食品饮料行业点评：内需政策提振及宏观数据持续修复下，食品饮料相关子行业有望回暖

Investment Rating - The industry investment rating is "Outperform the Market" [1][19] Core Viewpoints - The food and beverage industry is expected to recover due to domestic demand policies and continuous macroeconomic data improvement. The focus on increasing residents' consumption power is a key goal in the "14th Five-Year Plan," making consumption enhancement a future policy priority. The recovery of the food and beverage sub-industries is anticipated under these conditions [2][4] - The report suggests prioritizing investments in sub-sectors benefiting from the recovery of dining consumption scenarios, such as frozen foods, condiments, and the broader dining supply chain. Key companies to watch include Anjijia Food, Yihai International, Baba Food, and Guoquan [2][4] Summary by Relevant Sections Macroeconomic Data - Since March, core CPI has been recovering, with September and October figures at 1.0% and 1.2%, respectively. The CPI turned positive in October at 0.2%, indicating a positive price trend. Retail sales of consumer goods from January to September increased by 4.5% year-on-year, with goods consumption outperforming dining consumption [4][2] Policy Environment - The report emphasizes that enhancing residents' consumption rates is a key goal in the "14th Five-Year Plan," with domestic demand playing a crucial role in economic growth. The contribution of final consumption expenditure to GDP growth has been higher than that of capital formation in recent years, indicating significant potential for consumption growth in China [4][2] Sub-Industry Performance - The liquor sector is showing signs of bottoming out, with revenue and net profit growth rates for the first three quarters of 2025 at -5.8% and -6.9%, respectively. The report notes that while the industry is currently at a low point, it is transitioning from "over-competition" to "orderly competition" [4][2] - The performance of leading companies in the consumer goods sector demonstrates resilience, particularly in frozen foods, beer, and dining chain formats. The report highlights that leading companies are adapting to market changes and improving their performance [4][2]