食品饮料行业周报（24年第49周）：茅台主动解决供需适配问题，大众品板块关注需求恢复节奏

Investment Rating - The report maintains an "Outperform" rating for the food and beverage sector, with a focus on specific companies such as Guizhou Moutai, Wuliangye, and Shanxi Fenjiu [2][12]. Core Insights - The report highlights that Moutai is actively addressing supply-demand alignment issues, while the mass-market segment is focusing on the pace of demand recovery [2][12]. - The food and beverage sector saw a weekly increase of 2.61%, outperforming the Shanghai Composite Index by 0.79 percentage points [2][28]. - The report emphasizes the importance of consumer engagement and service transformation in the liquor industry, particularly for Moutai and Wuliangye [12][11]. Summary by Sections Weekly Perspective - Moutai is taking steps to resolve supply-demand issues, and Wuliangye has announced a mid-term dividend [12][11]. - The report notes that the white liquor index rose by 1.7%, indicating a recovery in market sentiment and expectations for increased demand during the upcoming festive season [12][11]. Key Data Tracking - The food and beverage sector's performance for the week (November 25 to December 1, 2024) showed a 2.61% increase, outperforming the Shanghai Composite Index [2][28]. - The report tracks price movements, noting that the prices for Moutai and Wuliangye have decreased slightly, reflecting seasonal demand fluctuations [12][39]. Company Earnings Forecast and Investment Ratings - Guizhou Moutai is rated "Outperform" with an expected EPS of 69.78 CNY for 2024 and 80.94 CNY for 2025, with a PE ratio of 22.3 for 2024 and 19.3 for 2025 [2][12]. - Other companies such as Shanxi Fenjiu and Luzhou Laojiao also received "Outperform" ratings, with their respective earnings forecasts and valuations detailed in the report [2][12].