食品饮料行业2025年投资策略：迎接复苏，拥抱改善

Investment Rating - The report suggests a positive outlook for the food and beverage sector, particularly for liquor and consumer goods, with expectations of valuation and performance recovery in 2025 [2][8]. Core Insights - The liquor industry is expected to see a recovery driven by policy support in 2025, with a focus on both high-end and regional brands showing resilience [7][9]. - The report highlights the importance of consumer demand recovery in the food and beverage sector, with specific recommendations for companies benefiting from this trend [2][11]. Summary by Sections Liquor Industry - The liquor sector is experiencing a slowdown in sales growth, with major brands like Moutai and Wuliangye showing varying degrees of resilience [5][7]. - The report indicates that high-end liquor remains stable, while mid-tier brands are facing challenges, with some companies experiencing a decline in profit margins due to increased costs [7][9]. - The anticipated recovery in 2025 is expected to benefit leading brands such as Luzhou Laojiao and Shui Jing Fang, as well as regional players like Gujing Gongjiu and Yingjia Gongjiu [9][23]. Consumer Goods - The consumer goods sector is expected to witness strong growth driven by recovery in demand and favorable policies, particularly in the frozen food and beverage segments [2][11]. - Companies like Three Squirrels and Dongpeng Beverage are highlighted for their growth potential, while high-dividend stocks like Chongqing Beer are recommended for stable returns [2][11]. - The report emphasizes the importance of adapting to changing consumer preferences and the recovery of the restaurant supply chain, which is expected to stabilize in 2025 [2][11].