食品饮料行业：增量政策持续发力，推动市场信心回暖，关注需求改善

Investment Rating - The industry investment rating is "Positive" [5][29] Core Viewpoints - The report emphasizes that incremental policies are continuously driving market confidence recovery, with a focus on improving demand. Recent statements from the Ministry of Housing and Urban-Rural Development and the central bank indicate the government's commitment to economic stabilization, which has positively impacted market sentiment. The food and beverage sector index rose by 3% to 17,563 points on October 18, following a series of economic stimulus policies [2][7] - The upcoming New Year and Spring Festival consumption peaks are expected to serve as significant indicators of demand recovery in the food and beverage sector, leading to further valuation and asset pricing adjustments [2][7] - The report suggests that economic stimulus policies typically take 3-6 months to reflect in economic growth, and as the economy recovers, food and beverage demand is anticipated to improve correspondingly. It is recommended to focus on cyclical sectors such as liquor and condiments, with specific company recommendations including Kweichow Moutai and Wuliangye [2][7] Market Performance - The weekly performance of various sub-sectors within the food and beverage industry showed the following changes: Other Foods +2.45%, Other Alcohols +1.46%, Soft Drinks +1.26%, Seasoning and Fermented Products +0.60%, Meat Products +0.23%, Liquor -0.25%, Dairy -0.33%, Beer -0.72%, Yellow Wine (Yangtze) -0.81% [3][8] - In the liquor sector, the top five performing companies were: Weilong Co. +8.59%, Lanzhou Yellow River +5.53%, Jiu Gui Jiu +4.48%, Gujing Gongjiu +3.46%, Huangtai Jiuye +3.30%. The bottom five were: Luzhou Laojiao -4.34%, Wuliangye -4.44%, China Resources Beer -8.26%, Budweiser Asia -8.85%, Qingdao Beer -10.12% [3][10] Industry & Key Company Tracking - The report outlines upcoming key announcements for various companies, including Ganyuan Foods, Jin Zai Foods, and Kweichow Moutai, with expected earnings reports between October 23 and October 31, 2024 [5][17] - The report also highlights significant company news, such as Haitian Flavor Industry considering a secondary listing in Hong Kong, aiming to raise at least $1.5 billion [20]