食品饮料行业周报（2024年第46周）

Investment Rating - The industry rating is "Outperform the Market" [5] Core Viewpoints - The food and beverage sector has shown a recovery in valuation but remains at historically low levels as of November 8, 2024 [14] - The recent performance of the Shanghai Composite Index and the food and beverage sector indicates a positive trend, with the latter rising approximately 7.1% during the week of November 4 to November 8, 2024 [10][4] Market Review - From November 4 to November 8, the Shanghai Composite Index experienced a fluctuation of about 5.5%, with a total weekly trading volume of approximately 29,477.4 billion yuan. The food and beverage sector's trading volume was around 3,033.7 billion yuan [10] - The food and beverage sub-sectors showed varied performance, with leisure foods and non-baijiu leading the gains, recording increases of 10.7% and 9.2% respectively [10][11] Industry High-Frequency Data Tracking - Retail sales in September showed a year-on-year increase of 3.2%, with urban retail sales up 3.1% and rural retail sales up 3.9% [2] - The Citigroup China Economic Surprise Index rose to 11.8 on November 8, indicating a continued recovery [2][19] - In September, the production of Chinese baijiu was 363,000 kiloliters, down 9.9% year-on-year [22] - The average price of fresh milk in major production areas was 3.13 yuan per kilogram as of October 31, 2024, reflecting a 15.9% year-on-year decline [24] - In October, beef prices decreased by 13.4% year-on-year, while pork prices increased by 14.2% [28] Industry News and Company Announcements - The launch of a new product by JiuGui Jiu, a 52-degree 500ml inner wine priced at 328 yuan per bottle, aims to enhance its product line and cater to festive occasions [32] - The successful hosting of the 2024 Fenjiu High-Quality Development Summit highlighted the importance of quality and innovation in the baijiu industry [33] - SheDe's expansion project, with a total investment of 12 billion yuan, aims to increase production capacity by 60,000 tons annually and enhance storage capabilities [34] - Guizhou Moutai announced a cash dividend of 23.882 yuan per share, totaling approximately 30 billion yuan [35]