食品饮料行业周报：政策加码，情绪逆转，内需复苏

Investment Rating - The report maintains a "Recommended" rating for the food and beverage industry [1][4][18]. Core Views - Recent policies have positively impacted consumer sentiment, leading to a recovery in domestic demand within the food and beverage sector [1][4]. - The white liquor sector has seen a significant rebound, with a 29.49% increase in stock prices, driven by favorable macroeconomic policies [1][10]. - The overall food and beverage sector outperformed the Shanghai Composite Index, with a 26.06% increase compared to the index's 12.81% [2][10]. Summary by Sections Recent Trends - The food and beverage sector has experienced a substantial rebound, with the white liquor segment leading the gains [2][10]. - Key stocks such as Luzhou Laojiao (+34.25%) and Wuliangye (+33.97%) have shown remarkable performance [2][10]. Policy Impact - Recent policies, including interest rate cuts and mortgage adjustments, are expected to enhance consumer spending power, particularly in the white liquor market [1][4]. - The Central Political Bureau's focus on stabilizing the real estate market is anticipated to further support consumer confidence [1][4]. Sector Performance - The food and beverage sector's performance over the past month shows an 18.3% increase, outperforming the broader market [2][10]. - The white liquor segment remains undervalued, with a PE-TTM of 21.3x, indicating potential for valuation recovery [1][4]. Key Recommendations - Recommended stocks in the white liquor sector include Kweichow Moutai, Wuliangye, and Luzhou Laojiao, among others [4][18]. - For the consumer goods segment, stocks such as Baijiu Holdings, Yili, and Three Squirrels are highlighted as potential investment opportunities [5][18].