食品饮料板块分化中寻机遇：高景气赛道领跑，餐饮链复苏引关注

Core Viewpoint - The consumption data during the holiday period indicates a gradual recovery in the catering industry, which is driving a rebound in the entire industry chain [1] Group 1: Catering Industry Recovery - The first four days of the holiday saw an increase in catering sales, with daily foot traffic exceeding expectations [1] - There are significant signs of recovery in the catering chain, with notable improvements in the sales of condiments, which slightly exceeded expectations during September and the holiday period [1] - The demand for frozen foods in the B-end has also shown slight recovery, reflecting the transmission effect of catering recovery on upstream industries [1] Group 2: Snack Sector Performance - The snack sector continues to show high levels of activity, with some companies benefiting from strong sales in gift-giving scenarios during the holiday [1] - Traditional channels have seen stable growth, and the volume of customers in bulk snack stores during the holiday indicates strong channel vitality and consumer demand, becoming a key driver of growth in the sector [1] Group 3: Market Confidence and Investment Opportunities - The recent rise in the sector is attributed to the dual themes of "snack sector vitality and catering recovery," with data validating the high activity levels in the snack sector [1] - The continuous improvement in catering has boosted expectations for sub-sectors such as condiments and beer, enhancing market confidence in consumer recovery [1] - The food and beverage ETF (515170) has attracted significant capital, with over 1.1 billion yuan raised in the last five trading days, indicating strong investor interest [1] - From a valuation perspective, the food and beverage sector remains at a low level, suggesting a favorable configuration opportunity at present [1]