东海证券：晨会纪要-20241219

Group 1: Food and Beverage Industry - The food and beverage sector saw a 2.01% increase last week, outperforming the CSI 300 index by 3.02 percentage points, ranking 7th among 31 sectors [12] - Sub-sectors experienced gains, with processed food leading at 12.03%. Top performers included Huifa Food (+60.97%), Panda Dairy (+49.38%), and Hai Xin Food (+33.82%) [12] - The central economic work conference emphasized boosting consumption and investment efficiency, positioning domestic demand expansion as a top priority for the coming year, which is expected to improve the sector's fundamentals [12] Group 2: Alcoholic Beverages - The liquor sector is stabilizing, with a focus on year-end sales performance. Major companies are expected to manage inventory actively, with cautious growth projections for 2025 [13] - Moutai's price increased slightly, with the current price at 2210 yuan, reflecting a weekly rise of 10 yuan. Other brands like Wuliangye and Guojiao 1573 maintained stable prices [13] - The competitive landscape is intensifying, with leading companies gaining market share and stable performance, suggesting a focus on high-end and regional leaders [13] Group 3: Beer Industry - The beer sector is experiencing cost improvements, with barley prices down 14% year-on-year, enhancing profitability. The demand is expected to recover due to policy stimuli [14] - Leading companies are effectively reducing inventory, anticipating improved sales in the coming year. The long-term trend remains towards premiumization [14] Group 4: Snacks and Food Supply Chain - The snack sector is diversifying channels, with growth driven by membership stores and new e-commerce platforms. Strong demand is expected during the year-end stocking season [15] - The restaurant supply chain is poised to benefit from policy incentives, with a focus on cost control amid rising operational costs [15] - The dairy sector is seeing improved demand driven by policy support, with a focus on high-end products and direct-to-consumer channels [15] Group 5: Renewable Energy Industry - The photovoltaic equipment sector declined by 4.59%, underperforming the CSI 300 index by 3.59 percentage points, while the wind power equipment sector fell by 0.83% [19] - The silicon material prices are slightly rising, with expectations of supply adjustments leading to a balanced market by December [20] - Wind power projects are accelerating, with significant bidding activity reported, indicating a robust demand outlook for the sector [22][24]