Investment Rating - The industry rating is maintained as "Positive" [4] Core Views - The rotation between old and new consumption sectors continues, with leading brands in liquor and dairy products rebounding. The performance of mass-market products in Q2 shows divergence, with new consumption-related stocks experiencing rapid growth despite previous adjustments in performance expectations. Traditional channel reforms have impacted some stocks, leading to ongoing adjustments in performance [1][3][33] - The liquor sector is expected to have limited downside potential for leading companies, with high ROE, dividends, and cautious profit assumptions indicating a valuation floor. Recommended stocks include Guizhou Moutai, Shanxi Fenjiu, and Luzhou Laojiao [2][12] - New consumption trends are anticipated to continue, with potential for recovery in the second half of the year. Focus on low-priced or undervalued stocks with future catalysts, including Wei Long, Yili, and Wancheng Group [1][3][33] Summary by Sections Liquor Sector - The liquor sector remains at a low point, with a focus on potential policy catalysts and rebound opportunities. Leading brands with strong market positions are prioritized for investment. Recommended stocks include Guizhou Moutai, Wuliangye, and Shanxi Fenjiu [2][12] - Recent performance shows a positive trend, with Luzhou Laojiao, Yanghe, and Jiu Gui Jiu leading in gains, while Jinzhidao and Huangtai Jiuye faced declines [5][39] Mass-Market Products - The new consumption paradigm is reshaping the food and beverage investment landscape. Despite a recent pullback, the long-term trend remains positive, with clear opportunities for continued investment. Focus on stocks that align with new consumption trends, such as Wei Long, Yili, and Wancheng Group [3][33] - The mass-market sector has seen significant fluctuations, with stocks like Huangshi Group and Guoquan showing strong gains, while stocks like Ganyuan and Gu Ming faced notable declines [39][42] Performance Metrics - From July 14 to July 18, the Shanghai Composite Index rose by 1.09%, with non-dairy beverages and liquor sectors showing gains of 2.16% and 1.30%, respectively. Conversely, frozen foods and snacks experienced declines of 2.26% and 1.10% [39][40] - The valuation levels for the food and beverage industry have adjusted, with the liquor sector showing the highest valuation increase this week [43]

Investment Rating - The report maintains an "Increase" rating for the food and beverage industry, indicating a positive outlook for the sector [6]. Core Insights - The beverage sector is currently in its peak season, with a focus on differentiated performance among companies. The report highlights three main investment themes in the liquor segment: leading brands, sustained regional benefits, and recovery-driven stocks [1][2]. - The report notes that the overall retail sales in June grew by 4.8% year-on-year, with the liquor category experiencing a slight decline of 0.7% [2]. - The beer segment faced slight pressure in June, with a year-on-year production decrease of 0.2%. However, the report suggests that the beer market remains in a high-demand season, and emphasizes the importance of focusing on high-growth products and companies [3]. Summary by Sections Liquor Industry - The report discusses the recent channel reforms initiated by Moutai, aimed at stabilizing prices and enhancing regional cultural product development. This is seen as a positive move for the industry, which has been under pressure due to weak consumption and pricing challenges [2]. - Leading liquor companies such as Moutai, Wuliangye, and Shanxi Fenjiu are expected to continue gaining market share, while companies like Jiuzi and Luzhou Laojiao are highlighted as potential recovery plays [1][2]. Beer and Beverage Sector - The beer production data indicates a slight decline, attributed to seasonal factors and market conditions. The report encourages investors to focus on companies with strong product lines and growth potential, such as Yanjing Beer and Zhujiang Beer [3]. - KKR's acquisition of an 85% stake in Dayao is noted, with Dayao being recognized for its established market presence and new product launches [3]. Food Sector - The report highlights the ongoing disclosure of mid-year performance forecasts, with companies like Zhou Hei Ya and Hao Xiang Ni showing improvements in profitability due to operational optimizations [4]. - However, companies like Ganyuan and Qiaqia are facing profit pressures, with significant expected declines in net profits for the first half of 2025 [4].

Investment Rating - The report maintains a positive outlook on traditional consumer head enterprises, indicating they have long-term investment value from a dividend and yield perspective [5] Core Viewpoints - The report highlights that the pressure on the liquor sector is expected to remain significant due to slow macro demand recovery and limited consumption scenarios, with key recommendations including Guizhou Moutai, Shanxi Fenjiu, and Luzhou Laojiao [5][6] - In the mass consumer goods sector, the report emphasizes the cost advantages supporting profitability and the growth potential driven by new products and channels, particularly in dairy and beer sectors [5][7] - The report identifies opportunities in the dairy sector due to supply-demand rebalancing and policy support, recommending companies like Yili and Qingdao Beer [5][7] Summary by Sections 1. Weekly Insights on Food and Beverage - The food and beverage sector saw a 0.68% increase last week, with liquor rising by 0.88%, underperforming the Shanghai Composite Index by 0.02 percentage points [4] - The report notes that the liquor sector is under pressure, with Moutai's bottle price stable at 1870 yuan and a slight decrease in bulk prices [6][26] 2. Market Performance of Food and Beverage Sectors - The report indicates that the food and beverage industry underperformed the Shenwan A index by 0.64 percentage points, with various sub-sectors showing mixed results [45] - The beverage and dairy sector outperformed the index by 0.14 percentage points, while other sectors like processed food and snacks lagged behind [45] 3. Liquor Sector Updates - Moutai's pricing remains stable, while other brands like Wuliangye and Guojiao 1573 experienced slight price declines [6][26] - The report mentions Moutai's plans to establish joint ventures in various provinces to enhance market order and collaboration [6] 4. Mass Consumer Goods Sector Insights - The retail sales of consumer goods reached 4.23 trillion yuan in June, with a year-on-year growth of 4.8%, but the beverage sector saw a decline of 4.4% [7] - The report highlights the growth potential in the snack and low-alcohol beverage segments driven by new retail formats and consumer trends [7]

中国青年报客户端讯（实习生 陈玺炀 中青报·中青网记者 张敏）近期，走进北京市顺义区，消费者会发 现家商户门前均张贴有"小票根！大优惠"的海报，或摆放着同款易拉宝展架，直观展示着凭票根可享的 各类福利。这是顺义区推出的"票根经济"优惠活动。 在最近举行的第34届北京国际燕京啤酒文化节暨2025燕京啤酒消夏嘉年华期间，顺义区推出该项优惠活 动，消费者凭啤酒节电子购票记录或纸质票根，即可在区内200余家商户享受多重折扣与专属礼遇，真 正实现"一票在手，全域畅享"。 7月17日， 在文体方面，3A冰场与啤酒节联动，推出成人及儿童滑冰半价优惠。冰场运营总监杨国良提到，今 年，冰球小镇与燕京啤酒节成功联动，通过票根经济的模式带动消费，效果显著。 7月17日， 3A冰场内几位小朋友在体验冰球运动。陈玺炀/摄 此外，顺义奥林匹克水上公园、北京国际鲜花港等景点推出门票半价或家庭套票优惠；星逸电影世界等 区内10家影院联合参与，提供饮品和小食类卖品八折特惠；顺义大剧院、松美术馆等文化场所推出剧 目、展览专属折扣；北京春晖园温泉酒店等28家酒店推出特色入住礼包；滴滴打车为啤酒节观众提供专 属代驾优惠和打车补贴…… 据统计，本届燕 ...

7月18日，2025辽宁夏日消费季暨大商集团大连啤酒嘉年华在星海广场盛大启幕。"欢聚山海，干杯大连"，7月18日至8月3日，星海广场将在万众瞩目之中化 作欢乐的海洋，流光摇曳的星海湾，啤酒泡沫比浪花还要欢。这场融合了大连城市特色与国际风情的狂欢盛宴，将以美酒、美食、音乐、文化与科技的多元 融合，引爆滨城夏日消费新热潮，为广大消费者献上一场难忘的夏日欢乐体验。 辽宁省商务厅副厅长郭斌致辞，强调当前辽宁正处于全面振兴新突破关键时期，上半年，全省消费保持良好态势，社会消费品零售总额增速已连续28个月高 于全国平均水平，为全省经济增长贡献了重要消费力量。下半年，全省消费将续写新篇，辽宁夏日消费季作为开篇之作，将进一步提振消费信心，激发消费 活力，惠民生、促消费，不断满足人民对美好生活的向往，为辽宁经济高质量发展注入新动力。作为重点商贸流通龙头企业代表，大商集团董事局副主席陈 德利先生发布促消费活动举措，将持续打造大商品牌，推出优质产品和服务，为消费者带来更多的实惠和惊喜。辽宁省 14 个市商务局负责同志推介发布本 地特色夏季促消费活动，向广大消费者发出盛情邀约。各方携手擘画，共同描绘辽宁夏日消费嗨购蓝图。 启动仪式结 ...

Core Viewpoint - The article emphasizes the importance of technological advancements in transforming agriculture into a more sustainable and resilient industry, focusing on the entire agricultural supply chain from production to consumption [1][2]. Group 1: Technological Empowerment - The global agricultural sector faces challenges from resource constraints and environmental pressures, leading to a consensus on the need for green, low-carbon, and sustainable agricultural practices. Biopesticides, derived from natural sources like Norwegian seaweed, are highlighted as a significant market opportunity [3]. - Syngenta Group has developed a series of biopesticides that enhance crop photosynthesis, balance internal hormone levels, and promote flowering and fruiting, resulting in increased crop yield and quality. These products have been promoted on over 12 million acres in China [3]. - The lightweight packaging in the food and beverage industry is crucial for achieving carbon reduction goals. For instance, switching to lightweight beer bottles can reduce CO2 emissions by approximately 54,600 tons annually if fully adopted [3]. Group 2: Supply Chain Resilience - Recent geopolitical conflicts, extreme weather events, and rising protectionism have exposed vulnerabilities in global food supply chains, making it essential to ensure the stability and self-sufficiency of key agricultural product supply chains. The 2025 Central Document No. 1 emphasizes enhancing the supply guarantee capabilities for important agricultural products [5]. - China relies heavily on imports for barley, a key ingredient in beer production, with over 90% of its beer barley sourced from abroad. This dependency poses risks amid global trade disputes [5]. - The Chinese government is implementing policies to strengthen food security, with a focus on technological empowerment in agriculture, including the establishment of smart farms and enhancing domestic grain production capabilities [5][6]. Group 3: Open Cooperation - Agricultural trade is a vital component of China's foreign trade, with the country being the world's largest importer and the fifth-largest exporter of agricultural products. China engages in agricultural trade with over 220 countries and has signed cooperation agreements with 125 nations [8]. - McDonald's China showcased 11 supply chain partners at the expo, highlighting the collaboration between local and international companies to enhance agricultural trade. The integration of local firms into global supply chains is emphasized as a growth opportunity [8]. - The Chinese government is focused on creating a robust framework for food security, which will provide new opportunities for international agricultural trade cooperation. Recommendations include building inclusive trade rules and fostering deep integration of technology and agriculture [8].

Core Viewpoint - The "Beer Trading Bar" concept introduced at the Dalian Beer Carnival offers a unique drinking experience by integrating stock market-like price fluctuations for various craft beers, enhancing consumer engagement and enjoyment [1][4][8]. Group 1: Event Overview - The Dalian Beer Carnival, featuring the "Snow Beer & Dalian Beer Carnival" area, showcases a new drinking experience designed by China Resources Snow Beer, attracting local citizens and tourists [1][4]. - The event includes a "Beer Trading Bar" where nine types of craft beers are sold with prices that fluctuate in real-time, similar to stock prices, creating an interactive and engaging atmosphere [2][4]. Group 2: Consumer Experience - Visitors express excitement about the unique experience of "trading" beer, with comments highlighting the thrill of watching prices change while enjoying different flavors [6][8]. - The carnival features a relaxed atmosphere with open-air drinking areas, allowing attendees to enjoy their drinks in a comfortable and nature-friendly setting [9][10]. Group 3: Product Offerings - The event features a variety of high-end craft beers, including the renowned "Abbey Six Knights" and "Eulalia Snow Flower," catering to diverse consumer tastes [11]. - Additional offerings include non-alcoholic options like Heineken 0.0 and low-calorie beers, alongside a rich selection of local and trendy food options, enhancing the overall experience [13].

Investment Rating - The report maintains an "Overweight" rating for the food and beverage industry, expecting the industry index to outperform the market index by over 10% in the next six months [1]. Core Viewpoints - The internal structure of the industry is showing differentiation, with a focus on mid-year performance feedback. The report highlights that the liquor sector, particularly high-end brands like Kweichow Moutai, is expected to recover in demand in the second half of the year, while the snack sector is underperforming [2][50]. - The report indicates that all sub-sectors within the food and beverage industry underperformed compared to the CSI 300 index during the review period, with the snack sector experiencing the largest decline of -3.25% [2][13]. - Approximately 55% of stocks in the industry recorded positive returns during the review period, with notable gainers including Huangshi Group (+26.17%) and Huan Shang Huan (+14.18%) [16]. - The overall price-to-earnings (PE) ratio for the food and beverage industry is approximately 20.35 times, which is below the five-year average of 34 times, indicating potential undervaluation [17][19]. Summary by Sections Market Review - From July 4 to July 17, 2025, the SW food and beverage industry index rose by 0.92%, ranking 22nd among Shenwan's primary industries, underperforming the CSI 300 index by about 0.75 percentage points [12]. - All sub-sectors underperformed the CSI 300 index, with the liquor sector showing the highest increase of 1.56% [13]. Key Data Tracking Liquor Sector - The price of Feitian Moutai increased to 1870 RMB per bottle, while the price of Wuliangye decreased to 900 RMB per bottle [22]. Seasonality and Demand - The beer and soft drink sectors are entering a consumption peak season, which is expected to boost demand [50]. Dairy Sector - The average price of fresh milk remained stable at 3.04 RMB per kilogram [36]. Meat Products - The average wholesale price of pork increased to 20.63 RMB per kilogram, reflecting a month-on-month growth of 1.98% [37]. Important News - The Ministry of Commerce announced a final ruling on anti-dumping investigations related to imported brandy from the EU, confirming a dumping margin of 27.7%-34.9% [40]. - In June, the price of alcoholic beverages decreased by 1.7% year-on-year, indicating a potential challenge for the liquor sector [41]. Company Announcements - Water Well announced a forecast for a 12.84% decline in revenue for the first half of 2025, while the company expects a 14.54% increase in sales volume [46]. - Yanjing Beer projected a 40%-50% increase in net profit for the first half of 2025, reflecting strong performance in the beer sector [48]. Investment Recommendations - The report suggests focusing on high-certainty stocks such as Kweichow Moutai (600519) and Hai Tian Wei Ye (603288), as well as Qingdao Beer (600600) and Yili Group (600887) for potential growth [51][52].

Group 1: Seasonal Consumption Trends - The summer travel season is experiencing a surge in various consumption activities across the country, reflecting the robust vitality and potential of the Chinese economy [1] - From July 1 to August 31, the national railway is expected to transport 953 million passengers, averaging 15.37 million passengers per day, with a year-on-year increase of 5.8% [1] Group 2: Cultural and Creative Events - In Beijing's sub-center, three cultural facilities have transformed into a "cultural attraction," hosting weekly markets that integrate culture, creativity, and lifestyle, providing a new one-stop cultural leisure experience for citizens and tourists [3] - The 23rd Harbin International Beer Festival has opened, featuring over 1,000 beer brands from more than 10 countries, significantly boosting local accommodation, dining, and transportation industries [5] Group 3: Themed Attractions and Activities - The "Dinosaur Army" at the China Dinosaur Park in Changzhou has gained popularity through the "Soochow Super" event, creating a "football + cultural tourism" summer series to attract visitors [7] - The Zhangjiajie Grand Canyon's "internet celebrity" glass bridge bungee jumping project has become a tourism highlight, drawing adventure enthusiasts from both domestic and international markets [13] Group 4: Local Agricultural Initiatives - In Huangshan, Anhui Province, the "Lotus Root Harvest" event has been organized to enhance agricultural product sales through village-enterprise cooperation, supporting rural revitalization [11] Group 5: Nightlife and Entertainment - In Jiangsu's Zhangjiagang, the city is enhancing its nightlife by creating new night-time performances and light shows in urban squares, parks, and scenic areas, enriching the city's night life [15]

Core Viewpoint - The Qingdao International Beer Festival has transformed into a significant cultural and tourism event, showcasing Qingdao's unique charm and the importance of Tsingtao Beer as a cultural medium [1][2]. Group 1: Event Overview - The 35th Qingdao International Beer Festival has extended its duration from 24 days to one month and introduced a new venue in the old city, emphasizing the historical roots of the beer industry in Qingdao [2]. - The old city venue is expected to attract over 70.83 million visitors to the Shangjie Street area and 17.65 million to the Dabaodao area in 2024, reflecting the area's vibrant appeal [2]. Group 2: Cultural Significance - The Qingdao Beer Museum serves as a model for revitalizing industrial heritage, combining historical exhibits with immersive experiences, and has welcomed over 14 million visitors in the past 20 years [3]. - The museum has received multiple accolades, including recognition as a national model for industrial heritage protection and cultural innovation [3]. Group 3: Economic Impact - Tsingtao Beer is positioned as a key driver of urban cultural tourism integration, enhancing visitor experiences and contributing to economic vitality through innovative marketing and event strategies [4][5]. - The establishment of "White Beer Welcome Stations" at key transport hubs and interactive experiences in popular districts are part of a broader strategy to enhance consumer engagement and drive economic growth [4][5].