国际环境局势震荡，内需促进或为市场主线

Investment Rating - The industry rating is "Outperform the Market" [7][57] Core Views - The report emphasizes that the international environment is turbulent, and domestic demand promotion may be the main theme for the market [3][13] - The SW Baijiu index PE-TTM is currently at 19.97, which is at a very low percentile of 8.93% over the past 10 years, indicating a strong safety margin [3][14] - The report suggests that the white liquor industry is expected to enter a healthier new phase as channel inventory is continuously digested during peak seasons [14] - The report highlights the importance of rational target setting for liquor companies in 2025, which is crucial for the industry's cyclical trends [14] Summary by Sections Baijiu - The report recommends focusing on companies like Moutai and Wuliangye, which have price stabilization and market share enhancement capabilities [3][14] - The report notes that the white liquor sector experienced a slight decline of 0.71% this week, with some companies like Huangtai and Jinhui showing gains [12] Beer - Key recommendations include Qingdao Beer and Yanjing Beer, which are expected to benefit from high-end strategies and efficiency reforms [19][15] - The report anticipates stable beer sales in 2025, with revenue growth driven by structural upgrades [18] Soft Drinks - The report suggests focusing on East Peak Beverage, which is exploring a second growth curve, and Xiangpiaopiao, which has positive fundamentals [20][19] Pre-mixed Drinks - The report identifies Baijun as a leading company in the pre-mixed drinks sector, with a favorable PE ratio and significant growth potential [23][22] Dairy Products - The report recommends Yili, a national dairy giant, focusing on profit-oriented strategies and product structure optimization [24][24] Snacks - The report highlights the snack sector's resilience, suggesting companies like Ximai Foods and Ganyuan Foods as potential investment opportunities [27][29] Condiments & Catering - Key recommendations include Angel Yeast, which is expected to benefit from strong domestic sales and overseas growth [34][35] Baking Supply Chain - The report recommends Lihai Foods and Huirong Technology, which are expected to show strong performance due to market dynamics [39][39] Health Products & Sweeteners - The report emphasizes the growth potential in the health products sector, particularly for companies like Bailong Chuangyuan and Huakang [40][32] Catering - Recommendations include Yum China and other companies that are expected to benefit from supply chain optimization and brand development [41][45] Pet Industry - The report suggests focusing on companies like Zhongchong and Peidi, which are expected to benefit from both domestic and international market dynamics [46][49] Gold & Jewelry - The report recommends companies like Chaohongji and Zhou Dashi, which are expected to perform well amid high gold prices [50][50]