食品饮料行业周报：酒企积极调控，关注底部配置机会

Investment Rating - The report maintains a "Recommended" investment rating for the food and beverage industry [1] Core Viewpoints - The food and beverage sector has underperformed compared to the Shanghai Composite Index, with a decline of -1.66% from July 1 to July 5, 2024. Only the liquor sub-sector showed a slight increase of +0.22%, while beer and soft drinks experienced significant declines of -4.79% and -3.39%, respectively. The report suggests focusing on structural layout opportunities and individual stock alpha logic during this downward cycle, as leading companies demonstrate strong risk resistance and solid performance certainty for the year [1][25] - The report emphasizes the importance of supply-side adjustments in the liquor industry, noting various actions taken by distilleries, such as the suspension of product launches and price increases. It recommends focusing on high-end liquor brands like Wuliangye, Luzhou Laojiao, and Guizhou Moutai, as well as other notable brands in the mid-range segment [1][25] Summary by Sections 1. Weekly Market Trends - From July 1 to July 5, the food and beverage index ranked 23rd among the Shenwan primary industries, with the top three performing sectors being non-ferrous metals (+2.61%), retail (+2.43%), and steel (+1.92%). The report highlights the performance of various sub-sectors, with liquor showing resilience while others like beer and soft drinks faced significant declines [6][25] 2. Price Fluctuations - The report details price movements for key products, including a slight increase in the price of Feitian Moutai and Wuliangye, while fresh milk prices continue to decline. The report also notes fluctuations in the prices of raw materials such as barley and sugar, which may impact overall profitability [12][26] 3. Industry News - Key developments include the suspension of product orders by several liquor companies and the introduction of new products. The report highlights the strategic moves by companies like Moutai and Wuliangye to adapt to market changes and consumer demands [21][22][25] 4. Key Company Announcements - The report includes announcements regarding dividend distributions from major companies like Wuliangye and Ximeng Food, indicating ongoing shareholder returns amidst market fluctuations [24] 5. Weekly Insights - The report reiterates the recommendation to focus on structural opportunities within the food and beverage sector, particularly in the liquor segment, where companies are actively managing supply and pricing strategies to navigate market challenges [25][26]