食品饮料周观点：白酒龙头定调，食品复苏加成长

Investment Rating - The report maintains an "Overweight" rating for the food and beverage industry, with a projected growth of 30% for the sector [5]. Core Insights - The report highlights a recovery in the food and beverage sector, particularly in the liquor market, with a focus on the upcoming Spring Festival inventory preparations and the gradual establishment of new product lines and distribution channels [2][3]. - Key liquor companies are setting their development directions for 2025, with strategies to enhance consumer engagement and brand marketing [3]. - The beer segment is expected to see improvements in both volume and pricing, driven by a recovery in dining scenarios [4]. Summary by Sections Liquor Industry - Major liquor companies like Moutai and Wuliangye are adjusting their strategies for 2025, focusing on consumer outreach and brand development [3]. - Wuliangye plans to distribute a cash dividend of 10 billion yuan, with a commitment to maintain a dividend payout rate of no less than 70% over the next three years [3]. - The industry is transitioning from passive to active inventory reduction, with expectations of a gradual recovery in demand [3]. Beer and Beverage Sector - Chongqing Beer has received the highest ESG rating in the Chinese A-share food and beverage sector, indicating strong governance practices [4]. - Kirin Brewery plans to raise prices on 216 products, which is expected to impact half of its offerings, with price increases ranging from 5% to 12% [4]. - The beverage sector is entering a seasonal lull, but companies are advised to focus on early inventory preparations for the Spring Festival [4]. Food Sector - The report notes that Three Squirrels has raised prices on low-priced nut gift boxes by 10%, anticipating strong demand during the Spring Festival [8]. - The average price of raw milk has stabilized at 3.13 yuan/kg, indicating a potential positive shift in the dairy industry [8]. - Companies that successfully develop new product lines or enhance their distribution channels are expected to perform better in the upcoming year [8].