食饮行业周报（2024年12月第1期）：关注潜在政策催化及酒企年度大会召开

Investment Rating - The industry rating is maintained as "Positive" [5] Core Viewpoints - The retail sales data continues to improve, and the Central Economic Work Conference will be held soon, focusing on potential policy catalysts. The liquor companies have actively adjusted their growth rates in Q3, aiming for long-term healthy growth. The performance of the food sector shows differentiation, emphasizing the investment opportunities in leading companies with strong brand power, early inventory clearance, and reasonable growth targets, with the upcoming Spring Festival in 2025 expected to be a verification period [2][3][6]. Summary by Sections 1. Market Review - From December 2 to December 6, the CSI 300 index rose by 1.44%, while the food and beverage sector increased by 0.19%. Notable increases were seen in meat products (+3.43%), non-dairy beverages (+2.80%), and dairy products (+2.53%), while the liquor sector declined by 0.40% [32]. 2. Key Data Tracking - The valuation levels of the food and beverage industry have adjusted, with the industry at 21.19 times, and specific segments like liquor, beer, wine, and yellow wine at 20.41, 25.78, 85.59, and 33.90 times respectively [40]. 3. Important Company Announcements - The report highlights significant company updates, including the performance of liquor companies like Guizhou Moutai and Shanxi Fenjiu, which have shown revenue growth in recent quarters. For instance, Shanxi Fenjiu's sales revenue reached 301.95 billion yuan in 2023, continuing to break records [7][8]. 4. Important Industry Dynamics - The report notes that the liquor industry may enter a structural bull market under policy catalysts, recommending two main investment lines: high momentum continuation and low base recovery. High-end liquor recommendations include Wuliangye and Guizhou Moutai, while low base recovery recommendations include Luzhou Laojiao and Laobai Ganjiu [3][14]. 5. Recent Major Events Memorandum - The report mentions the recent changes in regulations regarding the duty-free allowance for alcoholic beverages brought in by travelers, which may impact market dynamics [64].