食品饮料行业研究周报：节后茅台批价回落，餐饮供应链低位修复空间大

Investment Rating - The report maintains an "Overweight" rating for the food and beverage industry [5]. Core Insights - The food and beverage index fell by 7.47% from October 7 to October 11, underperforming the CSI 300 index by 4.21% [2][14]. - Moutai's wholesale prices have decreased post the National Day holiday, indicating ongoing price volatility and inventory pressure in the market [3][19]. - The restaurant supply chain is expected to benefit from the recovery in dining and service consumption, with significant room for low-level recovery [4][23]. Summary by Sections Market Review - The food and beverage index's performance ranked 26th among 31 industries, with soft drinks showing better performance, outperforming the CSI 300 index by 3.42% [2][12][14]. - The overall market sentiment is affected by the slow-moving sales during the holiday season, with a focus on family gatherings and limited incremental consumption [3][17]. Investment Strategy - Suggested investment targets include high-end liquor brands like Moutai and Wuliangye, as well as promising beer companies like Yanjing Beer [5][24]. - The report highlights the potential for recovery in the seasoning and frozen food sectors, with companies like Haitian Flavoring and Angel Yeast showing resilience [5][24]. Industry Dynamics - The report notes a 5.9% year-on-year increase in domestic travel during the National Day holiday, with total spending reaching 700.82 billion yuan, indicating a positive trend for the restaurant supply chain [4][23]. - The white liquor price index showed a slight increase in September, suggesting a potential stabilization in pricing trends [25].