食品饮料酒类行业点评：政策提振信心，顺周期主线有望强化

Investment Rating - The industry investment rating is maintained as "Overweight" [2] Core Viewpoints - The new "National Nine Articles" policy emphasizes strengthening regulation and risk prevention, aiming to enhance the stability of the capital market and promote high-quality development of listed companies [2] - The policy highlights the importance of shareholder returns, particularly through increased dividend incentives for quality companies, which is expected to benefit the liquor sector as a cyclical and dividend asset [2] - Recent price stabilization of Moutai reflects strong end-demand resilience, which is expected to enhance industry confidence and performance certainty [2] Summary by Sections Policy Overview - The new policy outlines measures to improve the issuance and listing system, strengthen ongoing supervision, and enhance delisting mechanisms to support the stability of the capital market [2] Industry Performance - Moutai's production capacity is steadily expanding, and product structure optimization is underway, with marketing reforms expected to further enhance future performance certainty [2] - The report anticipates a 15% revenue growth target for Moutai in 2024, indicating a positive outlook for leading companies in the industry [2] Investment Recommendations - The report suggests focusing on high-end liquor companies such as Guizhou Moutai, Wuliangye, and Luzhou Laojiao, as well as regional players like Gujing Gongjiu and Jianshe Yuan, due to favorable policy catalysts and industry signals [2]