食品饮料行业周报：板块理性调整，关注财政政策出台暨三季报前瞻

Investment Rating - The report maintains a "Recommended" investment rating for the food and beverage industry [3]. Core Insights - The food and beverage sector is experiencing rational adjustments, with a focus on upcoming fiscal policies and third-quarter earnings reports. The overall market sentiment is expected to be characterized by differentiation, with the liquor sector, particularly baijiu, remaining undervalued and poised for potential upward movement [2][3]. Summary by Sections Industry News - Breakthroughs in tracing the origins of sauce-flavored baijiu have been reported. A 140 million yuan winery project in Ningxia has officially commenced [10]. - The Ministry of Commerce announced anti-dumping measures on brandy imports from the EU [10]. Company News - Kweichow Moutai held its 2025 production and quality conference, while Wuliangye appointed a new deputy secretary for its party committee. Luzhou Laojiao is advancing its smart brewing technology project [11]. - East Peak Beverage is expected to achieve a net profit of 2.6 to 2.73 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 57.04% to 64.89% [21]. Market Performance - The report indicates that the baijiu sector has seen a recent pullback due to previous significant gains, but it remains a low-valuation sector with potential for recovery [2]. - The overall demand in the consumer goods sector is stabilizing, with a marginal recovery in dining consumption driven by the National Day holiday [2]. Investment Strategy - The recommended order of sub-sectors is: Baijiu > Beer > Snack Foods = Soft Drinks > Frozen Foods > Condiments > Dairy Products. The report emphasizes the importance of monitoring third-quarter disclosures and the recovery of business scenarios for long-term investment strategies [2][3]. Key Recommended Stocks - The report highlights key stocks to watch, including Kweichow Moutai, Wuliangye, Luzhou Laojiao, Shanxi Fenjiu, and others in the liquor sector, as well as leading companies in the condiment and snack food segments [2][3].