Tianfeng Securities·2025-05-20 05:23Investment 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 products sector (+8.54%) and baked goods (+2.36%) [1][18] - The white liquor sector is driven by leading companies like Guizhou Moutai and Shanxi Fenjiu, with stable prices for high-end products during the off-season [2][11] - Health products and additives are seen 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 0.76% and the CSI 300 Index by 1.12% [1][18] - Health products led the gains with an increase of 8.54%, followed by baked goods (+2.36%) and dairy products (+1.47%) [1][18] Sector Updates - White Liquor: The sector rose by 0.57%, with Guizhou Moutai and Shanxi Fenjiu contributing significantly to the growth. The current PE-TTM for the white liquor index is 20.08X, indicating a relatively low valuation compared to historical levels [2][11] - Beer & Beverages: The beer sector declined by 1.08%, influenced by stock fluctuations due to major shareholder actions. Upcoming shareholder meetings and new product launches are expected to provide marginal catalysts [2][12] - Health Products: The sector's strong performance is attributed to the growing demand for anti-aging products, with a projected market size exceeding 150 billion yuan by 2026 [3][16] 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 companies such as Shanxi Fenjiu and Guizhou Moutai for strong alpha returns [4][17] - Consumer Goods: Emphasis on cost control, new consumption trends, and companies with strong potential for earnings elasticity in Q2 [4][17] Sector and Stock Performance - The health products sector showed the highest increase, while other sectors like soft drinks and other liquors experienced declines [1][18] - Notable stock performances included Jiao Da Ang Li (+35.59%) and Kang Bi Te (+19.93%) [21][22]