食品饮料行业周报（24年第51周）：宏观政策着力扩大内需，食品饮料板块改善在即

Investment Rating - The report maintains an "Outperform" rating for the food and beverage sector [2][3]. Core Views - The macro policy focuses on expanding domestic demand, indicating an imminent improvement in the food and beverage sector [2][3]. - The report highlights that the short-term demand for liquor is still bottoming out, with companies preparing for the Spring Festival and 2025 operations [15][19]. - The consumer goods sector is expected to recover, with attention on improving expectations [19][24]. Summary by Sections 1. Weekly Insights - The food and beverage sector increased by 1.97% from December 9 to December 15, outperforming the Shanghai Composite Index by 2.33 percentage points [2][29]. - In the liquor segment, the price of Feitian Moutai slightly increased, while other brands remained stable [17][42]. - The report emphasizes the importance of the upcoming Spring Festival sales as a critical window for liquor companies [15][19]. 2. Key Data Tracking - The report notes that the liquor index rose by 0.5%, with the economic work conference proposing comprehensive measures to boost consumption and expand domestic demand [18][19]. - The report tracks price movements, indicating that the original box Moutai price is 2,270 yuan per bottle, up 10 yuan from the previous week [17][42]. 3. Liquor Sector - The report identifies three investment themes: leading companies with strong risk resistance like Wuliangye, Guizhou Moutai, and Shanxi Fenjiu; companies showing marginal improvement like Luzhou Laojiao and Jiansu Yanjia; and companies reflecting upward adjustments in their financial statements [18][19]. 4. Consumer Goods Sector - The beer segment is entering a stable demand phase, with major brands adjusting to changes in demand and channel structures [19][24]. - The snack food sector is preparing for the year-end and Spring Festival peak season, with leading companies quickly adapting to channel changes [24]. - The report suggests focusing on companies with strong competitive advantages in the snack food sector, such as Yanjinpuzi and Qiaqia Food [24]. 5. Condiments and Frozen Foods - The condiment sector is experiencing an upward business cycle, with opportunities for recovery in compound condiments as policies begin to take effect [25]. - The frozen food sector is currently facing challenges but is expected to improve as the restaurant market recovers [25]. 6. Dairy and Beverage Sector - The dairy sector is seeing weak demand but is expected to improve as supply and demand conditions stabilize in 2025 [26]. - The beverage sector maintains a high level of activity, with expectations for recovery in 2025 as competition and investment conditions improve [26].