食品饮料周报：飞天淡季批价稳定，重视保健品新消费机会-20250520

Investment Rating - Industry Rating: Outperform the market (maintained rating) [4] Core Viewpoints - The food and beverage sector showed a slight increase of +0.48% during the week, with notable performances in the health supplement sector (+8.54%) and baked goods (+2.36%) [1][18] - The white liquor sector is experiencing stable prices during the off-season, with key brands like Guizhou Moutai and Shanxi Fenjiu driving growth [2][11] - Health supplements and additives are viewed as the next "new consumption" trend due to their large market potential and alignment with consumer demand trends [3][16] Summary by Sections Market Performance Review - The food and beverage sector increased by +0.48%, while the Shanghai Composite Index rose by +0.12% [1] - Health supplements led the sector with an increase of +8.54%, followed by baked goods (+2.36%) and dairy products (+1.47%) [1][18] Weekly Viewpoint Updates - White Liquor: The sector rose by +0.57%, driven by Guizhou Moutai (+1.44%) and Shanxi Fenjiu (+0.83%). The current PE-TTM for the white liquor index is 20.08X, indicating a relatively low valuation [2][11] - Beer & Beverages: The beer sector declined by -1.08%, influenced by stock price fluctuations due to shareholder actions. Upcoming shareholder meetings may provide catalysts for recovery [2][12] - Consumer Goods: The health supplement sector is highlighted for its growth potential, with four main investment themes identified: cost control, new consumption trends, potential performance elasticity, and thematic expectations [3][13] Investment Recommendations - Hong Kong Food and Beverage: Recommended stocks include Qingdao Beer, China Resources Beer, Budweiser, Mengniu Dairy, and Master Kong [4][17] - White Liquor: Focus on leading brands such as Shanxi Fenjiu and Guizhou Moutai for strong alpha returns [4][17] - Consumer Goods: Emphasis on companies with cost control strategies and those benefiting from new consumption trends, such as H&H and Xianle Health [4][17]