食品饮料行业周报：头部企业赴港上市助力全球化发展，关注国内需求表现

Investment Rating - The report maintains a rating of "Accumulate" for the food and beverage industry [4]. Core Insights - The report highlights the strong performance of Moutai Group, projecting a revenue of 187.19 billion yuan for 2024, representing a year-on-year growth of 13.3% [1]. - Moutai's export revenue has surpassed 5 billion yuan for the first time, indicating a significant increase in international market presence [2]. - The report emphasizes the importance of domestic demand and the ongoing structural adjustments within the industry, particularly in the liquor sector [3]. Summary by Sections Weekly Insights and Investment Recommendations - Moutai Group's revenue and profit growth are notable, with a profit total of 120.77 billion yuan, up 10.2% year-on-year [1]. - The establishment of three major divisions within Moutai's sauce-flavored liquor segment marks a strategic move to enhance market policies for 2025 [2]. - The report suggests focusing on structural opportunities in the liquor market, particularly high-end and real estate wines [13]. Market Performance Review - The SW Food and Beverage Index increased by 2.10%, underperforming compared to the Shanghai and Shenzhen 300 Index, which rose by 2.14% [30]. - The snack sector saw a significant rise of 8.54%, indicating strong consumer interest [30]. Industry Key Data Tracking - The liquor sector's production reached 375,000 kiloliters in November 2024, reflecting a year-on-year decline of 15.20% [42]. - The beer sector reported a production of 1.695 million kiloliters in November 2024, with a year-on-year growth of 5.70% [44]. - The average price for high-end liquor in major cities was recorded at 1,218.13 yuan per 500ml bottle [42]. Company Announcements - Yanjing Beer forecasts a net profit of 1 to 1.1 billion yuan for 2024, marking a growth of 55.11% to 70.62% year-on-year [22]. - The report notes that the health and wellness sector is gaining traction, with companies like Yili Group partnering with health firms to expand their market reach [23]. Investment Suggestions - The report recommends focusing on companies with strong structural opportunities, such as Luzhou Laojiao and Qingdao Beer, which are expected to benefit from product optimization and market expansion strategies [13][28].