食品饮料行业周报：新业态新趋势，变化正悄然发生

Investment Rating - The investment rating for the food and beverage industry is maintained at "Market Perform" [1] Core Views - The food and beverage industry saw an overall increase of 3.32% last week, ranking 24th among 31 sub-industries, underperforming the Shanghai Composite Index by 1.53 percentage points but outperforming the ChiNext by 1.50 percentage points [6][10] - The report highlights new trends and changes observed during the Spring Festival, indicating a cautious optimism for 2024, with a focus on individual stock opportunities [9][11] - Key observations from the Spring Festival include stable demand for high-end liquor, strong performance of leading brands in various segments, and a notable shift in consumer preferences towards lower-priced products [10][19] Summary by Sections Industry Overview and Investment Recommendations - The food and beverage industry is currently in a state of recovery, with significant price increases in non-liquor and seasoning products, both rising by 6.20% [6][7] - The report suggests focusing on companies with valuation advantages and dividend expectations, such as Yili and Shuanghui, while also considering sectors aligned with current consumer trends like prepared dishes and snacks [11][12] Company Announcements - Zhujiang Beer reported a 4.79% increase in beer sales volume to 1.4028 million tons and a 9.13% increase in revenue to 5.378 billion yuan for 2023 [12] - Kangbiter expects a net profit increase of 33.65% to 56.21% for 2023 [13] Industry News - The report discusses the competitive landscape of the liquor industry, emphasizing the importance of high-quality customer bases and the ongoing trend of premiumization in liquor consumption [19][20] - The dairy sector is facing challenges with a collective decline in net profits among raw milk companies, attributed to oversupply and increased competition [20]