食品饮料行业周报（24年第52周）：五粮液传递稳健增长预期，关注春节备货窗口期

Investment Rating - The report maintains an "Outperform" rating for the food and beverage sector [2][18]. Core Insights - The report highlights that Wuliangye is expected to achieve stable growth, with a focus on the upcoming Spring Festival stocking period [7][18]. - The overall marketing work of Wuliangye is projected to be completed with high quality, despite economic and demand weaknesses, indicating a rational adjustment in operational pace [7][18]. - The report suggests that the demand recovery in the consumer goods sector is on the way, with expectations for improvement driven by policy catalysts [7][18]. Summary by Sections Weekly Insights - Wuliangye's conference on December 18 indicated a focus on maintaining strong relationships with distributors and adjusting marketing strategies to ensure growth [7][18]. - The report notes that the white liquor index fell by 1.0%, with retail data from November impacting market confidence [7][18]. - Recommendations include focusing on leading companies with proven risk resilience, such as Wuliangye and Guizhou Moutai, as well as those showing potential for valuation recovery [7][18]. Key Data Tracking - The food and beverage sector experienced a decline of 1.59% from December 16 to December 20, underperforming the Shanghai Composite Index by 0.89 percentage points [18][47]. - The report tracks price movements, noting that the price of boxed Moutai increased to 2,335 yuan per bottle, while Wuliangye's price remained stable at 920 yuan per bottle [7][18]. Company Recommendations - The report recommends focusing on companies with strong competitive advantages in the snack food sector, particularly those benefiting from channel expansion [10]. - For the frozen food sector, it suggests monitoring companies like Anjijia and Qianwei Yangchu, which are expected to see improvements as the restaurant market recovers [11]. - In the seasoning products category, it highlights the upward trend in leading companies like Haitian Flavoring and Fuling Pickle, which are expected to benefit from improved demand [28].