食品饮料行业周报：强化扩内需预期，关注弹性释放

Investment Rating - The report maintains a "Recommended" investment rating for the food and beverage industry [1]. Core Insights - The report emphasizes the expectation of enhanced domestic demand driven by policy support, particularly in the liquor sector, which is showing signs of recovery amid market optimism [1][12]. - The white liquor sector is currently characterized by strong expectations but weak realities, with ongoing pressure on fundamentals [1][12]. - The report highlights the importance of focusing on undervalued stocks with strong performance indicators, recommending specific companies within the liquor segment [1][12]. Weekly News Summary - Industry News: - The actual production capacity of sauce liquor in Chishui City has reached 30,000 tons [12]. - In November, liquor prices decreased by 1.9% year-on-year [12]. - Company News: - Kweichow Moutai is conducting market research in Southeast Asia and the US [12]. - Wuliangye is increasing its market presence in Beijing, Chengdu, and Shenzhen [12]. Market Performance - The report outlines the relative performance of the food and beverage sector, with sub-sector rankings as follows: - Baijiu > Beer > Snacks = Soft Drinks > Frozen Foods > Condiments > Dairy Products [1]. - The report notes that the white liquor sector is experiencing a recovery trend, reflecting market optimism due to supportive policies [1][12]. Key Company Feedback - The report provides insights into the performance of key companies, with a focus on their stock price movements and market strategies [1][12]. - Specific companies recommended for investment include Moutai, Wuliangye, Luzhou Laojiao, and Shanxi Fenjiu, among others [1][12]. Industry Data Trends - The report presents key data trends in the liquor industry, noting that the production of white liquor in 2023 was 4.492 million tons, a decrease of 33.08% year-on-year, while industry revenue reached 756.3 billion yuan, an increase of 9.7% [56]. - The condiment industry has shown significant growth, with market size increasing from 259.5 billion yuan in 2014 to 592.3 billion yuan in 2023, reflecting a CAGR of 9.6% [57].