中国消费品4月价格报告：白酒批价下滑，多数大众品折扣加大

Investment Rating - The report assigns an "Outperform" rating to multiple companies in the consumer goods sector, including Moutai, Wuliangye, and others, while Budweiser APAC and Gujing Gongjiu are rated as "Neutral" [1]. Core Insights - The wholesale prices of baijiu have generally declined, with Moutai experiencing a significant drop compared to last year, while some products like Wuliangye have seen slight increases [4][30]. - Discounts on most consumer goods have increased, particularly in categories such as liquid milk, soft drinks, convenience foods, and condiments, indicating a shift in pricing strategies [6][18]. Summary by Sections Baijiu Pricing Trends - Moutai's wholesale prices for Feitian (case and single bottle) are 2,140 and 2,110 yuan, respectively, down by 70 yuan from last month and down 670 yuan year-on-year [4][30]. - Wuliangye's eighth-generation price is 950 yuan, up by 5 yuan from last month and up 20 yuan year-on-year [4][30]. - Luzhou Laojiao's Guojiao 1573 remains stable at 865 yuan, with a slight increase of 5 yuan since the beginning of the year [4][30]. Consumer Goods Discount Trends - Discounts for infant formula have increased, with average and median discount rates rising from 89.4%/90.6% to 91.3%/91.8% [17][20]. - Discounts for liquid milk have decreased from 77.6%/80.7% to 71.9%/72.2%, indicating a potential price stabilization in this category [18][20]. - The average discount for soft drinks has decreased from 96.5%/100% to 94.1%/100%, while convenience foods have seen a drop from 98.1%/100% to 96.1%/98.5% [18][20].