食品饮料行业周报：白酒底部建议加配，大众品三条思路选股

Investment Rating - The investment rating for the food and beverage industry is "Positive" (maintained) [1] Core Viewpoints - The food and beverage index increased by 1.8% from May 5 to May 9, ranking 19th among 28 sub-industries, underperforming the CSI 300 by approximately 0.2 percentage points. The health products (+5.1%), baked goods (+4.2%), and pre-processed foods (+2.5%) sectors performed relatively well [10][11] - The main theme for 2025 is consumer recovery, with expectations for increased economic activity to boost business consumption and consumption upgrades. The liquor industry is currently in a deep adjustment phase, with demand decline affecting company performance. However, there are signs of marginal improvement in sales for some liquor companies [10][11] - The report suggests three main strategies for consumer goods: leveraging channel reforms and new product benefits, anticipating a slight recovery in the restaurant sector, and continuing to seek cost advantages in products with improving profit expectations [10][11] Summary by Sections Weekly Viewpoint - The food and beverage index's performance reflects a marginal improvement under pressure, with expectations for consumer recovery driving the outlook for 2025 [10][11] Market Performance - The food and beverage sector underperformed the broader market, with specific sub-sectors like health products and baked goods showing stronger growth [10][11] Upstream Data - Some upstream raw material prices have decreased, indicating potential cost relief for companies in the food and beverage sector [15][30] Liquor Industry News - New product launches and strategic partnerships are emerging in the liquor sector, indicating ongoing innovation and market engagement [39][40] Memorandum - Upcoming shareholder meetings for various companies, including Ganyuan Foods, are noted, which may impact market sentiment [41][42] Recommended Portfolio - Recommended stocks include Shanxi Fenjiu, Guizhou Moutai, Ganyuan Foods, and Ximai Foods, reflecting a focus on companies with stable growth and strategic positioning [4][46]