食品饮料行业周度更新：政策催化，重视超跌成长

Investment Rating - The report assigns an "Increase" rating for the food and beverage industry [3][5]. Core Viewpoints - The report emphasizes that recent policy measures have significantly boosted market confidence, leading to a recovery in the food and beverage sector. The sector is considered undervalued, with expectations of a rebound driven by policy support [5][9]. - The report highlights the importance of focusing on growth stocks that have experienced significant declines, particularly in the liquor and snack segments [5][11]. Summary by Sections 1. Policy Support and Market Expectations - Since September 24, policies have become increasingly proactive, enhancing market expectations and improving liquidity in the capital market. Key measures include lowering reserve requirements and interest rates on existing mortgages [9][11]. - The issuance of consumption vouchers by local governments, such as Shanghai's allocation of 500 million yuan for various sectors, is expected to stimulate short-term consumption and has a multiplier effect on the economy [9][11]. 2. Liquor Sector: Recovery and Leadership - The liquor sector is characterized by its cyclical nature, with significant rebounds observed. The SW liquor index rose by 29.5% in a week, outperforming other sectors [11][12]. - Major liquor brands such as Wuliangye and Moutai have shown substantial weekly gains, indicating a recovery in consumer demand and market sentiment [13][12]. 3. Consumer Goods: Focus on Snacks - The consumer goods sector is experiencing a recovery, with a notable emphasis on snack products, which are expected to perform well due to ongoing channel benefits and market dynamics [14][15]. - The report suggests that snack companies like Three Squirrels and Qiaqia Foods are prime candidates for investment due to their growth potential and market positioning [15][16]. 4. Investment Recommendations - The report recommends increasing positions in undervalued growth stocks, particularly in the liquor and snack sectors. Specific stocks highlighted for increased investment include Wuliangye, Moutai, and various snack brands [15][16]. - The report also suggests maintaining positions in stable beer and beverage companies, such as Tsingtao Brewery and Master Kong, as they are expected to benefit from the recovery in consumer spending [15][16].