食品饮料周报（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 [2][3]. - The report suggests that the consumer goods sector is on the path to recovery, with expectations for improvement [2][3]. 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][3]. - In the liquor segment, the price of Feitian Moutai slightly increased, while prices for other brands remained stable [2][3]. - The report emphasizes that the liquor industry is focusing on inventory reduction and preparing for the Spring Festival sales [2][3]. 1.1 Liquor - Companies like Guizhou Moutai announced cash dividends totaling 30 billion yuan, with a per-share distribution of 23.882 yuan [2][3]. - The report identifies three investment themes: leading companies with strong risk resistance (e.g., Wuliangye, Guizhou Moutai, Shanxi Fenjiu), companies showing marginal improvement (e.g., Luzhou Laojiao, Jinsiyuan), and those reflecting upward trends in financial reports [2][3]. 1.2 Consumer Goods - The beer sector is experiencing stable demand as it enters the off-season, with major brands adjusting to changes in demand and channel structures [2][3]. - The snack food sector is preparing for the year-end and Spring Festival peak season, with leading companies quickly adapting to channel changes [2][3]. - The report recommends focusing on companies with strong competitive advantages in the snack food sector, such as Yanjinpuzi and Qiaqia Food [2][3]. 2. Key Data Tracking - The report tracks significant price movements in raw materials, noting increases in palm oil and corrugated paper, while other materials have decreased [2][3]. - The liquor index rose by 0.5%, reflecting positive sentiment from government meetings aimed at boosting consumption [2][3].