食品饮料行业周报：五粮液经销商大会定调积极，微信小店增加新场景

Investment Rating - The report rates the food and beverage industry as "Overweight" [1] Core Views - The report emphasizes that the liquor industry, particularly Wuliangye, is focusing on enhancing marketing execution and strengthening dealer profitability to boost brand value and market share [1][2] - The report highlights the positive outlook for the liquor sector, with expectations for demand recovery driven by supportive policies and a strong performance during the upcoming holiday season [1][2] - The report suggests focusing on high-end liquor and regional leaders, recommending stocks such as Kweichow Moutai, Wuliangye, and Luzhou Laojiao [2] Summary by Sections 1. Market Performance - The food and beverage sector experienced a decline of 2.27% last week, underperforming the CSI 300 index by 2.13 percentage points, ranking 16th among 31 sectors [6][15] - Sub-sectors all saw declines, with dairy products performing relatively better, down 1.55% [15] 2. Liquor Pricing - As of December 22, 2024, the price for Moutai's original box is 2335 yuan, showing a monthly increase of 80 yuan, while the price for Wuliangye remains stable at 950 yuan [48] 3. Investment Recommendations - The report recommends focusing on high-end liquor and regional leaders, with specific stock picks including Kweichow Moutai, Wuliangye, and Qingdao Beer in the beer sector [2][34] - In the snack sector, it suggests looking at companies with strong product growth logic such as Yanjin Cuisine and Gan Yuan Food [2] 4. Industry Dynamics - The report notes that the liquor industry is expected to see a recovery in demand, supported by favorable policies and a strong performance during the holiday season [1][2] - It also mentions that the beer sector is experiencing cost improvements and significant inventory reduction, with a positive outlook for demand recovery [35]