食品饮料行业跟踪报告：茅台重塑价格体系，推进市场化改革

Investment Rating - The industry investment rating is "Outperform the Market" [1] Core Insights - The report highlights that the liquor industry is entering a phase of rapid performance clearing, with demand expected to show weak recovery as policy pressures ease. The industry is currently at a low valuation, and pessimistic expectations are fully priced in. The leading liquor companies are stabilizing prices and increasing dividends, making them attractive for investment [3] - The report emphasizes the strategic price adjustments by Kweichow Moutai, which aims to stabilize its distribution channels and ensure reasonable profit margins for distributors. This adjustment reflects a market-oriented pricing mechanism and is expected to enhance the stability of the distribution system during the industry adjustment period [4] - The report also notes that Eastroc Beverage's performance for 2025 is in line with expectations, with significant revenue growth projected. The company is transitioning from a regional to a national brand, showcasing its platform capabilities and growth potential [4] Summary by Sections Liquor Industry - The liquor industry is experiencing a phase of performance clearing, with demand expected to recover weakly due to easing policy pressures. The industry is at a low valuation, and leading companies are stabilizing prices and increasing dividends, making them attractive for investment [3] - Kweichow Moutai has adjusted the contract prices for several products to align with market prices, ensuring reasonable profit margins for distributors and stabilizing the distribution system [4] Consumer Goods - The consumer goods sector is focusing on high-growth areas, with some segments still benefiting from new products and channels. Companies like Wancheng Group and Eastroc Beverage are highlighted for their growth potential and market positioning [3]