食品饮料：2026 年行业投资策略报告：破晓启航-20260115

Group 1 - The food and beverage sector is showing signs of recovery after a prolonged adjustment period, with macroeconomic indicators stabilizing and the restaurant industry experiencing a rebound in daily operations [2][14][15] - The report suggests that investment opportunities in 2026 should focus on three main directions: capturing the recovery rhythm, identifying growth opportunities within existing markets, and leveraging emotional consumption trends [2][3][4] - The restaurant industry is expected to lead the recovery, with a projected annual revenue of 5.7 trillion yuan in 2025, reflecting a 3.3% year-on-year growth [20][26] Group 2 - The report highlights the importance of focusing on demand-driven scenarios, channels, and product innovations, particularly in the snack and beverage sectors, which are expected to continue their growth trajectories [3][4][66] - The snack retail sector is experiencing significant growth, with a projected GMV of 600 billion yuan by 2029, driven by the expansion of major players like Wanchen Group and Mingming Hen Mang [68][74] - The beverage and low-alcohol sectors are also identified as areas of growth, with companies like Kuaijishan and Nongfu Spring expected to benefit from ongoing market expansion [4][66] Group 3 - The beer sector is anticipated to benefit directly from the recovery of the restaurant industry, with a notable trend towards premiumization and a shift in consumer preferences towards higher-priced products [40][41] - The white wine industry is undergoing a rebalancing, with demand expected to show weak recovery in 2026, characterized by a concentration of high-priced products and minor innovations in mid-priced segments [48][49][64] - The report emphasizes the need for companies to manage supply effectively in response to weak demand, with a focus on optimizing product offerings and enhancing operational efficiency [49][53][64]