中国&中国必需消费：散飞批价跌近2000，仅婴配粉折扣力度减小

Investment Ratings - The report assigns an "Outperform" rating to multiple companies including Moutai, Wuliangye, and Eastroc Beverage, while some companies like Gujing Gongjiu receive a "Neutral" rating [2]. Core Insights - The report highlights a significant decline in the wholesale prices of various baijiu products, with Moutai's price falling to around 2000 yuan, while infant formula discounts have decreased slightly [5][7]. - The overall discount rates for soft drinks, condiments, beer, liquid milk, and convenience foods have increased, indicating a shift in consumer purchasing behavior [18][20]. Summary by Category Baijiu Pricing - Moutai's wholesale prices are reported at 2140 yuan for cases and 2070 yuan for single bottles, showing a month-on-month change of 0 and -40 yuan respectively [33]. - Wuliangye's price is at 945 yuan, with a slight decrease of 5 yuan from the previous month [33]. - Luzhou Laojiao remains stable at 865 yuan, unchanged from last month [33]. Discount Trends - Infant formula discounts have slightly decreased, with average discount rates rising from 91.3% to 92.2% [17]. - Discounts for soft drinks have increased, with average rates dropping from 94.1% to 88.7% [18]. - Beer discounts have also increased, with average rates falling from 81.1% to 78.7% [18]. - Liquid milk discounts decreased from 71.9% to 69.7% [18]. - Convenience foods saw a decrease in discount rates from 96.1% to 94.2% [18].