三季报窗口期 ，消费板块估值修复机遇显现

Group 1 - The food and beverage sector is receiving continuous capital attention, with valuation recovery logic gradually strengthening during the third quarter report disclosure period [1] - The liquor sector shows characteristics of "bottom improvement + leading stability," with strong performance during the National Day and Mid-Autumn Festival consumption periods, evidenced by a nearly 100% month-on-month increase in terminal sales for Kweichow Moutai since September [1] - The consumer goods segment highlights structural differences, with snacks, beverages, pet food, and health products maintaining high prosperity, while traditional categories like dairy and condiments are in a transitional phase of inventory destocking and demand recovery [1] Group 2 - Cost and policy factors provide dual support, with a continued downward trend in raw material prices, ensuring profitability despite a narrowing decline [1] - The current dynamic PE of the sector is within a reasonable range, with a focus on the cyclical direction of supply clearing and valuation bottoming out, especially as the restaurant industry recovers month-on-month after September [1] - In the medium to long term, innovation in new categories, expansion of new channels, and consumption upgrades will continue to inject investment momentum into the sector [2] Group 3 - Relevant ETFs include Food and Beverage ETF and Consumption 30 ETF [3]