食品饮料行业周报：茅台经销商大会召开，青岛啤酒换届落地

Investment Rating - The report maintains a positive outlook on the liquor industry, particularly focusing on the performance of major brands like Guizhou Moutai and Wuliangye, suggesting potential growth opportunities in the upcoming year [7][25]. Core Insights - The liquor industry is experiencing a positive sentiment due to proactive measures taken during recent distributor conferences, with Guizhou Moutai positioning itself for growth through strategic adjustments in product offerings and market investments [7][20]. - The beer sector is highlighted for its potential rebound, especially with the leadership transition at Qingdao Beer, which may enhance its market position [8][21]. - The snack food segment is expected to maintain its growth trajectory, driven by supply chain improvements and new product launches, with a focus on value-driven strategies as the Chinese New Year approaches [9][24]. Summary by Sections Liquor Industry - Guizhou Moutai's recent distributor conference emphasized a stable and positive outlook, with plans to increase market investment and adjust product structures for better supply-demand alignment [7][20]. - Other liquor companies like Luzhou Laojiao and Shanxi Fenjiu are also making management changes and announcing cash dividends, indicating a focus on shareholder returns and operational stability [7][25]. Beer Sector - Qingdao Beer has completed its leadership transition, which is expected to strengthen its market strategy and enhance growth potential in 2025 [8][21]. - The overall beer market is anticipated to benefit from improved consumer demand as economic conditions stabilize [12]. Snack Food Industry - The snack food sector has shown resilience, with companies like Laiyifen and Three Squirrels leading in store expansions, indicating strong market presence [2][9]. - The upcoming Chinese New Year is expected to drive demand for new product launches and increased production capacity, with a focus on cost-effective offerings [9][24]. Dairy and Health Products - The dairy sector is witnessing a rise in demand for health supplements, particularly probiotics, which are becoming essential for younger consumers [11][77]. - Companies like Xianle Health are positioned to capitalize on international markets, indicating a strong growth trajectory in the health product segment [77].