食品饮料：关注经济复苏带来的白酒消费复苏

Investment Rating - The report maintains a "positive" investment rating for the food and beverage industry, particularly focusing on the recovery of the liquor sector due to economic recovery [5]. Core Viewpoints - The liquor industry is expected to recover alongside the economic recovery, driven by supportive macroeconomic policies and improved credit data [1][2]. - In January 2025, social financing increased by 7.1 trillion yuan, exceeding market expectations, which is a positive signal for the overall economic outlook [1][2]. - The report recommends focusing on the consumption recovery opportunities in the liquor sector, particularly highlighting Guizhou Moutai as a key investment [2][12]. Summary by Sections Economic Recovery and Liquor Consumption - The liquor industry has a strong cyclical attribute and is likely to benefit from the ongoing economic recovery and stimulus policies [1][2]. - The upcoming political meetings in February and March are expected to set a stable and accommodative macroeconomic policy, which will positively impact the liquor consumption environment [1]. Market Performance - Last week, the liquor sector saw a weekly increase of 3.66%, with notable performances from companies like Shanxi Fenjiu (9.27%) and China Resources Beer (7.52%) [13][14]. - The report highlights the performance of various sub-sectors within the food and beverage industry, indicating a general upward trend [13]. Industry and Key Company Tracking - The report notes significant upcoming events for key companies in the industry, including shareholder meetings and stock listings [6]. - It also tracks recent announcements from companies like Jin Dawei and Nanjiao Foods, reflecting ongoing developments in the sector [21][22].