食品饮料行业动态跟踪：酒企年末高管密集变动，激发组织体系市场化活力

Investment Rating - The industry investment rating is "Positive" [7] Core Viewpoints - The report highlights a significant turnover in senior management within listed liquor companies at the end of the year, which is expected to invigorate market-oriented organizational dynamics [3] - The new management teams are characterized by a structure that combines government leadership with internal promotions, indicating a more market-oriented approach to appointments [3] - The report emphasizes that the liquor industry is currently at the bottom of its industrial cycle, which tests the management capabilities of the leadership teams [3] Summary by Sections Liquor Industry - Major liquor companies have undergone intensive management changes, with notable appointments in companies like Wuliangye, Luzhou Laojiao, Shanxi Fenjiu, and others, indicating a shift towards experienced leaders with marketing backgrounds [3] - The new management is expected to enhance flexibility in driving reforms within the companies [3] Investment Recommendations - For the liquor sector, the report recommends focusing on companies with strong fundamentals and growth potential over the next 1-2 years, specifically suggesting investments in Jinsiyuan, Shanxi Fenjiu, and Yingjia Gongjiu [4] - It also highlights the potential for valuation recovery and performance reversal in high-end liquor like Luzhou Laojiao and mid-range liquor like Shede Liquor [4] Beer Industry - The beer sector is anticipated to benefit from a recovery in on-premise consumption channels, with expected improvements in both volume and price in 2025 [5] - Recommended investments include Yanjing Beer, Qingdao Beer, and Chongqing Beer, all of which are positioned to capitalize on the recovery and management changes [5]