食品饮料行业周报：扩大消费摆在优先位置，建议把握布局机会

Investment Rating - The report maintains an "Outperform" rating for the food and beverage industry, emphasizing the importance of expanding consumption as a priority and suggesting to seize layout opportunities [3][4]. Core Insights - The report highlights that the white liquor sector is expected to stabilize and recover gradually in 2025, driven by policies aimed at boosting domestic demand and improving consumer spending capabilities [4][14]. - It suggests focusing on three main investment lines: high-certainty performance companies with strong fundamentals, companies that may benefit from demand recovery, and those undergoing management improvements [4][19]. - The beer sector is experiencing short-term performance pressure but is expected to see structural upgrades as consumer demand improves due to stimulus policies [15][19]. - The report notes that the condiment sector is undergoing reforms, with leading companies adapting to market changes, which may lead to improved performance in 2024 [16][19]. - The dairy sector is projected to benefit from a recovery in consumption scenarios, with a long-term trend towards premiumization and diversification [17][19]. - The report indicates that the snack food sector is seeing performance divergence, with a focus on high-potential companies as the Spring Festival approaches [18][19]. Summary by Sections 1. Weekly Insights - The white liquor sector has seen a 0.47% increase, outperforming the Shanghai and Shenzhen 300 index by 1.48 percentage points [4][14]. - The report emphasizes the importance of policies aimed at expanding domestic demand and improving consumer spending [4][14]. 2. Market Review 2.1. Sector Index Performance - The food and beverage sector outperformed the Shanghai and Shenzhen 300 index by 3.02 percentage points during the week [21]. 2.2. Individual Stock Performance - Notable stock performances include Li Ziyuan (+28.32%) and Hui Fa Food (+60.97%) [24][27]. 2.3. Valuation Situation - As of December 13, the overall valuation of the food and beverage sector is 21.62x, significantly higher than the Shanghai and Shenzhen 300 index at 12.66x [28]. 3. Key Data Tracking 3.1. White Liquor Price Tracking - The price of Feitian Moutai remains stable at 2400 RMB per box as of December 13 [32]. 3.2. Beer Price Tracking - In October 2024, beer production decreased by 2.3% year-on-year to 1.807 million kiloliters [39]. 3.3. Dairy Price Tracking - The average price of fresh milk is 3.12 RMB per kilogram, stable compared to the previous month [43]. 4. Important Company Announcements - Salted Fish announced the achievement of conditions for the first release of restricted stock [70]. - Haitian Flavor Industry plans to issue H-shares and apply for listing on the Hong Kong Stock Exchange [70]. 5. Upcoming Major Events - Several companies, including Lanzhou Yellow River and San Zhi Song Shu, will hold shareholder meetings in mid-December [72].