食品饮料行业周度更新：地产政策加码，顺周期消费预期改善

Investment Rating - The investment rating for the food and beverage industry is "Increase" [2] Core Views - The real estate policy adjustments are expected to drive the valuation recovery of the liquor sector, enhancing shareholder returns through stable cash flows and increased dividend rates [4][5] - The beer and beverage sectors are anticipated to see an improvement in market conditions and a return to upgrade trends, with increased brand concentration [4][12] - The overall food and beverage sector is experiencing a rise in dividend rates, indicating enhanced shareholder returns and highlighting the value of stable assets [4][14] Summary by Sections Investment Recommendations - For liquor, it is recommended to increase holdings in stable performers such as Shanxi Fenjiu, Yingjia Gongjiu, Gujing Gongjiu, and Kweichow Moutai, as well as undervalued stocks like Wuliangye and Luzhou Laojiao [4][5] - For beer and beverages, recommended stocks include Qingdao Beer, Yanjing Beer, Dongpeng Beverage, and China Resources Beer [4][12] - For consumer goods, high-growth stocks such as Three Squirrels and Jin Zai Food are recommended, along with supply chain stocks like Qianhe Flavor Industry and Zhongju High-tech [4][14] Liquor Sector Insights - Recent real estate policy changes are expected to drive valuation recovery in the liquor sector, with significant upward momentum anticipated due to improved economic conditions and liquidity [4][5] - The liquor industry is moving towards a new equilibrium, with pricing adjustments expected to align more closely with economic conditions [5][7] Beer and Beverage Sector Insights - The beer industry is projected to see a trend improvement starting in Q2 2024, with positive price growth and a return to seasonal demand [4][12] - Beverage companies like Dongpeng are expected to benefit from channel expansion and new product launches, driving further sales growth [15] Dividend Trends - The food and beverage sector is witnessing a general increase in cash dividend ratios, with leading companies showing significant enhancements in shareholder returns [4][14] - Major liquor companies are leading the trend in dividend increases, with expectations of continued growth in shareholder returns [4][14]