食品饮料周报（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][18]. Core Insights - The report highlights that Moutai is actively addressing supply-demand alignment issues, while the mass-market segment is focusing on the recovery of demand [2][12]. - The food and beverage sector saw a 2.61% increase this week, 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][18]. Summary by Sections Weekly Perspective - Moutai is taking steps to resolve supply-demand issues, and Wuliangye has announced a mid-term dividend [12][18]. - The liquor index rose by 1.7%, indicating a recovery in market sentiment and expectations for increased consumption during the upcoming Spring Festival [12][18]. Key Data Tracking - The food and beverage sector's performance this week (November 25 to December 1, 2024) was positive, with a 2.61% increase [28]. - The report notes that the prices of Moutai and Wuliangye have slightly decreased, reflecting seasonal demand fluctuations [39][41]. Company Earnings Forecasts and Investment Ratings - Guizhou Moutai: Outperform rating, with a target price of 1,525.7 CNY and an estimated EPS of 69.78 CNY for 2024 [2][12]. - Wuliangye: Outperform rating, with a target price of 146.8 CNY and an estimated EPS of 9.79 CNY for 2024 [2][12]. - Shanxi Fenjiu: Outperform rating, with a target price of 203.7 CNY and an estimated EPS of 10.78 CNY for 2024 [2][12].