食品饮料行业周报：宏观数据改善向好，看多年底春节旺季

Investment Rating - The report maintains an "Outperform" rating for the food and beverage industry, indicating a positive outlook towards the end of the year [2]. Core Views - The macroeconomic data shows improvement, leading to a bullish outlook for the industry as the Spring Festival peak season approaches [2]. - The report emphasizes the importance of focusing on undervalued leading companies in the liquor sector, particularly with the recent cash dividend announcement from Kweichow Moutai, which plans to distribute over 30 billion yuan [2][15]. - The report suggests that with the implementation of various economic policies, both corporate and household consumption are expected to recover in 2025, presenting investment opportunities in the sector [15]. Summary by Sections 1. Weekly Insights - In the liquor segment, Kweichow Moutai's mid-term cash dividend has been confirmed, and the report suggests seizing opportunities in undervalued leading companies [15]. - The report identifies three main investment lines for 2025: focusing on strong performance companies, those benefiting from demand recovery, and companies improving management efficiency [15]. 2. Market Performance - The food and beverage sector outperformed the CSI 300 index by 1.30 percentage points during the week of November 25 to November 29, with a sector increase of 2.62% compared to the index's 1.32% [23]. - All sub-sectors within the food and beverage industry showed an upward trend, with baked goods leading at +13.54% [25]. 3. Key Data Tracking - The report tracks various price data, including liquor prices, which show stability in Kweichow Moutai's pricing, and a decrease in production for the liquor sector [36]. - Beer production in October 2024 decreased by 2.3% year-on-year, with major brands experiencing varying sales performance [48]. - The dairy sector is expected to see a gradual recovery in sales as consumer confidence improves, with a focus on high-end and diversified products [18]. 4. Company Announcements - The report recommends several companies across different segments, including Kweichow Moutai, Wuliangye, and Mengniu Dairy, highlighting their strong fundamentals and potential for growth [21]. 5. Future Events - The report anticipates a recovery in terminal demand for the restaurant supply chain, driven by favorable policies, and suggests monitoring resilient leading companies in this space [19].