食品饮料行业研究周报：茅台批价回升，龙头企业传递良性增长定力

Investment Rating - The report maintains an "Overweight" rating for the food and beverage industry [3][49]. Core Views - The recovery of Moutai's wholesale prices and the strategic focus on long-term growth by leading companies like Wuliangye and Luzhou Laojiao indicate a positive outlook for the industry [28]. - The report highlights that the market has largely absorbed concerns regarding weak demand, and leading companies have demonstrated better channel management compared to previous adjustment periods [28]. - The report suggests that the industry still has considerable growth potential through market concentration and meticulous segmentation strategies [28]. Market Review - The food and beverage index decreased by 1.71% from June 24 to June 30, ranking 11th among 31 industries, underperforming the CSI 300 index by 0.74 percentage points [18]. - For the month of June, the food and beverage index fell by 11.78%, ranking 26th among 31 industries, underperforming the CSI 300 index by 8.48 percentage points [18]. - Year-to-date, the food and beverage index has decreased by 15.11%, ranking 20th among 31 industries, underperforming the CSI 300 index by 16 percentage points [18]. Weekly Highlights - As of June 30, the wholesale price of Moutai was reported at 2,550 RMB per box and 2,290 RMB per bottle, showing a week-on-week increase of 130 RMB and 150 RMB respectively [28]. - Luzhou Laojiao and Wuliangye's recent shareholder meetings emphasized their commitment to long-term strategic growth [28]. - The report notes that leading companies are focusing on maintaining price stability and optimizing product offerings to enhance market performance [28]. Investment Strategy - The report recommends focusing on high-end liquor brands such as Moutai and Wuliangye, as well as other companies with strong growth potential like Shanxi Fenjiu and Jianshe Yuan [32]. - It also suggests looking into beer companies benefiting from operational improvements, such as Yanjing Beer, and seasoning product companies like Zhongjing Food and Tianwei Food [32]. - For the broader food sector, companies with high dividend yields like Yili and Shuanghui Development are highlighted, along with high-growth snack food companies [32].