食品饮料行业观察：茅台加码技术布局；啤酒库存去化迎旺季

Group 1 - The overall sentiment in the food and beverage sector improved, but there was significant structural differentiation, with the Shenwan Food and Beverage Index rising by 0.74%, underperforming the CSI 300 Index by 0.95 percentage points, ranking 26th among 31 Shenwan primary industries [1] - Within the sub-sectors, pre-processed foods (+1.97%) and health products (+1.88%) performed well, while the liquor, beer, and mass-market products showed varied trends [1] Group 2 - The liquor sector is supported by favorable infrastructure policies, but public funds reduced their allocation to liquor in Q2 due to a contraction in consumption scenarios [2] - Leading liquor companies are enhancing brand and technological barriers to cope with intensified industry competition, with Guizhou Moutai establishing a research institute for innovation and Shanxi Fenjiu launching an upgraded version of its product to solidify its high-end market position [2] - High-end liquor prices have stabilized and rebounded, with the price of 2024 Feitian Moutai increasing by 10 yuan to 1900 yuan, and the original box price rising to 1960 yuan [2] Group 3 - The beer sector is currently facing short-term demand pressure due to the impact of delivery platform subsidies, leading to a slight year-on-year decline in production [3] - However, inventory reduction is ongoing, with leading companies' channel inventories at historical lows, and the sector's valuation has dropped to a five-year low [3] - Cost benefits are gradually materializing, with a year-on-year decline in imported barley prices, and the industry is expected to see profit elasticity due to product structure upgrades [3]