中信建投表示，政策+估值双重支撑，白酒底部机会可期。 国家倡导的"反内卷"导向，有利于食品饮料行业完成价格筑底，长期来看将推动行业高质量发展，同时 也提升了资本市场对未来经济走势与消费复苏的预期；。 随着政策持续纠偏，此前处于低位的白酒、餐饮产业链有望逐步回暖；当前白酒板块估值处于历史低 位，叠加茅台动销回暖的积极信号，食品饮料板块的底部机会值得重点珍视。 食品饮料板块当前呈现"低基数、低持仓、低预期"的三重特征，供需两端只要出现积极变化，就有望成 为股价上行的催化剂。 近期，外需市场风险有所增加，在此背景下，具备内需弹性的板块更可能率先迎来回暖。 具体投资方向上，建议重点关注三季报预期业绩高增的细分领域，例如零食、饮料、速冻食品等赛道。 食品饮料ETF（515170）跟踪中证细分食品饮料产业主题指数，聚焦白酒、饮料乳品、调味发酵品等高 壁垒、强韧性板块，前十大成分股囊括"茅五泸汾洋"，帮助投资者一键配置"吃喝板块"核心资产。相较 于其成分股动辄数万、数十万的最低投资门槛，食品饮料ETF是小资金参与板块投资的便捷工具。（联 接A类：013125；联接C类：013126） ...

国信证券指出，内需弹性凸显，锚定三季报高增领域。 食品饮料板块当前呈现"低基数、低持仓、低预期"的三重特征，供需两端只要出现积极变化，就有望成 为股价上行的催化剂。 中信建投表示，政策+估值双重支撑，白酒底部机会可期。 国家倡导的"反内卷"导向，有利于食品饮料行业完成价格筑底，长期来看将推动行业高质量发展，同时 也提升了资本市场对未来经济走势与消费复苏的预期。 随着政策持续纠偏，此前处于低位的白酒、餐饮产业链有望逐步回暖；当前白酒板块估值处于历史低 位，叠加茅台动销回暖的积极信号，食品饮料板块的底部机会值得重点珍视。 食品饮料ETF（515170）跟踪中证细分食品饮料产业主题指数，聚焦白酒、饮料乳品、调味发酵品等高 壁垒、强韧性板块，前十大成分股囊括"茅五泸汾洋"，帮助投资者一键配置"吃喝板块"核心资产。相较 于其成分股动辄数万、数十万的最低投资门槛，食品饮料 ETF 是小资金参与板块投资的便捷工具。 （联接A类：013125；联接C类：013126）。 近期，外需市场风险有所增加，在此背景下，具备内需弹性的板块更可能率先迎来回暖。 具体投资方向上，建议重点关注三季报预期业绩高增的细分领域，例如零食、饮料、速 ...

Logistics Industry - The logistics sector has seen a year-to-date increase of 6.2% as of June 13, 2025, outperforming the CSI 300 by 8.0% [1] - The shift from external to internal demand is contributing to excess returns in the logistics industry, with direct-operated express companies like SF Express and JD Logistics performing better than franchise-based counterparts [1] - The competitive intensity in the logistics sector is expected to be controllable due to effective regulatory constraints, despite a stronger demand for market share among leading companies [1] Shipping Industry - The shipping sector has experienced a year-to-date increase of 0.8%, with an excess return of 2.6% compared to the CSI 300 as of June 13, 2025 [2] - The easing of tariffs between China and the U.S. is expected to maintain strong export levels until mid-July, coupled with temporary capacity tightness, which may lead to further price increases in the shipping sector [2] - In the medium term, the supply of oil tankers, particularly VLCCs, remains tight, and a recovery in demand may lead to rising freight rates [2] Infrastructure Sector - As of June 13, 2025, the highway, railway, and port sectors have underperformed the market by 0.74, 4.23, and 0.73 percentage points, respectively [3] - The growth in passenger traffic on highways is driven by an increase in vehicle ownership and sustained short-distance travel demand, with the summer peak season expected to boost high-speed rail travel [3] - The recovery in domestic demand is anticipated to positively impact the freight transport sector, with the easing of U.S. tariff policies likely to sustain high levels of export trade in the short term [3]