食品饮料周专题：白酒关注经销商大会，大众品聚焦产业拐点

Investment Rating - The report maintains a "Buy" rating for Kweichow Moutai and Wuliangye, and an "Accumulate" rating for other key companies in the liquor sector [2][3]. Core Insights - The liquor industry is focusing on the upcoming distributor conferences, with major companies like Moutai and Wuliangye enhancing shareholder returns and solidifying their value benchmarks during this industry adjustment phase [13][14]. - The report highlights a two-step recovery for the food and beverage sector, with short-term valuation recovery followed by mid-term fundamental improvement, driven by domestic demand [16][18]. Summary by Sections Weekly Focus - The report emphasizes the importance of the distributor conferences for liquor companies, particularly Moutai's and Yanghe's upcoming global distributor meetings, and Wuliangye's mid-year profit distribution announcement [13][14]. - Moutai aims to strengthen its distribution channels and enhance its international presence by 2035 [13]. Key Recommendations - The report recommends focusing on high-certainty performance leaders in the liquor sector, such as Kweichow Moutai and Wuliangye, while also considering companies like Jinsiyuan, Shanxi Fenjiu, and Luzhou Laojiao for their growth potential [18][19]. - In the beer segment, Qingdao Beer and Yanjing Beer are highlighted for their strong recovery potential [18]. Market Review and Valuation Tracking - The food and beverage index has seen a 2.62% increase in the past week, outperforming the Shanghai and Shenzhen 300 index by 1.30 percentage points [25]. - The report notes that the food and beverage sector's price-to-earnings ratio (TTM) is 21.48, compared to 11.88 for the Shanghai and Shenzhen 300 index, indicating a relative valuation premium [35]. Macro and Industry Data Tracking - The report provides macroeconomic indicators, including a 0.3% year-on-year increase in CPI and a 4.8% growth in retail sales, indicating a stable economic environment for the food and beverage sector [37].