Investment Rating - The report maintains a "Positive" investment rating for the food and beverage industry [5] Core Views - The report highlights three new consumer investment opportunities in the food and beverage sector: "category dividends in the food sector," "new channel drivers such as snack companies and membership supermarkets," and "new hotspots in health products" [1][20] - It emphasizes the importance of focusing on leading companies in the industry during this phase, particularly in the liquor sector, which may experience a transition year in 2025 [1][13] - The report suggests that the white liquor sector is currently at a low point, with the first quarter potentially being the lowest for the year, and recommends focusing on brands with strong momentum and reasonable growth targets [2][13] Summary by Sections Food and Beverage Sector - The report identifies investment opportunities driven by category dividends, new channels, and health products, recommending leading stocks such as Jin Zai Food, Xianle Health, and Salted Fish [1][21] - It notes that the food and beverage sector is expected to benefit from retail transformation and cost cycle opportunities throughout the year [20][21] Liquor Sector - The white liquor sector is currently viewed as undervalued, with potential for a structural bull market driven by policy stabilization and real estate recovery [2][13] - The report recommends high-end liquor brands like Kweichow Moutai and Wuliangye, as well as regional brands like Gujing Gongjiu and Shanxi Fenjiu, focusing on both momentum continuation and low base recovery strategies [2][13] Market Performance - From May 12 to May 16, the Shanghai Composite Index rose by 1.12%, with the liquor sector showing a modest increase of 0.64% [3][4] - The report highlights that the sales of Moutai liquor through mainstream e-commerce channels grew by over 30% year-on-year in the first four months of the year [6][59] Health Products - The health product sector is experiencing significant growth, driven by the popularity of ergothioneine, with recommendations for companies like H&H International Holdings and Jindawei [15][16]