CAITONG SECURITIES·2026-02-24 10:56Investment Rating - The industry investment rating is "Positive" (maintained) [1][12] Core Insights - Overall industry sales performance slightly exceeded expectations; liquor met expectations while the restaurant chain outperformed [4] - The food and beverage sector showed strong sales during the Spring Festival, with a positive outlook for post-holiday inventory replenishment [7] Summary by Category - Liquor: Overall performance met expectations, with a projected decline in single to double digits. Notable performances from Guizhou Moutai and Wuliangye, while real estate liquor brands like Yingjia Gongjiu and Jinhui Jiu performed better [4] - Snacks: Maintained good sales during the Spring Festival, with double-digit growth expected. High-end gift boxes performed well, although high-priced gift boxes showed weaker sales. Positive feedback from bulk snack channels [4] - Restaurant Chain: B-end performance of condiments exceeded pre-holiday expectations, with overall sales expected to grow by double digits. Leading frozen food company Anjijia performed exceptionally well [4] - Dairy Products: Sales during the Spring Festival showed recovery, with liquid milk returning to positive growth and significant improvements in freshness, while price competition has eased [5] Investment Recommendations - Focus on the restaurant chain, followed by snacks and certain liquor brands. Recommended liquor stocks include Guizhou Moutai, Wuliangye, Yingjia Gongjiu, and Jinhui Jiu. For consumer goods, recommended stocks include Anjijia, Angel Yeast, Yihai International, Weidong, and Wancheng Group [7]