食品饮料行业周报：销售淡季表现平稳，关注酒企目标制定

Investment Rating - The report maintains a "Recommended" investment rating for the food and beverage industry [1]. Core Insights - The report highlights that the liquor sector is currently experiencing a downward trend due to a lack of consumer confidence and a seasonal sales slowdown. The recovery of performance is contingent on favorable policies and a resurgence in consumer spending [1][2]. - The report emphasizes the importance of focusing on liquor companies with strong performance certainty and low valuations, recommending specific stocks such as Moutai, Wuliangye, and Shanxi Fenjiu [1][2]. Summary by Sections 1. Weekly News - Industry news includes a 16.6% increase in beer imports in October and a 67.7% increase in wine import value [1][2]. - Company news highlights Guizhou Moutai's expansion of its product offerings and Shanxi Fenjiu's initiation of a new liquor production project [1][2]. 2. Company Feedback - The report provides a detailed analysis of stock performance, indicating that the liquor sector is under pressure, with a focus on the operational quality and resilience of companies amid market challenges [1][2]. - It suggests that the future performance of liquor companies will depend on the establishment of annual targets and the recovery of consumer confidence [1][2]. 3. Industry Ratings and Investment Strategy - The report maintains the recommended order of sub-sectors: liquor > beer > snacks = soft drinks > frozen foods > condiments > dairy products [1][2]. - It identifies key companies to watch in various segments, including seasoning (Haitian Flavor Industry), frozen foods (Anjuke Foods), and beer (Tsingtao Brewery) [1][2].