食品饮料行业研究周报：提振消费政策预期有望带动板块行情

Investment Rating - The report maintains an "Increase" rating for the food and beverage industry [5] Core Insights - Expectations for policies to boost consumption are likely to stabilize and rebound the food and beverage sector. The government has emphasized the importance of consumption, which is expected to improve demand across various sub-sectors [18][29] - The white wine sector has seen a successful sales period during the Spring Festival, with companies focusing on inventory control and price stabilization. Despite a general decline in sales for other alcoholic beverages, white wine sales have exceeded expectations [18][29] - The beer and other sub-sectors are under performance pressure, but there are opportunities for short-term recovery and future earnings elasticity due to macroeconomic policy support [28][29] Summary by Sections Market Review - The food and beverage index rose by 2.34% in the week of February 10-14, outperforming the CSI 300 index by 1.15%. However, it has declined by 4.75% year-to-date, ranking 29th among 31 sectors [9][15] Investment Strategy - Recommendations include focusing on white wine investment opportunities based on scene adaptation, regional optimization, and dividend rate enhancement. Specific companies to watch include Guizhou Moutai, Wuliangye, and Shanxi Fenjiu [29] - For beer, companies like Yanjing Beer are suggested due to potential market growth and cost reduction benefits. The report also highlights resilient condiment companies such as Haitian Flavoring and Angel Yeast [29] - Attention is drawn to snack food companies like Youyi Food and Three Squirrels, as well as beverage companies like Dongpeng Beverage for their growth potential [29] Industry Dynamics - The report notes that the white wine industry is still facing price and inventory pressures, with leading manufacturers implementing inventory control measures to adjust growth rates. The banquet scene is expected to recover in 2025, benefiting various price segments [22][30] - The report also discusses the performance of major brands and their strategies for maintaining market order and enhancing brand influence [30][32]