食品饮料行业周报20241118-20241124：酒行业缩量竞争，关注龙头企业表现

Investment Rating - Maintain "Overweight" rating for the food and beverage industry [3] Core Views - The report highlights a mixed performance in the liquor sector, with a 0.9% year-on-year increase in cumulative liquor production for the first ten months of 2024, totaling 3.32 million kiloliters, despite a 12.1% decline in October alone [3][23] - The beer sector is experiencing a decline in production, with a 1.8% decrease in cumulative production for the first ten months, amounting to 31.08 million kiloliters [3][23] - Regulatory measures are being implemented in the liquor industry, particularly in Renhuai, where the number of liquor enterprises has been reduced from 1,925 to 868 through consolidation efforts [3][23] - The report emphasizes the importance of product innovation and strategic investments in the beverage sector, such as East Peng's planned investment of 1.2 billion RMB in a new production base in Hainan [7][28] Summary by Sections 1. Weekly Insights and Investment Recommendations - The report discusses the liquor industry's structural opportunities, particularly in high-end and real estate liquor segments, recommending companies like Luzhou Laojiao and Jinhuijiu [12][34] - In the beer sector, companies like Qingdao Beer and Chongqing Beer are highlighted for their product optimization and channel expansion strategies [12][37] - The report suggests focusing on soft drink companies like East Peng Beverage for their national expansion and marketing strategies [12][37] 2. Market Performance Review - The SW Food and Beverage Index fell by 4.08%, underperforming the CSI 300 by 1.49 percentage points [40] - Among the sub-sectors, meat products, soft drinks, and dairy products saw declines of 1.62%, 2.07%, and 2.75% respectively [40] 3. Key Industry Data Tracking - The report provides data on liquor production, noting a significant drop in October production figures for both liquor and beer [23][51] - It also tracks pricing trends for major liquor brands, with the average wholesale price for high-end liquor like Moutai and Wuliangye being reported [53][54] 4. Company Announcements - Jinhuijiu's major shareholder plans to increase their stake in the company, indicating confidence in its future performance [25] - Dali's launch of diverse Spring Festival gift boxes is expected to boost sales in the snack sector as the market prepares for the holiday season [26] 5. Industry News - The report notes the integration and consolidation efforts in the liquor industry, particularly in Renhuai, which has seen a significant reduction in the number of operating liquor enterprises [3][23] - Innovations in product offerings, such as the introduction of high-quality frozen dumplings by Sanquan, are highlighted as a response to consumer health trends [31]