食品饮料行业动态跟踪：泸州老窖、山西汾酒发布中期分红，白酒行业兼顾顺周期弹性与红利属性

Investment Rating - The report maintains a "Buy" rating for several companies in the food and beverage industry, particularly focusing on strong fundamentals and growth potential in the liquor sector [3][13]. Core Insights - The report recommends prioritizing investments in leading liquor companies such as Jinshiyuan (603369), Shanxi Fenjiu (600809), and Yingjia Gongjiu (603198), all rated as "Buy" for their expected growth over the next 1-2 years [3]. - It also highlights the potential for investment reversals, suggesting a focus on companies like Luzhou Laojiao (000568) and Shede Liquor (600702), which are expected to benefit from valuation and performance reversals [3]. - The report identifies strong growth prospects for Yanjing Beer (000729) and Qingdao Beer (600600), both rated as "Buy," due to their recovery from low bases and potential for reform-driven growth [3]. - Chongqing Beer (600132) is also recommended as a "Buy" due to its favorable market expectations and recovery in the on-premise consumption channel [3]. Summary by Sections - Liquor Sector: The report emphasizes the dual attributes of cyclical resilience and dividend appeal in the liquor sector, with companies like Luzhou Laojiao and Shanxi Fenjiu actively distributing dividends, enhancing their attractiveness [15][16]. - Beer Sector: The beer segment is expected to benefit from a recovery in on-premise consumption, with both volume and price anticipated to improve in 2025 [16]. - Dairy Products: The report highlights Yili Group (600887) as a key focus, suggesting that a reversal in milk price cycles could lead to significant profit and valuation increases [16].