食品饮料：短期震荡，长期向好

Investment Rating - The industry is rated as "Outperform" relative to the market, maintaining this rating for the next year [2]. Core Insights - The report indicates that while there are short-term pressures on volume and price in the liquor sector, the long-term outlook remains positive, with potential for valuation recovery if fiscal policies exceed expectations [12]. - The report emphasizes the importance of selecting individual stocks with strong growth potential within the beverage sector, particularly in high-end products and innovative categories [17][19]. Summary by Category Liquor - Short-term volume and price pressures are expected, with overall demand remaining subdued. The report anticipates that Q4 and the beginning of the new year will continue to face challenges, but a turning point may be on the horizon due to collective pressure release in Q3 [10][12]. - Recommended stocks include Moutai, Wuliangye, and others, with a focus on maintaining core product prices [12]. Beer - The beer sector is projected to see stable sales in 2024, with growth driven by high-end product strategies. Qingdao Beer and Yanjing Beer are highlighted as key recommendations [16][15]. Soft Drinks - The report suggests focusing on leading companies in functional beverages, such as Dongpeng Beverage, and those with positive fundamentals like Xiangpiaopiao [19][17]. Ready-to-Drink Alcohol - The ready-to-drink alcohol sector is expected to grow steadily, with Baijiu Holdings recommended as a leading player due to its strong market position and upcoming product launches [21]. Dairy Products - The report recommends Yili Group, emphasizing its focus on profit margins and product structure optimization [23][22]. Snacks - Companies like Three Squirrels and Jin Zai Food are highlighted for their growth potential in emerging channels and new product launches [37][34]. Seasoning & Catering - Anqi Yeast and Zhongju Gaoxin are recommended for their strong domestic performance and overseas growth potential, with expectations for improved profitability in Q4 [30][31]. Baking Supply Chain - Hai Rong Technology is recommended for its overseas expansion plans and expected growth in 2024 [33]. Sugar Alternatives - Companies like Rhein Biotech and Huakang are suggested for their strong market positions in natural sweeteners, which are expected to see increased demand [39]. Catering - Recommendations include Tongqinglou and Yum China, focusing on their collaborative growth strategies and innovative supply chains [42][40]. Pet Industry - Companies like Zhongchong and Petty are highlighted for their strong export performance and market positioning [45][43].