食品饮料行业周度更新：茅台超预期分红，饮料景气与竞争并存

Investment Rating - The report maintains an "Overweight" rating for the food and beverage industry, consistent with the previous rating [2][25]. Core Insights - Moutai's performance and dividend exceeded expectations, stabilizing the underperforming liquor stocks. The beverage industry shows optimal prosperity, with marginal recovery in the beer sector. The report suggests prioritizing stocks with enhanced shareholder returns and clear growth trends [3][4]. Summary by Sections Investment Recommendations - Liquor: Recommend increasing holdings in stable sales and high-dividend stocks such as Kweichow Moutai, Shanxi Fenjiu, Yingjia Gongjiu, and Gujing Gongjiu, as well as underperforming stocks like Wuliangye, Luzhou Laojiao, Jiansiyuan, and Laobai Ganjiu [3][7]. - Beverages: Suggest increasing holdings in companies with rigid low-price, high-frequency consumption demands and sustained prosperity, such as Dongpeng Beverage, Uni-President China, and Master Kong Holdings [3][7]. - Beer: Recommend increasing holdings in Yanjing Beer, Tsingtao Brewery, Chongqing Beer, Zhujiang Beer, and Hong Kong's China Resources Beer and Tsingtao Brewery [3][7]. - Consumer Goods: Suggest increasing holdings in high-growth stocks like Three Squirrels, Jin Zai Food, and Yanjinpuzi, as well as supply chain stocks like Qianhe Flavor Industry, Zhongju Gaoxin, Baoli Food, Qianwei Central Kitchen, and Tianwei Food after the pressure from the restaurant sector is released [3][7]. Liquor Sector - Moutai's performance and dividend exceeded expectations, boosting confidence in the sector. The focus has shifted from growth rates to the sustainability and stability of growth. The report anticipates a rebound in volume during the Mid-Autumn Festival and National Day, but limited price support for the sector [8][12]. Beverage & Beer Sector - The beverage sector shows good prosperity across various segments, with competition intensifying in sugar-free tea and water. The report expects oligopolistic structures to remain in sugary tea, functional beverages, and carbonated drinks, with profitability potentially reaching new highs. Uni-President's 1H24 revenue increased by 6%, with beverage business revenue exceeding 10 billion, up 8% year-on-year [12][14]. Consumer Goods & Dairy Sector - The snack sector is currently experiencing the most significant valuation pressure among all segments, with potential for a rebound. The report emphasizes that companies focusing on channels will have relative advantages over pure category companies, indicating a trend towards channel structure transformation [14][16]. Earnings Forecast and Valuation - The report includes a detailed earnings forecast and valuation table for key stocks, indicating a positive outlook for several companies in the food and beverage sector [16][18].