食品饮料：传统旺季即将来临，关注备货与动销改善

Investment Rating - The report maintains an "Outperform" rating for the food and beverage industry [2]. Core Viewpoints - The traditional peak season is approaching, with a focus on inventory preparation and sales improvement [1]. - The report highlights various segments within the food and beverage industry, recommending specific companies based on their growth potential and market positioning [1]. Summary by Segment Baijiu (Chinese Liquor) - The baijiu sector is expected to face pressure in Q4 and the beginning of the new year, with companies actively maintaining core product prices [1][12]. - Recommended companies include Moutai, Wuliangye, and Luzhou Laojiao [1]. Beer - The report recommends Qingdao Beer and Yanjing Beer, focusing on high-end products and efficiency reforms [15]. - The beer market is expected to see stable sales growth, driven by structural upgrades [15]. Soft Drinks - Key recommendations include Dongpeng Beverage and Xiangpiaopiao, with a focus on companies showing recovery potential [16][17]. Pre-mixed Drinks - The report highlights the growth potential of the pre-mixed drinks sector, recommending Bairun Co., which is expected to benefit from its upcoming whiskey launch [18][19]. Dairy Products - Yili is recommended for its clear profit orientation and product structure optimization [21]. Snack Foods - Companies like Three Squirrels and Jin Zai Food are highlighted for their growth potential in emerging channels [22][23]. Seasonings & Catering - Recommended companies include Angel Yeast and Zhongju High-tech, with expectations of strong performance in the upcoming peak season [27][28]. Baking Supply Chain - Hai Rong Technology is recommended for its overseas expansion potential and growth confidence [30]. Health Products & Sugar Alternatives - The health products sector is expected to grow, driven by both the elderly and younger generations [31][32]. - Recommendations include Tong Ren Tang and Baihe Co. for their strong market positions [32]. Catering - Companies like Haidilao and Yum China are recommended for their innovative approaches and market positioning [36][38]. Pet Products - The report highlights the growth potential in the pet industry, recommending companies like Zhongchong Co. and Peidi Co. for their strong export performance [39][40]. Gold & Jewelry - Recommendations include Chao Hong Ji and Zhou Dazheng, focusing on their growth strategies and market positioning [43].