KAIYUAN SECURITIES·2025-06-22 12:13Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The report emphasizes the importance of identifying bottom opportunities in the liquor sector, with May retail sales data showing steady improvement [3][11] - The food and beverage index experienced a slight decline of 0.1% from June 16 to June 20, ranking 4th among primary sub-industries and outperforming the CSI 300 by approximately 0.3 percentage points [3][13] - The report highlights that the recent ban on alcohol consumption has significantly impacted liquor demand and market sentiment, leading to a continuous decline in stock prices. However, recent media clarifications have provided a slight rebound in the liquor sector [3][11] Summary by Sections 1. Weekly Insights - The liquor sector is focusing on bottom opportunities, with May retail sales data showing a steady upward trend [3][11] - The food and beverage index outperformed the market, with beer and liquor showing relative strength [3][11] 2. Market Performance - The food and beverage index had a decline of 0.1%, ranking 4th among 28 industries, with beer (+1.9%) and liquor (+1.1%) leading the performance [3][13] 3. Upstream Data - Some upstream raw material prices have decreased, which may alleviate cost pressures for beverage companies [16][33] 4. Liquor Industry News - The report notes that the liquor industry is currently in a bottoming phase, with expectations for gradual recovery as valuations become more attractive [4][12] 5. Recommended Companies - Recommended companies include Guizhou Moutai, Shanxi Fenjiu, Ximai Food, Wancheng Group, and Bairun Co. [5][12]