食品饮料行业周度更新：白酒韧性凸显，大众品关注边际改善

Investment Rating - The report maintains an "Overweight" rating for the food and beverage industry, consistent with the previous rating [1]. Core Insights - The resilience of the liquor sector is highlighted, with a focus on the changes in wholesale prices. The report anticipates marginal improvements in mass-market products, with beer and beverage sales showing signs of acceleration [1][3]. Summary by Sections Investment Recommendations - For liquor, the report suggests overweight positions in stable performers such as Shanxi Fenjiu, Yingjia Gongjiu, Gujing Gongjiu, and Kweichow Moutai. It also recommends overweight positions in undervalued stocks like Wuliangye, Laobai Ganjiu, Jianshiyuan, Luzhou Laojiao, and Hong Kong-listed Zhenjiu Lidu [3][6]. - In the beer and beverage segment, recommended stocks include Qingdao Beer, Yanjing Beer, Dongpeng Beverage, and Hong Kong-listed China Resources Beer [3][6]. - For mass-market products, the report suggests overweight positions in high-growth companies such as Three Squirrels, Jin Zai Food, and Yan Jin Pu Zi, as well as supply chain stocks like Qianhe Flavor Industry and Zhongju Gaoxin [3][6]. Liquor Sector Analysis - The liquor sector shows resilience, with a focus on price changes. Consumption growth slowed in April and May, but the performance during the Dragon Boat Festival met expectations. The report notes that leading companies like Moutai are prioritizing stable and quality growth, indicating a structural growth trend towards leading brands across various price points [7][8]. - The report emphasizes the importance of monitoring price trends in the liquor market, especially as the sector enters a sales lull during the second quarter [7][8]. Beer and Beverage Sector Insights - The report indicates that beer sales declined in the first five months of 2024, but high-end products are showing growth. The overall trend remains stable with a focus on volume and price increases [11][12]. - Yanjing Beer is highlighted for its strong growth, with the U8 product line expected to achieve over 30% growth in sales, significantly outperforming the industry [11][12]. Mass-Market Products Outlook - The report notes that while the snack sector is entering a relatively quiet season, the growth logic remains unchanged. Companies like Three Squirrels are focusing on channel management and operational efficiency to maintain growth [3][6]. - The report anticipates that the restaurant supply chain sector will gradually stabilize, with expectations for improved downstream demand in the future [3][6]. Profit Forecast and Valuation - The report includes a profit forecast and valuation table for key stocks, indicating a positive outlook for several companies in the liquor and food sectors, with many rated as "Overweight" [13][14].