食品饮料行业周报：复苏预期支撑，季报影响淡化

Investment Rating - The report assigns an "Overweight" rating to the food and beverage industry, indicating a positive outlook for the sector [4]. Core Insights - The expectation of economic recovery continues to rise, providing support for the sector's stock price. The impact of Q3 earnings on the liquor sector's stock performance is expected to diminish, with a focus on the resilience of snacks and soft drinks [2][3]. Summary by Sections Liquor Sector - The Q3 earnings impact on liquor stocks is expected to fade, with the sector currently undergoing a phase of high inventory and weak pricing. The report notes that major companies like Kweichow Moutai have met earnings expectations, with a projected revenue growth target likely to be achieved [6][7]. - The 2024 Shenzhen Autumn Sugar Conference indicated that the liquor industry is in a testing phase of prosperity, with a significant reduction in the number of exhibitors compared to the previous year, suggesting a cooling interest in the liquor sector [6][7]. Consumer Goods - The report highlights a validation of the value consumption trend in the consumer goods sector, with snacks and beverages showing strong resilience. Despite a slowdown in revenue growth for consumer goods in Q3 2024, companies like Dongpeng Beverage and Three Squirrels have outperformed expectations [7][8]. - The upcoming peak season for snacks in Q4 2024 is anticipated to bring favorable conditions, with companies expected to leverage the seasonal demand effectively [8]. Profit Forecast and Investment Recommendations - The report recommends an "Overweight" position on several key stocks: 1. Liquor: Kweichow Moutai, Wuliangye, Luzhou Laojiao, Shanxi Fenjiu, and others [3][8]. 2. Consumer Goods: Three Squirrels, Qiaqia Food, Yanjinpuzi, and others [3][8]. 3. Beer and Beverages: Qingdao Beer, Yanjing Beer, Chongqing Beer, and others [3][8].