大众品行业2025年第二季度投资策略报告：提振内需政策持续发力，优质公司已有复苏迹象

Investment Rating - The investment rating for the consumer goods industry is "Outperform the Market" (maintained) [1] Core Insights - The policy to boost domestic demand is strong, and quality companies are showing signs of recovery, suggesting an active investment approach [3] Summary by Sections Beer Industry - The beer sector is witnessing a stabilization in demand, with leading companies starting to clear inventory risks and actively exploring new channels [12] - The first quarter of 2025 shows a slight improvement in restaurant consumption, with beer sales expected to grow due to low inventory levels and seasonal demand [9][12] - Investment recommendations include focusing on quality beer leaders such as China Resources Beer, Qingdao Beer, and Yanjing Beer, with an emphasis on the upcoming peak season for inventory replenishment [14][17] Snack Industry - The snack sector is experiencing varied sales performance, with a notable growth in konjac-based products, indicating a shift towards high-value offerings [21][22] - Companies are enhancing product quality and competitive pricing to adapt to the current consumer trend towards value [22] - Recommended stocks include Wei Long and Yan Jin Pu Zi, which are expected to maintain strong growth due to their market positioning and product offerings [29] Dairy and Beverage Industry - The dairy sector is expected to see a supply-demand turning point by the end of 2025, driven by policy support and market adjustments [32][41] - Beverage companies, particularly those focusing on functional drinks, are projected to maintain high growth rates, with East Peak Beverage being highlighted for its strong market position and growth potential [45][46] - Investment focus should be on companies that can leverage the recovery in consumer demand and improve operational efficiency [41][45] Restaurant Supply Chain - The restaurant supply chain is showing signs of recovery, with a stabilization in demand and a competitive landscape pushing for efficiency improvements [56] - The first quarter of 2025 is expected to focus on inventory reduction, with profitability likely to improve as the market stabilizes [57] - The recommendation is to monitor the recovery in restaurant demand and the associated supply chain dynamics [50][56]