HTI大众品零售价格跟踪：多数产品折扣力度较春节前增加

Investment Rating - The investment rating for the industry is "Outperform" for most companies, indicating an expected total return over the next 12-18 months that exceeds the relevant market benchmark [2][11][12]. Core Insights - Discounts on liquid milk, convenience foods, soft drinks, beer, and condiments have increased since February 2024. The average/median discount rates for these categories have shown a notable decline compared to previous months [11][12]. - The average/median discount rate for liquid milk products changed from 76.1%/75.3% at the end of last month to 71.2%/66.6% this week [11]. - The average/median discount rate for convenience food representative products decreased from 89.6%/92.3% to 86.8%/88.4% [11]. - The mean/median discount rates for soft drinks representative products changed from 90.5%/90.0% to 88.0%/90.0% [11]. - The mean/median discount rate for beer representative products changed from 81.5%/82.8% to 80.4%/82.0% [11]. - The mean/median discount rate for condiment representative products changed from 90.7%/100% to 89.9%/100% [11]. - Baby powder has shown stable discount rates, remaining at 96.3%/100% [12]. Summary by Category Liquid Milk - The average discount rate for liquid milk products is currently 71.2%, with a median of 66.6% [4][11]. Convenience Foods - The average discount rate for convenience foods is 86.8%, with a median of 88.4% [4][11]. Soft Drinks - The average discount rate for soft drinks is 88.0%, with a median of 90.0% [4][11]. Beer - The average discount rate for beer is 80.4%, with a median of 82.0% [4][11]. Condiments - The average discount rate for condiments is 89.9%, with a median of 100% [4][11]. Baby Powder - The average discount rate for baby powder remains stable at 96.3%, with a median of 100% [12].