大消费行业周报：市场活跃，子板块中报表现分化-20250901

Investment Rating - The industry investment rating is "stronger than the market," indicating an expected performance that exceeds the market by more than 5% over the next six months [36]. Core Insights - The market is currently active, with a total trading volume of 14.92 trillion yuan for the week, and the CSI 300 index increased by 2.71%. The agricultural, forestry, animal husbandry, and fishery sectors outperformed the CSI 300, while other sectors like food and beverage, retail, media, and consumer services also showed positive returns [3][6]. - There is a noticeable divergence in performance across sub-sectors within the consumer sector, with recommendations to focus on high-growth areas that show improved sales dynamics, lower bases, and active channels. The macroeconomic consumption policies are expected to boost consumer demand [3][4]. Summary by Sections Social Services - The tourism sector is experiencing a resurgence, with companies like Ctrip and Huazhu Group reporting strong mid-year performances. Recommendations include focusing on OTA platforms and leading hotel chains [3][10]. - The government is set to introduce policies to expand service consumption, emphasizing the importance of service and product consumption in the current economic landscape [7]. Food and Beverage - Alcohol - The overall performance of the alcohol sector has shown a decline in net profit adjustments for Q2 2025 compared to Q1 2025, but the baijiu index rose by 2.09%. The upcoming Mid-Autumn Festival and National Day are expected to influence demand positively [3][15]. - Key recommendations include high-end baijiu brands like Kweichow Moutai and Wuliangye, as well as mid-range and local brands [3][15]. Food and Beverage - Consumer Goods - The beverage sector, particularly functional drinks and snacks, remains robust, with companies like Dongpeng Beverage and Wei Long showing strong growth. The dairy sector is also expected to improve as raw milk prices stabilize [3][24]. - The restaurant supply chain is recovering, with leading companies like Haitian Flavoring and Anjuke Foods expected to see a turnaround in performance [3][26]. Key Company Announcements - Ctrip reported a 16% year-on-year increase in net operating income for Q2 2025, driven by strong travel demand [10]. - Midea Group achieved a revenue of 251.12 billion yuan in the first half of 2025, reflecting a 15.58% increase, while Gree Electric Appliances reported a slight revenue decline [13][14]. - The dairy sector is seeing improvements, with companies like Yili and Miaokelando expected to benefit from favorable market conditions [12][34].