食品饮料行业周报（2024年第50周）

Investment Rating - The industry rating is "Outperform the Market" [5] Core Viewpoints - The report indicates that the food and beverage sector has shown a slight recovery in valuation but remains at historically low levels as of December 6, 2024 [19] - The report emphasizes the importance of policy direction in stimulating long-term demand recovery, particularly in light of recent developments in the U.S. elections [3] Market Review - From December 2 to December 6, the Shanghai and Shenzhen 300 index experienced a fluctuation of approximately 1.4%, with the food and beverage sector rising by about 0.2% during this period [13] - The total trading volume for the food and beverage sector was approximately 188.59 billion yuan [13] Industry High-Frequency Data Tracking - In October, the total retail sales of consumer goods increased by 4.8% year-on-year, with urban retail sales up by 4.7% and rural retail sales up by 4.9% [2] - The Citigroup China Economic Surprise Index rose to 21.4 on December 6, indicating a recovery trend since November [2] - In October, the production of Chinese liquor was 340,000 kiloliters, down 12.1% year-on-year, while the cumulative production from January to October was 3.32 million kiloliters, up 0.9% year-on-year [2] - The average price of fresh milk in major production areas was 3.12 yuan per kilogram as of November 27, down 0.01 yuan from the previous week and down 15.2% year-on-year [31] - In November, beef prices decreased by 13.5% year-on-year, while pork prices increased by 13.7% [34] - The production of beer in October was 1.807 million kiloliters, down 2.3% year-on-year, with cumulative production from January to October at 31.08 million kiloliters, down 1.8% [38] Industry News and Company Announcements - The 2024 Fenjiu Global Distributor Conference was held on December 2, focusing on high-quality revival and strategic determination [43] - The 112th National Sugar and Wine Fair is scheduled for March 25-27, 2025, in Chengdu [44] - Several liquor companies were listed among the top 100 enterprises in Guizhou, with notable revenues reported [44]