食品饮料行业双周报：5月社零亮眼，关注软饮及低度酒-20250623

Investment Rating - The report maintains a "Recommend" rating for the food and beverage industry, indicating that the industry index is expected to outperform the benchmark index by more than 10% [58]. Core Insights - The food and beverage sector in A-shares has seen a decline of 4.49% over the past two weeks, underperforming the Shanghai Composite Index by 3.73 percentage points [2][12]. - The retail sales in May showed a year-on-year growth of 6.4%, with total retail sales amounting to 41,326 billion yuan [4][55]. - The report highlights a significant increase in online alcohol sales during the 618 shopping festival, with a 40% year-on-year growth [4][55]. Summary by Sections Market Review - The A-share food and beverage industry has underperformed compared to major indices, with a year-to-date decline of 6.94% [12]. - Within the sector, all sub-industries experienced declines, with snacks and seasoning products showing the largest drops [2][12]. Key Data Tracking - The average price of fresh milk in major production areas is 3.04 yuan/kg, down 7.9% year-on-year [35]. - The price of pork is reported at 25.26 yuan/kg, reflecting an 11.1% decrease year-on-year [39]. Key Events Tracking - The report notes that the sales of Kweichow Moutai increased by 60% during the 618 shopping festival, indicating strong consumer demand [4][55]. - The total sales of Kuaijishan Shaoxing wine reached 50 million yuan during the same period, marking a 400% increase [4][55]. Investment Recommendations - The report suggests focusing on high-end liquor companies with strong brand and channel capabilities, such as Kweichow Moutai and Wuliangye [8][56]. - It also highlights the growing consumption of yellow wine and the seasonal increase in beer consumption, recommending companies like Qingdao Beer and Chongqing Beer [8][56].