骤雨不终日，“吃喝板块”进入配置区间

Group 1: Baijiu Industry - The supply-demand contradiction in the baijiu industry has eased, and the industry is expected to reach a bottom as companies lower growth targets and adopt rational behaviors [1] - Companies are shifting from aggressive sales strategies to passive supply control to maintain prices, indicating a more rational approach to achieving targets [1] - The tightening of policies in the second quarter is expected to disrupt consumption scenarios temporarily, potentially extending the inventory destocking period [1] Group 2: Beer, Huangjiu, and Beverages - The beer sector is experiencing demand during the peak season, with leading companies actively boosting the industry [1] - The yellow wine sector shows positive internal changes, indicating significant upward potential [1] - The soft drink market is focusing on health, functionality, and personalization, with a gradual recovery in the dining sector [1] Group 3: Snacks - The snack industry continues to maintain high growth driven by new categories and channels, although a temporary slowdown in growth is expected in early 2025 due to the timing of the Spring Festival [1] - Companies that expand into new categories and channels are recommended for future performance [1] Group 4: Dairy Products - The dairy market is currently experiencing a phase of supply surplus, leading to a decline in retail prices [2] - Policy support is anticipated to boost demand, particularly benefiting the deep processing sector focusing on cheese and snacks [2] Group 5: Condiments - The condiment sector is facing weak demand, but leading companies are actively expanding product lines and channels to strengthen their internal advantages [2] - The restaurant sector is expected to gradually recover, with companies that explore product and channel increments likely to see improvements sooner [2] Group 6: Food and Beverage ETF - The Food and Beverage ETF (515170) tracks the China Securities Index focusing on high-barrier and resilient sectors such as baijiu, beverages, dairy products, and condiments [2] - The ETF provides a convenient investment tool for small capital to participate in core assets of the "food and beverage sector" [2]