食品饮料行业周报：政策定调积极，内需预期向好

Investment Rating - The report rates the food and beverage industry as "Overweight" [2] Core Views - The food and beverage sector has shown a positive market performance, with a 2.01% increase last week, outperforming the CSI 300 index by 3.02 percentage points [2] - The central economic work conference emphasizes the importance of boosting consumption and expanding domestic demand, which is expected to improve the sector's fundamentals in the coming year [2] - The beer segment is experiencing cost improvements and significant inventory reduction, with expectations for demand recovery in the coming year [1][3] - The white liquor sector is stabilizing, with major companies cautiously optimistic about sales performance towards the end of the year [3] - The snack food segment is benefiting from diversified sales channels, while the restaurant supply chain is expected to recover due to policy support [4] Summary by Sections Beer - The beer industry is seeing a notable reduction in inventory and improved profitability due to declining raw material costs, with imported barley prices down 14% year-on-year as of October [1] - The demand for beer is anticipated to gradually improve, particularly in on-premise consumption scenarios, supported by policy stimuli [1] - Long-term trends indicate a continued shift towards premiumization in the beer market, with a recommendation to focus on leading brands like Qingdao Beer [1] White Liquor - The white liquor sector is stabilizing, with major companies like Moutai and Wuliangye maintaining cautious growth targets for 2025 [3] - Recent price updates show slight increases in Moutai's prices, with the current price for scattered Moutai at 2210 yuan, reflecting a 10 yuan increase week-on-week [3] - The sector is expected to benefit from ongoing policy support, with a focus on year-end sales performance [3] Snacks and Restaurant Supply Chain - The snack food market is experiencing rapid growth due to the emergence of diverse sales channels, including membership supermarkets and new e-commerce platforms [4] - The restaurant supply chain is positioned to benefit from policy incentives aimed at stimulating consumption, with a focus on cost control amid rising operational challenges [4] Dairy Products - The dairy sector is witnessing improved demand driven by policy support, with a focus on high-end products and increasing acceptance of low-temperature dairy products [4] - Recommendations include monitoring companies that are upgrading their product structures and enhancing direct-to-consumer (DTC) channel penetration [4] Investment Recommendations - For the white liquor sector, focus on high-end brands and regional leaders such as Moutai and Wuliangye [5] - In the beer segment, attention is drawn to premium brands like Qingdao Beer [5] - The snack food sector highlights companies with strong growth potential like Yanjinpuzi and Gan Yuan Food [5] - The restaurant supply chain suggests investing in resilient and undervalued companies like Anji Food and Qianwei Central Kitchen [5] - In dairy, focus on companies that are upgrading their product offerings and expanding DTC channels [5]