食品饮料行业周报：秋糖召开在即，关注需求恢复

Investment Rating - The report maintains an "Overweight" rating for the food and beverage industry [6] Core Insights - The report highlights the need for Moutai's successors to implement three transformations focusing on customer expansion, understanding young consumer preferences, and providing personalized services [6][25] - Hong Kong's government announced a reduction in the excise tax on spirits to promote trade and boost related industries [6][25] - Wuliangye emphasizes the importance of achieving annual targets and enhancing product supply and core operations [6][25] - The report notes the positive performance forecast for Jin Zai, a snack company, with expected net profit growth of 30-60% in Q3 2024 [7][26] - Qingdao Beer is investing in a new production line to meet potential consumer demand, focusing on green and high-end production [7][27] - Yili showcased its products at the World Dairy Summit, reinforcing its position as a leading dairy company [8][28] - The trend of "zero additives" in frozen food is gaining traction, with major companies launching products that align with this consumer preference [9][28] - Qianhe Flavor Industry is implementing a quality improvement plan aimed at enhancing product quality and market responsiveness [10][29] - Mondelēz International is increasing its investment in Enxi Village to strengthen its leadership in the frozen baking sector [11][30] Summary by Sections White Spirits - The report suggests focusing on high-end and regional spirits to capture consumer demand, recommending companies like Luzhou Laojiao and Jinsiyuan [12][32] Beer - Recommendations include Qingdao Beer for its product structure optimization and Chongqing Beer for its channel expansion efforts [12][32] Soft Drinks - The report highlights East Peak Beverage for its steady national expansion and Bai Run Co. for its clear product matrix [12][32] Seasoning - Companies like Haitian Flavor Industry and Zhongju Gaoxin are noted for their potential profit recovery following market improvements [12][32] Frozen Foods - The report suggests focusing on Anji Food for its dual-channel strategy and Qianwei Central Kitchen for benefiting from group dining demand [12][32] Frozen Baking - Recommendations include Lihigh Food for its internal reforms and Nanjiao Food for its improving cost structure [12][32] Snack Foods - The report highlights Yan Jin Pu Zi for its transformation success and Qia Qia Food for its active channel expansion [12][32]