光大证券食品饮料行业周报（20241202-20241208）：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] - The white liquor sector is expected to rebound due to policy stimuli, although demand remains cautious as companies adjust their strategies for 2025 [1] - The report emphasizes the importance of focusing on key products and enhancing channel capabilities in the snack food segment [1] - The dairy sector is exploring new markets and strengthening new channels, with stable demand and decreasing raw milk costs [1] Summary by Sections 1. Weekly Insights - White liquor is anticipated to rebound due to policy expectations, with companies focusing on inventory reduction and stable sales for 2025 [1] - The snack food sector is facing increased competition, prompting companies to optimize supply chains and focus on key products [1] - The dairy sector shows stable demand, with companies expanding into new markets and channels to drive revenue growth [1] 2. Key Data Tracking - As of December 6, 2024, the food and beverage sector's valuation (PE TTM, excluding negative values) is 22 times, down approximately 10.7% from the beginning of the year [25] - The liquor index PE (TTM, excluding negative values) is 20 times, down about 15.7% year-to-date [25] - The beverage index PE (TTM, excluding negative values) is 22 times, up approximately 4.7% year-to-date [25] 3. Important Company Announcements - Key announcements include sales reports from various companies, indicating changes in sales volumes and revenue [45] 4. Key Company Earnings Forecasts, Valuations, and Ratings - The report provides earnings forecasts and valuations for major companies in the sector, highlighting their expected performance and market positioning [42][47] 5. Key Report Summary - The report summarizes various analyses and insights into the food and beverage industry, including strategic recommendations for investment [51] 6. Investment Recommendations - The report suggests maintaining positions in dairy and snack food sectors as core holdings, with specific recommendations for companies like Yili and Salted Fish [52] - It also advises flexible trading in underperforming sectors with potential for recovery, closely monitoring companies undergoing operational reforms [52]