投资建议 白酒：春节旺销窗口收官，结合渠道反馈，我们认为春节白酒动销整体符合市场预期，预计全渠道动销量同比下滑 10~15%。其中，略超预期的反馈在于：1.节前&节内飞天茅台批价表现相对不错、未有显性回落；2.部分区域节内大众 价位产品有零星终端补货行为，当然这也与近年来终端小批量、高频次进货习惯相关，目的是规避资金占用和存货跌 价风险，但仍反映一定的动销韧性。 从节后首周反馈来看，行业价盘整体趋稳、略好于节前市场预期，目前原箱飞天茅台批价约 1690 元、环比小幅回落。 我们认为当前已经处于行业价盘筑底窗口，酒企普遍在发力去库存、春节反馈已可见一斑。本身春节飞天茅台超预期 的动销表现已进一步维稳了渠道对行业景气度的预期、修复了渠道库存容忍阈值，间接舒缓了行业秩序压力。 我们看好当前白酒板块配置价值、低预期下胜率可观，预期先行、节后亦具备自上而下催化，例如近期上海发布《关 于进一步优化调整本市房地产政策的通知》，进一步调减住房限购政策、优化住房公积金贷款政策等。中期维度伴随 "反内卷"政策持续落地、企业 ROE 有望改善，并传导至企业招待等支出提升、居民收入预期改善，拐点逐步临近。 配置方向建议：1）品牌力突 ...

华泰证券此前发布研报称，调味品刚需属性强，海天味业一家独大格局良好，治理优秀长期成长逻辑清 晰。展望来看，看好公司依托强管理能力实现国内份额的持续提升，港股上市有助公司提升海外影响 力，并将供应链/产品/渠道经验向海外输出、加速拓展全球业务。 海天味业（603288）(03288)午后涨超4%，截至发稿，涨3.56%，报34.88港元，成交额1.4亿港元。 消息面上，今年春节，春节返乡及出游人流增加，消费者消费意愿有所改善。国金证券发布研报称，从 大众品表现来看，春节期间预计显著改善的为餐饮链(调味品、速冻等)板块，春节聚餐、外出旅行等场 景均显著拉动需求增长，有望拉动节后补库存动作，多数个股一季报有望实现触底改善。 ...

Investment Rating - The industry maintains a "Recommendation" rating, indicating a positive outlook for the sector [2]. Core Insights - The report highlights that the overall performance of the food and beverage sector during the Mid-Autumn Festival and National Day was stable, with retail and catering sales increasing by 3.3% year-on-year [6][13]. - The report indicates a differentiation in performance across segments, with snacks showing the highest growth, followed by beverages, catering chains, dairy products, and finally, liquor [6][14]. - High-end liquor and banquet scenarios performed better than expected during the holiday period, while overall liquor sales were down approximately 20% year-on-year, aligning with pre-holiday expectations [6][22]. Summary by Sections Section 1: Holiday Feedback - The report notes that consumer and travel activities were relatively stable during the holiday, with a daily average of 304 million people traveling, a 6.2% increase year-on-year [6][13]. - The performance of various segments is ranked as follows: snacks > beverages > catering chains > dairy products > liquor, with seasoning benefiting from the recovery in catering [6][14]. Section 2: Investment Recommendations - The report suggests continued focus on high-growth sectors, particularly as the catering peak season approaches, and recommends monitoring the performance of liquor companies and catering chains [6][22]. - Specific investment targets include: 1. Snack sector growth stocks such as Ximai Foods and attention to Weilong Delicious [22]. 2. Continued recommendations for Hong Kong-listed leaders like Nongfu Spring and H&H International, with a focus on Haitian Flavor Industry [22]. 3. New consumption areas highlighting Zhongchong Co., Guobao Pet, and Bairun Co., with attention to Yuanfei Pet and Petty Co. [22]. 4. Traditional consumption focusing on leading liquor brands such as Shanxi Fenjiu, Luzhou Laojiao, and Kweichow Moutai [22]. 5. Consumer staples with a focus on stable performers like Haitian Flavor Industry and dividend-supported leaders like Yili Co. [22].