Ping An Securities·2025-06-30 04:12Investment Rating - Industry investment rating is "Outperform the Market" (maintained) [29] Core Viewpoints - The report highlights that liquor companies are keen on innovation, focusing on low-alcohol, youth-oriented, scenario-based, and digital products. For instance, Luzhou Laojiao has developed a 28-degree Guojiao 1573 and is testing 16-degree and 6-degree variants [6][4] - The beverage sector is experiencing a shift from "thirst-quenching" to "solution-oriented" consumption, leading to diverse functional demands. Companies are launching new products like functional drinks, electrolyte water, and sugar-free tea to meet these needs [6][4] - The snack industry is identified as a strong growth driver, catering to both emotional value and cost-effectiveness, with manufacturers introducing healthier options like konjac and quail eggs [6][4] Summary by Sections Liquor Industry - The liquor index has seen a cumulative decline of 0.35% this week, with notable stock performances including *ST Yanshi (+2.66%) and Yili Te (+1.30%) [6][8] - The report emphasizes the importance of product innovation in the liquor sector to meet evolving consumer preferences, particularly in high-end and mid-range liquor segments [6][4] Food Industry - The food index has increased by 1.48% this week, with top performers like Jindawei (+17.54%) and Huanlejia (+13.91%) [6][8] - The report reiterates investment opportunities in beverages and snacks, driven by differentiated consumer demands and health trends [6][4] Key Company Earnings Forecast - The report provides earnings per share (EPS) and price-to-earnings (PE) ratios for various companies, recommending stocks like Kweichow Moutai and Wuliangye for their strong performance outlook [28]