食品饮料行业周报：政策托底助力情绪修复，静待花开

Investment Rating - The report maintains an "Accumulate" rating for the food and beverage industry [1] Core Views - The food and beverage industry is experiencing a recovery with a focus on high-quality development, particularly in the liquor segment, which is expected to see structural opportunities [1][3][20] Summary by Sections 1. Weekly Insights and Investment Recommendations - The report highlights the strong performance of the liquor sector, with a projected sales revenue of 240 billion CNY for sauce liquor in 2024, reflecting a 4.35% year-on-year growth [3][20] - The Sichuan government is promoting the development of a world-class liquor cluster, enhancing the integration of various sectors [4][20] - The report suggests focusing on companies with strong demand and structural opportunities in the liquor market, such as Luzhou Laojiao and Jinshiyuan [15][31] 2. Market Performance Review - The SW Food and Beverage Index rose by 2.34%, outperforming the CSI 300 by 1.15 percentage points [33] - The report notes that the liquor sector, particularly pre-packaged foods and beer, showed significant gains [33] 3. Industry Key Data Tracking - The report provides insights into the liquor sector, noting a decrease in production capacity for sauce liquor by 13.33% year-on-year, while profits are expected to grow by 3.19% [3][20] - The average price for high-end liquor is reported at 1218.13 CNY per bottle, indicating a stable pricing environment [44] 4. Company Announcements - Gu Ming, a leading beverage company, has successfully listed on the Hong Kong Stock Exchange, with plans to enhance its supply chain and digital capabilities [26][27] - The report emphasizes the importance of brand building and consumer engagement for companies like Gu Ming [27] 5. Sector-Specific Insights - The snack food sector is highlighted for its resilience, with a report indicating that consumers prefer snacks over meals, suggesting strong growth potential [9][24] - The beer sector is also noted for its growth, with Heineken reporting a 5% organic revenue increase and a robust performance in both developed and emerging markets [10][25]