Ping An Securities·2025-06-23 03:17Investment Rating - The industry investment rating is "Outperform the Market" (maintained) [27] Core Views - The central government has clarified standards for dining, which is expected to lead to a recovery in the liquor sector. This standard is anticipated to guide the development of consumption norms and boost the valuation of the liquor sector. Key recommendations include high-end liquor such as Kweichow Moutai, next-tier liquor like Shanxi Fenjiu, and real estate liquor brands such as Jianshiyuan and Gujinggongjiu [6][4] - The food index has shown a cumulative decline of 3.43%, with a recommendation to focus on investment opportunities arising from demand differentiation in consumer goods. The market is expected to gradually recover, with new demands and products emerging, particularly in the snack and beverage sectors, recommending brands like Three Squirrels and Dongpeng Beverage [6][4] Summary by Sections Liquor Industry - The liquor index has a cumulative increase of 1.08%, with top performers including Huangtai Liquor (+11.41%), Jinzhongzi Liquor (+9.78%), and Yingjia Gongjiu (+7.52%). The report emphasizes the potential for recovery in the liquor sector due to new consumption standards [6][7] - Recommendations include focusing on high-end liquor, next-tier liquor, and real estate liquor brands [6][4] Food Industry - The food index has a cumulative decline of 3.43%, with top performers being ST Jiajia (+6.93%), Huifa Food (+4.43%), and Ziyan Food (+1.49%). The report suggests that the consumer market shows resilience, with a gradual recovery expected [6][4] - Investment opportunities are highlighted in the snack and beverage sectors, with recommendations for Three Squirrels, Dongpeng Beverage, and Yanjinpuzi [6][4] Key Company Earnings Forecast - The report provides earnings per share (EPS) and price-to-earnings (PE) ratios for various companies, with Kweichow Moutai recommended at a PE of 20.8 for 2024, and Shanxi Fenjiu at 18.3 [26]