KWEICHOW MOUTAI(SH:600519) ZHESHANG SECURITIES·2026-01-18 13:23Investment Rating - The industry rating is maintained as "Positive" [5] Core Views - The report highlights that the liquor sector is currently at a bottom phase, with leading brands expected to see an upward trend in sales during the upcoming Spring Festival, particularly for core products [2][10] - The report emphasizes the importance of the Spring Festival stocking season for consumer goods, with a focus on new consumption trends in the medium to long term [3][12] Summary by Sections Market Performance Review - The food and beverage sector experienced a decline of 2.10% from January 12 to January 16, 2026, underperforming compared to the Shanghai Composite Index, which fell by 0.45%, and the CSI 300 Index, which dropped by 0.57% [1][19] - Specific declines included the liquor sector at -2.35%, processed foods at -2.13%, and dairy products at -2.09% [1][19] Weekly Updates - Liquor Sector: The liquor sector's performance was weaker than the overall food and beverage sector, with a notable decline of 2.35%. The report mentions the release of a market-oriented operational plan by Kweichow Moutai, which aims to stabilize retail prices and enhance sales channels [2][10] - Consumer Goods: The report indicates a positive outlook for snack foods, with significant gains in stocks such as "Good Idea" and "Kangbiter" [3][12] Investment Recommendations - Liquor Sector: Recommended stocks include Kweichow Moutai, Luzhou Laojiao, Shanxi Fenjiu, and Gujing Gongjiu, with a focus on potential sales exceeding expectations during the Spring Festival [2][10][17] - Consumer Goods: Emphasis on the importance of stocking for the Spring Festival, with recommendations for companies like Wei Long and Wanchen Group, as well as monitoring new product launches and channel adjustments [3][12][18] Sector and Stock Performance - The report provides detailed performance metrics for various sectors, indicating that the processed food and baking sectors also faced declines, with specific stocks like Weizhi Xiang and Kemei Foods showing some resilience [15][19] - The report notes that the dynamic price-to-earnings ratio for the food and beverage sector is currently at 21 times, ranking it 24th among primary industries [24]