食品饮料：春节返乡带动大众消费提升 白酒动销回暖分化延续

Investment Rating - The industry investment rating is "Recommended" [2] Core Viewpoints - The Spring Festival has driven an increase in consumer spending, leading to a recovery in the sales of liquor, with ongoing differentiation in performance across price segments and brands [5][7] - During the Spring Festival, the total liquor consumption is expected to be flat or slightly increased compared to the same period last year, with variations in demand based on price segments, brands, regions, and consumption scenarios [5][7] - High-end liquor shows resilient demand, while the mid-range segment faces pressure; premium brands like Moutai and Wuliangye perform well in terms of sales and inventory management [5][7] - The overall performance of liquor during the Spring Festival exceeded previous market pessimism, supported by rigid demand from gifting and social gatherings [5][9] Summary by Sections Industry Overview - The Spring Festival saw 474 million domestic tourist trips, a year-on-year increase of 34.3%, with total spending reaching 632.687 billion, up 47.3% year-on-year [7] - The liquor market is experiencing a recovery, with high-end liquor maintaining strong sales due to rigid gifting demand, while the mass market benefits from social gatherings and changing consumer habits [5][7] Liquor Market Insights - High-end liquor brands like Moutai and Wuliangye are seeing faster cash return rates compared to last year, with Moutai's return rate around 25-30% and Wuliangye's target at 60% [7][9] - Regional performance varies, with East China and Shanxi showing strong results, while Jiangsu remains stable [7][9] Investment Recommendations - Suggested stocks to consider include Moutai, Wuliangye, Luzhou Laojiao, Shanxi Fenjiu, and others in the dairy and seasoning sectors, as they are expected to benefit from the ongoing recovery in consumer demand [5][9]