食品饮料行业周报：政策传导成效渐显，建议中长期布局

Investment Rating - The report maintains an "Outperform" rating for the food and beverage industry, suggesting a medium to long-term investment strategy [3]. Core Viewpoints - The report highlights that the effects of policy transmission are becoming evident, and it recommends positioning for medium to long-term gains in the food and beverage sector [3]. - It emphasizes the potential for recovery in consumer demand due to recent stimulus policies, particularly in the beer and dining sectors, which could lead to structural upgrades in product offerings [16][21]. Summary by Sections 1. Weekly Insights - The report notes that the retail sales growth in October was better than expected at 4.8%, with the alcohol category showing a slight decline of 0.1% [15]. - It suggests that the white liquor sector is at a fundamental bottom, with opportunities for recovery as channel inventories are digested [15]. 2. Market Performance - The food and beverage sector underperformed the CSI 300 index by 1.49 percentage points, with a decline of 4.08% during the week [23]. - All sub-sectors within food and beverage experienced downward trends, with pre-processed foods showing the largest drop at -5.82% [25]. 3. Key Data Tracking - The report tracks various price data, including: - White liquor prices remained stable, with notable prices for premium brands like Moutai and Wuliangye [35]. - Beer production in October decreased by 2.30%, reflecting ongoing challenges in demand recovery [46]. - Dairy prices showed stability, with fresh milk averaging 3.12 CNY/kg [51]. - The report also notes a decline in pig farming profits, indicating pressures in the meat sector [62]. 4. Investment Recommendations - For the white liquor sector, recommended stocks include Kweichow Moutai, Wuliangye, and Luzhou Laojiao [21]. - In the beer sector, recommendations include Qingdao Beer and Chongqing Beer, with a focus on companies with strong reform potential [21]. - The report suggests focusing on leading companies in the snack food sector, such as Youyi Foods and Salted Fish Foods, which are expected to perform well in the upcoming festive season [21].