Dongguan Securities·2025-06-13 09:21Group 1 - The food and beverage industry outperformed the CSI 300 index from January to May 2025, with a decline of 1.52%, surpassing the index by approximately 0.89 percentage points [6][15][16] - The industry valuation has decreased, with a current PE (TTM) of about 21 times, below the five-year average of 34 times [20][24] - Positive consumer policy signals have been established, with significant government initiatives aimed at boosting consumption and expanding domestic demand [24][27] Group 2 - The liquor sector is experiencing weak demand and internal differentiation, with a notable decline in sales during the Dragon Boat Festival [28] - Liquor companies are controlling supply to maintain prices, with several major brands implementing stock control measures [29][31] - Companies like Kweichow Moutai and Wuliangye are engaging in share buybacks to boost market confidence [34][36] Group 3 - The beer sector is showing stable performance with expectations for marginal improvement in 2025, driven by a recovery in demand [4][14] - The condiment sector is anticipated to benefit from the recovery in the restaurant industry, leading to increased demand for condiments [5][18] - The dairy sector is expected to see improved supply-demand dynamics due to favorable fertility policies [22][24] Group 4 - The snack sector is experiencing steady growth, with a focus on multi-channel penetration to enhance brand influence [25][27] - The overall performance of the snack sector is mixed, with some brands outperforming others [27][45]