食品饮料行业周报 2026年第6期：顺周期预期企稳，消费价值凸显

Investment Rating - The report assigns an "Accumulate" rating for the food and beverage industry [1] Core Insights - Recent policies have strengthened consumer expectations, leading to marginal improvements in consumption during the Spring Festival season. The performance of high-end liquor, particularly Moutai, has rebounded, boosting market confidence. The focus is on growth in consumer staples and the recovery of the Consumer Price Index (CPI) [3][4] Summary by Sections Investment Recommendations - The report suggests that with the stabilization of real estate expectations and positive changes in cyclical consumption, the following stocks are recommended: 1. High-end liquor with price elasticity: Guizhou Moutai, Wuliangye, Luzhou Laojiao, and potential clearance stocks: Yingjia Gongjiu, Gujing Gongjiu, Shanxi Fenjiu, Jianshiyuan, Zhenjiu Lidu, Shede Liquor, and Jinhui Liquor 2. Beverages benefiting from travel: Dongpeng Beverage, Nongfu Spring (Hong Kong), with a focus on undervalued high-dividend stocks: China Foods (Hong Kong), Master Kong Holdings (Hong Kong), and Uni-President China (Hong Kong) 3. Growth stocks in snacks and food raw materials: Recommended are Bailong Chuangyuan, Weilong Delicious (Hong Kong), Yanjinpuzi, and Ximai Foods 4. Beer recommendations include Qingdao Beer, Zhujiang Beer, and Bairun Co., with China Resources Beer (Hong Kong) 5. Seasoning and catering are expected to recover, with recommendations for Qianhe Flavor Industry, Baoli Foods, Babi Foods, Anjii Foods, Haitian Flavoring, Angel Yeast, Yili Group, New Dairy, Youran Pastoral (Hong Kong), and Modern Dairy (Hong Kong) [4][7] Liquor Sector - The high-end liquor sector is leading the market, with Moutai's sales boosting confidence. The report notes that the liquor sector has seen significant gains recently, attributed to positive data and market sentiment. Moutai's monthly active users exceeded 15.31 million in January, with over 2.12 million transactions, indicating a recovery in channel sentiment [8][9] - The report anticipates that the liquor industry is at the bottom of its cycle, with potential catalysts for stock prices from improvements in market conditions, price increases, and inventory reductions. If positive trends in price, sales, and inventory continue post-Spring Festival, further catalysts may emerge [9] Consumer Staples - The approval of D-allohexose-3-epimerase as a food additive is expected to expand the domestic market for allulose, benefiting leading companies like Bailong Chuangyuan. The report highlights the potential for growth driven by health-conscious consumption trends [10][11] - The catering supply chain is expected to recover, with the report noting that the competition in the catering industry has reached a low point, and demand is anticipated to improve. The report also mentions that Babi Foods has shown positive growth, with a revenue of 1.859 billion in 2025, up 11.22% year-on-year, and a net profit of 245 million, up 16.49% year-on-year [11]