食品饮料行业：名酒批价涨跌互现，地产酒价格更平稳

Investment Rating - The report maintains a "Positive" investment rating for the food and beverage industry [2][54]. Core Insights - The report highlights that the national white liquor price index as of mid-November 2024 is 99.96, reflecting a slight decrease of 0.04%. It notes that premium liquor prices are mixed while local liquor prices remain more stable. The performance of leading local liquor companies is better than others, suggesting a recovery trend worth focusing on [8][15][17]. Summary by Sections Industry Overview - The food and beverage industry comprises 126 stocks, with a total market capitalization of approximately 48,280.12 billion yuan, reflecting a growth of 5.19%. The circulating market capitalization stands at 46,825.66 billion yuan, with a year-on-year increase of 6.22%. The average price-to-earnings ratio for the industry is 21.64 [4][5][6][7]. Market Performance - In the past week, various sub-sectors within the food and beverage industry experienced the following changes: meat products -0.76%, yellow wine (Yangtze) -1.13%, beer -1.22%, dairy products -1.59%, other foods -2.05%, other alcoholic beverages -3.24%, soft drinks -3.64%, fermented seasonings -4.66%, and white liquor -5.11% [18]. Price Trends - The report indicates that the price index for premium liquor is at 99.95, down by 0.05%, while local liquor is at 99.97, down by 0.03%. Specific price changes include increases for Dong liquor (0.28%), Fen liquor (0.18%), and Gujing Gong liquor (0.18%), while declines were noted for Mianzhu liquor (-0.80%) and Xijiu liquor (-0.64%) [9][16]. Future Outlook - The report anticipates that white liquor demand will recover alongside macroeconomic improvements due to a series of national economic stimulus policies. It recommends focusing on leading companies with increasing market shares, particularly stable local liquor enterprises like Guizhou Moutai [10][17]. Key Company Updates - Recent announcements include a share buyback plan by Qiaqia Food, aiming to repurchase shares at a maximum price of 47.48 yuan per share, with a total amount not exceeding 80 million yuan [31]. Additionally, Zhangyu A reported a share reduction by senior management due to personal financial needs [34].