食品饮料行业周观点：白酒供给侧结构优化，百润威士忌新品面世

Investment Rating - The report maintains an "Overweight" rating for the industry [1] Core Insights - The white liquor sector is experiencing supply-side structural optimization, with major companies stabilizing prices and preparing for the upcoming Spring Festival inventory period. The report suggests focusing on new products and sales catalysts [2] - The beer and beverage sector shows a decline in demand, but new whiskey products from Baijiu are expected to stimulate interest. The report highlights the importance of channel management and strategic execution for leading companies [4] - The food sector performed well during the Double Eleven shopping festival, with a significant increase in sales, indicating strong recovery potential as the Spring Festival approaches [5] Summary by Sections White Liquor - The industry is seeing increased concentration, with a reduction in the number of white liquor companies from 1925 to 868. This includes the closure of 632 companies and the transformation of 995 others [3] - As of October, white liquor production was 340,000 kiloliters, a year-on-year decrease of 12.1%, while cumulative production from January to October was 3.32 million kiloliters, a year-on-year increase of 0.9% [3] - Major companies are maintaining confidence and launching new products, with notable examples including Moutai and Water Well, which have announced share buyback plans [3] Beer and Beverages - In October, beer production was 1.807 million kiloliters, reflecting a year-on-year decline of 2.3%. The report anticipates a stabilization in demand if consumption stimulus policies are implemented [4] - Baijiu launched two new whiskey products priced at 399 yuan per bottle, indicating a growing domestic whiskey market [4] Food Sector - The Double Eleven sales reached 1.4418 trillion yuan, a year-on-year increase of 26.6%, with food and beverage sales at 64 billion yuan, up 11.6% [5] - The report emphasizes the upcoming Spring Festival inventory peak, suggesting a positive outlook for the food sector as companies prepare for increased demand [5]