食品饮料行业周报：政策发力，看好内需回暖

Investment Rating - The report maintains a "Buy" rating for the food and beverage industry [2] Core Views - The food and beverage industry saw a significant increase of 7.12% from November 4 to November 8, outperforming the CSI 300 index by 1.62 percentage points [3][7] - Recent policy measures, including a substantial increase in local government debt limits, are expected to stabilize and uplift domestic demand, positively impacting the industry [4][10] - The report highlights the resilience of the liquor sector, particularly high-end and regional brands, which are anticipated to see a recovery in demand as economic conditions improve [4][10] Summary by Sections Industry Performance - The food and beverage sector outperformed major indices, with sub-sectors like health products, snacks, and pre-packaged foods showing notable gains of 11.69%, 10.81%, and 10.58% respectively [3][7] - The average price of Feitian Moutai remained stable at 2,330 CNY per bottle, while the price for bulk Moutai decreased by 2.18% [3][17] Policy Impact - The National People's Congress approved a significant increase in local government debt limits, which is expected to provide more room for economic development and improve living standards [4][10] - The liquor market has faced challenges due to pricing issues on e-commerce platforms, leading to adjustments in sales strategies by major brands [4][10] Investment Recommendations - The report suggests focusing on two main investment lines: resilient sectors like liquor and soft drinks, and sectors with performance elasticity such as snacks, dairy products, and the restaurant chain [5][33] - The current valuation of the food and beverage sector is considered attractive, with expectations of market confidence restoration leading to valuation recovery [5][33]