白酒行业动态跟踪点评：白酒估值回暖，关注中报业绩

Investment Rating - The report maintains an "Overweight" rating for the food and beverage industry, particularly focusing on the liquor sector [1][4]. Core Insights - The liquor industry is experiencing a phase of valuation recovery, with market sentiment showing signs of improvement [3][4]. - Q2 performance for liquor companies is expected to be under pressure due to new regulations affecting government-related consumption [4]. - Recent corrective measures from media outlets have helped stabilize the liquor market, leading to a recovery in sentiment [4]. - The commencement of the Yajiang Hydropower Project, with a total investment of 1.2 trillion yuan, is anticipated to boost market sentiment and economic momentum [4]. - The report suggests monitoring the recovery of liquor demand in the second half of the year, especially as the base for comparison will be lower [4]. Summary by Sections Industry Performance - The liquor sector is facing challenges in Q2 due to regulatory impacts on government-related consumption, leading to a decline in sales for companies like Wuliangye and Shui Jing Fang [4]. - The market has shown signs of stabilization following corrective media commentary, with prices for premium liquor products like Moutai increasing [4]. Investment Strategy - The report recommends focusing on high-certainty premium liquor brands such as Kweichow Moutai and Wuliangye, while also considering mid-range and regional brands like Shanxi Fenjiu and Gujing Gongjiu [4].