食品饮料行业周报：经销商大会传递信号，建议把握年底布局期

Investment Rating - The report maintains an "Outperform" rating for the food and beverage industry [2] Core Views - The report emphasizes the importance of seizing low-valuation leading companies in the liquor sector as they prepare for growth in the coming year [15] - It highlights the overall performance of the food and beverage sector, which has been under pressure but shows signs of recovery with potential improvements in consumer demand due to favorable policies [19] Summary by Sections Weekly Insights - The liquor industry is focusing on low-valuation leading companies for investment opportunities, with major brands like Guizhou Moutai and Wuliangye recommended [15] - The beer sector is experiencing short-term performance pressure but is expected to see price stability and demand recovery [16] - The condiment sector is undergoing reforms, with companies like Haitian Flavor Industry and Zhongju High-tech showing improvement potential [17] - The dairy sector is benefiting from a recovery in consumption scenarios, with a focus on high-end and diversified products [18] - The restaurant supply chain is expected to improve as consumer policies take effect, with many companies currently at low valuation levels [19] - The snack food sector is seeing performance divergence, with a focus on high-potential companies as the Spring Festival approaches [19] - The food additive sector is experiencing a recovery in demand, particularly in health-related additives [20] Market Performance - The food and beverage sector underperformed compared to the CSI 300 index, with a weekly increase of 0.19% against the CSI 300's 1.44% [23] - Among sub-sectors, meat products showed the highest increase at +3.29%, while snacks and pre-processed foods declined [25] Valuation Situation - As of December 6, the overall valuation of the food and beverage sector stands at 21.19x, significantly higher than the CSI 300's 12.74x [30] - Sub-sector valuations show slight increases, with other alcoholic beverages leading at 48.78x, while dairy products are at 17.45x [30] Key Data Tracking - The report tracks various price data, including liquor prices, with notable stability in Moutai prices [35] - Beer production in October 2024 decreased by 2.3% year-on-year, indicating ongoing challenges in the sector [41] - Dairy prices are showing slight declines, with fresh milk averaging 3.12 yuan/kg [49]