中国消费品5月成本报告：乳制品现货期货成本均环比上涨

Investment Rating - The report assigns an "Outperform" rating to several companies including Haidilao, China Feihe, and Yihai International, while Budweiser APAC is rated as "Neutral" [1]. Core Insights - The report highlights that the spot and futures cost of dairy products increased month-on-month, while most other consumer goods saw a decline in costs [2][38]. - The overall cost indices for six categories of consumer goods monitored by HTI mostly fell, with specific changes in spot and futures indices for soft drinks, condiments, dairy products, frozen foods, beer, and instant noodles [38]. Summary by Category Beer - The spot cost index decreased by 0.81% month-on-month, and the futures index decreased by 2.84% [39]. - Year-to-date, the spot and futures indices have cumulatively changed by -0.94% and -7.98% respectively [39][14]. Condiments - The spot cost index increased by 0.3% month-on-month, while the futures index decreased by 2.7% [40]. - Year-to-date, the spot and futures indices have cumulatively changed by -0.09% and -5.91% respectively [40][18]. Dairy Products - The spot cost index increased by 0.03% month-on-month, and the futures index increased by 0.33% [41]. - Year-to-date, the spot and futures indices have cumulatively changed by -0.02% and 2.38% respectively [41][22]. Instant Noodles - The spot cost index decreased by 1.22% month-on-month, and the futures index decreased by 1.26% [42]. - Year-to-date, the spot and futures indices have cumulatively changed by -3.31% and -4.11% respectively [42][26]. Frozen Foods - The spot cost index decreased by 0.57% month-on-month, and the futures index decreased by 0.74% [43]. - Year-to-date, the spot and futures indices have cumulatively changed by -1.52% and -2.32% respectively [43][30]. Soft Drinks - The spot cost index increased by 0.34% month-on-month, while the futures index decreased by 0.78% [34]. - Year-to-date, the spot and futures indices have cumulatively changed by -3.76% and -5.22% respectively [34][33].