12月白酒板块月报：行业调整期，酒企定力精耕

Investment Rating - The report maintains a "Neutral" rating for the food and beverage industry, specifically for the liquor sector, indicating a cautious outlook amidst ongoing challenges [3][31]. Core Insights - The liquor industry is currently experiencing weak demand, with retail data showing a narrowing decline trend. Supply-side contraction is increasing, suggesting a potential improvement in the supply-demand situation in the future [1][7]. - The wholesale prices of liquor products across various price segments have stabilized since mid-November, as companies focus on inventory management rather than strictly meeting initial sales targets [1][8]. - The report highlights that the valuation of the liquor sector remains at historically low levels, supported by companies announcing mid-term dividend and buyback plans, which may provide a cushion for valuations [2][31]. Summary by Sections Sales Performance - The liquor sales continue to show weakness, with the industry still in a low prosperity phase. The decline in sales volume is stabilizing, and supply-side adjustments are expected to lead to a better balance in the market [1][7]. Price Trends - The prices of high-end liquor, such as Feitian Moutai, have shown signs of bottoming out and recovering since December, while other brands like Wuliangye and Guojiao 1573 are also experiencing price adjustments in response to market conditions [8][11]. Marketing Strategies for 2025 - Liquor companies are focusing on deepening their market presence and improving operational efficiency in 2025. They acknowledge the challenges ahead and aim to enhance their marketing strategies without significant directional changes [13][20]. - Companies like Moutai and Wuliangye are setting ambitious goals for 2025, emphasizing consumer-centric approaches and digital transformation to adapt to market dynamics [15][20].