行 业 及 产 业 证券分析师 吕昌 A0230516010001 lvchang@swsresearch.com 周缘 A0230519090004 zhouyuan@swsresearch.com 王子昂 A0230525040003 wangza@swsresearch.com 联系人 王子昂 A0230525040003 wangza@swsresearch.com 高端酒批价回落 关注需求承接 食品饮料 2025 年 12 月 06 日 相关研究 《茅台股东会传递务实信号 月度金股推荐 泸州老窖 ——食品饮料行业周报 20251124-20251128》 2025/11/30 《市场大幅调整 板块相对跑赢 ——食品 饮料行业周报 20251117-20251121》 2025/11/22 《黎明前夕，曙光将至——2026 年食品 ⚫ 风险提示：食品安全问题，经济下行影响白酒及大众品需求。 证 券 研 究 报 看好 ——食品饮料行业周报 20251201-20251205 本期投资提示： 告 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 博时基金 博时基金管理有限公司(res ...

Investment Rating - The report maintains a positive outlook on the food and beverage industry, indicating that it has entered a strategic allocation period for quality companies [4][8]. Core Views - Despite the need for patience regarding fundamental improvements, the report highlights significant revenue declines for major liquor companies, with a focus on finding a balance between volume and price [4][8]. - The report emphasizes that long-term investors can start pricing quality companies as the market approaches a predictable bottom [4][8]. - Key recommendations include premium liquor brands such as Luzhou Laojiao, Kweichow Moutai, Shanxi Fenjiu, and Wuliangye, along with consumer staples like Yili, Qingdao Beer, and Anjuke Food [4][8]. Summary by Sections 1. Weekly Perspective on Food and Beverage - The food and beverage sector experienced a decline of 0.56% last week, with liquor down 0.84%, underperforming the Shanghai Composite Index by 1.64 percentage points [7]. - The top gainers included Anji Food (+13.87%), Huifa Food (+13.07%), and Babi Food (+11.32%) [7]. 2. Market Performance of Food and Beverage Sectors - The report notes that the food and beverage industry underperformed the Shenwan A index by 1.20 percentage points from November 3 to November 7, 2025 [45]. - Sub-sectors such as food processing and leisure foods outperformed the index, while liquor categories, including white liquor and other alcoholic beverages, lagged behind [45]. 3. Industry Events and Updates - Kweichow Moutai announced a stock buyback plan of between 1.5 billion and 3 billion yuan and a cash dividend distribution of 30 billion yuan [2][9]. - The report indicates that Moutai's revenue growth slowed to 0.35% year-on-year in Q3 2025, while Wuliangye's revenue fell by 53% [9]. 4. Valuation Table - The food and beverage sector's dynamic PE is reported at 20.22x, with a premium rate of 23%, while the liquor sector's dynamic PE stands at 18.93x, with a premium rate of 15% [33].