食品饮料行业周观点：首要扩内需，行业迎复苏

Investment Rating - The report maintains an "Overweight" rating for the food and beverage industry, indicating a positive outlook for the sector [6]. Core Insights - The report emphasizes the importance of expanding domestic demand, with the food and beverage sector expected to benefit from policy support aimed at boosting consumption. The anticipated recovery in valuation and performance is projected for 2025 [2][9]. - In the liquor segment, the focus is on quality over speed, with leading companies expected to enhance their market share. The report suggests monitoring key players like Kweichow Moutai and Wuliangye for their growth strategies [2][3]. - The beer and beverage sectors are highlighted for their potential recovery driven by policy catalysts, with companies like China Resources Beer and Dongpeng Beverage making strategic moves to expand their market presence [4]. Summary by Sections Liquor Industry - The liquor industry is transitioning from high-speed growth to a focus on quality, with major companies adjusting their growth strategies for 2025. The report suggests that leading brands will continue to dominate market share, and there is potential for new product launches to drive growth [3]. - The report identifies three main investment themes: leading brands, high-certainty regional brands, and resilient recovery stocks [2]. Beer and Beverage Sector - The beer sector is expected to recover alongside the restaurant industry, with anticipated improvements in both volume and price due to low base effects in 2025. Companies with strong valuation metrics are recommended for investment [4]. - The beverage sector is entering a new fiscal year with a focus on product offerings for the upcoming festive season, indicating ongoing competition and growth opportunities [4]. Food Sector - The food sector is projected to benefit from favorable policies aimed at stimulating consumption, with a focus on high-growth and strong recovery stocks. The report highlights companies that are likely to gain from these trends [2][9]. - The report notes that the food sector's price-to-earnings ratio is currently at 31X, which is below the historical average, suggesting potential for valuation recovery [9].