[Table_Main] 行业研究|日常消费|食品、饮料与烟草 证券研究报告 食品、饮料与烟草行业 周报、月报 [Table_Title] CPI 同比转正，食饮板块预期修复 ——食品饮料行业双周报 [Table_Summary] 报告要点： 行情回顾 1）近 2 周（11.10-11.21），A 股食品饮料行业（SW）上涨 1.34%， 跑赢上证指数 5.41pct，跑赢深证成指 7.80pct，跑赢沪深 300 指数 6.15pct。 2）细分行业方面，近 2 周 A 股食品饮料各细分行业（SW）中，乳品 （+6.67%）、预加工食品（+2.60%）、白酒（+2.52%）涨幅居前，软 饮料（-4.27%）、保健品（-2.25%）、零食（-1.02%）跌幅居前。 3）个股方面，在 A 股食品饮料行业（SW）所有个股中，近 2 周，南 侨食品（+23.58%）、欢乐家（+21.57%）、西麦食品（+9.26%）涨幅 居前，安记食品（-14.98%）、千味央厨（-14.33%）、麦趣尔（-10.11%） 跌幅居前。 食饮行业重点数据跟踪 1）白酒：根据同花顺 Ifind 数据，11 月 21 日飞天茅台原箱/散 ...

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Group 1 - The October Consumer Price Index (CPI) increased by 0.2% year-on-year, reversing a 0.3% decline in September and exceeding market expectations of a 0.1% decrease [1][3] - The rise in CPI is attributed to the consumption boost during the Golden Week holiday, with significant increases in service consumption and prices, particularly in travel, dining, and transportation [3][5] - Core CPI, excluding food and energy, maintained a steady growth of 1.2%, indicating a stable domestic consumption base supported by essential services like healthcare and education [5][7] Group 2 - The Producer Price Index (PPI) and GDP deflator indicate deeper economic issues, with the PPI showing a 2.9% year-on-year decline, marking 37 consecutive months in negative territory [5][7] - The GDP deflator has been declining for over two years, suggesting that nominal GDP growth is lagging behind actual GDP growth, raising concerns about economic quality and sustainability [7][9] - Policy measures are being implemented to curb price wars in sectors like electric vehicles and food delivery, aiming to stabilize growth while preventing deflation [9][10] Group 3 - The central bank aims to promote a reasonable recovery in prices, with potential measures including lowering reserve requirements and interest rates to boost liquidity and demand [10][12] - Consumers are advised to adopt rational consumption behaviors, focusing on essential purchases and avoiding excessive stockpiling, while investors are encouraged to steer clear of weak cyclical industries and focus on healthcare, education, and emerging sectors [12]