高景气赛道领涨，把握政策技术红利

Investment Rating - The industry investment rating is "Positive" [3] Core Views - The food and beverage industry experienced a downturn this week, underperforming the CSI 300 index by 3.18 percentage points, with significant differentiation among sub-sectors. Pre-processed foods and beer led the gains, while the liquor sector faced pressure. Structural fluctuations in raw material prices, along with policy support and technological innovation, are expected to enhance industry upgrades. The approach suggests focusing on leading companies in high-growth sectors and those benefiting from policy changes [3][5][60]. Summary by Sections Industry Performance - During the week of December 1-7, 2025, the food and beverage index fell by 1.90%, ranking 29th among primary industries and underperforming the CSI 300 index. Pre-processed foods (+1.51%), beer (+1.20%), and soft drinks (+0.43%) showed relative strength, while liquor and other alcoholic beverages saw significant declines [5][12]. Raw Material Data Tracking - Grain prices showed slight increases, with corn averaging 2357.45 CNY/ton (+1.19%) and wheat at 2515.22 CNY/ton (+0.32%). Vegetable and fruit prices also rose slightly, with vegetables averaging 5.93 CNY/kg (+2.42%) and fruits at 7.41 CNY/kg (+2.63%) [20][23]. Key Industry Data Tracking - In the liquor sector, prices for some products have declined, with Moutai's wholesale price dropping by 1.90% to 1550 CNY/bottle. The overall liquor sector is experiencing a downturn, indicating a phase of adjustment in industry dynamics [33][41]. Investment Recommendations - Investment strategies should focus on high-growth sectors, policy and technology benefits, and valuation attractiveness. Key areas include pre-processed foods and beer, which are expected to benefit from expanding consumption scenarios and the upcoming peak season. The liquor sector, while currently under pressure, remains a long-term investment due to its stable demand. Additionally, attention should be given to companies with strong cost control and integrated operations in the meat and vegetable processing sectors [60].