食品饮料行业点评：24H1社零同比+3.7%，6月粮油食品表现亮眼

Investment Rating - The industry investment rating is maintained at "Overweight" [1] Core Insights - In June 2024, the total retail sales of consumer goods increased by 2.0% year-on-year, with food and oil products showing significant resilience [1] - The food and beverage sector demonstrated strong performance, with essential consumption categories performing relatively well [1] - The restaurant sector continues its recovery, with online food sales showing impressive growth [1] Summary by Sections Retail Sales Performance - In June 2024, the total retail sales reached 40,732 billion yuan, a year-on-year increase of 2.0%. Excluding automobiles, the retail sales amounted to 36,364 billion yuan, up by 3.0% [1] - For the first half of 2024, total retail sales were 235,969 billion yuan, reflecting a year-on-year growth of 3.7% [1] - The breakdown shows urban retail sales at 204,559 billion yuan (+3.6% YoY) and rural retail sales at 31,410 billion yuan (+4.5% YoY) [1] Consumption Categories - In June 2024, retail sales of goods were 36,123 billion yuan (+1.5% YoY), while restaurant income was 4,609 billion yuan (+5.4% YoY) [1] - For the first half of 2024, retail sales of goods totaled 209,726 billion yuan (+3.2% YoY), and restaurant income reached 26,243 billion yuan (+7.9% YoY) [1] Sector Recovery and Investment Suggestions - The restaurant sector's income in June 2024 was 4,609 billion yuan, with a year-on-year increase of 5.4%, indicating ongoing recovery [1] - The report suggests that the recovery in the restaurant industry may drive upstream supply chain replenishment, recommending attention to restaurant supply chain opportunities and strong beverage brands [1] - Specific stock recommendations include Anjijia Food, with a focus on Dongpeng Beverage and Qianwei Central Kitchen [1]