食品饮料行业周报：一揽子经济政策出台，白酒有望深度受益

Investment Rating - The report maintains a "Positive" outlook for the food and beverage industry in China [5]. Core Insights - Recent economic policies in China, including lowering the reserve requirement ratio for financial institutions and reducing mortgage rates, are expected to provide strong support to the real economy and stock market, benefiting the liquor sector in the short term and potentially accelerating sales in the medium to long term [2]. - Macro data related to consumption continues to show a growth trend, with retail sales and dining revenues in August 2024 increasing by 2.1% and 3.3% year-on-year, respectively [15][2]. - The price data for liquor shows that as of September 29, 2024, the wholesale prices for premium liquor brands like Moutai and Wuliangye are stable, indicating a healthy market [14][19]. - Beer production in China saw a decline of 3.3% year-on-year in August 2024, with cumulative production down by 1.2% for the year [21][23]. - Dairy prices remain stable, with fresh milk averaging around 3.14 RMB per kilogram, while prices for milk powder and cheese have shown slight increases [28][35]. Summary by Sections Macro Data Update - Retail sales and dining revenues in August 2024 increased by 2.1% and 3.3% year-on-year, respectively, with the M2 money supply growing by 6.3% [12][15]. Liquor Price Data - As of September 29, 2024, the wholesale prices for Moutai are approximately 2380 RMB for original boxes and 2290 RMB for loose bottles, while Wuliangye is priced at around 960 RMB [14][19]. Beer Volume and Price Data - Domestic beer production fell by 3.3% in August 2024, with a cumulative decline of 1.2% for the year [21][23]. The average import price for barley decreased by 16% year-on-year, benefiting the beer sector [23]. Dairy Price Data - The average price for fresh milk is stable at about 3.14 RMB per kilogram, with slight increases in milk powder and cheese prices noted [28][35].