食品饮料行业周度更新：双十一超预期，大众品边际改善

Investment Rating - The report rates the food and beverage industry as "Overweight" [2] Core Insights - The Double Eleven sales exceeded expectations, with a total online sales of 1,441.8 billion RMB, a year-on-year increase of 26.6%. The retail sales of consumer goods in October reached 4,539.6 billion RMB, growing by 4.8% year-on-year, indicating a recovery in consumer demand [3][8] - The report highlights that while the liquor sector is experiencing a downward trend, expectations have been sufficiently reflected in the market, showcasing a valuation advantage for certain stocks [4][11] - The snack, seasoning, and dairy product sectors are showing marginal improvements, with significant performance noted during the Double Eleven sales [4][19] Summary by Sections 1. Double Eleven Exceeds Expectations and October Retail Improvement - The total online sales during Double Eleven reached 1,441.8 billion RMB, a 26.6% increase year-on-year. The retail sales of consumer goods in October were 4,539.6 billion RMB, with a year-on-year growth of 4.8% [8] - Food categories saw a 10.1% increase, while beverage sales slightly declined by 0.9% [8] 2. Liquor: Gradual Adjustment with Sufficient Expectations - The liquor industry is focusing on stabilizing prices and reducing inventory. Major brands like Moutai and Wuliangye are adjusting their channel strategies to optimize market conditions [9][10] - The report anticipates that the liquor sector will continue to adjust through 2025, with a focus on maintaining market share and improving product structures [10][11] 3. Consumer Goods: Snack and Dairy Product Marginal Improvements - The snack sector is expected to see improved performance, with brands like Three Squirrels and Qiaqia Foods highlighted as key players [4][19] - Dairy product leaders such as Yili and Mengniu are showing signs of recovery, with inventory levels improving significantly [19] 4. Investment Recommendations - The report suggests focusing on undervalued growth stocks in the liquor sector, including Wuliangye, Shanxi Fenjiu, and Luzhou Laojiao. For snacks, Three Squirrels and Qiaqia Foods are recommended, while for seasonings, Hai Tian and Zhongju High-tech are advised for increased holdings [4][23]