食品饮料行业周报：社零回暖，双十一拉动消费增长

Investment Rating - The report maintains an "Overweight" investment rating for the food and beverage industry [2] Core Insights - The social retail sales in October increased by 4.8%, reaching 45,396 billion yuan, with a month-on-month acceleration of 1.6 percentage points [2][23] - JD Supermarket reported a 45% increase in liquor sales during the Double Eleven shopping festival, with specific categories like aged white liquor and single malt whisky seeing significant growth [2][23] - Moutai's management shared its ecological value transformation path at the UN Climate Change Conference, committing 1.5% of annual revenue to environmental protection [2][23] - Luzhou Laojiao was recognized for its best practices in corporate governance by the China Association for Public Companies [2][23] - Wuliangye showcased its products at the 2024 Fortune Global Forum in New York, emphasizing its diverse product range [2][23] Summary by Sections Alcoholic Beverages - The report highlights the structural opportunities in the high-end and real estate liquor segments, suggesting a focus on companies like Luzhou Laojiao and Jiansu Yuer [12][34] - The upgraded product lines of Jiangxiang Langjiu include aged bases with significant proportions of long-stored liquor [25][34] Beer - Carlsberg and Qingdao Beer reported strong online sales during the Double Eleven event, with Qingdao Beer leading in sales across multiple platforms [27][34] Soft Drinks - Xiangpiaopiao expects to maintain revenue growth despite market pressures, focusing on product innovation and channel expansion [30][34] Frozen Foods - The report notes a significant growth in the "mixed grain staple" category, with companies like Anjins and Sanquan entering the market [30][34] Seasoning Products - Fuling Mustard's restaurant division achieved over 100 million yuan in sales, indicating a new growth area for the company [31][34] Snack Foods - Three Squirrels is investing heavily in offline markets, aiming to expand its presence in the bulk snack sector [26][34]