食品饮料行业周报：弱现实板块回调，中长期估值有支撑

Investment Rating - The industry investment rating is "Recommended" indicating a favorable outlook for the sector in the medium to long term [3][36]. Core Viewpoints - The report highlights that the sector is currently experiencing a weak reality with limited catalysts, but medium to long-term valuations are supported by upcoming policies aimed at boosting consumption [3][5]. - The report suggests that while short-term sales feedback in the liquor segment remains weak, there is potential for recovery in the second half of 2025, driven by a rebound in demand and strategic policies from manufacturers [3][5]. - The report recommends strategic positioning in high-end liquor companies such as Guizhou Moutai, Wuliangye, and Luzhou Laojiao, as well as consumer goods companies like Yili, Haitian Flavoring, and Tianwei Food [3][5][6]. Summary by Sections Liquor Industry - Moutai's prices have slightly declined, while Wuliangye and Guojiao prices remain stable; overall sales feedback is weak due to the off-peak season [5]. - Manufacturers are lowering year-end payment requirements to reduce inventory and stimulate end-user sales, with expectations for a "New Year" policy for 2025 [5]. - The report anticipates a gradual improvement in the liquor industry's mid-term outlook as domestic policies are implemented [5]. Consumer Goods - Sales feedback for consumer goods has shown slight recovery, with the industry stabilizing after early adjustments [6]. - The report maintains that consumer goods may outperform liquor in the fourth quarter, recommending companies in the restaurant supply chain and those with potential for profit exceeding expectations [6]. Market Catalysts - Potential catalysts for market recovery include improved macroeconomic conditions, rising consumer confidence, and a rebound in liquor prices [7].