食品饮料行业周报：政策强调提振消费，关注后续需求回暖

Investment Rating - The report maintains an "Outperform" rating for the food and beverage industry [2]. Core Insights - The report highlights a positive shift in consumer spending policies, particularly benefiting the liquor sector, which is expected to see a recovery in sales [7][10]. - The overall food and beverage sector has shown resilience, with various sub-sectors experiencing different levels of performance, indicating potential investment opportunities [14][17]. Summary by Sections 1. Weekly Insights - The liquor sector is experiencing a rebound due to proactive consumption policies, with a reported increase in sales during the Spring Festival compared to previous periods [10]. - The report suggests focusing on leading companies with strong fundamentals and market control, such as Kweichow Moutai and Wuliangye [10]. 2. Market Performance - The food and beverage sector outperformed the CSI 300 index by 1.15 percentage points, with a weekly increase of 2.34% [17]. - Sub-sectors like pre-processed foods and liquor saw significant gains, while snacks and soft drinks faced declines [18]. 3. Key Data Tracking - Liquor prices have shown stability, with notable brands experiencing price increases of 1-5% [28]. - Beer production in December 2024 increased by 12.20% year-on-year, indicating a recovery in demand [37]. - The average price of fresh milk was reported at 3.12 CNY/kg, reflecting slight fluctuations in the dairy market [41]. 4. Company Performance - Chongqing Beer reported a decline in revenue and profit for 2024, but high-end beer sales are on the rise, suggesting a potential recovery [11]. - The report recommends focusing on companies with strong growth potential in the snack sector, such as Gan Yuan Foods and Xi Mai Foods [14]. 5. Investment Recommendations - The report recommends key players in various segments: - Liquor: Kweichow Moutai, Wuliangye, and Luzhou Laojiao [12]. - Beer: Qingdao Beer and Chongqing Beer [12]. - Soft Drinks: Dongpeng Beverage and Nongfu Spring [12]. - Dairy: Yili and Mengniu [12]. - Snacks: Gan Yuan Foods and Three Squirrels [12].