食品饮料：节气氛围持续升温，预期逐步改善

Investment Rating - The report maintains an "Outperform" rating for the food and beverage industry [7] Core Insights - The report highlights that the white liquor sector is expected to lead valuation recovery ahead of fundamental improvements, with current valuations still at low historical levels, providing a sufficient margin of safety [3][16] - The beer market is projected to see stable sales, with a focus on high-end products driving revenue growth [17][18] - The soft drink sector shows signs of recovery, with specific companies like Dongpeng Beverage and Xiangpiaopiao being recommended for their growth potential [21] - The pre-mixed liquor industry is anticipated to expand steadily, driven by changing consumer habits and new consumption scenarios [22] - The dairy sector is recommended for its leading companies like Yili, focusing on product structure optimization and margin improvement [27] - The snack food industry is entering a peak season, with companies like Ximai Food and Three Squirrels suggested for investment [28] - The seasoning and restaurant supply chain is highlighted for its growth potential, with companies like Angel Yeast and Zhongju High-tech recommended [32] - The baking supply chain is expected to show strong performance, particularly for companies like Lihai Food and Huirong Technology [36] - The health supplement sector is projected to grow, with companies like Tongrentang and Baihe recommended for their strong market positions [38] - The sugar substitute market is expected to expand, with a focus on companies like Lain Biological and Bailong Chuangyuan [42] - The restaurant sector is recommended for its collaborative growth potential, with companies like Haidilao and Jiumaojiu highlighted [46] - The pet industry is showing recovery in exports, with companies like Zhongchong and Peidi recommended for their strong market positions [51] - The gold and jewelry sector requires attention to consumer behavior amid fluctuating gold prices, with companies like Chaohongji and Zhou Daxing recommended [52] Summary by Sections White Liquor - The white liquor sector is expected to face volume and price pressures in the short term, but a more stable sales performance is anticipated due to current market pessimism [12][16] - Companies like Moutai and Wuliangye are recommended for their ability to maintain core product prices and improve market share [3][16] Beer - The beer market is expected to maintain stable sales, with a focus on high-end products driving revenue growth [17][18] - Qingdao Beer and Yanjing Beer are highlighted as key investment targets [18] Soft Drinks - The soft drink sector shows signs of recovery, with Dongpeng Beverage and Xiangpiaopiao recommended for their growth potential [21] Pre-mixed Liquor - The pre-mixed liquor industry is expected to expand steadily, driven by changing consumer habits and new consumption scenarios [22] Dairy Products - Yili is recommended for its focus on product structure optimization and margin improvement [27] Snack Foods - The snack food industry is entering a peak season, with Ximai Food and Three Squirrels suggested for investment [28] Seasoning & Restaurant Supply Chain - Companies like Angel Yeast and Zhongju High-tech are recommended for their growth potential in the seasoning and restaurant supply chain [32] Baking Supply Chain - Lihai Food and Huirong Technology are highlighted for their strong performance in the baking supply chain [36] Health Supplements - The health supplement sector is projected to grow, with Tongrentang and Baihe recommended for their strong market positions [38] Sugar Substitutes - The sugar substitute market is expected to expand, with a focus on Lain Biological and Bailong Chuangyuan [42] Restaurant Sector - The restaurant sector is recommended for its collaborative growth potential, with Haidilao and Jiumaojiu highlighted [46] Pet Industry - The pet industry is showing recovery in exports, with Zhongchong and Peidi recommended for their strong market positions [51] Gold and Jewelry - The gold and jewelry sector requires attention to consumer behavior amid fluctuating gold prices, with Chaohongji and Zhou Daxing recommended [52]