食品饮料行业周报：板块迎政策催化，看好乳业青啤、精选改善个股

Investment Rating - The report maintains a "Positive" outlook on the food and beverage industry, particularly highlighting opportunities in the dairy sector and Qingdao Beer [1][2]. Core Insights - The report emphasizes that the importance of domestic demand will significantly increase in 2025, driven by government policies aimed at boosting consumption and expanding domestic demand [2][20]. - It suggests a balanced allocation between liquor and food sectors, with a focus on dairy products due to their independent growth logic [20]. - The report identifies key investment opportunities in the dairy sector, particularly with companies like Yili and Mengniu, as well as Qingdao Beer, which is expected to improve in Q4 2024 [22][20]. Summary by Sections Liquor Sector - The report notes a slight decrease in the price of Moutai, with the current bottle price at 2210 RMB and a case price at 2260 RMB, indicating pressure on sales in Q1 2025 due to slow demand recovery [3][21]. - It highlights that the liquor industry's performance is closely tied to macroeconomic conditions, with expectations of a bottoming out in 2025 if economic conditions improve [21]. Consumer Goods Sector - The report expresses optimism for the dairy sector, citing accelerated capacity reduction and stabilization of raw milk prices, which should lead to improved profitability for leading companies [22]. - It recommends stocks such as Yili, Mengniu, and Qingdao Beer, noting their attractive valuations and potential for growth in 2025 [22][20]. Market Performance - The food and beverage sector outperformed the market, with a 2.01% increase, while the liquor sector showed a modest gain of 0.47% [18][43]. - The report indicates that the consumer goods sector is expected to see rationalized operational goals and improved revenue and profit margins in 2025 [20].