食品饮料行业周报：十月社零数据环比回暖，政策积极预期改善

Investment Rating - The report maintains an investment rating of "Recommended" for the food and beverage industry [1]. Core Viewpoints - The October economic data released by the National Bureau of Statistics shows a significant recovery in key consumption indicators, with the total retail sales of consumer goods in October increasing by 4.8% year-on-year, accelerating by 1.6 percentage points from the previous month. This improvement is attributed to favorable factors such as the consumption upgrade policy, the National Day holiday, and early "Double Eleven" promotions [1][43]. - The report suggests that with the current policy support and the release of pressure from the third-quarter reports, the sentiment in the market has improved, indicating that the lowest point of market sentiment has passed. The demand side is expected to gradually improve under strong consumption promotion policies [1][43]. - The valuation levels of the sector are currently at historically low positions, justifying the "Recommended" rating for the industry [1]. Summary by Sections 1. Weekly Market Trends - From November 11 to November 15, the Shenwan Food and Beverage Index decreased by 3.56%, ranking 15th among Shenwan's primary industries. The retail sales of consumer goods reached 45,396 billion yuan in October, with a year-on-year growth of 4.8% [14][39]. 2. Price Fluctuations - The price of Feitian Moutai (loose bottle) fell from 2,240 yuan per bottle to 2,190 yuan, while the original bottle price dropped from 2,330 yuan to 2,250 yuan during the same period [20][44]. 3. Industry News - The report highlights that the liquor and beverage manufacturing industry grew by 3% in October, with the total retail sales of tobacco and alcohol decreasing by 0.1% year-on-year [34][39]. - Notable growth in sales was reported during the "Double Eleven" shopping festival, with liquor sales increasing by 45% [34]. 4. Key Listed Company Announcements - Chongqing Beer announced a cash dividend of 1.50 yuan per share, totaling approximately 726 million yuan, which accounts for 54.5% of the net profit attributable to shareholders [42]. 5. Weekly Insights - The report emphasizes that the food and beverage sector is expected to see gradual improvement in demand due to ongoing consumption promotion policies, despite the current weak demand in the liquor segment [1][43].