食品饮料行业周报：飞天茅台近期批价回暖，大众品迎备货催化

Investment Rating - The industry rating is maintained as "Outperform the Market" [52] Core Insights - Recent price increases for Feitian Moutai and the upcoming Spring Festival are expected to boost demand, leading to a short-term price rise [53] - The white liquor sector is currently in a destocking adjustment phase, with significant competition among brands as the Spring Festival approaches [53] - The report highlights a positive outlook for consumer goods, particularly in the snack sector, driven by low inventory levels and the upcoming festive season [54] Summary by Sections 1. Important Data Tracking - The average wholesale price of Moutai (original/scattered) is reported at 2335/2240 yuan, with increases of 75/30 yuan compared to the previous week [51] - The average price of Wuliangye (Pu Wu, eighth generation) remains stable at 950 yuan [51] 2. Industry Dynamics - The report notes that the beverage sector, particularly beer, is experiencing a seasonal inventory digestion, with some brands implementing regular price increases [64] - The overall beer production in November was 1.695 million kiloliters, showing a year-on-year increase of 5.7% [64] 3. Company Announcements - Jiugui Liquor announced a new general manager appointment, which may bring positive changes to the company's operations [34] - Yili Group has established a new fund with a total subscription amount of 200 million yuan, indicating strategic investment moves [34] 4. Key Industry Developments - WeChat's new "gift-giving" feature is expected to enhance sales during the festive season [39] - China’s dairy industry is projected to gradually alleviate supply-demand imbalances by the second half of next year [39] - The report emphasizes the importance of international expansion for Chinese liquor brands to achieve sustainable growth [41][42]