HTI中国消费品8月需求报告：多数行业增速在正负个位数水平

Investment Rating - The investment rating for the industry is "Outperform" for most tracked companies, with a few rated as "Neutral" [2][3]. Core Insights - In August 2024, 5 out of 8 tracked industries maintained positive growth, while 3 experienced negative growth. The only industry achieving double-digit growth is high-end liquor, primarily driven by Kweichow Moutai. Industries with single-digit growth include food and beverage, frozen food, soft drinks, and condiments, while general liquor, dairy products, and beer saw negative growth. Compared to the previous month, 3 industries showed accelerated growth or narrowed declines, while 5 industries experienced a slowdown [3][23]. Summary by Category Liquor - High-end and Above Liquor: In August, revenue reached 22.9 billion yuan, a year-on-year increase of 10.1%. Cumulative revenue from January to August was 268.9 billion yuan, up 13.5% year-on-year. The industry is in a consumption off-season, focusing on maintaining channel relationships and product pricing [5][6]. - General and Below Liquor: Revenue in August was 17 billion yuan, down 9.1% year-on-year, with cumulative revenue from January to August at 151.2 billion yuan, a decrease of 2.8%. The market remains fragmented, with many small enterprises facing declines, while regional leaders gain market share [7]. Beer - The beer industry generated 17.5 billion yuan in August, a decline of 2.0% year-on-year, with cumulative revenue of 131.2 billion yuan, down 1.9%. The industry is expected to see a low single-digit decline in annual sales, with a shift towards premium products [8][9]. Condiments - Revenue for the condiment industry in August was 36.8 billion yuan, an increase of 3.1% year-on-year, with cumulative revenue of 294.2 billion yuan, up 4.1%. Demand remains limited post-summer peak, with increased competition in the market [10][11]. Dairy Products - The dairy industry reported revenue of 42.5 billion yuan in August, down 4.3% year-on-year, with cumulative revenue of 311.3 billion yuan, a decline of 7.6%. There are signs of improvement in channel stocking ahead of the Mid-Autumn Festival and National Day [12]. Frozen Food - August revenue for the frozen food industry was 8.4 billion yuan, up 5.0% year-on-year, with cumulative revenue of 74.2 billion yuan, an increase of 7.6%. The market is stable, with promotional activities boosting sales [15]. Soft Drinks - The soft drink industry generated 70.1 billion yuan in August, a year-on-year increase of 3.7%, with cumulative revenue of 484.6 billion yuan, up 4.6%. Demand is expected to decline as the summer season ends [17]. Dining - The dining sector's revenue totaled 17 billion yuan in August, a 7.0% year-on-year increase, with cumulative revenue of 120.5 billion yuan, up 5.4%. Increased promotional activities have led to a decrease in average spending per customer [19][20].