双节消费与标准升级双轮驱动，食品饮料板块成长主线清晰

Core Viewpoint - The food and beverage sector is experiencing multiple favorable factors, with strong performance in liquor consumption during the recent holiday period, indicating a robust recovery in consumer spending [1] Industry Summary - Data shows that liquor sales on JD's Qixian platform increased by 109% year-on-year, while Douyin's liquor sales rose by 58% month-on-month, reflecting a positive consumption recovery trend [1] - The official release of the twelve fragrance standards aims to establish quality system norms for the industry, supporting high-quality development [1] - Kweichow Moutai is innovating consumption scenarios through projects that integrate liquor and tourism, continuously enhancing brand value [1] Company Summary - Analysts indicate that the food and beverage industry is primarily driven by growth, with leading beverage companies maintaining structural prosperity due to major product drivers [1] - Companies in the food raw materials and health products segments are expected to achieve high growth in performance [1] - Despite a lackluster feedback from the autumn sugar meeting in the liquor industry, the upcoming third-quarter report disclosures and adjustments in liquor companies' strategies are anticipated to lead the industry into a substantial destocking cycle, with channel confidence expected to gradually recover [1] - The current valuation of the sector is considered attractive, with a recommendation to focus on leading companies with strong performance certainty [1] Related ETFs - Food and Beverage ETF [1] - Consumer 30 ETF [1]