食品饮料行业周报：基本面筑底，静待政策催化

Investment Rating - The report rates the food and beverage industry as "Overweight" [1]. Core Viewpoints - The food and beverage sector experienced a decline of 4.08% last week, underperforming the CSI 300 index by 1.48 percentage points, ranking 30th among 31 sectors [1]. - The report highlights the need for policy catalysts to stimulate demand, particularly in the liquor segment, where production has been declining [2]. - The beer sector is expected to see a recovery in consumption scenarios due to improving costs and potential policy support [3]. - The snack segment is benefiting from rapid revenue and profit growth, driven by channel expansion and declining raw material costs [4]. - The dairy sector is seeing positive demand trends, with an emphasis on product upgrades and direct-to-consumer (DTC) channel penetration [4]. Summary by Sections Market Performance - The food and beverage sector's performance last week was a decline of 4.08%, with all sub-sectors also experiencing downturns. The top five gainers were Guifaxiang (+13.20%), *ST Xifa (+8.80%), BeiYinMei (+7.71%), BaiHe Co. (+7.14%), and Meihua Biological (+6.41%). The top five losers included Xiangpiaopiao (-16.73%), Jiajia Food (-12.37%), Qinghai Spring (-12.21%), Three Squirrels (-10.82%), and Bairun Co. (-10.44%) [1][25]. Liquor Industry - In October, the production of liquor in China decreased by 12.1% year-on-year, with a notable focus on the impact of policy changes on demand. New product launches by companies like Jinshiyuan aim to enhance brand strength in the mid-price segment [2]. Beer Industry - The beer production in October was 180.7 million liters, down 2.3% year-on-year. Despite a weak demand environment, cost improvements are expected to enhance profitability, and there is optimism for a recovery in consumption scenarios [3]. Snack and Dairy Segments - The snack sector showed strong revenue and profit growth in Q3, attributed to channel expansion and lower raw material costs. The dairy sector is also seeing positive trends, with a focus on health-oriented products and increasing acceptance of low-temperature dairy products [4]. Investment Recommendations - The report suggests focusing on high-end liquor brands and regional leaders, with specific stock recommendations including Kweichow Moutai, Wuliangye, and Luzhou Laojiao. For the beer sector, Qingdao Beer is highlighted as a core investment target. In the snack segment, companies like Yanjinpuzi and Ganyuan Foods are recommended, while for the dairy sector, New Dairy is noted for its product upgrades and DTC channel growth [5].