食品饮料行业：两会政策窗口临近，关注消费顺周期板块

Investment Rating - The industry investment rating is "Overweight" (maintained) [1] Core Insights - The report highlights that the consumer sector is a priority for boosting domestic demand, with government initiatives aimed at enhancing consumption and supporting various sectors such as dining and tourism [6] - The report notes a gradual recovery in the beer and seasoning segments, with frozen and compound seasonings expected to benefit from the recovery in dining demand, leading to an improved supply-demand balance in 2025 [5] - The white liquor sector is anticipated to experience a slow recovery in demand, with inventory levels decreasing and terminal sales improving, suggesting a gradual valuation recovery for the sector [6] Summary by Sections Recent Industry Performance - Over the past 12 months, the industry has shown a relative return of -23.83% compared to the CSI 300 index, with absolute returns of -7.78% [2] Investment Highlights - The report emphasizes the recovery of the dining industry chain and investment opportunities arising from channel transformations, with a notable increase in sales during the recent Spring Festival [6] - The report suggests focusing on high-end liquor leaders such as Kweichow Moutai and Wuliangye, as well as mid-range brands like Jingya Gongjiu and Jianshe Liquor, which are expected to benefit from economic recovery [6]