guarantee Amounts - As of June 30, 2025, the total external guarantee amount provided by the guarantee company for the year is 203,953.76 thousand yuan, with 10,614.70 thousand yuan for upstream suppliers and 193,339.06 thousand yuan for downstream distributors [1]. - The number of external guarantee clients is 2,189, with 26 being upstream suppliers and 2,163 being downstream distributors [1]. Group 2: Top Five Guarantee Clients - The top five guarantee clients and their respective guarantee amounts are as follows: 1. Downstream distributor: 4,130.67 thousand yuan for a 7-month term for working capital loans to purchase company products [3]. 2. Downstream distributor: 1,499.82 thousand yuan for a 7-month term for working capital loans to purchase company products [3]. 3. Downstream distributor: 1,498.33 thousand yuan for a 9-month term for working capital loans to purchase company products [3]. 4. Downstream distributor: 1,495.33 thousand yuan for a 7-month term for working capital loans to purchase company products [3]. 5. Downstream distributor: 1,464.33 thousand yuan for a 7-month term for working capital loans to purchase company products [3].

Group 1 - The core viewpoint of the article highlights the significant commercial opportunities created by the Suzhou Super League (苏超), which has attracted a diverse range of sponsors and brands, transforming the landscape of sports marketing in China [1][27]. - The number of sponsors for the Suzhou Super League has increased from 6 to 26, with a five-tier sponsorship system established, indicating a robust commercial interest in grassroots sports events [2][27]. - Brands are employing innovative marketing strategies, such as localized sponsorships and interactive fan engagement, to deepen their connection with consumers and enhance brand visibility [4][10][30]. Group 2 - Major brands like Kia and Heineken are entering the Suzhou Super League sponsorship scene, showcasing a shift from traditional sponsorships to more localized and experiential marketing approaches [6][8]. - The economic impact of the Suzhou Super League extends beyond the matches, driving local tourism and increasing sales for local products, demonstrating a successful integration of sports and commerce [27][30]. - The sponsorship model has evolved, with initial sponsorship amounts ranging from 200,000 to 1.5 million RMB, now escalating to 3 million RMB due to heightened interest, reflecting the league's growing popularity [35][36]. Group 3 - The article identifies three key elements for successful brand marketing in the context of the Suzhou Super League: deep cultural engagement, user-friendly participation mechanisms, and precise integration of consumer experiences [37][40][41]. - Brands are encouraged to leverage cultural symbols and local narratives to resonate with consumers, moving away from generic marketing messages [38]. - The article emphasizes the importance of transforming spectators into active participants, fostering a sense of community and loyalty among consumers [40][46].

Core Viewpoint - Yili Group is actively promoting a sustainable future for the dairy industry through initiatives focused on carbon neutrality and water conservation, highlighted by the launch of the "WISH2030 Declaration" and the expansion of its zero-carbon and low-water footprint alliances [1][2][4]. Group 1: Zero Carbon Initiatives - Yili Group's "1+N" series of reports was released, including the 2024 Zero Carbon Future Report and the Global Low Water Footprint Initiative Annual Report 2024 [2][3]. - The Zero Carbon Alliance has expanded to 154 member companies, with 90% of them having completed low-carbon transformations [4][5]. - The establishment of China's first comprehensive carbon management operation platform has been announced, covering the entire dairy supply chain [6][7]. Group 2: Water Footprint Initiatives - Yili Group launched the Low Water Footprint Initiative Alliance, which has attracted 60 global partners, aiming to significantly improve water efficiency by 2030 [5][6]. - The company has initiated 668 water-saving projects, achieving a total water savings of over 2 million tons annually, with a water reuse rate of 15.13% [6]. - Yili has completed water footprint certification for 3 products and 5 factories, receiving third-party validation [6]. Group 3: Standards and Recognition - Yili participated in the development of 12 international and national standards, including the first global ESG international standard, enhancing China's voice in sustainable development [3][4]. - The company has been recognized for its sustainable development efforts, receiving a "five-star" rating for its sustainability report for six consecutive years [2][3]. - Yili was selected as the only dairy industry "chain leader" in the UNGC's "25 Sustainable Development Chain Leader Alliance" project [7].

Investment Rating - The report maintains a positive outlook on the food and beverage sector, suggesting that leading companies in the sector have mid-term investment value, particularly in the mass consumer goods segment which is more defensive, while the liquor segment shows greater cyclical elasticity [5][6]. Core Insights - The liquor sector is under short-term pressure, but if economic conditions improve in the second half of 2025, the industry fundamentals are expected to bottom out, with stock prices likely to lead the adjustment [5][6]. - Key recommendations include major liquor brands such as Kweichow Moutai, Shanxi Fenjiu, Wuliangye, and others, while in the mass consumer goods sector, companies like Yili, Qingdao Beer, and others are highlighted for their growth potential [5][6]. - The report emphasizes the importance of monitoring macroeconomic policies and their implementation effects in the coming months [5]. Summary by Sections 1. Weekly Perspective on Food and Beverage - The food and beverage sector experienced a decline of 1.06% last week, with liquor down 2.76%, underperforming the broader market [4][32]. - The report notes that the liquor consumption remains subdued despite some recovery during the May Day holiday, with limited contributions expected from the upcoming Dragon Boat Festival [6][32]. 2. Liquor Sector Analysis - Current prices for Kweichow Moutai are stable at 2060 RMB for loose bottles and 2135 RMB for boxed sets, while Wuliangye has seen a slight decrease of 10-20 RMB [6][10]. - Shanxi Fenjiu is focusing on stabilizing the market, channels, and prices, with a strategy aimed at national expansion and brand development [10][11]. 3. Mass Consumer Goods Sector Analysis - The mass consumer goods sector is expected to see flat demand in the second quarter and second half of 2025, with cost advantages supporting profitability [7][8]. - The report highlights structural growth opportunities in the dairy sector, particularly for Yili, which is expected to perform well in the upcoming quarters due to low base effects [7][29]. 4. Key Company Updates - Companies like Huaren Beer are projected to see slight revenue growth in 2025, while liquor businesses face pricing pressures due to high channel inventories [11][12]. - The report also mentions strategic initiatives by companies like Wuliangye and others to enhance market presence and operational efficiency [10][11]. 5. Market Performance Metrics - The food and beverage sector's current dynamic PE is 19.37x, with a premium rate of 46%, while the liquor segment's dynamic PE is 17.80x, with a premium rate of 34% [18]. - The report provides detailed performance metrics for various sub-sectors, indicating relative performance against the broader market index [32].