食品饮料行业周报：汾酒经销商大会定调稳定，看好乳制品和青啤港股

Investment Rating - The report maintains a positive outlook on the food and beverage industry, indicating that medium to long-term opportunities are emerging as valuations stabilize [2][20]. Core Insights - The report emphasizes that while the current growth rate is not the most critical factor, the strategic determination and execution capabilities of companies are more important. It suggests that leading companies in the liquor and food sectors are now offering good value for long-term investment [2][20]. - The report highlights that the demand in the industry is expected to improve fundamentally if positive policy measures effectively enhance income levels and expectations for businesses and households [2][20]. Summary by Sections Liquor Sector - The report notes a slight decrease in the price of Moutai, with the current price at 2,210 RMB per bottle, reflecting a week-on-week increase of 20 RMB. The price for a case is 2,280 RMB, up by 35 RMB [21]. - Shanxi Fenjiu's 2024 dealer conference emphasized a stable development approach, focusing on high-quality growth rather than merely ranking performance. The company introduced a new product, Qinghua 26, priced at 718 RMB per bottle, aimed at strong markets in Shanxi and northern regions [21]. Consumer Goods Sector - The report expresses optimism about investment opportunities in the dairy sector over the next year, noting that upstream capacity reduction is accelerating and raw milk prices are stabilizing. The report anticipates that the supply-demand relationship will improve, leading to profit recovery for leading companies [22]. - The report recommends Yili Co., Ltd. and highlights Qingdao Beer Co. as having an attractive valuation, suggesting active investment in these stocks [22]. Market Performance - The food and beverage sector underperformed the Shenwan A index by 2.09 percentage points during the period from December 2 to December 6, 2024. The liquor sector specifically lagged behind by 2.68 percentage points [45].