中信证券：大众品更加“内卷”，同时也有较多结构性机会

Core Viewpoint - The demand for consumer goods remains weak in Q2 2025, with limited improvement on a month-over-month basis. The raw material costs for consumer goods companies are mostly at the bottom or in a downward trend, but competition in the industry remains intense, leading to minimal improvement in profitability [1] Group 1: Market Trends - The consumer goods sector is experiencing increased competition, particularly in beverages, where promotional activities are intensifying [1] - There is a noticeable divergence in growth among snack companies, indicating varying performance within the sector [1] - The dairy and catering supply chain segments are facing pressure on both demand and pricing [1] Group 2: Investment Recommendations - The snack sector, characterized by new consumption trends, is identified as having the most potential for investment [1] - Within the beverage sector, tea drinks and functional beverages are expected to maintain high levels of prosperity [1] - The dairy sector shows signs of clear improvement from a profitability bottom [1]