食饮行业周报（2024年12月第2期）：扩内需打头阵，先食品后白酒

Investment Rating - The report maintains a "Positive" investment rating for the food and beverage industry [3]. Core Insights - The central government is focusing on boosting consumption and expanding domestic demand, which is expected to positively impact the food and beverage sector in 2025. The report suggests prioritizing investments in food over liquor initially, as liquor companies are adjusting their growth strategies for long-term sustainability [2][3]. - The liquor sector may experience a structural bull market driven by policy catalysts, with a focus on high-end and low-base recovery segments. Recommended stocks include Wuliangye and Kweichow Moutai for high-end liquor, and Shanxi Fenjiu and Gujing Gongjiu for mid-range options [2][17]. - For the mass consumer goods sector, the report emphasizes two main investment themes: sectors with sustained or improving industry conditions and those benefiting from consumption recovery policies. Key sectors include snacks, beverages, and dairy products, with a focus on companies with strong brand power and reasonable growth targets [2][27]. Summary by Sections 1. Market Overview - From December 9 to December 13, the Shanghai Composite Index fell by 1.01%, while the food and beverage sector rose by 2.01%, with significant gains in frozen foods (+12.74%), non-dairy beverages (+11.00%), and snacks (+10.27%) [41]. 2. Key Data Tracking - The report highlights the price trends of key liquor brands, noting that Kweichow Moutai's price remains stable at approximately 2,210 yuan per bottle, while Wuliangye is priced at 950 yuan [60]. 3. Important Company Announcements - The report discusses the strategic adjustments of liquor companies, including their focus on inventory management and sustainable growth, particularly in light of upcoming annual meetings and the Spring Festival demand [10][17]. 4. Industry Dynamics - The report notes that the central economic work conference has prioritized consumption recovery as a key focus for 2025, indicating a shift towards more aggressive fiscal and monetary policies to stimulate demand [7]. 5. Recent Major Events - The report anticipates a recovery in the restaurant supply chain, driven by consumer spending policies, which is expected to lead to improved performance and valuation recovery in related sectors [9][27].