前有伊利携手张兴朝大搞抽象，后有安慕希合作小力士、胡先煦狂秀地域梗……近两个月，品牌找"喜人"合作广告成为了新的流行风向标。 这一波出圈的品牌广告基本都围绕"梗文化"和"抽象文化"展开。 据剁椒Spicy盘点，除了《喜人奇妙夜2》（下简称《喜人2》）节目中的8个官方赞助品牌，还有超过20个非赞助品牌与喜人达成了合作，且这些合作高度 集中在张兴朝、李嘉诚身上，二人携手拿下了十个以上代言，断层式领先其他喜人演员。 剁椒Spicy从业内人士处获悉，近几个月，张兴朝部分品牌广告费用已经达到百万级别，其它热门CP组合和艺人的费用也多数达到了大几十万。要知道， 这波品牌与喜人的合作多数是短期代言，大多起到品宣效果，结合渠道传播费用，可谓投入不菲。 从品牌类型来看，这波代言品牌以互联网、快消行业为主，这两大行业背后站着大量的年轻用户，也具备迫切的年轻化诉求。 在《喜人2》之前，被品牌们疯抢的喜剧人还是脱口秀艺人。但相较于脱口秀片段式金句的低门槛传播，喜人们创作的梗文化内容大多结合其演绎的角色 和剧情，内容时长较长，门槛较高，这也让非该综艺观众的用户对喜人认知有限。 而大量品牌合作的喜人"梗"广告多数强依托于这些内部限定梗， ...

固片由AJ辅助生成 【"喝杯热牛奶，暖暖地过冬" 健康主题倡导活动上线】大雪来临，冬季免疫力降低，随着近期甲流肆 虐，发烧、咳嗽、乏力等症状频发，家庭健康防护迎来挑战！伊利牛奶携手人民健康集结北京大学第一 医院首都医科大学附属北京朝阳医院、解放军总医院横跨营养科、呼吸科等多领域顶尖名医专家团发起 "喝杯热牛奶，暖暖地过冬" 健康主题倡导活动！ ...

Investment Rating - The report maintains a positive investment outlook for high-quality companies in the food and beverage sector, indicating that it has entered a strategic allocation period [6][8]. Core Insights - The report highlights a significant decline in revenue for major liquor companies, with high-end liquor prices continuing to drop, leading to a search for a balance between volume and price [6][7]. - It emphasizes the need for patience regarding fundamentals and notes that the performance of individual stocks will vary during this adjustment phase [6][8]. - The report anticipates that stock price returns will primarily come from valuation contributions in the upcoming year, suggesting reasonable expectations for price movements [6][8]. Summary by Sections 1. Weekly Overview of Food and Beverage Sector - The food and beverage sector saw a slight increase of 0.07% last week, with the liquor segment declining by 0.73%, underperforming the broader market by 1.33 percentage points [5]. - The top gainers included Hai Xin Food (up 45.38%), Jia Long Co. (up 16.29%), and Yan Tang Dairy (up 15.25%) [5]. 2. Market Performance of Food and Beverage Segments - The report provides detailed pricing data for major liquor brands, noting that Moutai's bottle price is 1570 RMB, down 80 RMB week-on-week, and Wuliangye's price is approximately 825 RMB, down 5 RMB [7][25]. - It discusses the strategic direction of Moutai, focusing on quality over quantity and maintaining stable cash dividend policies [7]. 3. Industry Indicators and Future Outlook - The report predicts a gradual improvement in the Consumer Price Index (CPI) for 2026, which could lead to a recovery for companies with pricing power in various sub-sectors [8]. - It recommends focusing on sectors such as seasoning, frozen foods, and dairy, highlighting companies like Anjiu Food, Qianhe Flavor, and Yili Group as key players [8]. 4. Valuation Levels - As of November 28, the food and beverage sector has a dynamic PE of 20.59x, with a premium rate of 28%, while the liquor segment has a dynamic PE of 19.35x, with a premium rate of 20% [26].

Group 1: Core Insights - The report indicates that the food and beverage sector is entering a strategic allocation period, particularly for high-quality companies, as the market is expected to reach a predictable bottom in the near future [2][6][8] - Key recommendations for the liquor sector include Luzhou Laojiao, Shanxi Fenjiu, Guizhou Moutai, and Wuliangye, while for consumer goods, the focus is on Yili, Qingdao Beer, Anjui Food, Qianhe Flavor Industry, Tianwei Food, and New Dairy [2][6][8] Group 2: Market Performance - The food and beverage sector saw a slight increase of 0.07% last week, with the liquor segment declining by 0.73%, underperforming the Shanghai Composite Index by 1.33 percentage points [5] - Moutai's bottle price is reported at 1570 RMB, down 80 RMB week-on-week, while the box price is 1580 RMB, down 85 RMB [7][30] Group 3: Industry Trends - The report highlights that the high-end liquor prices are declining, indicating a search for balance between volume and price in the market [6][7] - For the consumer goods sector, the core observation for 2026 is the Consumer Price Index (CPI), which is expected to improve gradually, leading to potential recovery for companies with pricing power [8][31] Group 4: Valuation Metrics - As of November 28, 2025, the food and beverage sector has a dynamic PE of 20.59x, with a premium rate of 28%, while the liquor sector has a dynamic PE of 19.35x, with a premium rate of 20% [31]

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 perform well in 2026, driven by low valuations, low institutional holdings, and a low base effect. The sector has underperformed the CSI 300 index for three consecutive years, and any changes in supply and demand dynamics could catalyze stock price increases [15][17]. - The report identifies three key judgments for 2026: 1) The sector's dividend attributes are becoming evident, with room for valuation expansion; 2) C-end consumption remains the industry’s foundation, but B-end and business scenarios may recover faster; 3) Health-focused innovative products and digital supply chains will be core growth drivers [15][16]. Summary by Sections 1. Sector Overview - The food and beverage sector saw a slight decline of 0.38% this week, with A-shares down 0.54% and H-shares up 1.88%. The top gainers included Anji Food (+13.87%) and Huifa Food (+13.07%) [1][3]. 2. Sub-sector Analysis - **Alcohol**: The sector is in a left-side layout phase, with recommendations for companies like Luzhou Laojiao and Shanxi Fenjiu, which are expected to benefit from national expansion [2][10]. - **Beverages**: The beverage sector is experiencing continued growth, with strong performance from leading companies like Nongfu Spring and Dongpeng Beverage. The report recommends focusing on dairy products, particularly Yili, due to stable demand recovery [2][14]. - **Food**: The snack segment shows strong growth potential, particularly in konjac snacks, with leading companies like Weidong and Yanjin Puhui demonstrating competitive advantages [2][12]. 3. Investment Recommendations - The report recommends maintaining the investment portfolio, which includes Guizhou Moutai, Baba Food, Dongpeng Beverage, Weidong, and Luzhou Laojiao, as these companies are expected to outperform the market [3][18]. 4. Earnings Forecasts - Guizhou Moutai is projected to have a revenue of CNY 183.52 billion in 2025, with a net profit of CNY 90.59 billion, reflecting a growth of 5.4% year-on-year [19][20]. - Luzhou Laojiao is expected to see revenue growth of 3.1% in 2026, with a net profit forecasted to increase by 4.3% [20]. 5. Market Trends and Catalysts - Recent industry catalysts include the Central Economic Work Conference and various alcohol distributor conferences, which are expected to influence market dynamics positively [3][10].

Investment Rating - The report maintains a positive outlook on the food and beverage industry, particularly on high-end liquor and leading consumer goods companies, indicating long-term investment value in stocks like Kweichow Moutai, Yili, and Qingdao Beer [6][8]. Core Viewpoints - Despite a recovery in liquor demand during the peak season, the industry is still undergoing adjustments, and patience is required for the fundamental recovery [6][7]. - The liquor sector is entering a destocking phase, but achieving a balance between volume and price will take time, with expected pressure on Q3 reports [6][7]. - The consumer goods sector is expected to benefit from cost advantages and new product opportunities driven by evolving consumer preferences [6][8]. Summary by Sections 1. Weekly Industry Insights - The food and beverage sector saw a decline of 2.49% last week, with liquor down 3.03%, underperforming the broader market [5][6]. - Key stocks showing significant gains include Yangyuan Beverage (up 32.49%) and Jinzi Ham (up 11.93%) [5]. 2. Liquor Sector Analysis - Kweichow Moutai's bottle price is 1800 RMB, up 45 RMB week-on-week, while the box price is 1830 RMB, up 60 RMB [7][10]. - The industry faces challenges such as high inventory, weak demand recovery, and price discrepancies leading to unprofitable channels [7][8]. 3. Consumer Goods Sector Analysis - The report highlights a favorable outlook for dairy products due to declining costs and improving supply-demand dynamics, recommending stocks like Yili and New Dairy [8]. - The beer industry remains stable, with recommendations for Yanjing Beer and Qingdao Beer [8]. 4. Market Performance - The food and beverage industry underperformed the Shenwan A index by 2.79 percentage points, with the liquor sector lagging by 3.33 percentage points [44].

Core Insights - The fifth China Quality Award results were announced on September 16, with Yili Group receiving a nomination for its outstanding quality innovation practices, highlighting its contribution to "Chinese quality manufacturing" [1][2] - A total of 541 organizations and 73 individuals were reviewed for the award, focusing on quality innovation, efficiency improvement, and quality management system promotion [1] - Yili Group's achievement alongside major state-owned enterprises demonstrates its strong capabilities in quality management and technological innovation [1][2] Group 1: Quality Recognition - The China Quality Award has been a competitive arena for top enterprises since its establishment, with Yili standing out among leaders in high-end manufacturing and energy sectors, validating its forward-looking "quality strategy" [2] - Yili has received the China Quality Award nomination for three consecutive sessions, showcasing its sustained leadership in quality management [2] Group 2: Achievements and Standards - Under the "Quality Strong Nation" strategy, Yili has garnered multiple prestigious awards, becoming the first dairy company to achieve national, continental, and global quality management awards [4] - In 2022, Yili became the first food enterprise globally to obtain the "Gold Standard Certification," which evaluates both production process rigor and product quality against global advanced standards [4] - Yili's raw milk quality significantly exceeds EU standards in key indicators such as total bacterial count and somatic cell count, reflecting the industry's rapid modernization in China [4] Group 3: Cultural and Management Practices - The evaluation of the China Quality Award emphasizes not only product quality but also corporate quality culture, with Yili's cultural foundation and talent pool contributing to its success [6] - Guided by the philosophy of respecting and developing people, Yili prioritizes talent development and cultural transmission, embedding quality principles throughout the organization [6] - Yili has implemented rigorous standards, including the innovative food safety "three-line" standard and the QbD (Quality by Design) control system, ensuring that quality is integrated into every aspect of its operations [6]

Core Insights - Lenovo and Yili have formed a strategic partnership to create a global intelligent supply chain ecosystem, enhancing Yili's digital transformation from production to consumer services [1][3] Group 1: Supply Chain and Production - Yili's smart factory utilizes automated production lines capable of processing over 7,000 tons of fresh milk daily and filling 40,000 packages per hour, making it the fastest milk production line globally [1] - The supply chain control tower system developed by Lenovo and Yili integrates over 80 supply indicators and 140 promotional product indicators, significantly reducing risks related to raw material expiration, excess inventory, and stockouts [2] - The introduction of a unified VOC (Voice of Customer) intelligent mining management platform allows Yili to close the loop on problem discovery and business improvement, enhancing consumer satisfaction [2] Group 2: Digital Transformation and AI Integration - Yili's digital transformation includes a comprehensive consumer digital platform that supports over 20 mini-programs for purchasing, after-sales, product co-creation, and health consultations [3] - The partnership emphasizes that digitalization is not a solitary endeavor; the integration of AI is expected to accelerate industry transformation and connect various sectors [3][5] - Lenovo's full-stack AI strategy aims to enhance productivity and innovation across personal, enterprise, and urban applications, with a focus on smart decision-making in cities [4] Group 3: Industry Impact and Future Outlook - The collaboration between Lenovo and Yili is seen as a benchmark for AI transformation in China's manufacturing sector, with expectations for continued advancements as the national "Artificial Intelligence +" initiative progresses [5] - Lenovo's intelligent agent matrix provides long-term services for government and enterprise clients, while also catering to small and medium-sized enterprises and individual customers [4] - The Chinese government's policy aims for AI applications to achieve over 70% penetration in key sectors by 2027 and over 90% by 2030, positioning intelligent economy as a crucial growth driver [4]

Investment Rating - The investment rating for the food and beverage industry is "Positive" and maintained [10] Core Insights - The liquor industry is undergoing adjustments, with leading brands in high-end and regional segments remaining relatively stable. The industry is currently in a phase of active destocking, with expectations of demand recovery as macroeconomic conditions improve. High-end brands such as Kweichow Moutai and Wuliangye are recommended [5][18] - The yellow wine sector is entering a new price increase cycle, with significant concentration in the market. Leading brands are collaborating strategically and expanding into new markets, particularly focusing on high-end product lines [6][19] - The mass consumer goods segment is facing pressure from the restaurant chain demand, but certain sub-sectors like dairy products and condiments show promising growth potential. The dairy sector is expected to stabilize with the introduction of child-rearing subsidies, while condiment companies are managing inventory pressures effectively [7][22][24] Summary by Sections Liquor Industry - The liquor industry is currently in a destocking phase, with a short-term impact from policy changes. However, the demand structure differs from previous cycles, and recovery is anticipated as consumer confidence improves. High-end brands are expected to perform well, with Kweichow Moutai projected to achieve a 7% revenue growth in Q2 2025 [5][18] - The yellow wine market has seen a significant increase in concentration, with the top three brands holding approximately 43% market share as of 2023. Price increases are expected for key products, with brands like Kuaijishan actively promoting high-end offerings [6][19] Mass Consumer Goods - The dairy sector is experiencing a slight decline in production, but demand is showing signs of improvement. The introduction of a national child-rearing subsidy is expected to enhance long-term demand for dairy products [7][22] - The condiment industry is managing inventory pressures better than in previous years, with leading companies expected to achieve stable growth despite short-term challenges. Key players include Haitian Flavoring and Qianhe Flavoring [24] - The beer sector is facing challenges in the on-premise consumption channel, but companies are adapting by exploring new retail channels. Qingdao Beer and Yanjing Beer are highlighted as key recommendations [25][27] Restaurant Supply Chain - The restaurant supply chain is entering a new normal with stable demand. The total revenue for the restaurant sector in the first half of 2025 reached 27,480 billion yuan, reflecting a year-on-year growth of 4.3%. Companies are seeking new channels for growth, with recommendations for Guoquan and Lihai Foods [8][28] Key Individual Stocks - Kweichow Moutai is expected to maintain a strong market position with a projected revenue of 396.5 billion yuan in Q2 2025, reflecting a 7.26% year-on-year increase [31] - Wuliangye is anticipated to outperform the industry average, with revenue and profit growth expected to remain positive [31] - Yili Group is projected to achieve a revenue growth of around 8% in Q2 2025, benefiting from a favorable inventory situation [39]

Core Insights - Yili has maintained its position as the world's most valuable dairy brand for six consecutive years, according to Brand Finance's "Top 10 Most Valuable Dairy Brands 2025" list [1] - The ranking is based on financial performance, customer perception, and future expectations, with Yili achieving the top brand value since 2020 [1] - Yili's success is attributed to its commitment to quality, technological innovation, and a comprehensive range of nutritional health products for consumers [1] Financial Performance - Yili's milk products meet EU standards for key indicators such as fat and protein levels, while exceeding EU standards for total bacterial count and somatic cell count [1] - The company has significantly improved the retention rate of lactoferrin in its ambient pure milk from 10% to over 90% through targeted protection technology [1] Product Innovation - Yili has launched innovative products in the functional nutrition segment, including lactose-free lion's mane mushroom milk, lactose-free An Tang Jian milk, and revitalizing red ginseng milk powder, which have been well-received in the market [1] Market Presence - Yili has over 2,000 global partners and operates 15 research and innovation centers and 81 production bases worldwide, with products available in over 60 countries and regions [2] - The company ranks first in the Kantar Consumer Index report as the top choice brand among Chinese consumers, leading in brand penetration, consumer reach, and average selection frequency [1]