食品饮料行业周报：普涨后分化，关注财政政策加码

Investment Rating - The report maintains a "Recommended" rating for the food and beverage industry, indicating a positive outlook based on favorable fundamentals and market conditions [1][4]. Core Insights - The overall market experienced a pullback after a period of broad gains, with the food and beverage sector declining by 7.47%, underperforming the Shanghai Composite Index by 3.91 percentage points [2][9]. - The white liquor sector is currently undergoing a normal correction after rapid increases, with a focus on upcoming fiscal policies that may boost market confidence and consumption [2][3]. - The report highlights the potential for a dual boost in performance and valuation for the white liquor sector, as it remains at historically low valuation levels [3][14]. Summary by Sections Market Performance - The food and beverage sector saw a decline, with all sub-sectors except soft drinks experiencing losses. The largest declines were in health products and beer, with drops of 9.71% and 8.67% respectively [2][9]. - Notable gainers included West China Animal Husbandry (+10.28%) and Shede Liquor (+9.42%), while major losers included Huangtai Liquor (-23.02%) and ST Spring (-14.47%) [2][9]. White Liquor Sector - The white liquor sector's PE-TTM stands at 21.08x, with historical valuation percentiles indicating significant room for recovery as economic stimulus policies are implemented [2][3]. - Key recommended stocks in this sector include Kweichow Moutai, Wuliangye, and Luzhou Laojiao, among others [3][14]. Consumer Goods - The report notes a cooling off in consumer goods after a period of broad increases, with a focus on companies expected to report strong third-quarter results [3][14]. - Companies such as Angel Yeast and Three Squirrels are highlighted for their strong performance forecasts, driven by effective supply chain management and growth strategies [3][14]. Investment Strategy - The report emphasizes the potential for both valuation and performance improvements in the food and beverage sector due to recent policy changes and macroeconomic shifts [3][14]. - Recommended stocks include Angel Yeast, Baijiu Holdings, and East Peak Beverage, among others, indicating a diversified approach across different segments of the industry [3][14].