Investment Rating - The report assigns an "Outperform" rating to several companies in the essential consumer goods sector, including Haidilao, Youran Dairy, Jiumaojiu, Modern Farming, Dasheng Holdings, Yihai International, Aoyou, and China Feihe, while Budweiser APAC is rated as "Neutral" [1]. Core Insights - The report highlights a general decline in spot cost indices for six categories of consumer goods, while futures indices primarily increased [38]. - The spot cost indices for dairy products, soft drinks, frozen foods, beer, instant noodles, and condiments changed by -2.92%, -2.46%, -1.88%, -1.78%, -1.58%, and -1.29%, respectively, while the futures cost indices changed by -1.52%/+1.64%/-1.77%/+3.57%/+0.84%/+2.89% [38]. Summary by Category Beer - The spot cost index decreased by 1.78% month-on-month, while the futures index increased by 3.57% [39]. - Year-to-date, the spot and futures indices have changed by -4.54% and -5.08%, respectively [39]. Seasonings - The spot cost index decreased by 1.29% month-on-month, while the futures index increased by 2.89% [40]. - Year-to-date, the spot and futures indices have changed by -1.7% and -3.2%, respectively [40]. Dairy Products - The spot cost index decreased by 2.92% month-on-month, and the futures index decreased by 1.52% [41]. - Year-to-date, the spot and futures indices have changed by -3.87% and -1.08%, respectively [41]. Instant Noodles - The spot cost index decreased by 1.58% month-on-month, while the futures index increased by 0.84% [42]. - Year-to-date, the spot and futures indices have changed by -4.43% and -3.07%, respectively [42]. Frozen Foods - The spot cost index decreased by 1.88% month-on-month, and the futures index decreased by 1.77% [43]. - Year-to-date, the spot and futures indices have changed by -2.95% and -3.6%, respectively [43]. Soft Drinks - The spot cost index decreased by 2.46% month-on-month, while the futures index increased by 1.64% [44]. - Year-to-date, the spot and futures indices have changed by -5.91% and -5%, respectively [44].

Investment Rating - The report provides investment ratings for various companies in the consumer staples sector, with "Outperform" ratings for companies like Haidilao, China Feihe, and China Resources Beer, while Budweiser APAC is rated "Neutral" [1]. Core Insights - The report highlights a mixed trend in the cost indices of six categories of consumer goods, with spot cost indices for beer, frozen food, dairy products, seasonings, instant noodles, and soft drinks showing changes of +2.69%, +1.67%, +1.09%, -0.12%, -0.18%, and -1.58% respectively, while futures cost indices showed changes of -3.78%, +1.38%, +0.46%, -1.64%, -1.64%, and -2.61% respectively [36]. Summary by Category Beer - The spot cost index for beer increased by 2.69% compared to last month, while the futures index decreased by 3.78%. Year-to-date, the spot index has changed by -0.08% and the futures index by -5.24% [12][37]. Seasonings - The spot cost index for seasonings decreased by 0.12%, and the futures index decreased by 1.64%. The price of soybeans has been rising due to limited domestic supply and decreased imports [16][38]. Dairy Products - The spot cost index for dairy products increased by 1.09%, and the futures index increased by 0.46%. Fresh milk prices have stabilized at 3.08 yuan per kilogram, with oversupply continuing to pressure prices [19][39]. Instant Noodles - The spot cost index for instant noodles decreased by 0.18%, and the futures index decreased by 1.64%. Palm oil prices have fallen due to increased production and inventory accumulation [24][40]. Frozen Food - The spot cost index for frozen food increased by 1.67%, and the futures index increased by 1.38%. Vegetable prices have decreased significantly due to increased supply [28][41]. Soft Drinks - The spot cost index for soft drinks decreased by 1.58%, and the futures index decreased by 2.61%. Prices are under pressure due to weak demand and capacity expansion [32][42].