食品饮料行业11月月报：板块微幅反弹，行情呈上下拉锯状

Investment Rating - The industry is rated as "in line with the market," indicating that the industry index is expected to fluctuate between -10% to 10% relative to the CSI 300 index over the next six months [64]. Core Insights - In November 2024, the food and beverage sector experienced a slight rebound, increasing by 1.17%, but it has seen a cumulative decline of 3.75% from January to November 2024. The sector underperformed compared to the CSI 300, which rose by 13.03% during the same period [2][9]. - The valuation of the food and beverage sector slightly increased to 20.32 times earnings as of November 28, 2024, which is a 60.29% decrease from the peak in 2020. This valuation is now positioned in the middle range among 31 primary industries [3][22]. - The investment growth in the food manufacturing sector has been robust, with fixed asset investments increasing by 23.5% year-on-year from January to October 2024, marking a significant rise of 14.6 percentage points compared to the previous year [3][29]. Summary by Sections Market Performance - The food and beverage sector has predominantly experienced declines throughout 2024, with a notable rebound in November. Monthly performance varied significantly, with fluctuations observed in the first eleven months [10][12]. - Specific sub-sectors such as soft drinks, beer, dairy, snacks, and condiments saw increases of 33.67%, 4.3%, 9.1%, 18.59%, and 10.82% respectively from January to November 2024, while other sectors like meat products and baked goods faced declines [2][9]. Valuation - As of November 28, 2024, the food and beverage sector's valuation was 20.32 times earnings, reflecting a slight increase of 0.93% from October. This valuation is lower than 17 other industries and higher than 13, indicating a shift from the bottom to a mid-range position [3][22]. Individual Stock Performance - In November 2024, 104 out of 127 listed companies in the food and beverage sector reported gains, with the highest increase reaching 146.32%. The overall upward trend in individual stock performance indicates a broad recovery within the sector [26]. Investment Opportunities - The report suggests focusing on investment opportunities in pre-prepared dishes, baking, ready-to-drink cocktails, health products, snacks, and yeast in 2025. A recommended stock portfolio for December 2024 includes companies like Qianwei Central Kitchen, Anjuke Food, and others [4][59].