食品饮料行业周报：贵州茅台稳步前行，青岛啤酒换届落地

Investment Rating - The report provides an investment rating of "Overweight" for the food and beverage industry [4]. Core Insights - The food and beverage sector experienced a slight decline of 0.22% last week, underperforming the CSI 300 index by 1.58 percentage points, ranking 11th among 31 sectors [4][39]. - Among sub-sectors, dairy products performed relatively well, increasing by 1.69% [4][39]. - The top five performing stocks included Laiyifen (+20.21%), Xiangpiaopiao (+13.25%), Haoxiangni (+8.57%), Longda Meishi (+8.05%), and Yili (+3.25%) [4][39]. - Conversely, the worst performers were Mogao Co. (-19.22%), Juewei Food (-15.11%), Hainan Coconut Island (-13.93%), Maiqu'er (-12.32%), and Weilang Co. (-11.91%) [4][39]. Summary by Sections 1. Market Performance - The food and beverage sector's performance was characterized by a 0.22% decline, with dairy products showing a positive trend [4][39]. - The report highlights the performance of individual stocks, noting significant gains and losses among key players [4][39]. 2. Price Trends - As of December 29, 2024, the price of Feitian Moutai (original box) was 2,330 yuan, showing a weekly decrease of 5 yuan but a monthly increase of 85 yuan [5][32]. - The price of Feitian Moutai (loose) was 2,240 yuan, with a weekly decrease of 10 yuan and a monthly increase of 50 yuan [5][32]. - The report also provides insights into the pricing trends of various alcoholic beverages, including Wuliangye and Guojiao 1573, which remained stable [5][32]. 3. Industry Dynamics - The report notes that Guizhou Moutai is adjusting its product release strategy for 2025, aiming to enhance terminal consumption [5][6]. - Qingdao Beer has undergone a management transition, which is expected to propel the company to new heights [6]. - The report emphasizes the positive outlook for the dairy sector, driven by policy support and increasing consumer demand for health-oriented products [7][9]. 4. Investment Recommendations - The report suggests focusing on high-end liquor and regional leaders within the liquor sector, recommending stocks such as Guizhou Moutai, Wuliangye, and Luzhou Laojiao [8][9]. - In the beer sector, it advises attention to Qingdao Beer as a core high-end player [8][9]. - For snacks, it recommends companies with strong growth potential like Yanjin Shop and Ganyuan Food [9]. 5. Key Company Updates - Luzhou Laojiao announced a cash dividend distribution of approximately 2 billion yuan to shareholders [55][57]. - Qingdao Beer has appointed a new chairman, expected to bring valuable experience to the company [6][57]. 6. Consumer and Raw Material Prices - The report provides detailed insights into consumer prices for dairy products, noting a retail price of 12.17 yuan per liter for milk and 15.77 yuan per kilogram for yogurt [36][69]. - It also discusses the trends in raw material prices, including a decrease in the price of PET bottle flakes and an increase in corrugated paper prices [48][73].