东兴证券：东兴晨报-20241127

Core Viewpoints - The national liquor price index in mid-November 2024 showed a slight decline of 0.04%, with local liquor prices performing more steadily compared to famous brands [3][4] - Local leading liquor companies, especially those in the 100-300 price range, demonstrated stronger demand and price stability, suggesting a focus on these companies for potential recovery [4] - The liquor industry is expected to benefit from macroeconomic recovery and economic stimulus policies, with leading companies like Kweichow Moutai recommended for attention [4] Market Performance - In the food and beverage sector, the liquor sub-sector experienced a weekly decline of 5.11%, with notable underperformers including Shanxi Xinghuacun Fen Wine (-8.03%) and BaiRun Co (-10.44%) [5] - In the Hong Kong market, the consumer staples index fell by 1.40%, with key companies like China Feihe (-4.11%) and Budweiser APAC (-4.44%) showing declines [5] Real Estate Market - New home sales in 29 cities for the week of November 18-24 reached 3.768 million square meters, with a year-to-date cumulative sales area decline of 16.02% [19] - Second-hand home sales in 12 cities for the same week totaled 1.324 million square meters, with a year-to-date cumulative sales area increase of 5.79% [20] - Major cities like Shanghai, Beijing, Shenzhen, and Guangzhou have abolished the distinction between ordinary and non-ordinary housing standards, effective December 1 [22] Livestock Industry - In October 2024, pig prices fluctuated, with live pig and pork prices averaging 18.25 yuan/kg and 29.85 yuan/kg, respectively, showing a month-on-month decline of 7.39% and 4.98% [24] - The pig farming industry is expected to maintain reasonable profitability in 2025, with leading companies like Muyuan Foods and Wen's Foodstuff Group showing strong performance [25][26] Economic News - National policies are supporting strategic emerging industries, advanced manufacturing, and new infrastructure, with insurance funds being directed towards these sectors [12][14] - The national housing provident fund loan limit in Guangzhou has been adjusted to 800,000 yuan for individual applicants, with additional benefits for families with multiple children [15]