食品饮料行业周报：古越龙山积极开展营销活动，提升品牌热度

Investment Rating - The industry investment rating is "Outperform the Market" [1][43]. Core Views - Guyue Longshan is actively conducting marketing activities to enhance brand awareness, with the "Yue Wine Goes Global" campaign expected to boost its growth potential [2][4]. - The yellow wine sector is anticipated to experience new development opportunities, with Guyue Longshan showing significant growth potential due to its strong historical and cultural foundation [4]. Market Review - The food and beverage sector experienced a decline of 0.4% last week, ranking in the middle among various industries. Other alcoholic beverages and pre-processed foods performed well, with increases of 2.3% and 1.5% respectively, while meat products and snacks saw declines of 2.8% and 3.5% [2][9]. - As of May 17, the valuation of the liquor sector (PE-TTM) was 24.1X, while the food and beverage sector was at 24.0X [2][11]. Industry Data - The price of fresh milk as of May 17 was 3.41 CNY/kg, showing no change week-on-week but a year-on-year decrease of 12.1%. The national price for live pigs was 7.82 CNY/jin, reflecting a week-on-week increase of 2.6% and a year-on-year increase of 8.0% [3][30]. - The price of various duck products as of May 17 was recorded at 9.9 CNY/kg for duck necks, 8.2 CNY/kg for duck locks, and 24.8 CNY/kg for duck feet [30]. Key Insights - Guyue Longshan's marketing efforts, including high-end product promotions and tasting events, are expected to yield positive results over time [4]. - The yellow wine market is projected to grow as consumer preferences evolve, with Guyue Longshan's improved incentive mechanisms and marketing strategies contributing to its long-term growth potential [4]. - The company has successfully expanded its market presence, adding 263 new distributors and establishing 12 new tasting venues across key cities in 2023 [4]. Recommended Portfolio - The recommended stocks include Shanxi Fenjiu, Chengde Lulou, Luzhou Laojiao, Qingdao Beer, and Jiusiyuan [4].