食品饮料：季报密集发布，关注预期改善

Investment Rating - The report maintains an "Outperform" rating for the food and beverage industry [3] Core Views - The report expresses optimism for the liquor sector due to favorable consumption policies and improving expectations, suggesting a focus on the performance of third-quarter reports and the 2025 targets of liquor companies [9][10] - The beer sector is expected to see stable sales, with a focus on high-end products and efficiency reforms, recommending key stocks such as Qingdao Beer and Yanjing Beer [10] - The soft drink segment shows significant recovery potential, with specific recommendations for companies like Huanlejia and Yangyuan Beverage [11][13] - The pre-mixed liquor industry is anticipated to grow steadily, with Baijiu Co. highlighted as a leading player [14] - The dairy sector is recommended for investment in Yili Group, focusing on profit-oriented strategies and product structure optimization [15][16] - The snack food industry is entering a new procurement phase, with attention on companies like Three Squirrels that are expanding into emerging channels [17] - In the seasoning and restaurant supply chain, Anqi Yeast and Zhongju Gaoxin are recommended due to their strong performance and growth potential [21][22] - The baking supply chain is highlighted with a focus on Huirong Technology, which is expected to see continued growth due to overseas expansion [23] - The sugar substitute market is recommended for companies like Rhein Biotech and Huakang Co., which are positioned to benefit from the growing demand for natural sweeteners [24][25] - The restaurant sector is experiencing a boom, with recommendations for companies like Haidilao and Jiumaojiu, which are capitalizing on the recovery of the dining industry [26][28] - The gold and jewelry sector is advised to focus on companies like Chao Hong Ji and Zhou Daxing, which are expected to benefit from structural adjustments and high dividends [29] - The pet industry is recommended for companies like Zhongchong Co. and Peidi Co., which are seeing growth in both domestic and international markets [30][31] Summary by Sections Liquor - The liquor sector is buoyed by macroeconomic policies, with a focus on companies like Gujing Gongjiu and Wuliangye [9][10][15] Beer - The beer market is expected to grow through high-end product strategies, with Qingdao Beer and Yanjing Beer as key recommendations [10] Soft Drinks - The soft drink sector shows recovery potential, with specific focus on Huanlejia and Yangyuan Beverage [11][13] Pre-mixed Liquor - The pre-mixed liquor industry is projected to expand, with Baijiu Co. as a leading player [14] Dairy - Yili Group is highlighted for its profit-oriented strategies and product optimization [15][16] Snack Foods - The snack food industry is entering a new procurement phase, with Three Squirrels recommended for its emerging channel strategies [17] Seasoning & Restaurant Supply Chain - Anqi Yeast and Zhongju Gaoxin are recommended for their strong performance and growth potential [21][22] Baking Supply Chain - Huirong Technology is expected to see growth due to overseas expansion [23] Sugar Substitutes - Rhein Biotech and Huakang Co. are positioned to benefit from the demand for natural sweeteners [24][25] Restaurant Sector - Haidilao and Jiumaojiu are recommended for their strong performance in the recovering dining industry [26][28] Gold & Jewelry - Chao Hong Ji and Zhou Daxing are expected to benefit from structural adjustments and high dividends [29] Pet Industry - Zhongchong Co. and Peidi Co. are recommended for their growth in domestic and international markets [30][31]