Investment Rating - The report maintains a positive outlook on the liquor sector, particularly on premium brands like Guizhou Moutai, Luzhou Laojiao, and Shanxi Fenjiu, while also highlighting the potential of other brands such as Wuliangye and Jinjing Wine [2][7]. Core Insights - The liquor market is undergoing a restructuring phase, with expectations of a double-digit decline in sales year-on-year for Q1 2026, but a potential stabilization in Q2 and a turning point in Q3 [2][7]. - The report anticipates a recovery in the liquor sector by the end of 2026 and into 2027, driven by improved fundamentals and valuation [2][7]. - The consumer goods sector is showing structural improvements, with competition shifting from price to quality, leading to a gradual balance in supply and demand [2][9]. Summary by Sections 1. Weekly Insights on Food and Beverage - The food and beverage sector saw a decline of 1.41% last week, with liquor down 2.80%, underperforming the Shanghai Composite Index by 2.25 percentage points [6]. - Notable stock performances included a 19.59% increase for Haoxiangni and a 14.32% rise for Wancheng Group [6]. 2. Market Performance of Food and Beverage Sectors - The report highlights the price stability of Moutai, with a current price of 1560 RMB per bottle, up 20 RMB from the previous week, indicating a positive trend in pricing [8][27]. - The report notes that Moutai's pricing has found a bottom, reducing downward risks significantly, and anticipates a potential increase in sales volume as the Spring Festival approaches [8]. 3. Industry Events and Updates - The report mentions the upcoming IPO of Mingming Hen Mang, a leading snack retail chain, which is expected to catalyze the snack sector [10]. - The report emphasizes the importance of supply chain management and digitalization in enhancing competitive advantages for companies like Mingming Hen Mang [10]. 4. Valuation Table - The food and beverage sector's dynamic PE is currently at 19.27x, with a premium rate of 10%, while the liquor sector's dynamic PE stands at 17.50x, indicating a zero premium [27].

Investment Rating - The report maintains a cautious outlook on the liquor industry, particularly on high-end liquor such as Moutai, with expectations of gradual recovery in sales and pricing stability post-Spring Festival [10][11][12]. Core Insights - The high-end liquor segment, especially Moutai, is experiencing a sales boost as the Spring Festival approaches, with expectations of price recovery due to increased demand driven by wealth effects [10][11]. - The report suggests that the market's concerns about post-festival price drops for Moutai are likely to be unfounded, predicting only minor seasonal fluctuations [10][12]. - The overall sentiment in the liquor industry is shifting from a pessimistic outlook to a more stable one, with expectations of improved sales dynamics as external constraints on consumption ease [11][12]. Summary by Sections Liquor Industry - The report highlights that Moutai's sales are performing better than previously cautious expectations, leading to a price recovery for both Moutai and newer Moutai products [10]. - It is noted that the market is still wary of potential price declines after the Spring Festival, but historical patterns suggest only minor adjustments are likely [10][11]. - The report emphasizes the importance of brand strength and market positioning for high-end liquor companies, recommending investments in brands with strong market presence and growth potential [12]. Beer Industry - The beer sector is seeing a steady recovery in on-premise consumption, with companies diversifying into non-drink channels and soft drinks [12]. - The report suggests that the beer industry's performance is expected to stabilize, with a focus on maintaining competitive pricing and improving dividend yields [12]. Snack Industry - The snack sector is benefiting from pre-Spring Festival stocking and product innovation, with companies like Qiaqia and Ganyuan expected to show significant profit elasticity due to low comparative bases [14]. - The report recommends focusing on leading snack companies that are expanding their store presence and adapting their product offerings [14]. Beverage Industry - The soft drink sector is currently facing challenges due to seasonal demand fluctuations and competition from ready-to-drink tea brands, leading to a slight decline in overall sales growth [14]. - Despite these challenges, leading brands like Dongpeng and Nongfu are expected to maintain double-digit growth through brand strength and market share consolidation [14]. Seasoning Industry - The seasoning sector is stabilizing as restaurant demand begins to recover, with expectations of improved performance in 2026 driven by seasonal effects [15]. - The report highlights companies like Angel Yeast and Qianhe Condiments as having strong growth potential due to favorable market conditions and dividend yields [15].

Core Viewpoint - The company has announced an investment totaling 130 million yuan using idle self-owned funds in various financial products, which has been approved by the board of directors [1] Group 1: Investment Details - The company invested 60 million yuan in government bond reverse repurchase products from China Merchants Securities Co., Ltd. [1] - An additional 40 million yuan was allocated to purchase income certificates from Huatai Securities Co., Ltd. [1] - The company also invested 30 million yuan in pledged quote repurchase products from Guotai Junan Securities Co., Ltd. [1] Group 2: Financial Management - The total investment amounts to 130 million yuan, with all funds sourced from the company's own capital [1] - The investment terms range from January 23, 2026, to January 26, 2026, or until January 25, 2027 [1] - The board has approved a rolling usage limit of up to 500 million yuan for such investments, granting the chairman the authority to implement this [1]

证券代码：603027 证券简称：千禾味业 公告编号：临 2026-002 千禾味业食品股份有限公司 关于使用闲置自有资金购买理财产品的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： ●基本情况： | 委托理财受托方 | 投资金额 | | 投资种类 | 资金来源 | | --- | --- | --- | --- | --- | | 招商证券股份有限公司 | 6,000 | 万元 | 国债逆回购 | 自有资金 | | 华泰证券股份有限公司 | 4,000 | 万元 | 收益凭证 | 自有资金 | | 国泰海通证券股份有限公司 | 3,000 | 万元 | 质押式报价回购 | 自有资金 | ●履行的审议程序:公司第五届董事会第五次会议审议通过了《关于使用闲置 自有资金进行现金管理的议案》，同意公司使用额度不超过 5 亿元的自有资金购 买中低风险、流动性好的理财产品及国债逆回购等品种。该事项经公司董事会审 议通过之日起 12 个月内，上述自有资金现金管理额度可滚动使用并授权公司董事 长具体批准实施。公司 ...

Group 1 - The seasoning and fermentation sector experienced a decline of 0.92% on January 21, with Anji Food leading the drop [1] - The Shanghai Composite Index closed at 4116.94, up 0.08%, while the Shenzhen Component Index closed at 14255.12, up 0.7% [1] - Key stocks in the seasoning and fermentation sector showed varied performance, with Dayin Co. rising by 2.90% to a closing price of 38.00, while Anji Food fell by 2.84% to 20.89 [1][2] Group 2 - The net outflow of main funds in the seasoning and fermentation sector was 47.78 million yuan, while retail funds saw a net outflow of 21.44 million yuan [2] - The sector's overall fund flow indicates a mixed sentiment, with speculative funds showing a net inflow of 69.22 million yuan [2] - Individual stock fund flows revealed that Jieling Pickles had a main fund net outflow of 10.21 million yuan, while Hai Tian Food saw a net inflow of 6.37 million yuan [3]

Group 1 - The seasoning and fermentation sector saw a slight increase of 0.11% on January 20, with Tianwei Food leading the gains [1] - The Shanghai Composite Index closed at 4113.65, down 0.01%, while the Shenzhen Component Index closed at 14155.63, down 0.97% [1] - Key stocks in the seasoning and fermentation sector showed varied performance, with Tianwei Food closing at 13.51, up 2.66%, and other notable stocks like ST Jiajia and Jialong Co. also experiencing gains [1] Group 2 - The sector experienced a net outflow of 47.02 million yuan from institutional investors, while retail investors saw a net inflow of 41.85 million yuan [2] - The individual stock performance indicated that Hai Tian Wei Ye had a significant net outflow of 35.27 million yuan from institutional investors, while retail investors contributed a net inflow of 30.45 million yuan [3] - Other stocks like Jialong Co. and ST Jiajia had mixed net inflows and outflows from different investor categories, reflecting varied investor sentiment within the sector [3]

Group 1 - The report highlights the "Spring Excitement" in the snack sector, indicating a historical high relative win rate of 70% for the food and beverage sector in the 40 days leading up to the Spring Festival [7][16] - The report emphasizes that the "Spring Excitement" is not solely dependent on the annual beta of the food and beverage sector, as structural opportunities still exist despite a long-term adjustment period since 2021 [7][16] - Key catalysts for the upcoming Spring Festival include concentrated demand for gifts and gatherings, which leads to more planned channel stocking, creating a positive feedback loop of expectations and validations [7][16][28] Group 2 - In December, the food and beverage sector underperformed the market by 7.5 percentage points, with a decline of 5.2%, ranking last among 31 primary industries [7][61] - The report notes a divergence in performance among sub-sectors, with snacks and soft drinks showing gains while liquor and beer experienced declines [7][61][64] - The absolute and relative valuations of the food and beverage sector are at their lowest since 2010, indicating potential investment opportunities [7][61][64] Group 3 - The report tracks the recovery of consumer confidence, with a 0.9% year-on-year increase in retail sales in December, showing improvement from the previous month [7][63] - It highlights that the liquor sector is facing weak demand and declining prices, with the price adjustments for premium liquor nearing levels seen between 2011 and 2015 [7][63][64] - The report identifies structural differentiation in costs, with some packaging materials and agricultural products experiencing price increases [7][63][64] Group 4 - Investment recommendations include a focus on liquor stocks that have undergone a four-year adjustment period, with potential for a "valuation + performance" double bottom [7][64] - For consumer goods, the report anticipates a moderate increase in industry prices in 2026, with specific recommendations for companies like Anjuke Foods, Qianhe Flavor, and Eastroc Beverage [7][64] - The report suggests that the upcoming Spring Festival will provide a favorable environment for growth narratives, particularly in the restaurant supply chain and certain chain formats [7][64]

Group 1 - The core view of the report emphasizes the high relative success rate of the food and beverage sector during the pre-Spring Festival period, with a historical success rate of 70% in the last ten years [7][16] - The report identifies structural opportunities within the food and beverage sector despite a long-term adjustment phase since 2021, highlighting the importance of seasonal demand and planned channel stocking [7][16] - The report suggests three strategic approaches for investment in the snack sector during the "spring excitement" period, focusing on companies with clean chips, strong growth themes, and clear growth drivers [7][49] Group 2 - In December, the food and beverage sector underperformed the market, with a decline of 5.2%, lagging behind the CSI 300 index by 7.5 percentage points, ranking last among 31 primary industries [7][61] - The report notes a divergence in performance among sub-sectors, with snacks and soft drinks showing gains while liquor and beer sectors faced declines [7][61] - The report highlights that the absolute and relative valuations of the food and beverage sector are at their lowest levels since 2010, indicating potential investment opportunities [7][61][64] Group 3 - The report tracks the recovery of consumer confidence, with a December retail sales growth of 0.9%, showing improvement from the previous month [7][63] - It notes that the liquor sector is experiencing weak demand and price adjustments, particularly for high-end products like Moutai, which is nearing historical price levels [7][63] - The report indicates that the cost structure is showing divergence, with some packaging materials and agricultural products experiencing price increases [7][63][64] Group 4 - Investment recommendations include a focus on liquor stocks that have undergone a four-year adjustment period, with potential for valuation and performance recovery [7][64] - For consumer goods, the report anticipates a moderate increase in industry prices in 2026, highlighting opportunities in new products and channels [7][64] - Specific stock recommendations include Luzhou Laojiao, Shanxi Fenjiu, and various consumer goods companies such as Anjuke Foods and Dongpeng Beverage [7][64]

Market Overview - The seasoning and fermentation sector increased by 0.41% on January 19, with Zhu Laoliu leading the gains [1] - The Shanghai Composite Index closed at 4114.0, up 0.29%, while the Shenzhen Component Index closed at 14294.05, up 0.09% [1] Stock Performance - Zhu Laoliu (code: 920726) closed at 25.02, up 5.44% with a trading volume of 97,800 shares and a transaction value of 236 million [1] - Qianhe Flavor (code: 603027) closed at 10.19, up 4.09% with a trading volume of 220,900 shares and a transaction value of 223 million [1] - Tianwei Food (code: 603317) closed at 13.16, up 3.70% with a trading volume of 107,300 shares and a transaction value of 140 million [1] - Other notable stocks include Baoli Food (code: 603170) up 3.46%, Jialong Co. (code: 002495) up 3.11%, and Zhongjing Food (code: 300908) up 2.24% [1] Capital Flow - The seasoning and fermentation sector experienced a net outflow of 66.24 million from institutional investors, while retail investors saw a net inflow of 21.38 million [2] - The sector's overall capital flow indicates a mixed sentiment among different investor types [2] Individual Stock Capital Flow - Zhu Laoliu had a net outflow of 23.53 million from institutional investors, with a retail net inflow of 1.83 million [3] - Hai Tian Flavor (code: 603288) saw a net inflow of 16.67 million from institutional investors but a net outflow of 24.60 million from retail investors [3] - Hengshun Vinegar (code: 600305) had a net inflow of 12.32 million from institutional investors, while retail investors experienced a net outflow of 13.99 million [3]

Core Insights - The report maintains a "Buy" rating for the food and beverage industry, consistent with previous ratings, indicating a positive outlook for the sector [4] - The report highlights the cautious inventory management in the liquor market, particularly in Henan, with the upcoming Spring Festival sales performance still uncertain [17][19] - The demand for frozen food in Henan is showing signs of improvement as preparations for the Spring Festival begin, with increased confidence among distributors [22] - In Shanghai, the "锅圈" (Guoquan) stores are undergoing significant renovations, leading to a notable increase in daily sales post-renovation [25][27] Weekly Focus: Henan & Shanghai Market Tracking - **Henan Liquor Market**: Inventory levels are low, and major brands like Moutai are seeing stable pricing, with the Spring Festival sales performance yet to be observed [17][19] - **Henan Food Supply Market**: Distributors are beginning to stock up for the Spring Festival, with a slight uptick in demand noted [22] - **Shanghai Guoquan Store Renovations**: The store renovations have led to a significant increase in daily sales, with new product categories contributing to revenue growth [25][27] Food and Beverage Sector Overview - The food and beverage sector experienced a decline of 2.1% in the week of January 12-16, underperforming compared to the CSI 300 index [29] - The valuation of the food and beverage sector stands at a PE-TTM of 21.2X, with the white liquor sector at 18.3X, indicating a relative valuation compared to the broader market [43][46] Recent Key Announcements & News - The report includes updates on major companies like Qianwei Culinary and Sanquan Foods, highlighting their strategic adjustments and product innovations aimed at enhancing competitiveness [23][24] - The report notes that the industry is moving away from price wars towards a focus on product innovation and quality assurance [24] Investment Recommendations - The report recommends key liquor brands such as Luzhou Laojiao, Shanxi Fenjiu, and Moutai, as well as consumer goods companies like Anjuke Foods and Tianwei Foods, indicating potential investment opportunities [8][12]