食品饮料行业周报：政策托底提振信心，关注需求修复

Investment Rating - The report maintains an "Overweight" rating for the food and beverage industry [2] Core Views - The report highlights a 9.93% increase in wholesale prices for liquor in early December, with premium liquor prices rising by 12.56% [2] - It emphasizes the ecological transformation of the liquor industry in Renhuai, which has improved overall industry efficiency [2] - The report notes that Guizhou Moutai has been recognized as a "China ESG Model Enterprise" [2] - It discusses the strategic market plans for Guizhou Moutai's health liquor division for 2025 [2] - The report mentions the establishment of a joint venture by Dongpeng Beverage in Indonesia to expand its overseas market [23] - It highlights the continuous innovation and sales success of Qianwei's "fish-shaped eight-treasure rice" product [25] - The report indicates that Haitian Flavoring plans to list in Hong Kong to enhance its global strategy [26] - It presents insights into the booming baking market, projecting a retail market size of 611.07 billion yuan in 2024 [27] Summary by Sections 1. Weekly Insights and Investment Recommendations - The report suggests focusing on structural opportunities in the liquor sector, particularly high-end and regional wines [28] - It recommends monitoring beer companies like Qingdao Beer and Chongqing Beer for product upgrades and channel expansion [28] - The report advises on soft drink companies like Dongpeng Beverage for steady national expansion [28] - It highlights the potential for frozen food companies like Anjiyuan and Qianwei in the catering market [28] - It emphasizes the growth potential in the baking sector with companies like Lihai Food and Nanjiao Food [28] - It points out opportunities in the snack sector with companies like Yanjinpuzi and Qiaoqiao Food [28] 2. Market Performance Review - The SW Food and Beverage Index rose by 2.01%, outperforming the CSI 300 by 3.02 percentage points [34] - The report notes that the processed food sector saw a significant increase of 12.03% [34] 3. Key Industry Data Tracking - The report provides data on liquor production, noting a 12.10% year-on-year decline in production for October 2024 [47] - It mentions that the average price for high-end liquor in major cities is approximately 1218.13 yuan per 500ml bottle [47] - It tracks beer production, reporting a 2.30% decrease in production for October 2024 [50]