食饮行业周报（2025年1月第3期）：白酒春节首推徽酒，食品关注新渠道机会

Investment Rating - The industry rating for the food and beverage sector is "Positive" (maintained) [5] Core Views - The food and beverage sector is expected to focus on the performance during the Spring Festival and the New Year goods festival, with potential increases in dividends from liquor companies and new gifting concepts through WeChat stores. The Spring Festival of 2025 may serve as a verification period [1] - In the medium to long term, the focus should be on leading brands with strong brand momentum, early inventory clearance, and reasonable growth targets in the liquor sector. For mass-market products, attention should be paid to high prosperity and the recovery of the catering industry [1] Summary by Sections Liquor Sector - The liquor sector is currently focusing on the sales performance during the Spring Festival, with expectations that regional leaders like Sujiu and Huijiu will perform well. The short-term sales recommendation is for Yingjia Gongjiu, while the annual top stock recommendation is for Gujing Gongjiu [2][19] - The report emphasizes two main lines of investment: "momentum continuation" and "low base recovery." High-end liquor recommendations include Wuliangye and Kweichow Moutai, while for mid-range and regional brands, Gujing Gongjiu and Yingjia Gongjiu are recommended [2][19] - The report predicts that the overall revenue performance of major liquor companies will slow down in Q4 2024, with a focus on maintaining healthy growth strategies [6][9] Mass-Market Products - The investment focus for 2025 in the mass-market sector is summarized into two main themes: the prosperity theme and the recovery theme. The report highlights the potential for upward trends in sub-sectors with expected improvements from new channels like hard discounts and WeChat stores [26] - The catering chain is seen as a key policy lever for stimulating consumption and supporting livelihoods, with expectations for broader policy stimulus to boost demand recovery and valuation recovery opportunities [26] - Recommended stocks in the mass-market sector include Three Squirrels, Qingdao Beer, Yili, and others, with a focus on leading companies [26][27] Market Performance - From January 13 to January 17, the Shanghai Composite Index rose by 2.14%, with the liquor sector increasing by 2.36%. Notable performers included Huazhi Wine and Jiuziyuan, while Kweichow Moutai and Yanghe were among the lower performers [3][4][32] - The report indicates that the overall demand in the mass-market sector remains flat, but certain strong sub-sectors continue to show robust performance [21][23]