食品饮料周报：白酒春节动销符合预期，大众品春节表现良好

Investment Rating - The industry rating is maintained as "Outperform" [5] Core Insights - The performance of the liquor sector during the Spring Festival met expectations, with notable growth in banquet scenarios and mid-range price segments [2][11] - The overall performance of consumer goods during the Spring Festival was strong, with expectations for further growth in restaurant consumption driving demand in downstream sectors like condiments and food supply chains [3][13] - The report highlights three major investment themes in the food sector: "restaurant supply," "overseas expansion," and "turning point in raw milk" [3][18] Summary by Sections Market Performance Review - The food and beverage sector saw a decline of 0.19%, while the Shanghai and Shenzhen 300 index fell by 0.41% [1] - Specific sector performances included: liquor (-0.33%), non-liquor (-0.62%), beverage and dairy (+0.69%), seasoning and fermentation products (-0.28%), food processing (+0.63%), and snacks (-1.34%) [1][19] White Liquor Insights - The Spring Festival sales performance was generally in line with pre-holiday expectations, with banquet scenarios showing significant year-on-year growth [2][11] - High-end and mid-range price segments (100-300 RMB) remained stable, while the 300-500 RMB segment saw a notable decline [2][11] - Recommended stocks include Wuliangye, Shanxi Fenjiu, Gujing Gongjiu, Yingjia Gongjiu, and Jinshiyuan [2][11] Beer and Beverage Insights - The beer sector experienced a slight decline of 0.07%, with expectations for improved demand in 2025 driven by consumer policies [12] - Recommended stocks include Qingdao Beer, with a focus on Yanjing Beer and Budweiser APAC [12] Consumer Goods Insights - The consumer goods sector showed a positive performance during the Spring Festival, with a notable increase in restaurant consumption expected to boost demand for condiments and food supply chains [3][13] - The snack sector performed well during the Spring Festival, with online sales showing significant growth [3][13] - Recommended stocks include Sanjiu, Yanjin, and other snack brands [3][13] Investment Recommendations - Short-term opportunities in consumer goods may outperform liquor due to lower inventory levels and favorable seasonal conditions [4][18] - Key stocks to watch include: - Liquor: Kweichow Moutai, Wuliangye, Shanxi Fenjiu, Gujing Gongjiu, and Jinshiyuan [4][18] - Consumer goods: Anjuke Food, Lihua Food, Baoli Food, and others [4][18]