食品饮料行业周报：政策托底，板块经营稳步向好

Investment Rating - The report maintains an "Accumulate" rating for the food and beverage industry [6]. Core Insights - The food and beverage industry is experiencing steady operational improvements supported by favorable policies [6]. - Key events include the opening of the Shanghai International Wine Expo, the commencement of the 2025 Moutai brewing cycle, and significant investments in the liquor industry [6][22]. - The report highlights the growth potential in various segments, including snacks, beer, soft drinks, and frozen foods, driven by innovation and market demand [8][25][26][27]. Summary by Sections Industry News - The Shanghai International Wine Expo opened on October 10, 2024, focusing on high-quality development in the liquor sector [6][22]. - Moutai Group's 2025 production cycle was announced, aiming for stable quality and production levels [6][22]. - Yibin plans to add seven supporting projects for the liquor industry, with a total investment exceeding 2.96 billion [6][22]. - Significant personnel changes occurred at Wuliangye, with the appointment of a new general manager [6][22]. - The launch of the "Guo Yuan 2049" product at the wine expo marks a new high-end offering in the market [6][22]. Market Trends - The snack segment has seen a 5% sales increase over the past five years, with projections of a 4% growth rate from 2023 to 2027 [8][24]. - Qingdao Brewery was recognized as the first sustainable lighthouse factory in the food and beverage sector, showcasing technological innovation [25][26]. - Dongpeng Beverage reported a projected revenue increase of 43.50%-47.21% for the first three quarters of 2024 [9][26]. - The frozen food sector is expected to benefit from the recent hot pot cultural festival, which attracted over 300 exhibitors [27]. Investment Recommendations - For liquor, focus on companies like Luzhou Laojiao and Jiuzi Wine, which cater to both high-end and mass-market demands [29]. - In the beer sector, attention is drawn to Qingdao Beer and Chongqing Beer for their product optimization and market expansion strategies [29]. - The soft drink segment recommends companies like Dongpeng Beverage for their national expansion and marketing strategies [29]. - The seasoning industry is expected to see growth with the rise of recipe-based condiments, which are gaining market penetration [27][29]. - In the frozen food category, companies like Anji Food and Qianwei Central Kitchen are highlighted for their potential growth due to catering demand recovery [29].