食品饮料行业周报：板块震荡回调，关注复苏进程

Investment Rating - The report maintains a "Recommended" rating for the food and beverage industry, indicating a positive outlook based on favorable fundamentals and expected market performance [1][4]. Core Insights - The food and beverage sector experienced a decline of 3.18% during the week of October 14-18, 2024, underperforming the Shanghai Composite Index, which rose by 1.36% [3][10]. - The snack segment showed the highest increase, up by 3.37%, while other alcoholic beverages and meat products had mixed results [3][10]. - The report emphasizes the importance of upcoming economic stimulus policies and their potential impact on consumer demand and sales in the liquor industry, particularly during the autumn liquor fair [3][4]. Summary by Sections Market Performance - The food and beverage sector's performance lagged behind the broader market, with a notable decline compared to the Shanghai Composite Index [3][10]. - Key stocks that led gains included Zhu Laoliu (+10.10%) and Gai Shi Food (+9.31%), while stocks like Hai Tian Wei Ye (-6.37%) and Qian Wei Yang Chu (-5.67%) faced significant losses [3][10]. Alcoholic Beverages - The liquor sector is entering a critical reporting period, with the autumn liquor fair approaching. The report suggests that market focus should shift towards the impact of economic policies on liquor sales [3][4]. - Recommended stocks in the liquor segment include Guizhou Moutai, Wuliangye, and Luzhou Laojiao, among others [4][20]. Consumer Goods - The report highlights an improvement in retail sales growth, with September's total retail sales reaching 4.11 trillion yuan, a year-on-year increase of 3.2% [3][4]. - The snack sector is expected to perform well in the upcoming quarterly reports, with companies like Three Squirrels and Salted Fish expected to achieve over 20% revenue growth year-on-year [3][4]. Investment Strategy - The report suggests focusing on companies with strong quarterly performance, particularly in the snack and beverage sectors, while also monitoring the implementation of consumption-boosting policies [4][20]. - Recommended stocks include Angel Yeast, Bai Run Shares, and Yi Li Shares, among others [4][20].