Tianfeng Securities·2025-06-03 09:13Investment Rating - Industry Rating: Outperform the market (maintained rating) [6] Core Viewpoints - The report emphasizes investment opportunities in the soft drink and low-alcohol segments due to new products, low base effects, and the upcoming peak season [4][5][15] - The white liquor sector is recommended with a focus on Moutai and Fenjiu, while the yellow wine sector is under observation for data validation [3][18] - The report identifies four key themes in the consumer goods sector: cost control, new consumption trends, potential performance elasticity in Q2, and thematic expectations [18][22] Summary by Sections Market Performance Review - From May 26 to May 30, the food and beverage sector declined by 1.06%, while the Shanghai Composite Index fell by 0.03% [24] - Notable performances included soft drinks (+9.27%), other alcoholic beverages (+7.13%), and beer (+3.22%) [24] White and Yellow Wine - The white liquor sector saw a decline of 2.76%, attributed to recent regulations and seasonal factors [3] - Fenjiu aims for national expansion and product growth, indicating a strategic opportunity during the industry's adjustment phase [3][18] Beer and Beverage - The beer sector increased by 3.22%, supported by seasonal demand and promotional activities [14] - The report highlights the potential in the soft drink and low-alcohol segments, driven by new marketing strategies and upcoming sales events [15][22] Consumer Goods - The report recommends focusing on four main themes: cost control, new consumption logic, potential performance elasticity, and thematic expectations [18][22] - Specific companies to watch include Ximai Foods, Li Ziyuan, and Sanhua Foods, among others [22] Investment Recommendations - Top picks include soft drinks and low-alcohol products such as Li Ziyuan, Chengde Lulou, and Dongpeng Beverage [5][22] - In the white liquor sector, Moutai and Fenjiu are highlighted for their strong alpha and benefits from market concentration [5][22]