食品饮料行业：白酒龙头企业强调分红，提振市场信心

Investment Rating - The report maintains a "Positive" investment rating for the food and beverage industry [2][51]. Core Viewpoints - Leading companies in the liquor sector, such as Moutai and Wuliangye, are emphasizing cash dividends to boost market confidence, with Moutai planning a dividend payout ratio of no less than 75% for 2024-2026 [9][10][15]. - The upcoming Spring Festival is seen as a critical period for assessing the recovery of demand in the liquor industry, with expectations that leading companies will gain market share during this adjustment phase [10][15]. Industry Overview - The food and beverage industry comprises 126 companies, with a total market capitalization of approximately 49,951.19 billion yuan, reflecting a 5.2% increase [4][5]. - The average price-to-earnings (P/E) ratio for the industry stands at 22.38 [7]. Market Performance - Last week, the sub-sectors of the food and beverage industry experienced the following weekly changes: dairy products increased by 14.18%, soft drinks by 10.49%, and other food items by 10.05% [11][17]. - In the liquor sector, the top five performing companies were: Weilang Co. (17.33%), Huangtai Liquor (15.73%), and others, while Moutai's growth was only 1.19% [21]. Key Company Updates - Moutai's recent shareholder meeting approved a cash dividend plan for 2024-2026, reinforcing its commitment to shareholder returns [9][31]. - Wuliangye announced a mid-term dividend of 25.76 yuan per 10 shares, totaling 100 billion yuan, marking a significant increase in shareholder returns [10][30]. - Other notable announcements include strategic partnerships and changes in fundraising allocations by various companies in the sector [34][35].