食品饮料行业周报：微信小店“送礼物”功能上线，有望快速铺开

Investment Rating - The report assigns a "Neutral" rating for the industry, expecting the industry index to perform in line with the benchmark index over the next 6-12 months [1]. Core Insights - The food and beverage sector experienced a slight decline of -0.2% last week, ranking 11th among the primary industries in the Shenwan classification. The dairy and beer sub-sectors performed better, with increases of +1.7% and +1.2%, respectively [19][33]. - The launch of the "Gift" feature on WeChat Mini Store is anticipated to drive transformation in the gifting industry, benefiting certain food and beverage companies. This feature simplifies the gifting process and is expected to gain traction during the upcoming festive season [19]. - Qingdao Beer has completed its board restructuring, which, combined with recovering dining demand and declining barley prices, is expected to enhance profit elasticity in 2025 [19]. Industry Data Tracking - As of December 27, the valuation of the liquor sector (PE-TTM) stands at 20.0X, while the overall food and beverage sector is valued at 21.5X [38]. - In November 2024, the production of liquor was 375,000 tons, reflecting a year-on-year decrease of -15.2%, while beer production was 1,695,000 tons, showing a year-on-year increase of +5.7% [45]. - The price of fresh milk in China was reported at 3.11 RMB/kg as of December 20, unchanged from the previous month but down -15.3% year-on-year [50]. - The national average price for live pigs was 7.91 RMB/jin as of December 27, with a week-on-week increase of +1.2% and a year-on-year increase of +6.6% [54].