Tai Ping Yang Zheng Quan·2025-12-12 13:07Investment Rating - The report does not provide a specific industry rating but emphasizes a positive outlook for the food and beverage sector based on the central economic work conference's focus on domestic demand and consumption opportunities [5][6]. Core Insights - The central economic work conference highlighted the importance of domestic demand, aiming to boost consumption through various initiatives, including income distribution reforms and the removal of unreasonable consumption restrictions, which is expected to benefit the food and beverage sector [6][7]. - The report suggests that the food and beverage industry could see structural opportunities in 2026, driven by high-growth companies and favorable policy directions [7]. Sub-industry Ratings - No specific ratings are provided for sub-industries such as liquor, beverages, and food [3]. - Recommended companies include: - Guizhou Moutai: Buy - Shanxi Fenjiu: Hold - Guming: Buy - Mixue Group: Hold - Ximai Food: Buy - Dongpeng Beverage: Buy - Wancheng Group: Buy - Pop Mart: Buy - Yanjing Beer: Hold - Dashihua: Buy [3][11]. Recommended Companies and Earnings Forecast - The report includes earnings forecasts for recommended companies, indicating expected growth in EPS from 2024 to 2027 for each company, with Guizhou Moutai projected to have an EPS of 80.79 in 2027 [11].