食品饮料周报：五粮液暂停供货，春节旺季逐渐开启

Investment Rating - The report maintains a "Positive" investment rating for the food and beverage industry [1]. Core Insights - The announcement by Wuliangye to suspend supply signals a clear price support strategy, with expectations for increased sales activity as the Spring Festival approaches. Major liquor brands are likely to enhance their investments in channels and consumers, potentially gaining market share through brand and scale advantages [2][10]. - The demand for liquor is expected to improve with the recovery of the macro economy, with a focus on leading companies that can sustain market share growth. Recommendations include companies like Kweichow Moutai [3][11]. - The report highlights a recovery in demand for business banquets and weddings, predicting a strong performance in the banquet market during the Spring Festival, particularly in the price range of 100-300 [2][10]. Market Performance - Last week, various sub-sectors within the food and beverage industry experienced declines, with the following weekly changes: soft drinks -2.33%, dairy -2.35%, other foods -3.47%, yellow wine (Yangtze) -4.25%, meat products -4.75%, liquor III -4.79%, beer -4.86%, other alcoholic beverages -4.87%, and seasoning and fermentation products -6.08% [3][12]. - Among liquor companies, the top three performers were Yingjia Gongjiu at +3.91%, while the bottom five included Hainan Yedao at -8.27% and Shunxin Agriculture at -9.73% [3][12]. Industry Overview - The food and beverage industry comprises 126 companies, with a total market value of 46,122.06 billion and a circulating market value of 44,619.44 billion. The average industry price-to-earnings ratio stands at 20.67 [5].