食品饮料行业调研报告-2025年大众品春节旺季反馈：氛围好转，需求平稳

Investment Rating - The report maintains a "Recommendation" rating for the food and beverage industry, emphasizing the importance of selecting leading companies and high-elasticity products that are poised for recovery [2]. Core Insights - The overall consumption atmosphere has improved, with stable demand observed during the 2025 Spring Festival. The report highlights a significant increase in travel and festive consumption, with a total of nearly 4.5 billion people moving across regions, marking a 7.9% increase compared to the previous year [13][15]. - The report suggests focusing on leading companies with strong performance and selecting high-potential products in recovery phases, particularly in the liquor sector, dairy, snacks, and condiments [2][7]. Summary by Sections 1. Spring Festival Overview - The festive consumption atmosphere is robust, with a notable increase in travel and spending during the Spring Festival. The report indicates that the total cross-regional movement of people reached approximately 4.5 billion, a 7.9% increase from the previous year [13][15]. - Despite a generally flat consumption trend over the past year, the festive season saw positive growth in sectors such as film, dining, and tourism [13][16]. 2. Grassroots Research on Demand - Dairy Products: The report notes significant improvements in inventory management, with stable sales observed during the Spring Festival. Leading companies like Yili and Mengniu have effectively managed their stock levels, resulting in improved freshness and sales performance [19][27]. - Snacks: The report highlights a strong presence of snack gift boxes, although competition among retail formats has intensified. Leading companies are executing their strategies effectively, while discount formats are exploring transformations to enhance competitiveness [19][16]. - Condiments: Demand remains stable, with leading brands strengthening their market positions. The report emphasizes the ongoing trend of product health and segmentation, particularly in soy sauce and vinegar categories [19][27]. - Other Foods: The beverage sector is focusing on gift packaging and health trends, while frozen food demand remains stable amid fierce competition in traditional retail channels [19][27]. 3. Investment Recommendations - The report advises investors to cherish the certainty of leading companies and to selectively invest in high-elasticity products that are likely to rebound. It specifically recommends focusing on top brands in the liquor sector, dairy, and snacks, while also keeping an eye on emerging opportunities in the beverage and condiment markets [2][7].