ZHESHANG SECURITIES·2026-03-04 12:27Investment Rating - The industry rating is maintained as "Positive" [6] Core Insights - The consumption market is recovering, driven by increased travel and a long holiday during the 2026 Spring Festival, with nearly 5.8 billion people traveling across regions [1][11] - The food and beverage sector shows a steady recovery, with strong performance in dining and tourism [1][17] Subsector Summaries Baijiu Sector - The baijiu market remains under pressure, but high-end and mid-low price segments perform well, with brands like Moutai and Wuliangye showing strong sales [2][28] - The consumption pattern is characterized by a "dumbbell" demand structure, with high-end products performing well while mid-range products face challenges [28][29] - The overall price level in the baijiu market is declining due to structural changes in consumption [29] Snack Sector - The snack industry performed better in 2026 compared to 2025, with bulk and gift products leading sales [3] - Gift boxes, especially nut gift boxes, are significant growth drivers, and health-oriented gift boxes are gaining market share [3] Soft Drink Sector - The soft drink sector showed good performance during the Spring Festival, with high-growth segments like sugar-free tea products continuing to thrive [4] - The demand for bottled water increased across various channels, particularly in the dining sector [4] Dairy Sector - The dairy industry showed stable growth during the Spring Festival, with improved product freshness and a variety of new offerings [4] - The demand for dairy products was boosted by gifting during family reunions [4] Food Supply Chain - The food supply chain saw strong performance in frozen products, driven by the demand for convenience in festive meals [4] - Seasoning products also showed steady growth, with health and flavor trends being key drivers [4] Investment Recommendations - For the baijiu sector, Moutai is highly recommended, with a focus on brands like Wuliangye, Yingjia, and Shanxi Fenjiu for their positive sales trends [5][33] - In the snack sector, companies like Weilian Meishi and Ximai Food are recommended for their strong performance and low valuations [7] - In the dairy sector, companies like New Dairy and Yili are highlighted for their growth potential [7] - For the food supply chain, companies like Anjijia and Yihai International are recommended due to their improving operations [7]