证券研究报告 食品饮料 报告日期：2025 年 10 月 13 日 双节白酒动销符合预期，关注景气度较高的子行业龙头 ——食品饮料行业周报 华龙证券研究所 投资评级：推荐（维持） 最近一年走势 分析师：王芳 执业证书编号：S0230520050001 邮箱：wangf@hlzq.com 饮料行业周报》2025.09.29 《白酒深度调整，大众品龙头优势凸显 —食品饮料行业 2025 年半年报综述》 2025.09.24 《白酒深度调整，大众品关注低估值的 行 业 龙 头 — 食 品 饮 料 行 业 周 报 》 2025.09.22 摘要： 请认真阅读文后免责条款 上周食饮板块呈现回调态势。上周（2025 年 10 月 9 日-10 月 10 日），申万食品饮料指数涨跌幅为-0.29%，在申万一级行业中排名 第 27 位，跑输上证指数（+0.37%）0.66pct，子行业中乳品 （+1.13%）、调味品（+0.74%）、肉制品（+0.60%）涨幅居前， 其他酒类（-0.85%）跌幅居前。中秋国庆白酒动销符合市场预期， 10 月关注三季报业绩情况，大众品建议关注成长性较好，回调后 估值较低的板块龙头，我们维持行业 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The report highlights a decline in liquor sales during the recent double festival period, while new consumer categories maintain growth [3][11] - The food and beverage index experienced a slight decline of 0.2%, ranking 15th among 28 sectors, outperforming the CSI 300 by approximately 0.4 percentage points [11][13] - The liquor market is estimated to have seen an overall sales decline of 20% during the double festival, aligning with previous market expectations [11][12] Summary by Sections Weekly Insights - The report notes that the liquor market is facing two types of differentiation: scene differentiation, where banquet scenarios are supported by demand for gatherings, and price differentiation, where high-end and cost-effective products perform well [11][12] - The beverage sector shows resilience due to its essential consumption nature, with functional drinks aligning with health trends and outdoor activities [12] Market Performance - The beverage sector outperformed the liquor sector, with soft drinks (+4.9%), dairy products (+1.8%), and health products (+1.3%) leading the performance [11][13] - Individual stocks such as Zhuangyuan Pasture, Yangyuan Beverage, and Guangming Meat Industry showed significant gains, while brands like Huanlejia and Gujing Gongjiu faced declines [11][13] Upstream Data - Some upstream raw material prices have decreased, with the price of whole milk powder showing a year-on-year increase of 6.1% [17][21] - The price of fresh milk has decreased by 3.2% year-on-year, indicating a downward trend in domestic milk prices [17][21] Liquor Industry News - The report mentions the global launch of a new 25-degree product by Shanxi Fenjiu, highlighting the brand's commitment to quality and innovation [42] - The report also notes a significant increase in sales for the "Maopu" brand, which saw a 115% year-on-year growth in September [42] Recommended Portfolio - The report recommends stocks such as Guizhou Moutai, Shanxi Fenjiu, Ximai Food, Weilong Delicious, and Bairun Shares, emphasizing their growth potential and market positioning [4][46]