食品饮料周报：白酒淡季处压力测试期，重视大众品布局机会

Investment Rating - Industry rating: Outperform the market (maintained rating) [6] Core Viewpoints - The liquor sector is under pressure during the off-season, with a focus on opportunities in mass-market products. The high-end liquor prices have slightly decreased due to the current e-commerce promotion period and weak sales during the off-season. Leading liquor companies have proactively managed potential price declines [3][13] - The beer and beverage sectors are seeing increased attention on fresh beer and craft beer, with recommendations to focus on investment opportunities as the peak season approaches [3][4] - Four major investment themes are highlighted: cost reduction and control, new consumption trends, companies with strong alpha and potential performance elasticity, and thematic expectation stocks [4][16] Summary by Sections Market Performance Review - The food and beverage sector saw a decline of 1.06% from June 2 to June 6, while the Shanghai Composite Index rose by 1.13%. Specific segments included snacks (+4.64%), health products (+1.66%), and beverages (+0.16%), while liquor and dairy products experienced declines [2][20] Liquor & Yellow Wine - The liquor sector showed stability despite a 0.90% decline. Leading brands are focusing on expanding into lower-tier markets. The yellow wine sector is in a verification phase, with significant sales growth reported during the Dragon Boat Festival [3][13] Beer & Beverage - The beer sector increased by 0.11%, with fresh beer gaining popularity. Companies like Yanjing Beer are optimistic about achieving growth targets, while the beverage sector is expected to benefit from seasonal demand and cost reductions [3][14][15] Mass-Market Products - The snack and health product sectors are performing well, driven by new channels and product categories. The dairy sector is showing signs of potential price recovery as production growth slows [4][16][19] Investment Recommendations - Recommendations include focusing on soft drinks and low-alcohol products due to upcoming seasonal demand and cost advantages. Specific companies to watch include Li Ziyuan, Chengde Lulou, and Dongpeng Beverage [5][20][21]