食品饮料行业周报：中报业绩分化加剧，关注基本面较优的个股机会

Investment Rating - The report maintains an investment rating of "Recommended" for the food and beverage industry [1][30]. Core Viewpoints - The food and beverage sector outperformed the Shanghai Composite Index, with a weekly increase of +1.62%, ranking 19th among 31 industries [1][30]. - The report highlights a moderate recovery in demand, emphasizing structural opportunities within the sector, particularly for high-quality leading companies that demonstrate resilience and risk resistance [1][30]. - The report suggests focusing on high-end liquor brands such as Kweichow Moutai and Wuliangye, as well as regional leaders like Gujing Gongjiu and Yingjia Jiu [1][31]. Summary by Sections 1. Weekly Market Performance - From August 26 to August 30, the food and beverage index rose by +1.62%, while the Shanghai Composite Index fell by -0.43%, indicating a 2.05 percentage point outperformance [7][30]. - Sub-sectors with notable gains included pre-processed foods (+6.41%), condiments (+5.02%), and other alcoholic beverages (+4.33%), while soft drinks (-4.61%) and dairy products (-1.56%) saw declines [7][30]. 2. Price Fluctuations - The report notes that the price of Feitian Moutai remained stable at 2400 CNY per bottle, with slight fluctuations in other liquor prices [17]. - The average price of fresh milk was reported at 3.20 CNY per kilogram, with a downward trend in the prices of barley and sugar [17][18]. 3. Industry News - Key developments include the national branding strategy of Jinhuijiu through high-speed rail collaborations and the reported revenue growth in the liquor, beverage, and refined tea manufacturing sector [25][26]. - The report also mentions the acquisition plans of Mogao Co. for a 51% stake in Haotian Technology, which is expected to enhance its competitive edge [26]. 4. Key Company Announcements - Notable earnings reports include Wuliangye's revenue of 50.648 billion CNY, a year-on-year increase of 11.30%, and Dongpeng Beverage's revenue of 7.873 billion CNY, growing by 44.19% [27][29]. - The report highlights the strong performance of Three Squirrels, which achieved a revenue of 5.075 billion CNY, up 75.39% year-on-year [29][32]. 5. Weekly Insights - The report emphasizes the resilience of leading companies in the food and beverage sector amid a challenging demand environment, suggesting that long-term investment opportunities remain attractive [30][31].