食品饮料行业研究周报：白酒淡季维护市场秩序，餐饮社零仍待复苏

Investment Rating - The report maintains an "Overweight" rating for the food and beverage industry [1]. Core Insights - The food and beverage index fell by 3.56% last week, ranking 15th among 31 industries, underperforming the CSI 300 index by 0.27% [1][13]. - In the sub-industries, beer, soft drinks, and meat products outperformed the CSI 300 index by 1.57%, 1.09%, and 0.77% respectively [1][17]. - The report highlights the ongoing price stabilization efforts in the liquor market, particularly by Kweichow Moutai and Wuliangye, amid a seasonal downturn [2][25]. Summary by Sections Market Review - The food and beverage index has decreased by 5.41% year-to-date, ranking 27th among 31 industries, and underperforming the CSI 300 index by 21.08% [13]. - The index increased by 4.05% in the current month, ranking 2nd among 31 industries, outperforming the CSI 300 index by 2.05% [13]. - The report notes that the retail sales of social consumer goods in October grew by 4.8%, with food and beverage categories showing mixed results [20][31]. Industry Dynamics - The liquor and beverage manufacturing sector grew by 3.0% in October [31]. - The report indicates that the retail sales of liquor and tobacco decreased slightly, with a 0.1% decline in October [31]. - The report emphasizes the importance of macroeconomic policies in boosting demand for the food and beverage sector, particularly for seasoning and frozen food companies [2][20]. Investment Strategy - The report suggests focusing on high-end liquor brands like Kweichow Moutai and Wuliangye, as well as growth-oriented brands like Shanxi Fenjiu [3][30]. - It also recommends looking into beer companies benefiting from operational improvements, such as Yanjing Beer [3][30]. - The report highlights the resilience of seasoning companies like Haitian Flavoring and Angel Yeast, and suggests potential recovery opportunities in the food supply chain [3][30].