食品饮料周观点：秋糖在即，关注品类、渠道等边际反馈-20251012

Investment Rating - The report maintains an "Increase" rating for the food and beverage industry [5] Core Views - The upcoming autumn sugar festival is expected to provide insights into brand strategies, product matrices, and channel transformations in the liquor sector, particularly focusing on new channel developments [2] - The report highlights that the white liquor sector is currently at a double bottom in terms of fundamentals and expectations, with further sales improvements anticipated during the Mid-Autumn Festival and National Day [2] - The beverage sector is seeing significant competition and innovation, with companies like East Peak Beverage accelerating their listing process on the Hong Kong Stock Exchange [3] Summary by Sections White Liquor - The autumn sugar festival will focus on terminal sales dynamics, inventory pricing, channel changes, and category expansion [2] - The report anticipates that Q3 financial results will show continued pressure release, with expectations for gradual improvement in sales and channel performance [2] Beer and Beverages - The report notes organizational changes at Lanzhou Yellow River, which has established a beverage division to seek higher growth [3] - The beer sector is entering a low season, and the report suggests focusing on stable growth leaders and key products [3] - East Peak Beverage's renewed application for a public listing indicates a fast-tracking of its dual listing strategy [3] Food Sector - The Mid-Autumn Festival and National Day have been identified as critical periods for consumer spending, with online sales leading the growth [4] - The report mentions that the sales of mooncakes reached 13.98 million boxes, a year-on-year increase of 1.75% [4] - Wanchen Group has received clearance from the State Administration for Market Regulation regarding its anti-monopoly review, allowing it to recover minority shareholder rights [4]