食品饮料行业：秋糖反馈平淡，基本面筑底

Investment Rating - The industry investment rating is "Buy" (maintained) [6] Core Insights - The autumn sugar and wine fair feedback was relatively flat, aligning with expectations, indicating a bottoming out of the fundamentals [2] - In the liquor sector, there is significant brand differentiation, with companies actively destocking to relieve pressure amid weak market demand [3] - The consumer goods sector is witnessing a trend towards health and diversity, with snacks and soft drinks maintaining high popularity [4] - The trend of going overseas is gaining momentum as companies seek new growth opportunities in international markets [5] Summary by Sections Autumn Sugar and Wine Fair - The autumn sugar fair had over 4200 exhibitors, a significant drop from over 6600 in the spring fair, with a subdued atmosphere and rational feedback from participants [2] Liquor Sector - The liquor industry is undergoing a deep adjustment, facing multiple pressures such as weak demand and high channel inventory, leading to a significant price inversion [3] - High-end liquor brands are managing supply to stabilize prices, while mid-tier brands are struggling with severe price inversions [3] Consumer Goods - The autumn sugar fair featured seven major exhibition areas covering the entire food and beverage supply chain, highlighting the health and diversity trends in consumer goods [4] - The snack sector is expanding rapidly, with significant market penetration opportunities [4] Overseas Expansion - The trend of going overseas is seen as a new growth path for food and beverage companies, with participation from over 900 overseas exhibitors at the autumn sugar fair [5] - Southeast Asia is identified as a primary target for Chinese food and beverage brands due to its demographic advantages and proximity [5] 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 [6]