食品饮料 2025 年 07 月 24 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -24% -12% 0% 12% 24% 36% 2024-07 2024-11 2025-03 食品饮料 沪深300 相关研究报告 《社零增速放缓，牧场出清可期—行 业周报》-2025.7.20 《6 月社零增速环比放缓，内需消费仍 待提振—行业点评报告》-2025.7.16 《白酒布局机会渐显，新消费择优长 期持有—行业周报》-2025.7.13 食品饮料仓位新低，建议布局白酒与新消费潜力股 ——行业点评报告 张宇光（分析师） 张恒玮（分析师） zhanghengwei@kysec.cn 证书编号：S0790524010001 从基金重仓持股情况来看（Wind 中全部市场基金，一级子行业），2025Q2 食品 饮料配置比例由 2025Q1 的 9.8%回落至 8.0%水平，环比回落 1.8pct，处于 2020 年以来新低位置。我们选取主动权益基金（普通股票、偏股混合、灵活配置三类 基金），从基金重仓持股情况来看，2025Q2 食品饮料配置比例为 5.6%，和 2025Q1 的 8.1%相比，下降 2.5pct ...

Core Viewpoint - The strategic cooperation agreements signed between Changchun Municipal Government, China FAW Group, and Jilin University mark a significant development for the Changchun automotive industry, aiming to accelerate high-quality development and facilitate industrial transformation and upgrading [1][3]. Group 1: Strategic Cooperation Agreements - Changchun Municipal Government and China FAW Group signed a strategic cooperation agreement to initiate a new phase of intensive electric vehicle product launches, with expectations for the new energy vehicle industry scale to achieve leapfrog growth [3]. - The cooperation will focus on the development of eight new energy vehicle products under the Hongqi and FAW-Volkswagen brands, emphasizing green technology and high-end intelligence [3]. - The partnership aims to enhance the core competitiveness of the automotive manufacturing industry in Jilin Province through a collaborative model between central and local governments [3]. Group 2: Focus on Innovation and Talent Development - The agreement between China FAW Group and Jilin University emphasizes collaboration in key technologies such as intelligent connected new energy vehicles, artificial intelligence, and high-performance automotive materials [3]. - The cooperation aims to bridge the gap between laboratories and production lines, fostering a long-term mechanism for close collaboration between academia and industry [3]. - The initiative is expected to create an "innovation engine" for the Changchun automotive industry, focusing on technological transformation and research and development innovation [3]. Group 3: Industry Advancements and Positioning - Changchun has been recognized as a national pilot city for the application of battery swap models for new energy vehicles and is among the first batch of cities for comprehensive electrification of public vehicles [4]. - The automotive cluster in Changchun has been upgraded to a national advanced manufacturing cluster, positioning the city as a pilot for integrated applications of intelligent connected vehicles [4]. - The city is actively developing new projects, technologies, and business models to create competitive advantages in the industry, aiming for scale elevation and quality transformation [4].

Group 1 - China FAW Group signed strategic cooperation agreements with Changchun Municipal Government and Jilin University to enhance collaboration in key technologies such as intelligent connected new energy vehicles, artificial intelligence, and high-performance automotive materials [1] - The partnership aims to leverage China FAW's industry leadership and manufacturing capabilities alongside Jilin University's technological and talent advantages to foster innovation and talent development in the automotive sector [1] - The agreements will facilitate the launch of multiple new energy models from the Hongqi and FAW-Volkswagen brands in Changchun, marking a significant step in promoting national brands and seizing opportunities in the new energy vehicle market [1] Group 2 - Changchun is set to enter a new phase of intensive new energy product launches, with Hongqi and FAW-Volkswagen brands working together to enhance production capabilities in the Northeast industrial base [2] - Hongqi brand will focus on green technology and high-end intelligence, introducing a new generation of diverse new energy products to meet specific user needs, while FAW-Volkswagen will accelerate its transition to electric vehicles [2] - In 2025, China FAW plans to deepen its strategic cooperation with Volkswagen Group, emphasizing the "In China, For China" strategy and collaborating with other major companies to drive the automotive industry's transformation and high-quality development [2] Group 3 - By 2025, the brand values of China FAW, Hongqi, and Jiefang are expected to rank first in the industry, with Hongqi continuously expanding its product lineup and showcasing its technological prowess at major auto shows [3] - In the first half of this year, China FAW's total vehicle sales exceeded 1.571 million units, a year-on-year increase of 6.1%, with a notable 95.5% growth in sales of new energy vehicles [3] - The sales figures indicate a strong performance for domestic brands, with a total of 449,800 units sold, while joint venture brands maintained a leading position with 1.121 million units sold [3]

Core Insights - The 2025 Shanghai Auto Show has set multiple records in terms of scale, exhibitors, and technological displays, attracting nearly 1,000 renowned companies from 26 countries and regions, with a total exhibition area exceeding 360,000 square meters, showcasing the vitality of the global automotive industry [1] - A notable phenomenon at the show is the coexistence of a "star-studded lineup" and "strategic absences," with major brands like Volkswagen, Mercedes-Benz, and Toyota participating, while several foreign brands, including Hyundai and Kia, are absent, indicating a significant transformation in the automotive industry [2][3] Industry Dynamics - The absence of over 20 automotive brands, including Hyundai, Kia, and Jaguar Land Rover, highlights the challenges faced by foreign brands in the Chinese market, reflecting a broader industry reshuffle [2][3] - The German brands lead the market with a sales volume of 4.04 million units, capturing 17.6% market share, while Korean brands collectively sold only 234,000 units, shrinking to a mere 1.0% market share [4] - Beijing Hyundai's sales have plummeted from a peak of 1.14 million units in 2016 to just 154,000 units in 2024, marking a 33% year-on-year decline [5] Strategic Responses - Companies like Beijing Hyundai are exploring new strategies, such as off-peak product launches to avoid competition and gain attention, while also focusing on local partnerships to enhance their product offerings [12] - Nissan has showcased its commitment to the Chinese market by launching innovative models like the Frontier Pro PHEV and N7, emphasizing the importance of local development and market responsiveness [9] - Domestic brands like BYD and Geely are expanding their exhibition presence, reflecting strong market performance, with BYD achieving over 1 million sales in the first quarter [8] Future Outlook - The automotive industry is undergoing a significant transformation, with the survival of brands dependent on continuous innovation and adaptation to market changes, as evidenced by the contrasting fortunes of participating and absent companies at the auto show [10][13] - The 2025 Shanghai Auto Show serves as a mirror reflecting the harsh realities of the automotive industry, where only those who continuously innovate can maintain their competitive edge [13]

Core Viewpoint - The introduction of the "Double Lifetime" warranty policy by FAW-Volkswagen aims to enhance customer trust and loyalty by providing comprehensive coverage for both original equipment parts and entire vehicles, marking a significant shift in the automotive industry towards customer-centric service [1][11]. Group 1: Warranty Policy Details - The "Double Lifetime" warranty includes lifetime coverage for original equipment parts starting from March 1, 2025, for all Volkswagen brand models purchased from authorized dealers [3][6]. - The lifetime warranty for vehicles applies to FAW-Volkswagen's fuel SUV models, beginning March 21, 2025, for specific models like the "Langjing" and "Langxun," and will expand to all fuel SUV models by May 15, 2025 [3][6]. - Compared to competitors, FAW-Volkswagen's warranty is not limited by mileage and covers a broader range of scenarios, including insurance claims, which enhances customer protection [6]. Group 2: Cost Savings and Value - Customers can save between 10,000 to 50,000 yuan on maintenance costs over 15 years due to the vehicle lifetime warranty, and an additional 3,000 to 15,000 yuan from the lifetime warranty on original equipment parts [6]. - The "Double Lifetime" warranty is expected to improve vehicle resale value by approximately 2% for customers who consistently maintain their vehicles at authorized service centers [6]. Group 3: Commitment to Quality and Service - FAW-Volkswagen emphasizes its commitment to product quality and service, leveraging nearly 90 years of automotive experience and a deep understanding of the Chinese market to differentiate itself from competitors [7][9]. - The company employs advanced manufacturing techniques, including 100% automation in painting and assembly processes, ensuring high standards of quality and durability [9]. - FAW-Volkswagen's service standards are globally synchronized, with a significant portion of its service team having over ten years of experience, reflecting a strong commitment to customer service [9]. Group 4: Industry Positioning - The "Double Lifetime" warranty is a strategic response to the industry's trend of price competition, positioning FAW-Volkswagen as a leader in high-quality development and long-term value [11]. - This initiative showcases the brand's confidence in its product quality and its dedication to a customer-centric service philosophy, reinforcing its role in the evolving automotive landscape [11].