食品饮料行业点评报告：11月社零增速环比回落，政策支持性品类增速较好

Investment Rating - The industry investment rating is "Positive" (maintained) [24] Core Viewpoints - The report indicates that the retail sales growth rate for social consumer goods in November 2024 was 3.0%, a decrease of 1.8 percentage points compared to October [20] - The report highlights that the food and beverage sector is expected to gradually recover, supported by policies aimed at boosting consumption [19] - The report suggests focusing on leading companies in the liquor industry and the growing snack sector, particularly companies like Ganyuan Foods [19][20] Summary by Sections Retail Sales Performance - In November 2024, retail sales of social consumer goods increased by 3.0% year-on-year, with a notable decline in clothing and cosmetics sales [20] - The restaurant sector saw a year-on-year increase of 4.0%, with limited-service restaurants showing a 2.5% increase [20] Sector Analysis - The grain and oil retail sector experienced a robust growth of 10.1% year-on-year, while beverage and tobacco sales declined by 4.3% and 3.1% respectively [20] - The report notes that the beverage and tobacco sectors are experiencing slower recovery in consumer demand [20] Future Outlook - The report anticipates an improvement in retail sales growth in Q4 2024, driven by the gradual recovery of restaurant consumption [21] - It is expected that the food and beverage sector will benefit from the upcoming Spring Festival, leading to increased demand for various consumer goods [21]