食品饮料：政策发力正当时，消费低位显价值

Investment Rating - The report maintains an "Outperform" rating for the food and beverage industry [2] Core Viewpoints - The food and beverage sector is expected to benefit from favorable policies and a recovery in consumer demand, although short-term pressures on volume and price persist, particularly in the liquor segment [10][12] - The report highlights various segments within the industry, recommending specific companies based on their growth potential and market positioning [12][15][19][21][29][39] Summary by Segment Liquor - The liquor sector faces volume and price pressures, with expectations of a challenging Q4 and potential adjustments in 2025. However, a recovery in fiscal policy could lead to valuation recovery for key players like Moutai and Wuliangye [10][12] Beer - The beer market is projected to maintain stable sales, with a focus on premiumization. Key recommendations include Qingdao Beer and Yanjing Beer, which are expected to benefit from structural upgrades [15] Soft Drinks - The soft drink sector shows signs of recovery, with specific companies like Dongpeng Beverage and Xiangpiaopiao highlighted for their growth potential [18] Ready-to-Drink Alcohol - The ready-to-drink alcohol segment is expected to grow steadily, with Baijiu Holdings recommended as a leading player benefiting from market trends [20] Dairy Products - The dairy sector is characterized by competitive dynamics between major players like Yili and Mengniu, with a focus on cost control and product optimization [23] Snacks - The snack industry is experiencing channel innovations, particularly in online and discount retail, with companies like Three Squirrels and Jin Zai Foods recommended for their growth strategies [35][39] Condiments & Food Supply Chain - The condiment sector is expected to see demand recovery in Q4, with companies like Angel Yeast and Zhongju High-tech recommended for their strong performance [29] Baking Supply Chain - The baking supply chain is showing signs of recovery, with Hai Rong Technology highlighted for its overseas expansion potential [34] Pet Products - The pet industry is expected to grow steadily, with companies like Zhongchong and Peidi recommended for their strong market positions [46][47]