中国必需消费：HTI中国消费行业11月投资报告：软饮料之后关注乳业、白酒

Investment Rating - The report rates multiple companies in the consumer staples sector as "Outperform," including Guizhou Moutai, Wuliangye, and Yili [1]. Core Insights - The report highlights a shift in focus from soft drinks to dairy and wine industries, indicating potential growth opportunities in these sectors [1][2]. - It notes that among the eight tracked industries, three have accelerated growth, while four have seen a decline, with the overall consumer staples sector requiring more time to benefit from recent government economic stimulus policies [2][3]. - The report emphasizes the importance of long-term, sustainable growth strategies adopted by various companies in response to market conditions [2]. Summary by Sections Industry Growth Trends - In October, three industries showed accelerated growth, while four experienced a decline, with the sectors of frozen food, soft drinks, dining, and condiments showing single-digit growth [2][3]. - The report indicates that the high-end liquor and dairy sectors are facing negative growth, while the beer industry is also struggling [2][3]. Price Tracking - The report tracks price changes in various consumer goods, noting that the wholesale prices of key liquor brands like Moutai and Wuliangye have decreased compared to previous months [16][17]. - It also highlights that the average discount rates for liquid milk and soft drinks have increased, indicating a competitive pricing environment [24][25]. Financial Performance - The report provides financial data showing that the revenue for the high-end liquor sector in October was 30.3 billion yuan, down 1.9% year-on-year, while the overall revenue for the liquor industry showed a cumulative increase of 8.8% for the year [4][5]. - The beer industry reported a revenue of 10.5 billion yuan in October, reflecting a slight decline of 0.9% year-on-year, with cumulative revenue down 3.6% for the year [6]. Investment Recommendations - The report suggests focusing on long-term trends and selecting stocks based on sub-industry performance, particularly favoring dairy and liquor sectors [2][3]. - It recommends considering high-dividend stocks in the soft drink, dairy, and beer sectors, with specific companies like Mengniu Dairy and Kweichow Moutai highlighted as potential investments [2].