食品饮料2026年投资策略报告：曙光渐显，在分化中前行-华源证券

Group 1 - The report focuses on the food and beverage industry, highlighting the performance in 2025 and investment opportunities in 2026, with ROA (Return on Assets) as a key indicator for recovery [1][2] - The industry is currently in a differentiated recovery phase, with varying recovery paces across segments; soft drinks and snacks are leading, while liquor is still in the destocking phase [1][2] - The experience from Japan's consumption differentiation in the 1990s serves as a reference, emphasizing the importance of meeting consumer needs for cost-effectiveness and health [1][10] Group 2 - Investment strategies for 2026 focus on two main lines: "price" and "volume," with rising CPI expected to drive valuation recovery in traditional high-penetration sectors like liquor and dairy [2][3] - Key investment targets include leading brands in liquor (e.g., Kweichow Moutai, Luzhou Laojiao), dairy (e.g., Yurun Dairy, China Shengmu), and beer (e.g., Tsingtao Brewery) [2][3] - The report identifies three directions for volume growth: cost-effective consumption, low-penetration segments benefiting from health trends, and overseas market expansion [2][3] Group 3 - The industry is expected to progress through differentiation, with segments showing potential for valuation recovery as ROA stabilizes, while segments aligned with cost-effectiveness and health trends will continue to grow [3][10] - The report suggests that companies with efficiency and innovation advantages will further solidify their competitive positions [3][10]