食品饮料行业定期报告：政策导向明晰，改善预期延续

Investment Rating - The report maintains an "Outperform" rating for the food and beverage sector, indicating a positive outlook for the industry [2]. Core Insights - The report highlights clear policy guidance and sustained improvement expectations for the food and beverage industry, despite economic fluctuations affecting consumer levels and brand integrity due to food safety risks and raw material cost volatility [2]. - The report emphasizes the importance of monitoring quarterly performance reports and long-term goals of major liquor companies, particularly in the context of favorable consumption policies [7]. Summary by Category 1. Baijiu (Chinese liquor) - The report is optimistic about the baijiu sector, driven by favorable consumption policies and positive expectations, recommending attention to companies like Wuliangye, Luzhou Laojiao, and Moutai [7]. 2. Beer - The beer sector is expected to see stable sales in 2024, with growth primarily from high-end products. Key recommendations include Qingdao Beer and Yanjing Beer, with a focus on companies with lower institutional holdings [8][10]. 3. Soft Drinks - The report suggests focusing on companies with strong performance such as Huanlejia and Yangyuan Beverage, as well as those with stable dividends like Yangyuan Drink [10]. 4. Ready-to-Drink Alcohol - The report identifies Bairun as a leading company in the ready-to-drink alcohol sector, suggesting it is suitable for left-side positioning due to its rapid market expansion [11][13]. 5. Dairy Products - Yili is highlighted as a key player in the dairy sector, with a focus on profit-oriented strategies and product structure optimization [12]. 6. Snack Foods - Recommendations include Qiaqia Food for its cost advantages and Three Squirrels for its clear incentive goals and strong performance [14]. 7. Seasonings & Catering - Anqi Yeast is recommended for its strong domestic demand and overseas growth potential, while Anjuke Food is noted for its resilience in the catering supply chain [18]. 8. Bakery - The report recommends Huirong Technology for its high profit growth and overseas expansion potential, along with Lihai Food and Nanjiao Food [21]. 9. Catering - Key recommendations include Tongqinglou for its synergistic development in catering and food, and Haidilao for its strong performance during the National Day holiday [22][24]. 10. Sugar Alternatives - The report suggests focusing on companies like Rhein Biotech and Huakang for their strong market positions in natural sweeteners [24]. 11. Gold and Jewelry - Recommendations include Chaohongji for its dual growth in products and channels, and Zhou Daxing for its high dividend yield [25]. 12. Pet Products - The report highlights Zhongchong and Guibao Pet for their strong brand presence and overseas business recovery [26][28].