食品饮料行业周报：关注板块回调带来的布局机会

Investment Rating - The report rates the food and beverage industry as "Outperforming the Market" [1] Core Views - The recent pullback in the food and beverage sector presents an opportunity for strategic positioning [2] - The liquor sector, particularly leading brands, shows strong risk resilience, with current valuations nearing historical lows since 2016, suggesting a favorable entry point [2][4] - The beer segment is expected to see a recovery in demand as cost pressures ease and seasonal consumption increases [4] Market Review - The food and beverage sector experienced a decline of 1.7% last week, ranking 23rd among all sectors [2][9] - Within sub-sectors, meat products and health products performed relatively better, with declines of 0.1% and 0.3% respectively, while soft drinks and beer saw larger declines of 3.0% and 4.8% [2][11] - As of July 5, the price-to-earnings ratio (PE-TTM) for the liquor sector was 19.6X, and for the food and beverage sector, it was 19.7X [2][11] Industry Data - The price of fresh milk in China was 3.27 yuan/kg as of June 28, down 0.6% week-on-week and down 13.3% year-on-year [3][30] - The national average price for live pigs was 9.41 yuan/kg as of July 5, up 5.6% week-on-week and up 31.2% year-on-year [3][33] - The price of various duck products was reported as 9.2 yuan/kg for duck necks, 8.8 yuan/kg for duck wings, and 24.4 yuan/kg for duck feet [3][33] Key Insights - Moutai has paused the supply of its 1935 product to stabilize prices and enhance channel value [4] - The T5 summit for beer highlighted a consensus on premiumization and a strong outlook for cost improvements, suggesting a positive trend for the beer industry [4] - Recommended stocks include Shanxi Fenjiu, Wuliangye, Qingdao Beer, Qiaqia Food, Luzhou Laojiao, Guizhou Moutai, and Yili [4]