食品饮料行业周报：头部酒企兑现分红，内需提振预期增强

Investment Rating - The report rates the food and beverage industry as "Overweight" [2] Core Views - The food and beverage sector saw a 7.12% increase last week, outperforming the CSI 300 index by 1.62 percentage points, ranking 10th among 31 first-level sectors [3][15] - The health products sub-sector had the highest increase at 11.69%, while individual stocks like Heizhima and Zhu Laoliu saw significant gains of 61.27% and 57.06% respectively [3][15] - The report highlights a rebound in the liquor sector, particularly with Guizhou Moutai announcing a strong dividend payout, indicating improved expectations for domestic demand [4][7] Summary by Sections 1. Market Performance - The food and beverage sector outperformed the CSI 300 index, with all sub-sectors showing positive growth, particularly health products [3][15] - Top-performing stocks included Heizhima (+61.27%), Zhu Laoliu (+57.06%), and others, while the worst performers were Weilang Co. (-4.86%) and Beiyinmei (-1.56%) [3][15] 2. Liquor Sector Insights - Guizhou Moutai announced a cash dividend of 23.882 yuan per share, totaling approximately 30 billion yuan, reflecting strong shareholder returns [4][7] - The report anticipates improvements in the liquor sector's fundamentals due to supportive policies aimed at boosting domestic demand [4][7] 3. Beer and Other Beverage Trends - Beer production faced challenges with a 1.5% year-on-year decline in output, but cost reductions in raw materials are expected to enhance profitability [5][23] - The report suggests a recovery in on-premise consumption as policies stimulate demand, with a long-term trend towards premiumization in the beer market [5][7] 4. Consumer Goods and Supply Chain - The snack sector showed robust growth in Q3, driven by channel expansion and lower raw material costs, with expectations for strong sales in the upcoming quarter [6][7] - The restaurant supply chain is positioned to benefit from policy stimuli, with a focus on companies that demonstrate operational resilience and low valuations [6][7] 5. Dairy and Other Products - The dairy sector is experiencing positive demand trends, particularly for low-temperature products, with a recommendation to focus on companies enhancing product structures and direct-to-consumer channels [6][7] - The report notes that the overall dairy market still has room for growth in penetration rates [6][7]