食品饮料行业2025年度投资策略报告：驭风踏浪，稳中求进

Investment Rating - The investment rating for the food and beverage industry is "Recommended (Maintain)" [1] Core Insights - The report highlights that the food and beverage industry is currently experiencing a phase of adjustment, with varying performance across sub-sectors. The white liquor sector is under pressure, while snack and soft drink segments show promising growth potential [9][10][14][57]. Summary by Sections Market Review: Valuation Correction, Performance Slowdown - The food and beverage sector has seen a decline of 4.78% from January 1 to November 24, 2024, underperforming the Shanghai Composite Index by 11.27 percentage points. Sub-sectors like soft drinks (+34.73%) and snacks (+13.94%) outperformed the index, while white liquor (-9.09%) and pre-packaged foods (-18.17%) lagged [21][24]. White Liquor: Weak Reality, Strong Expectations - The white liquor industry is in a deep adjustment phase, with a projected recovery in 2025 driven by macroeconomic improvements. The sector has faced declining demand due to external factors and a shift in consumer behavior. However, high-end and regional liquor brands are expected to stabilize and recover first [9][32][50]. Snacks: High Growth Potential - The snack sector is anticipated to maintain high growth, with a significant increase in revenue and profit in Q3 2024. Companies are focusing on product innovation and supply chain efficiency to meet consumer demand for healthier snacks. The integration of new sales channels is also expected to enhance growth [10][57][60]. Beverage Supply Chain: Recovery on the Horizon - The beer consumption is expected to improve with the recovery of the restaurant sector in 2025. The condiment industry is stabilizing, while pre-packaged food faces challenges but may see a turnaround as demand improves [14][24]. Investment Recommendations - The report suggests focusing on leading brands with strong market positions, such as high-end white liquor brands like Moutai and Wuliangye, as well as snack companies like Yanjinpuzi and Ganyuan Foods. The beverage supply chain should also be monitored for potential recovery [15][19].