食品饮料行业周报：临近春节白酒动销回款逐步改善，大众价格带韧性充足

Industry Investment Rating - The report maintains a positive outlook on the food and beverage industry, particularly highlighting the resilience of the mass-price segment in the liquor sector [1][8] Core Views - Liquor sales and payments have shown gradual improvement as the Spring Festival approaches, with the mass-price segment (100-300 RMB) demonstrating strong resilience [1][15] - The overall liquor sales have declined year-on-year, but the decline has narrowed compared to the 2024 Mid-Autumn and National Day holidays [15] - High-end and sub-high-end liquor segments face sales pressure, with Wuliangye performing relatively better in the high-end segment and Fenjiu showing strength in the sub-high-end segment [15] - Regional differences are evident, with Anhui, Jiangsu, and Sichuan performing relatively well, while Henan, Hunan, Shandong, Zhejiang, and Guangdong face greater sales pressure [15] - Liquor companies have adopted a more rational approach to growth, with most setting single-digit growth targets for 2025 and reducing Spring Festival payment ratios [16] Sub-Industry Ratings - No specific ratings are provided for the liquor, beverage, or food sub-industries [3] Recommended Companies and Ratings - Recommended companies with a "Buy" rating include Kweichow Moutai, Shanxi Xinghuacun Fenjiu, Gujing Distillery, Yingjia Distillery, and Jinshiyuan [3][8] Key Company Updates - Kweichow Moutai: Current payment progress is 20%-25%, similar to last year, with a target of 25% for January [17] - Wuliangye: Current payment progress is 40%, slower than last year, with a Spring Festival payment target of 40% [17] - Shanxi Xinghuacun Fenjiu: Payment progress is 25%, similar to last year, with a Spring Festival payment target of 35% for Q1 [18] - Gujing Distillery: Payment progress is 30%, slower than last year, with a Spring Festival payment target of 45% [20] - Yingjia Distillery: Payment progress is 25%, slightly slower than last year, with a Spring Festival payment target of 40% [21] Regional Market Performance - Anhui, Jiangsu, Sichuan: Liquor sales have declined by single digits, with the 100-300 RMB price segment performing well [24] - Henan, Hunan, Shandong, Zhejiang, Guangdong: Liquor sales have declined by double digits, with high-end and sub-high-end segments under pressure [23][25][26] Price and Inventory Trends - High-end liquor prices have declined, with Moutai's wholesale price dropping by over 20% year-on-year [16] - Wuliangye's wholesale price has recently increased by 20-30 RMB due to price stabilization efforts [16] - Inventory levels for major liquor companies have increased by 0.5-1 month compared to last year [16]