食品饮料行业研究周报：政策提振消费，年节销售有望带动细分板块行情

Investment Rating - The report maintains an "Overweight" rating for the food and beverage industry [1] Core Insights - The report highlights that the central economic work conference has prioritized boosting consumption as a key focus for economic development in the coming year, which is expected to improve the demand fundamentals across various sub-sectors of the food and beverage industry [17][25] - The food and beverage index rose by 2.01% in the week of December 9-13, outperforming the CSI 300 index by 3.02%, ranking 7th among 31 industries [9][14] - The report suggests that the upcoming festive season will likely drive sales in specific segments, particularly in leisure foods and the restaurant supply chain [25][26] Market Review - The food and beverage index increased by 2.01% last week, with sub-sectors such as pre-processed foods, soft drinks, baked goods, snacks, and beer outperforming the CSI 300 index by 13.04%, 12.69%, 11.94%, 11.84%, and 7.69% respectively [14][9] - Year-to-date, the food and beverage index has decreased by 4.84%, ranking 29th among 31 industries, underperforming the CSI 300 index by 19.48% [8][9] Investment Strategy - The report recommends identifying investment opportunities in high-end liquor brands such as Kweichow Moutai and Wuliangye, as well as in beer companies like Yanjing Beer that are expected to benefit from operational improvements and cost reductions [26] - It also suggests focusing on resilient condiment companies like Haitian Flavoring and Angel Yeast, and on food supply chain companies such as Anjuke Food and Qianwei Central Kitchen for potential recovery opportunities [26][25]