食品饮料行业周观点：财政政策加力，食饮延续进攻

Investment Rating - The report maintains an "Accumulate" rating for the food and beverage industry, indicating a positive outlook for the sector [5]. Core Insights - The report emphasizes that fiscal policies are strengthening market confidence, with the importance of domestic demand highlighted post-US elections. The basic fundamentals are expected to slow down in Q3, but the valuation is benefiting from a rebound in risk appetite, suggesting a continued offensive direction for the food and beverage sector [1][2]. - In the liquor segment, the report notes that Kweichow Moutai's mid-term dividend reinforces shareholder returns, and the liquor industry is expected to benefit from proactive policies. The industry is currently in a low season, with companies focusing on price control and enhancing consumer engagement [2]. - The beer and beverage sectors are projected to improve, with the report indicating that the demand for beer may recover alongside the restoration of dining scenarios. Nongfu Spring's bottled water business is stabilizing after facing challenges earlier in the year [3]. Summary by Sections Liquor - The macroeconomic environment is improving with expectations of enhanced domestic demand following the recent US elections. The Chinese government is implementing significant fiscal measures, including a new 6 trillion yuan local government debt limit for the next three years [2]. - The liquor industry is experiencing a supply-side quality improvement and a demand-side recovery, with leading companies like Moutai and Wuliangye taking steps to stabilize prices [2]. - Moutai announced a cash dividend of 30 billion yuan, which corresponds to a dividend yield of approximately 3.2%, indicating strong shareholder returns [2]. Beer and Beverage - The beer sector is expected to see gradual recovery as consumer spending is stimulated by government policies. The report anticipates that beer sales will return to positive growth by 2025 [3]. - Nongfu Spring's bottled water business is stabilizing, with market share recovering to over 30% as the company refocuses its marketing strategies and product offerings [3]. Food - The report highlights the upcoming Q4 Spring Festival stocking season, suggesting a focus on strong recovery and high growth opportunities. Companies like Three Squirrels are expanding their offline distribution and enhancing their market presence [4]. - Salted Fish is diversifying its product offerings and maintaining competitive advantages in various sales channels, while Tianrun Dairy is improving its operational performance and exploring new sales channels [4].