EBSCN·2025-07-28 11:17Investment Rating - The report maintains a "Buy" rating for the food and beverage industry [5]. Core Viewpoints - The liquor sector is currently in a deep value zone, with the CITIC liquor index showing a rebound and a dividend yield of 3.72% as of July 25, 2025, indicating strong profitability and willingness to distribute dividends [1][13]. - The restaurant supply chain is undergoing active transformation, with companies like Weizhi Xiang expanding their product categories and enhancing their sales channels, particularly in lower-tier cities [2][14]. - The snack food sector is focusing on steady growth in store openings and exploring new product categories, with companies like Wancheng Group adapting to market demands [3][15]. Summary by Sections Liquor Industry - The CITIC liquor index has seen a rebound, with a dividend yield of 3.72% as of July 25, 2025, placing it in a deep value zone [1][13]. - The cumulative net profit for the liquor sector is projected to reach 166.6 billion yuan in 2024, with a dividend payout ratio of 71% [1][13]. - The proportion of actively managed equity public funds holding liquor stocks has decreased to 5.1%, indicating significant clearing of positions [1][13]. - The market price of Moutai has dropped over 10% since the announcement of austerity measures, impacting confidence in the market [1][13]. Restaurant Supply Chain - Weizhi Xiang is actively transforming its channels, expanding product categories, and enhancing its online presence to boost sales [2][14]. - The company is also focusing on expanding into lower-tier cities and encouraging franchisees to open multiple stores [2][14]. - The B-end group meal channel has shown significant growth, with expectations for further expansion [2][14]. Snack Food Sector - Wancheng Group is maintaining a steady pace of store openings, with an increase in customer traffic despite a slight decline in average transaction value [3][15]. - The company is transitioning from rapid expansion to improving operational efficiency and brand building [3][15]. - New product categories are being explored, including collaborations with local suppliers for baked goods [3][15]. Investment Recommendations - The report suggests maintaining positions in dairy and snack sectors, recommending companies like Yili and Yanjinpuzi for core holdings [4][43]. - It also advises flexible trading in underperforming sectors with potential for recovery, such as Lihai Food and New Dairy [4][43]. - For the liquor sector, it recommends focusing on companies with better competitive positioning, such as Kweichow Moutai and Wuliangye [4][43].