Investment Rating - The report rates the food and beverage industry as "Outperforming the Market" [1][51]. Core Insights - The beer industry is entering a consumption peak, with expectations for recovery due to rising temperatures and improved consumption policies [2][31]. - The white liquor sector is still in a bottoming phase, with a focus on structural opportunities in mass-market products [2][20]. - The soft drink sector continues to show high growth potential, driven by new product launches and expanded consumption scenarios [3][38]. - The food processing sector is experiencing a capital globalization phase, with significant fundraising for capacity and channel upgrades [3][33]. Summary by Sections 1. Market Review - The food and beverage sector increased by 0.62% in the week of June 30 to July 4, underperforming the CSI 300 index, which rose by 1.54% [6][7]. 2. Core Data Tracking 2.1. White Liquor - The white liquor industry is in a bottoming phase, with a cumulative production of 159.7 million liters from January to May 2025, down 7.6% year-on-year [20][41]. - The price of Feitian Moutai increased by 65 yuan to 1935 yuan, while the price of Guojiao 1573 remained stable at 835 yuan [20][22]. 2.2. Beer - In May 2025, the beer production reached 358.4 million liters, showing a year-on-year growth of 1.4% [31][32]. 2.3. Dairy Products - The production of dairy products in May 2025 was 243.3 million tons, with a notable increase in fresh milk prices showing signs of stabilization [33][35]. 2.4. Soft Drinks - The beverage production in May 2025 was 1,613.1 million tons, reflecting a year-on-year growth of 2.4% [38][39]. 2.5. Other - The approval of D-allohexose as a new food ingredient signals policy support for synthetic biological technology in food materials [40]. 3. Important Company Dynamics - Anjiu Foods officially listed on the Hong Kong Stock Exchange on July 4, raising 2.3 billion HKD for capacity and channel upgrades [3][48].