食品饮料行业：618数据体现消费弱复苏，部分食品饮料公司线上表现不俗

Investment Rating - The industry investment rating is "Positive" [6] Core Viewpoints - The 618 shopping festival data reflects a weak recovery in consumption, with some food and beverage companies performing well online [6][7] - The overall GMV for major e-commerce platforms during the 618 period increased by 13.6% year-on-year, but there are discrepancies in total sales data, with some reports indicating a decline of 7.02% [6][2] - The online sales of liquor have shown remarkable growth, with self-operated liquor sales on JD.com increasing by 30% and Moutai's self-operated sales also rising by 30% [2] - The competition among platforms has intensified, leading to longer promotional periods and simplified pricing rules, which has affected consumer behavior [6][2] Summary by Sections Industry Overview - The food and beverage industry is experiencing a weak recovery in consumption, with online sales outperforming overall retail sales [6] - The retail sales of consumer goods in May showed a year-on-year increase of 3.7%, indicating a slow recovery [2] E-commerce Performance - The online retail sales of food and beverage companies are expected to improve, particularly on social e-commerce platforms like Douyin [6] - Notable brands such as Three Squirrels and Hai Tian have shown significant online sales growth, with Three Squirrels leading in the snack category on both Tmall and JD.com [2][6] Future Outlook - The report suggests that the food and beverage sector will continue to focus on online strategies, especially in social e-commerce, to adapt to changing consumer preferences [6] - Companies like Three Squirrels and Salted Fish are highlighted as potential beneficiaries of this trend [6]