食品饮料行业周报：10月餐饮类零售额表现平淡，提振内需背景下优先关注大众消费

Investment Rating - The report rates the food and beverage industry as "Outperforming the Market" [1] Core Insights - The performance of the food and beverage sector was weak in October, with retail sales growth for dining establishments below overall restaurant income. The sector is entering a performance vacuum, and there is a focus on mass consumption products that exhibit a "lipstick effect" [3][1] - The liquor sector is still in a bottom adjustment phase, but leading companies are increasing their dividend payout intentions, emphasizing shareholder returns [3][1] Market Review - The food and beverage sector experienced a decline of 3.6% last week, ranking 15th among the primary industries in the Shenwan classification. The beer and soft drink sub-sectors performed relatively better, with declines of 1.7% and 2.2%, respectively, while health products and snacks saw larger declines of 6.8% and 6.9% [1][16] - As of November 15, the valuation (PE-TTM) for the liquor sector was 21.0X, while the overall food and beverage sector had a valuation of 21.9X [25][27] Industry Data - As of November 15, the price of fresh milk in China was 3.11 CNY/kg, showing a month-on-month decrease of 0.3% and a year-on-year decrease of 15.9% [43] - The national price for live pigs was 8.14 CNY/jin, with a week-on-week decrease of 2.3% but a year-on-year increase of 11.2% [47] - The price of duck necks was 7.5 CNY/kg, duck locks were 8.7 CNY/kg, and duck feet were 24.9 CNY/kg, all showing week-on-week declines [47] Key Company Developments - Three squirrels recently held a successful offline sales conference, with impressive offline distribution data. The company is preparing for the Spring Festival peak season and aims to expand its presence in lower-tier markets [3] - The company announced plans to acquire several brands to enhance its brand, supply chain, and management capabilities, aiming to leverage synergies in the offline market [3]