食品饮料行业周报：茅台稳定军心，宠物食品618表现亮眼

Investment Rating - Maintain "Overweight" rating for the food and beverage industry [6] Core Insights - The 2024 mid-term report on the Chinese liquor market was released, showing a 6% year-on-year increase in production and a 13.8% increase in sales revenue for large-scale liquor enterprises in Q1 2024 [6][45] - Moutai, Wuliangye, and Qingdao Beer ranked as the top three most valuable brands in the food and beverage sector according to the 2024 "China's 500 Most Valuable Brands" list [6][45] - JD's 618 sales event saw a 30% increase in self-operated liquor sales, indicating strong consumer demand [6][45] - The ice drink market is expected to grow significantly, with a projected 39% increase in instant retail channels over the next three years [9][49] Summary by Sections Liquor - The top six liquor brands by sales volume in H1 2024 are Moutai, Wuliangye, Yanghe, Fenjiu, Luzhou Laojiao, and Jian Nan Chun [6][45] - The overall revenue growth rate for the A-share liquor sector reached 16% and 15% [6][45] - Moutai and Wuliangye were recognized as the most valuable brands, with brand values of 451.33 billion and 449.87 billion RMB respectively [6][45] Beer - The summer season has seen a surge in beer consumption, with a 50% increase in sales driven by sports events and nightlife [8][48] - New product launches, such as Asahi's "Future Lemon Sour," have gained popularity, indicating a positive trend in the beer market [8][48] Soft Drinks - The introduction of "Ice Cup" by Nongfu Spring has quickly gained traction among young consumers, with significant growth expected in the ice drink market [9][49] - The market for ice drinks is projected to exceed 63 billion RMB by 2026, with a fourfold increase in sales [9][49] Frozen Foods - New revenue targets for companies like Xinliuwu aim for 2 billion RMB in 2024, with significant investments in production capacity [9][49] - The expansion of production facilities is expected to enhance the overall market position of frozen food companies [9][49] Seasoning - Chubang has been recognized again in the "China's 500 Most Valuable Brands" list, with a brand value increase of 5.5 billion RMB [10][50] - The company is focusing on health and taste, aiming to enhance consumer dining experiences [10][50] Frozen Bakery - The launch of new bakery products by Aokun is expected to meet the growing demand for diverse dining options [10][50] - The bakery sector is experiencing a growth rate of 22.1%, indicating strong market potential [10][50] Investment Recommendations - Focus on high-demand liquor brands such as Luzhou Laojiao and Jiuziyuan, and beer companies like Qingdao Beer and Chongqing Beer for potential growth [12][51] - In the soft drink sector, companies like Dongpeng Beverage and Bai Run are recommended for their stable expansion strategies [12][51] - For frozen foods, companies like Anji Food and Qianwei Central Kitchen are highlighted for their growth potential [12][51]