食品饮料行业周报：政策预期有望提振板块情绪，关注年底旺季反馈

Investment Rating - The report maintains a "Buy" rating for the food and beverage industry [2]. Core Views - The report highlights that policy expectations are likely to boost sentiment in the sector, particularly as the year-end peak season approaches [1]. - In the liquor segment, there is cautious optimism for a rebound driven by policy support, despite current demand being at a low point [1]. - The report emphasizes the importance of focusing on key products and enhancing channel efficiency in the snack food sector [1]. - The dairy segment is exploring new markets and strengthening new channels, with stable demand and decreasing raw milk costs [1]. Summary by Sections 1. Weekly Insights - Liquor: The industry is expected to rebound due to policy expectations, with companies focusing on inventory reduction and stable sales for 2025. Key players like Kweichow Moutai and Wuliangye are well-positioned due to their strong brand power and national presence [1]. - Snack Foods: Companies are enhancing their product focus and channel capabilities, with Salted Fish and Jinzai Foods making significant strides in high-end membership store channels [1]. - Dairy: The demand remains stable, with companies like Yantang Dairy expanding into new markets, including Hong Kong, and exploring Southeast Asia [1]. 2. Key Data Tracking - As of December 6, 2024, the food and beverage sector's valuation (PE TTM, excluding negative values) is at 22 times, down approximately 10.7% from the beginning of the year. The liquor index PE is at 20 times, down about 15.7% [25]. 3. Important Company Announcements - Kemin Foods reported a 26.09% decrease in pig sales year-on-year, while Water Well announced a share buyback of 1.2156 million shares [45]. 4. Key Company Earnings Forecasts, Valuations, and Ratings - The report provides detailed earnings forecasts and valuations for key companies in the sector, including Kweichow Moutai, Wuliangye, and Yili Group, with projected P/E ratios for 2024 and 2025 [42][46]. 5. Investment Recommendations - The report suggests maintaining positions in dairy and snack food sectors as core holdings, recommending companies like Yili Group and Salted Fish. It also advises flexible trading in underperforming sectors with potential recovery, such as Lihai Foods and Shede Liquor [52].