食品饮料行业简评：政策刺激助力信心回暖，行业板块展现强劲韧性

Investment Rating - The industry investment rating is "Overweight" [7][10] Core Insights - Policy stimulus is boosting confidence, leading to a marginal recovery in consumption expectations [7] - The liquor sector is experiencing valuation recovery, with a focus on high-end and regional leaders [7] - Beer industry is benefiting from cost advantages and potential recovery in consumption scenarios [7] - The restaurant supply chain is expected to benefit from the recovery of dining scenarios, with long-term growth potential [8] - Dairy products are anticipated to see improved demand due to policy support for milk consumption [8] Summary by Sections Liquor Sector - Valuation recovery is underway, with confidence in the sector improving due to policy expectations - Sales during the Mid-Autumn Festival were weak, with varying performance across price segments - High-end liquor faces pressure, while products priced between 100-300 RMB show better performance - Recommendations include focusing on leading brands such as Kweichow Moutai, Wuliangye, and Luzhou Laojiao [7][9] Beer Sector - The beer industry faced sales pressure in the first half of the year but is expected to improve in the third quarter - Cost reductions in raw materials like barley are enhancing profitability - The high-end trend in the beer market remains strong, with potential for mid-to-high-end expansion [7][9] Restaurant Supply Chain - The restaurant supply chain is set to benefit from a recovery in dining scenarios, supported by consumption vouchers - Long-term growth potential exists due to the low chain rate in China compared to mature markets - Recommended stocks include Anjijia and Qianwei Yangchun, which have strong operational resilience and low valuations [8][9] Dairy Products - Recent policies aim to stabilize milk production and promote consumption - Milk prices have been declining, but demand is expected to improve with policy support - Recommendations include focusing on leading dairy companies like Yili and New Hope Dairy, which have shown strong performance in low-temperature products [8][9]