食品饮料行业周报：端午节白酒需求平淡，关注即将到来的啤酒旺季

Investment Rating - The report rates the food and beverage industry as "Outperform" [1] Core Insights - The demand for liquor remains weak during the Dragon Boat Festival, with a focus on the upcoming beer peak season. The overall sales performance of liquor is subdued, and companies are actively engaging in marketing efforts. The consumer price segment shows strong growth momentum, and cost improvements continue, suggesting investment opportunities in mass-market products [2][6] - The beer sector is expected to benefit from structural upgrades and cost reductions, with companies like Yanjing Beer and Qingdao Beer showing promising growth potential. The report recommends focusing on companies that are likely to see performance recovery in the second half of the year [2][6] Market Review - The food and beverage sector experienced a decline of 2.7% last week, ranking 20th among all sectors. Within the sub-sectors, beer and soft drinks performed relatively well, with increases of 2.0% and decreases of 1.7%, respectively. Other alcoholic beverages and processed foods saw declines of 5.4% and 6.9% [6][7] - As of June 7, the valuation of the liquor sector (PE-TTM) stands at 22.3X, while the overall food and beverage sector is at 18.9X [6][9] Industry Data - The average wholesale price for a case of Feitian liquor ranges from 2715 to 2727 RMB, while the price for a single bottle is between 2487 and 2523 RMB. The price for Wuliangye is 940 RMB, and for Guojiao 1573, it is between 875 and 880 RMB [15][20] - The national average price for live pigs is 9.55 RMB per jin, reflecting a week-on-week increase of 8.4% and a year-on-year increase of 30.8%. The pig-to-grain ratio is 7.66, with a week-on-week increase of 0.45 percentage points [20][21] - The price of fresh milk as of May 31 is 3.34 RMB per kilogram, showing a week-on-week decrease of 0.9% and a year-on-year decrease of 13.0% [17][18] Recommendations - The report suggests a focus on companies such as Shanxi Fenjiu, Chengde Lulujia, Luzhou Laojiao, and Qingdao Beer for potential investment opportunities [2][6]