周观点：关税摩擦升级，内需冲锋正当时

Investment Rating - The report maintains an "Increase" rating for the food and beverage industry [5] Core Viewpoints - The report emphasizes the importance of expanding domestic demand and boosting consumption in light of escalating trade tensions, particularly with the U.S. imposing reciprocal tariffs [1][2] - The white liquor sector is expected to benefit from improved supply and demand dynamics, alongside low valuations, highlighting its defensive attributes and investment value [2] - The beer and beverage sectors are projected to experience a recovery, with specific companies identified as having strong growth potential [3][4] Summary by Sections White Liquor - The white liquor sector is seen as a cyclical beneficiary of improved demand and low valuations, with key players like Kweichow Moutai and Wuliangye expected to gain market share [2] - Structural improvements in demand are noted, with a recovery in banquet consumption and business-related spending [2] Beer and Beverage - Qingdao Beer and Chongqing Beer reported mixed results for 2024, with Qingdao Beer achieving revenue of 32.14 billion yuan, down 5.3% year-on-year, and Chongqing Beer reporting a revenue of 14.64 billion yuan, down 1.2% [3] - The beverage sector is anticipated to maintain high growth due to competitive dynamics and recovery in consumer spending, with companies like Eastroc Beverage and Three Squirrels highlighted for their growth potential [3] Food Sector - The food sector is expected to benefit from increased domestic consumption, with exports to the U.S. being minimal, thus limiting the impact of tariffs [4] - The report identifies opportunities in the restaurant supply chain, snacks, and dairy products as key areas for growth [4]