食品饮料行业研究周报：宴席预定量增长或支撑白酒春节消费

Investment Rating - The report maintains an "Overweight" rating for the food and beverage industry [7] Core Insights - The increase in banquet reservations is expected to support the consumption of liquor during the Spring Festival, with a notable growth in wedding bookings across various regions in 2025, ranging from 20% to 70% compared to 2024 [1][20] - The white liquor industry is currently facing price and inventory pressures, with a trend towards differentiation among brands. The market is expected to undergo a destocking cycle despite short-term sales increases during peak seasons [2][20] - The report highlights a cautious attitude from foreign investors towards the macro consumption outlook, as evidenced by a decrease in holdings in the food and beverage sector [3][22] Summary by Sections Market Review - The food and beverage index fell by 3.46% in the week of January 6-10, ranking 29th among 31 industries, underperforming the CSI 300 index by 2.33% [12] - Year-to-date, the food and beverage index has also decreased by 6.63%, ranking 18th among 31 industries [12] Investment Strategy - The report suggests identifying investment targets in the white liquor sector based on scene engagement, regional optimization, channel clearing, and dividend rate enhancement. Key brands to watch include Guizhou Moutai, Wuliangye, and Shanxi Fenjiu [5][31] - It also recommends focusing on beer companies like Yanjing Beer that may benefit from operational improvements and cost reductions [31] - In the condiment sector, companies like Haitian Flavoring and Angel Yeast are highlighted for their resilient performance [31] Industry Dynamics - The report notes a significant increase in the opening of new outlets for Wuliang Spring in Xi'an, with a 117% growth in bottle openings compared to 2023 [32] - The report also mentions that the overall price of liquor and beverages has seen a decline, with a 1.2% year-on-year decrease in December 2024 [35]