食品饮料行业周观点：白酒关注年底反馈，大众品复苏加成长

Investment Rating - The report maintains an "Overweight" rating for the industry [1] Core Insights - The retail sales of consumer goods in October 2024 increased by 4.8% year-on-year, with a 1.6 percentage point increase from the previous month, indicating a steady recovery in terminal consumption [3][4] - In the liquor sector, companies are focusing on channel quality and price management during the off-season, with a positive outlook for the end of the year as the market stabilizes [4] - The beer and beverage sectors are showing strong performance, with notable growth in tea-flavored beer sales and stable Q3 results from major companies like Uni-President [5][6] Summary by Sections Liquor Sector - The liquor industry is entering a critical phase with a focus on channel management and price stability, particularly for leading brands like Moutai and Wuliangye [4] - The report suggests monitoring year-end feedback from distributors and upcoming strategic plans for 2025 [4] Beer and Beverage Sector - The beer segment is expected to recover as dining scenarios improve, with significant sales growth reported during the Double Eleven shopping festival [5] - Uni-President's Q3 revenue reached approximately 499.8 billion TWD, a year-on-year increase of 15.2%, indicating robust performance in the beverage market [5] Food Sector - Three squirrels are expanding their offline distribution channels with a target of 800 million yuan for the New Year festival, supported by a 100 million yuan channel expense reserve [6] - Tianrun's bond issuance is anticipated to enhance its operational flexibility, with a high self-sufficiency rate in raw milk production [6]