食品行业周报：9月食品CPI同比+3.3%

Investment Rating - The report recommends high-end liquor with stable demand growth, specifically Guizhou Moutai, Wuliangye, and Luzhou Laojiao, as well as mid-range liquor with strong growth momentum in regional markets, such as Shanxi Fenjiu and Yingjia Gongjiu [5][16]. Core Insights - The food and beverage index experienced a decline of 7.47% from October 8 to October 11, ranking 24th among 28 sub-industries, while the overall market index fell by 2.98% [4][6]. - The report highlights the performance of individual stocks, with Shede Liquor rising by 9.42%, Tianwei Food by 3.36%, and Lianhua Holdings by 2.31%. Conversely, Huangtai Liquor fell by 23.02%, Yilite by 13.88%, and Yingjia Gongjiu by 13.75% [4][6]. - The overall valuation level of the food and beverage sector was 22.39 times as of October 11, down from 24.22 times on September 30 [6]. Summary by Sections Market Performance - The food and beverage index's performance from October 8 to October 11 was -7.47%, with soft drinks showing a slight increase of 0.17% [4][6]. - The report notes that the overall market index decreased by 2.98% during the same period [4][6]. Company Announcements - Shede Liquor announced the resignation of Vice President Wang Weilong for personal reasons [18]. - Wuliangye appointed Hua Tao as the new general manager, previously serving in a leadership role in Yibin [18]. - Dongpeng Beverage expects a revenue increase of 43.50-47.21% year-on-year for Q1-Q3 2024, projecting revenues of 12.4-12.72 billion yuan [18]. - Good Products announced a cash dividend of 2.49 yuan per 10 shares for the first half of 2024 [18]. - Nanjiao Food reported a 0.90% year-on-year decline in revenue for September 2024, totaling 27.6 million yuan [18]. Industry News - The national liquor price index increased by 0.05% in September, with premium and local liquor prices rising by 0.04% and 0.06%, respectively [19]. - Beer production in Qingdao and Guangzhou saw declines of 2.7% and 10.1% year-on-year, with production volumes of 1.462 million and 669,000 hectoliters, respectively [19]. Consumer Data - In August 2024, retail sales totaled 38,726 billion yuan, reflecting a year-on-year growth of 2.1%, while catering retail sales grew by 3.3% [20]. - The Consumer Price Index (CPI) for September 2024 increased by 0.4% year-on-year, with food prices rising by 3.3% [20]. Cost Data Tracking - The cost index for various food sectors showed a decrease in August 2024, with seasoning products down by 3.13% and dairy products down by 0.66% [45][59]. - The average price of fresh milk was 3.14 yuan per kilogram as of October 8, 2024, unchanged from the previous month but down 15.82% year-on-year [39].