食品饮料行业周报：市场活跃，估值企稳

Investment Rating - The report maintains a positive outlook on the food and beverage industry, indicating a "Look Favorably" investment rating [4]. Core Insights - The overall market activity post-Spring Festival has increased, with a rise in risk appetite and improved valuations for leading technology and manufacturing companies. The dividend yield for major liquor and food companies is above 4%, suggesting potential for valuation recovery [4][8]. - The report emphasizes the need for patience regarding the recovery of consumer demand during the Spring Festival, as the basic consumption recovery remains unclear [4][8]. - The report suggests that if economic conditions improve in the second half of 2025, the industry fundamentals may reach a bottom, leading to a potential price recovery for stocks [4][8]. Summary by Sections Food and Beverage Weekly Insights - The food and beverage sector saw a 2.34% increase last week, with liquor stocks rising by 3.13%, outperforming the Shanghai Composite Index by 1.04 percentage points [7]. - The report ranks the food and beverage sector 8th among 31 sub-industries in terms of performance [7]. Liquor Sector Analysis - The liquor sector shows signs of bottoming out post-Spring Festival, but further validation is needed. The focus is on the volume and price performance in the off-season [9]. - Key prices include Moutai at 2,230 RMB per bottle, stable week-on-week, and Wuliangye at approximately 930 RMB, also stable [9]. Consumer Goods Sector Analysis - During the Spring Festival, domestic travel reached 501 million trips, a 5.9% increase year-on-year, with total spending of 6,770 billion RMB, up 7% [10]. - The report anticipates stable demand for food and beverage products, particularly in the context of cautious inventory management following last year's demand drop [10]. Key Company Recommendations - Recommended stocks include Shanxi Fenjiu, Wuliangye, and Guizhou Moutai for liquor, and Yili, Qingdao Beer, and Mengniu Dairy for consumer goods [4][8].