食品饮料行业周报：进入业绩披露期，关注两会政策催化

Investment Rating - The report upgrades the investment rating for the food and beverage industry to "Outperform the Market" [2] Core Viewpoints - The report highlights a recovery in real estate data, suggesting that the industry fundamentals are expected to improve gradually. The white liquor sector shows potential for investment opportunities in 2025, with recommendations for leading companies with strong performance certainty and channel control capabilities [5][8] - The beer sector is under short-term pressure but maintains a structural upgrade trend, with expectations for demand recovery to drive performance improvements [9] - The report emphasizes the importance of policy support in boosting consumer demand across various segments, including the restaurant supply chain and snack foods, which are expected to benefit from ongoing channel reforms [11][13] Summary by Sections 1. Weekly Insights - The white liquor sector has shown a 1.53% increase, outperforming the CSI 300 index by 0.14%, with leading stocks like Yingjia Gongjiu and Jiansi Yuan showing significant gains [5][8] 2. Market Performance - The food and beverage sector underperformed the CSI 300 index by 0.65 percentage points, with a 0.74% increase over the week compared to a 1.39% increase in the CSI 300 [16] 3. Key Data Tracking - White liquor prices have shown fluctuations, with the price of Feitian Moutai at 2450 RMB per bottle, down 2.00% from the previous week [30] - The beer production volume for December 2024 was 241.10 million liters, reflecting a year-on-year increase of 12.20% [33] - The average price of fresh milk was 3.09 RMB per kilogram, showing a slight decrease of 0.32% [37] 4. Company Recommendations - Recommended stocks in the white liquor sector include Kweichow Moutai, Wuliangye, and Luzhou Laojiao. In the beer sector, Qingdao Beer and Chongqing Beer are highlighted, while East Peak Beverage and Nongfu Spring are recommended in the soft drink segment [14]