食品饮料行业周报（2024年第48周）

Investment Rating - The industry rating is "Outperform the Market" [5] Core Viewpoints - The report indicates that the food and beverage sector has experienced a decline, with the Shanghai Composite Index falling approximately 2.6% and the food and beverage sector declining about 4.1% during the week of November 18 to November 22, 2024. Despite this, the overall valuation of the food and beverage industry has shown some recovery but remains at historically low levels [3][13][21]. Market Review - From November 18 to November 22, the Shanghai Composite Index decreased by approximately 2.6%, with a weekly trading volume of about 19,444 billion yuan. The food and beverage sector's trading volume was around 1,498.1 billion yuan, reflecting a decline of about 4.1% [3][13]. - As of November 22, the food and beverage industry valuation has slightly recovered but is still at historically low levels. The ROE percentiles for various segments are as follows: beverage dairy (81.0%), liquor II (79.3%), non-liquor (70.7%), seasoning and fermentation II (63.8%), leisure food (34.5%), and food processing (0.0%) [21]. Industry High-Frequency Data Tracking - The retail sales of consumer goods in October showed a year-on-year increase of 4.8%, with urban retail sales up by 4.7% and rural retail sales up by 4.9% [2][25]. - The Citigroup China Economic Surprise Index was reported at 20.3 on November 22, slightly down from the previous week, indicating a slight decline after a period of recovery [2][27]. - In October, the production of Chinese liquor reached 340,000 kiloliters, a year-on-year decrease of 12.1%, while the cumulative production from January to October was 3.32 million kiloliters, reflecting a year-on-year increase of 0.9% [2][32]. - The average price of fresh milk in major production areas was 3.12 yuan per kilogram as of November 13, remaining stable from the previous week but down 15.7% year-on-year [2][35]. - In October, beef prices decreased by 13.4% year-on-year, while pork prices increased by 14.2% [2][40]. - The beer production in October was 1.807 million kiloliters, down 2.3% year-on-year, with a cumulative production of 31.08 million kiloliters from January to October, down 1.8% [2][42]. Industry News and Company Announcements - On November 20, Taobao announced adjustments to the guarantee deposit policy for the liquor category, increasing the deposit for merchants with transaction amounts below 100,000 yuan from 5,000 yuan to 10,000 yuan [3][46]. - The launch of new products by Jiugui Liquor and Jinshiyuan was highlighted, with Jiugui Liquor focusing on the Zhejiang market and introducing new products priced between 168 yuan and 3,499 yuan per bottle [3][47]. - Lihai Food announced a cash dividend plan of 2 yuan per 10 shares, totaling approximately 33.51 million yuan [3][48].