食品饮料行业点评：提高居民消费率被列为“十五五”规划目标之一，内需政策导向下，食品饮料相关行业有望回暖

Investment Rating - The industry investment rating is "Outperform the Market," indicating that the food and beverage sector is expected to perform better than the benchmark index over the next 6-12 months [7]. Core Insights - The report highlights that increasing the resident consumption rate is a key goal in the "14th Five-Year Plan," with a focus on enhancing domestic demand, which is expected to lead to a recovery in the food and beverage sector [1][2]. - The report emphasizes that the food and beverage industry is a typical cyclical sector, closely linked to the external economic environment. With coordinated fiscal and monetary policies, the current consumption weakness is anticipated to improve, allowing related sub-industries to emerge from the cyclical trough [1][2]. - The report identifies that the consumer demand structure is changing in a deflationary economic environment, impacting production profitability and leading to significant differentiation within the industry [1][2]. Summary by Sections Economic Context - The report notes that the contribution of final consumption expenditure and net exports to GDP growth has been higher than that of gross capital formation in recent years. China's consumption rate remains relatively low compared to developed countries, indicating significant potential for growth [1]. - The report discusses the importance of population structure and family dynamics in shaping consumption demand, highlighting the government's initiatives to promote high-quality population development and improve birth rates through various policies [1]. Consumer Behavior - Key factors influencing consumer behavior include consumption capacity and willingness, which are affected by residents' disposable income and future income expectations. The report suggests that ongoing government policies aimed at increasing residents' income will likely improve consumer sentiment and spending [1][2]. Industry Dynamics - The food and beverage sector is characterized by significant sub-sector differentiation, with some areas like snacks and soft drinks benefiting from channel and category changes. Leading companies are expected to show strong performance even in a weak demand environment [1][2]. - The report recommends focusing on companies such as Anjijia Food, Yanjing Beer, and New Dairy, while also considering leading liquor companies like Kweichow Moutai and Wuliangye, which are currently at the bottom of the industry cycle [1].