食品饮料行业周度更新：国庆出行强势复苏，重视超跌成长

Investment Rating - The report maintains an "Overweight" rating for the food and beverage industry [2][17]. Core Viewpoints - The food and beverage sector is expected to gradually improve due to strong recovery in travel during the National Day holiday and supportive policies [3][6]. - The report emphasizes the importance of focusing on undervalued growth stocks, particularly in categories like liquor, snacks, and the restaurant supply chain [17]. Summary by Sections National Day Travel Recovery - Daily travel data during the first four days of the National Day holiday reached new highs, indicating a strong recovery in service consumption [6][7]. - The average daily passenger volume for railways and civil aviation increased by 27.4% and 22.9% respectively compared to the same period in 2019, setting a new record for major holidays in 2024 [6][7]. Liquor Sector - The liquor market is experiencing a weak recovery, with expectations of continued underperformance during the National Day holiday [9][11]. - The report notes that the price of premium liquor, such as Moutai, has seen a slight increase, with market sentiment improving but still facing challenges [9][11]. Consumer Goods - The consumer goods sector is showing signs of recovery, with a focus on snacks and the restaurant supply chain as key growth areas [14][16]. - The report highlights that the snack segment is expected to perform well due to ongoing channel expansion and cost reductions [14][16]. Investment Recommendations - The report recommends increasing positions in undervalued growth stocks, particularly in the liquor sector (e.g., Wuliangye, Luzhou Laojiao) and snacks (e.g., Three Squirrels, Qiaqia Food) [17][20]. - It also suggests increasing positions in the restaurant supply chain, with companies like Anjuke Food and Haitian Flavor Industry being highlighted [17][20].