食品饮料行业周报：预期向好，关注基本面边际变化

Investment Rating - The report maintains a "Buy" rating for the food and beverage industry [6][35] Core Views - The food and beverage industry experienced a decline of 3.18% from October 14 to October 18, underperforming the CSI 300 index by 4.16 percentage points [2][7] - The average price of piglets was 37.09 CNY/kg, live pigs at 18.31 CNY/kg, and pork at 30.07 CNY/kg, all showing a decrease compared to the previous week [2][26] - The retail sales of consumer goods in September reached 4.11 trillion CNY, a year-on-year growth of 3.2%, indicating a marginal improvement [3][12] - The Hong Kong government has reduced the tax rate on high-end spirits, which may provide new opportunities for Chinese liquor exports [3][12] Summary by Sections Market Review - The Shanghai Composite Index rose by 1.36%, while the food and beverage industry fell by 3.18%, ranking last among 31 sectors [2][7] - The snack sector increased by 3.37%, while meat products saw a slight decline of 0.09% [2][7] Industry Data Tracking - The average price of fresh milk was 3.13 CNY/kg, down 16.10% year-on-year [26] - The price of soybean meal was 3055.14 CNY/ton, down 1.47% from the previous week, while corn was priced at 2248.43 CNY/ton, up 0.11% [26] Investment Recommendations - The report suggests focusing on resilient sectors such as liquor and soft drinks, as well as sectors with performance elasticity like snacks, dairy products, and restaurant chains [4][35] - The report emphasizes that the worst conditions for the sector have passed, and market confidence is expected to strengthen as policies are implemented [4][35]