食品饮料行业报告：回调不改信心，东鹏业绩大超预期助力细分板块上涨

Industry Investment Rating - The investment rating for the food and beverage industry is currently under review, with a focus on the recovery of leading companies' valuations following recent policy shifts [4][11]. Core Insights - Recent fiscal policies aim to enhance counter-cyclical adjustments, which are expected to improve the economic fundamentals [11]. - The food and beverage sector has shown resilience, particularly in the soft drink segment, driven by strong performance from companies like Dongpeng Beverage [4][20]. - The report highlights a mixed performance across sub-sectors, with liquor leading the recovery while other segments face challenges [4][20]. Summary by Sections 1. Fiscal Policy and Economic Outlook - The government has introduced targeted fiscal measures to support local governments in managing debt risks and enhancing economic growth [11]. - Key initiatives include issuing special government bonds to bolster the capital of state-owned banks and supporting the real estate market [11]. 2. Food and Beverage Sector Q3 Outlook - The liquor market has experienced a mixed demand, with high-end products performing relatively well during the Mid-Autumn and National Day holidays [12]. - Major liquor companies are expected to show varied performance, with Guizhou Moutai projected to see a revenue growth of 15% in Q3 [12][13]. - The soft drink sector, particularly Dongpeng Beverage, is anticipated to maintain strong growth, benefiting from favorable market conditions [16][17]. 3. Weekly Performance Review - The food and beverage sector index saw a decline of 7.47% this week, ranking 26th among 30 sectors [20]. - The soft drink segment recorded a slight increase of 0.17%, while other sub-sectors experienced declines [20]. - Notable stock performances included West China Animal Husbandry (+10.28%) and Shede Liquor (+9.42%), while Huangtai Liquor saw a significant drop of -23.02% [20]. 4. Company-Specific Announcements - Dongpeng Beverage reported strong Q3 performance, with expectations of continued high growth [27]. - Other companies like Yili and Qingdao Beer are facing challenges, with projected revenue declines due to market conditions [15][18].