新老消费成长并存，换季机会估值提升——食品饮料行业周报

Investment Rating - The report assigns an "Overweight" rating to the food and beverage industry [1] Core Insights - The report emphasizes the parallel growth of new consumption and value, highlighting seasonal opportunities and valuation improvements. It notes that while the liquor sector is currently affected by policy changes, its long-term absolute value remains significant. The report also points out that the peak season for mass-market beer and beverages is approaching, with strong growth potential for single products and new channels [3][4][5] Summary by Sections Investment Recommendations - The report suggests increasing holdings in the liquor sector, recommending brands such as Shanxi Fenjiu, Kweichow Moutai, and others. It also highlights strong growth potential in snacks and food additives, recommending companies like Three Squirrels and Yanjinpuzi. For beverages, it suggests increasing holdings in brands like Dongpeng Beverage and Chengde Lululemon. In the beer sector, it recommends Qingdao Beer and Yanjing Beer, while for condiments and dairy products, it suggests companies like Haitian Flavoring and Yili Group [5][8] Liquor Sector - The report discusses the ongoing transformation of liquor product attributes, driven by recent policy changes that emphasize frugality. It predicts that leading liquor companies will continue to explore new consumption scenarios and potential growth areas, enhancing their competitive advantages [9][10] Beer and Beverage Sector - The report notes that the beer and beverage sectors are entering a peak season, with expectations of improved sales and profitability. It highlights the importance of new channels and product innovations in driving growth, with specific brands expected to perform well [11][12][13] Snack Sector - The report indicates that the snack sector is expected to grow even during off-peak seasons, driven by category and channel expansion. Companies like Three Squirrels and Yanjinpuzi are highlighted for their strong supply chain advantages and innovative product offerings [14] Profit Forecast and Valuation - The report includes a detailed profit forecast and valuation table for key companies in the sector, projecting growth rates and earnings per share for various brands, indicating a generally positive outlook for the industry [16]