东兴证券：食饮消费有望跟随消费总量扩容而获得增量机会 建议关注估值修复和产业成长机会

Core Viewpoint - The report from Dongxing Securities emphasizes the importance of creating new demand to promote consumption and investment, enhancing the internal circulation's endogenous power and reliability during the "14th Five-Year Plan" period [1] Group 1: Demand-Side Management - The "Suggestions" elevate the expansion of domestic demand to a strategic level, indicating a fundamental adjustment in the national economic growth logic and a reorientation of supply-demand relationships [1] - The document proposes that new demand should lead new supply, and new supply should create new demand, marking a shift from scale expansion to quality and efficiency [1] Group 2: Policy Direction for Consumption - The "Suggestions" outline clear policies to boost consumption, including enhancing public service spending, increasing residents' consumption capacity, and removing unreasonable restrictions on consumption [2] - The report anticipates that future policies will focus more comprehensively on social security areas such as elderly care and healthcare [2] Group 3: Opportunities in Food and Beverage Consumption - Food and beverage consumption is expected to gain incremental opportunities as it follows the overall expansion of consumption [3] - New channel models like instant retail, snack wholesale, and membership supermarkets are emerging, reshaping the sales landscape and presenting new investment opportunities in the food and beverage sector [3]