食品饮料行业周度更新：化债政策落地，预期扭转

Investment Rating - The report maintains an "Overweight" rating for the food and beverage industry, consistent with the previous rating [1]. Core Insights - The implementation of debt reduction policies is expected to open up space for consumption recovery, with oversold growth stocks likely to rebound first [3][4]. - The report emphasizes a shift in consumer demand and market dynamics, particularly in the liquor and snack sectors, driven by favorable policy changes and improving economic conditions [8][20]. Summary by Sections 1. Debt Reduction Policy Implementation - On November 8, the National People's Congress approved a resolution to increase local government debt limits by 6 trillion yuan for replacing hidden debts, which is expected to alleviate financial pressures and boost social consumption [8][9]. 2. Liquor Sector: Expectation Reversal and Cyclical Recovery - The liquor industry is currently in an adjustment phase due to inventory cycles, but the market is optimistic about recovery as consumer demand improves [9][10]. - The report notes that the current valuation of the liquor index is around the historical 20% percentile, suggesting potential for price recovery ahead of fundamental improvements [9][10]. 3. Consumer Goods: Focus on Oversold Growth, Snacks Preferred - The overall demand in the consumer goods sector is recovering, with the snack segment showing strong growth potential due to favorable market conditions and cost reductions [20][21]. - The report highlights that the snack sector is characterized by high growth, low valuation, and low inventory levels, aligning well with market trends [20]. 4. Investment Recommendations - The report suggests focusing on stocks with expected turnaround and fundamental improvement, particularly in the liquor sector with companies like Moutai and Wuliangye, and in the snack sector with companies like Three Squirrels and Jianzi Foods [23][24].