食品饮料行业定期报告：政策改善逐步发力，消费恢复静待花开

Investment Rating - The report maintains an "Outperform" rating for the food and beverage industry [3] Core Viewpoints - The food and beverage sector is expected to benefit from improving policies and a gradual recovery in consumption, with specific recommendations across various sub-sectors [1][3] - The report highlights the importance of monitoring quarterly performance and long-term goals of companies within the industry [1] Summary by Sections 1. Baijiu (Chinese Liquor) - The report indicates a positive outlook for the baijiu sector due to favorable consumption policies and improving expectations, despite short-term volume and price pressures [8][10] - Key companies to watch include Moutai, Wuliangye, and others, with a focus on their performance in Q3 and future targets [10] 2. Beer - The beer sector has shown an 8.7% increase, outperforming the food and beverage sector [11] - Recommendations include Qingdao Beer and Yanjing Beer, focusing on high-end products and efficiency improvements [12] 3. Soft Drinks - The soft drink sector is recovering, with specific companies like Dongpeng Beverage and Xiangpiaopiao showing potential for growth [13][15] - The report emphasizes the need to select companies with high growth potential and strong management capabilities [13] 4. Ready-to-Drink Alcohol - The ready-to-drink alcohol market is expected to grow steadily, driven by changing consumer habits and new consumption scenarios [17][18] - BaiRun Co. is highlighted as a leading company in this sector, with significant growth potential [18] 5. Dairy Products - The report recommends Yili Group, focusing on its product structure optimization and margin improvement [21][19] - The dairy sector is expected to face challenges with raw milk prices but remains competitive among major players [19] 6. Gold and Jewelry - The gold and jewelry sector is experiencing price fluctuations, with recommendations for companies like Chow Tai Fook and Lao Feng Xiang [22] 7. Pet Products - The pet product market is showing growth, particularly in exports, with companies like Zhongchong and Peidi being recommended [40][42] - The report notes a competitive environment but anticipates steady market growth [41] 8. Snacks - The snack industry is benefiting from channel innovations, particularly in online and bulk purchasing [30][31] - Companies like Three Squirrels and Jin Zai Food are highlighted for their growth potential [31] 9. Sweeteners - The report discusses the rising demand for natural sweeteners, recommending companies like Rhein Biotech and Huan Kang [34][35] 10. Catering - The catering sector is recovering, with notable performance from companies like Haidilao and Yum China during peak holiday seasons [36][39] - The report emphasizes the importance of innovative business models in driving growth [38]