China Post Securities·2025-12-15 10:57Investment Rating - The industry investment rating is "Outperform" [2] Core Insights - The recent Politburo meeting emphasizes the importance of domestic demand, marking a shift towards a long-term strategy for high-quality development and countering external uncertainties. The focus is on "supply-demand coordinated reform" to create new demand through "new quality productivity" and to unleash consumption potential through a "unified market" and "livelihood guarantees" [5][15]. - Moutai's pricing strategy is being closely monitored, with recent adjustments indicating a short-term control of supply and a mid-term structural adjustment. The price of Moutai has recently increased by 100 yuan to 1600 yuan, reflecting market pressures and strategic responses [6][17]. - The "Three Squirrels" brand is transitioning from a snack brand to a community hard discount retail model, demonstrating strong competitiveness in areas with limited hard discount presence. The store emphasizes fresh and made-to-order products, with a strict discounting strategy to manage inventory effectively [7][19][20]. Industry Performance - The food and beverage sector index (801120.SL) experienced a decline of 1.63% this week, ranking 22nd among 30 primary industries, underperforming the CSI 300 index by 1.55 percentage points. The current dynamic PE ratio for the industry is 21.53 [8][28]. - All ten sub-sectors within the food and beverage industry reported declines, with the lowest drop in the dairy sector at -1.05%. Notably, 16 stocks in the sector saw gains, with the top performers being Yanjinpuzi (+5.11%) and Kuaijishan (+4.85%) [29][30].