智通财经网·2025-05-11 23:52Group 1: Core Insights - The report from CITIC Securities highlights the importance of boosting consumption as a key driver for economic growth, with the food and beverage sector expected to benefit significantly from this focus on domestic demand [1] - The white liquor sector is projected to achieve total revenue of 441.94 billion yuan in 2024, representing a year-on-year growth of 7.66%, with net profit expected to reach 166.85 billion yuan, also up 7.60% [1] - The beer segment is showing signs of recovery, with sales and profit margins improving, indicating that it may have entered a growth phase [19] Group 2: Sector Analysis - White Liquor: The industry is currently facing a deep adjustment period, with sales pressures due to weak demand in gifting and banquet consumption, but leading companies are expected to strengthen their market positions through brand and operational advantages [1][6] - Pre-processed Foods: The sector is experiencing weak performance due to sluggish B-end restaurant demand, but is expected to benefit from a recovery in the C-end market, particularly in pre-prepared dishes [17] - Dairy Products: The dairy sector's revenue for 2024 is projected at 292.5 billion yuan, down 7.7% year-on-year, with net profit declining by 38.5% to 12.92 billion yuan [21][22] - Snack Foods: The sector is thriving, particularly with the popularity of konjac products, and companies are adapting to new retail formats like discount stores [24] - Soft Drinks: The functional beverage market continues to expand, with a notable increase in demand for sugar-free tea and functional drinks [26] - Yellow Wine: Leading companies in the yellow wine sector are expanding their advantages and driving the industry's high-end development [30]