食品饮料行业周报：社零数据超预期，消费市场明显回暖

Investment Rating - The report maintains a "Buy" rating for the food and beverage industry [6][72]. Core Insights - The consumer market shows significant recovery, with October retail sales reaching 4.54 trillion yuan, a year-on-year increase of 4.8%, and a month-on-month increase of 1.60 percentage points [3][18]. - The food and beverage sector experienced a decline of 3.56% from November 11 to November 15, underperforming the broader market indices [10][4]. - The report highlights two main investment lines: resilient performance in high-end and regional leading liquor brands, and valuation flexibility in the mid-range sector [4][72]. Summary by Sections Market Performance - From November 11 to November 15, the Shanghai Composite Index fell by 3.52%, while the food and beverage industry dropped by 3.56%, ranking 15th out of 31 sectors [10][4]. Consumer Data - October retail sales data exceeded expectations, with significant improvements in discretionary spending categories, particularly cosmetics, which saw a year-on-year growth of 40.10% [3][18]. Investment Recommendations - The report suggests focusing on two investment lines: strong-performing liquor and soft drink sectors, and flexible-performing snack, dairy, and restaurant chain sectors [4][72]. Key Price Tracking - As of November 15, the wholesale price of Feitian Moutai was 2,250 yuan per bottle, down 3.64% from the previous week [29][30]. - The average price of live pigs was 17.80 yuan per kilogram, reflecting a decrease from the previous week [53][48].