Investment Rating - The report maintains a "Recommended" rating for the industry, indicating a positive outlook for the sector's fundamentals and expected performance relative to market benchmarks [2]. Core Insights - The report emphasizes the importance of consumer spending recovery and highlights various sectors within the consumer industry, including agriculture, food and beverage, textiles, home appliances, retail, pharmaceuticals, and social services [1][6][20][22][25]. - Key recommendations include focusing on high-quality breeding stocks in agriculture, structural growth opportunities in consumer goods, and the potential for recovery in textile manufacturing orders due to stable overseas demand [6][9][20][25]. Summary by Relevant Sections Agriculture - The report suggests a continued recommendation for high-quality breeding stocks, emphasizing food security and the ongoing reduction in pig breeding capacity, which is expected to elevate future pork prices [25][26]. Food and Beverage - The food and beverage sector is highlighted for its structural growth, particularly in the liquor market, where demand is expected to stabilize. Companies like Ximai Foods are noted for their strong revenue growth and innovative product launches [7][8]. Textiles - The textile sector is recommended for its recovery potential, with a focus on leading manufacturers benefiting from improved order conditions as global demand stabilizes [9][10]. Home Appliances - The home appliance sector shows signs of recovery, with companies like Huabao New Energy and XGIMI Technology expected to experience significant growth due to expanding market demands and improved operational efficiencies [14][15]. Retail - The retail sector is experiencing a boost in store openings and same-store sales improvements, particularly in the snack food segment, indicating a positive trend in consumer spending [18][19]. Pharmaceuticals - The pharmaceutical industry is recommended for its innovative upstream and CXO chains, with companies like WuXi AppTec and Kanglong Chemical showing strong performance and growth potential [20][21]. Social Services - The report identifies investment opportunities in the restaurant and OTA sectors, particularly in brands that are expected to benefit from ongoing consumer trends and government support for consumption [22][23].

A2：公司电商的高增速是综合因素影响下的结果：首先，是品牌力的建设， 就是品牌的势能和动能。通过一段时间的运营之后，公司在兴趣电商平台上的 市场地位非常突出，品牌的势能和动能强大。其次，在精细化运营方面，公司 电商团队通过一段时间的摸索，费率已经在逐步改善，后续将争取做到控费降 费的同时维持较好的增长。 Q3：四季度公司整体的动销趋势如何展望？ A3：公司目前经营情况良好，四季度是公司的传统销售旺季，有双 11、双 12 大促活动，并且逐渐临近过年，对咱们中国人来说，春节是最重要的节假日， 消费会在春节期间集中释放。公司对四季度的整体表现持比较乐观的预期。 Q4：三季度公司零食量贩渠道增长加速的原因？ 证券代码：002956 证券简称：西麦食品 桂林西麦食品股份有限公司投资者关系活动记录表 | | □特定对象调研 □分析师会议 | | --- | --- | | 投资者关系 | □媒体采访 □业绩说明会 | | 活动类别 | □新闻发布会 □路演活动 | | | □现场参观 其他（线上交流会） ☑ | | | 华鑫证券、冲积资产、民生通惠、天风证券、中信建投、华泰资管、中金公司、 | | | 国盛证券、开源证 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The report indicates that the retail sales growth of consumer goods has shown a marginal decline, primarily due to the timing of the Mid-Autumn Festival and the diminishing effects of the "old-for-new" policy. However, with the release of policies aimed at stabilizing growth and promoting consumption, the macroeconomic environment is expected to improve, leading to a gradual recovery in consumer demand for the food and beverage sector. The white liquor industry is showing signs of bottoming out, with a low likelihood of further demand decline. The report suggests appropriate positioning in the white liquor sector due to its relatively low valuation and stable chip structure. In the mass consumer goods sector, new consumption targets are expected to maintain high growth rates throughout the year, with a focus on new channels, new products, and new markets [3][4][6]. Summary by Sections Industry Overview - The retail sales of consumer goods in September 2025 increased by 3.0% year-on-year, with a month-on-month decline of 0.4 percentage points from August. The food and beverage sector is anticipated to gradually improve as macroeconomic conditions stabilize [4][5]. Subsector Performance - In September 2025, the retail sales growth for grain and oil products, beverages, and tobacco and alcohol was 6.3%, -0.8%, and 1.6% year-on-year, respectively. The beverage sector showed relatively weak consumption, while the tobacco and alcohol sector saw improved growth due to pre-holiday stocking and a slight relaxation of alcohol bans [4][10][12]. Quarterly Insights - In Q3 2025, the retail sales of consumer goods grew by 3.5% year-on-year, a decrease of 1.9 percentage points compared to Q2. The food and beverage sectors experienced varying growth rates, with grain and oil products at 6.7%, beverages at 1.4%, and tobacco and alcohol at 0.8%, indicating a general softening in consumer demand [5][6]. Specific Company Insights - The white liquor sector is nearing a demand bottom, with recent policy relaxations leading to a recovery in consumption. Meanwhile, companies like Ximai Foods are accelerating the launch of new products and channels, which is expected to enhance profit elasticity and certainty in 2026 due to sustained raw material cost advantages [6].

Core Insights - The article highlights the growing trend of high-quality, personalized, and functional agricultural products in China, with over 200 million tons of green quality agricultural products entering the market annually since the 14th Five-Year Plan began [1] Group 1: Nutritional and Functional Food Trends - There is a rising consumer interest in functional foods that integrate into daily meals, such as low glycemic index (GI) oats, which have gained popularity for their health benefits [2] - The market for functional foods is diversifying, with products like selenium-rich rice and DHA eggs becoming more favored by consumers [4] - The introduction of "medicinal food" products, such as Tianma, which has been added to the "medicinal food" directory, indicates a shift towards integrating health benefits into agricultural products [3] Group 2: Agricultural Processing and Value Addition - The agricultural processing sector is crucial for enhancing the value of agricultural products, with a processing conversion rate of 73% expected by the end of 2023, an increase of 4.5 percentage points since 2019 [6][8] - Companies are increasingly adopting modern food technologies and traditional methods to create unique products, such as the development of over 70 oat products by a company in Inner Mongolia [2][5] - The establishment of strategic partnerships between processing companies and local farmers has led to increased income for over 1.25 million farmers, with income growth exceeding 30% compared to other farmers [8] Group 3: Innovative Agricultural Practices and Market Expansion - The integration of agriculture with tourism and other sectors is expanding market opportunities, as seen with the development of a multifunctional agricultural park in Sichuan focusing on konjac [10][11] - Local governments are implementing standards and insurance mechanisms to support the growth of specialty crops like konjac, enhancing productivity by 40% [11] - The promotion of unique agricultural products and experiences is driving consumer engagement and sales, with significant revenue generated from agricultural festivals and leisure activities [12]

Core Insights - The article discusses the evolving trends in food consumption among urban and rural residents, highlighting the integration of health-oriented and functional foods into daily diets [3][4][6] - It emphasizes the growth of specialized agricultural products and the increasing demand for nutritious, low-calorie, and functional foods, reflecting a shift in consumer preferences [4][5][11] Group 1: Agricultural Product Trends - Since the start of the 14th Five-Year Plan, over 36,000 new green, organic, and geographical indication agricultural products have been certified, providing more than 200 million tons of quality agricultural products annually [3] - The demand for functional foods, such as low glycemic index (GI) oats and various health-oriented products, is rising, with companies developing over 70 new products to meet these needs [4][5] - The market for konjac-based snacks has seen significant growth, with online sales increasing by 128% year-on-year, indicating a strong consumer interest in innovative food products [11] Group 2: Nutritional and Functional Food Development - The introduction of "nutritional agriculture" is highlighted as a key direction for future agricultural development, with a focus on producing fortified foods that cater to health-conscious consumers [6][10] - The integration of traditional food processing with modern technology is enhancing the safety and appeal of processed foods, with a reported 73% processing conversion rate for major agricultural products by the end of 2023 [8][9] - The development of a variety of functional foods, such as selenium-rich rice and DHA-enriched eggs, is gaining traction among consumers, reflecting a shift towards more health-oriented dietary choices [6][10] Group 3: Economic Impact and Industry Growth - The agricultural processing industry is crucial for enhancing the value of agricultural products, with over 1.25 billion farmers benefiting from improved income through various cooperative models [9] - The establishment of specialized research institutions and partnerships is fostering innovation in agricultural processing, leading to the development of new products and improved processing techniques [9][10] - The integration of tourism and agriculture is expanding market opportunities, with regions like Shaanxi and Zhejiang successfully creating tourism routes that enhance the economic value of local agricultural products [13]

Core Insights - The article discusses the emerging trends in food consumption among urban and rural residents, highlighting the shift towards health-oriented and functional foods, as well as the integration of agricultural products into daily diets [1][2][4]. Group 1: Nutritional and Functional Foods - There is a growing trend towards incorporating functional foods into daily meals, with products like low glycemic index oats gaining popularity [2][4]. - The introduction of "medicinal and edible" plants, such as Tianma, into the market reflects a broader acceptance of health-oriented agricultural products [3][4]. - The agricultural sector is increasingly focusing on nutrition-oriented production, with a push for high-value processing of agricultural products [3][4]. Group 2: Agricultural Processing and Innovation - The deep processing of agricultural products is becoming essential, with companies like Quanrun Food Co. leveraging modern technology to meet consumer demands [5][6]. - The processing rate of major agricultural products in China has reached 73%, indicating a significant improvement in the sector since 2019 [6][8]. - Innovations in processing techniques, such as the use of robotics and plasma sterilization, are enhancing the efficiency and safety of food production [8]. Group 3: Market Expansion and Consumer Engagement - The rise of new consumption scenarios, such as leisure foods made from konjac, is driving market growth, with sales increasing significantly [9][10]. - The integration of agriculture with tourism and local culture is creating new business models, as seen in the konjac industry in Sichuan [10][11]. - The development of local agricultural standards and insurance mechanisms is supporting the growth of specialty crops like konjac, enhancing their market viability [11][12]. Group 4: Economic Impact and Future Directions - The agricultural sector is expected to continue evolving, with initiatives aimed at enhancing brand development and promoting high-quality agricultural products [12]. - The government's focus on modern agricultural parks and industry clusters is set to further stimulate growth in the agricultural sector [12].

Core Viewpoint - The founder and chairman of Ximai Foods, Xie Qingkui, emphasizes the importance of maintaining a calm mindset and a strong sense of responsibility and mission in the face of challenges, particularly in the health food sector [2][4][7]. Group 1: Company Growth and Strategy - Ximai Foods has recently completed the second phase of its production facility in Jiangsu and aims to replicate its success in Suqian within three years [3][4]. - The company has established Ximai Health Technology Co., Ltd., focusing on the research, production, and sales of health foods, marking a significant strategic move [9]. - Ximai Foods has become the only publicly listed company in China's oat industry with a complete industrial chain, holding the largest market share against foreign brands [6][11]. Group 2: Health Food Strategy - The company is advancing into the "medicinal food integration + biological fermentation" sector, collaborating with Yiyangsheng Group to establish an innovative research center [11][12]. - The partnership with Yiyangsheng Group aims to leverage their strengths in biological fermentation and Ximai's market presence to create new health products, including health oral liquids [11][12]. Group 3: Leadership and Succession Planning - Xie Qingkui is open to various succession options, including family members, non-family members, or professional managers, as long as they can strengthen and carry on the Ximai brand [14]. - The recent appointment of Sun Hongyan as the general manager reflects the company's commitment to internal talent development and succession planning [14].