西南证券：关注啤酒、调味品、速冻食品领域的投资机会

Group 1 - The beer industry is expected to benefit from a low base effect in 2025, with national leaders likely to gain from low market expectations and ongoing product structure upgrades [1] - Economic stimulus policies in 2025 are anticipated to boost overall dining consumption, positively impacting the beer sector [1] - Recommended companies in the beer sector include Qingdao Beer and Yanjing Beer [1] Group 2 - The condiment industry is seeing improvements due to the recovery of the B-end restaurant sector and the ongoing health trend in C-end condiments [1] - The industry is characterized by high-end upgrades in high-tier markets and channel penetration in lower-tier markets, with strong anti-cyclical capabilities [1] - Recommended companies in the condiment sector include Haitian Flavor Industry and Hengshun Vinegar [1] Group 3 - The frozen food sector is expected to maintain long-term growth, with leading companies showing significant advantages [1] - The frozen hot pot ingredient industry is projected to sustain double-digit growth, while competition in rice and noodle products remains intense [1] - Recommended companies in the frozen food sector include Anjijia Food and Sanquan Food [1]