中国必需消费品6月价格报告：白酒价格普跌，软饮料调味品及啤酒上涨

Investment Rating - The report does not explicitly state an investment rating for the industry or specific companies [2]. Core Insights - The wholesale prices of major baijiu brands have generally fallen, with Moutai's prices dropping significantly. For instance, the wholesale price of Feitian Moutai (case) is now 1,950 yuan, down by 190 yuan from last month, and down 290 yuan year-to-date [29][35]. - The discount rates for soft drinks, condiments, and beer have decreased compared to the end of May, indicating a potential increase in consumer demand or pricing power for these categories [30][31]. - The average discount rate for liquid milk products has increased slightly, suggesting a shift in pricing dynamics within this segment [32]. Summary by Sections Baijiu Pricing - Feitian Moutai (case) is priced at 1,950 yuan, down 190 yuan from last month and down 290 yuan year-to-date. The price has decreased by 460 yuan compared to the same period last year [35]. - Wuliangye's eighth-generation price is stable at 920 yuan, with a slight decrease of 25 yuan from last month [35]. - Other brands like Luzhou Laojiao and Shanxi Fenjiu also show minor price adjustments, reflecting a broader trend in the baijiu market [29][35]. Consumer Goods Discounts - The average discount rate for soft drinks has improved from 88.7% to 94.8%, indicating a reduction in discounting practices [30][31]. - For condiments, the average discount rate increased from 83.4% to 87.7%, suggesting stronger pricing power [30][31]. - Beer products also saw a rise in average discount rates from 78.7% to 81.2%, reflecting a similar trend [30][31]. Liquid Milk and Other Products - The average discount rate for liquid milk products has slightly increased from 69.7% to 68.8%, indicating a potential tightening in pricing strategies [32]. - Infant formula and convenience foods have maintained stable pricing, with discount rates remaining relatively unchanged [32][33].