Guoxin Securities·2025-06-20 03:48Investment Rating - The report maintains an "Outperform" rating for the food and beverage industry [4][5][8]. Core Insights - The evolution of consumption is driven by changes in lifestyle, influenced by technology, economy, and culture, leading to diverse consumption scenarios and new business models [1][3][16]. - Chinese consumer goods companies are well-positioned to become international brands due to advanced infrastructure and changing consumer preferences [2][4]. - The report identifies three main consumer groups: Generation Z, the Silver Economy, and the Middle Class, each with distinct consumption needs and behaviors [2][3][4]. Summary by Sections Research Framework - The report establishes a framework linking lifestyle changes to consumption patterns, emphasizing the need for businesses to adapt to consumer-centric models [1][17][18]. Historical Perspective - The report outlines the evolution of consumption in China from survival-based needs to quality-oriented consumption, highlighting the correlation between lifestyle changes and consumption characteristics across different historical phases [23][24][32]. Future Outlook - The report anticipates continued growth in digital economy, self-care consumption, emotional value consumption, health-focused products, convenience-driven services, and value-oriented spending [3][4][5]. Key Company Recommendations - The report recommends investment in companies such as Wei Long, Yan Jin Beer, Dongpeng Beverage, and Guizhou Moutai, all rated as "Outperform" [4][8].