食品饮料行业周报：五粮液释放积极信号，微信小店催生新型消费场景

Investment Rating - The industry investment rating is "Positive" (maintained) [14] Core Viewpoints - The report highlights that the Wuliangye dealer conference clarified strategic directions, and the WeChat mini-store is beneficial for the snack sector [15] - The food and beverage index declined by 2.3%, ranking 15th among 28 sectors, underperforming the CSI 300 by approximately 2.1 percentage points [22] - Wuliangye's proactive stance is expected to promote healthy development in the high-end liquor market, focusing on price stability and optimizing channel costs [11][15] Weekly Insights - Wuliangye's conference emphasized maintaining high-end brand image and optimizing product structure, while also expanding new channels and enhancing e-commerce cooperation [11][15] - The WeChat mini-store's gifting feature is anticipated to create new social consumption scenarios, particularly benefiting snack brands like Yanjinpuzi and Ganyuan Foods [21][15] Market Performance - The food and beverage sector underperformed the market, with other food (+0.0%), meat products (-0.3%), and dairy (-1.5%) showing relatively better performance [22][12] - Individual stocks such as ST Xifa, Three Squirrels, and Yanjinpuzi saw leading gains, while Huifa Foods and Black Sesame faced significant declines [22][11] Upstream Data - Some upstream raw material prices have decreased, with the price of fresh milk down by 15.3% year-on-year, while pork prices increased by 12.8% [27][68] - The average price of white sugar was 11.3 yuan per kilogram, down 0.6% year-on-year [64] Liquor Industry News - Cheng Jun has been appointed as the new general manager of Jiu Gui Jiu [39] - The report notes that Wuliangye is entering a channel improvement period, with stable pricing and a focus on high-quality distributors [16][15] Memorandum - Attention is drawn to the unlocking of restricted shares for Shede Liquor on December 27 [40]