Investment Rating - The report maintains a "Positive" investment rating for the food and beverage industry [4]. Core Viewpoints - The new consumption trend continues, focusing on low-priced/undervalued stocks with potential catalysts, particularly in the food sector, new retail channels, and health products [2][29]. - The report highlights the need to pay attention to the white liquor sector, which may face pressure in the second quarter, suggesting a focus on leading brands with strong market positions [16][29]. Summary by Sections White Liquor Sector - The white liquor sector is currently under pressure, with a recommendation to prioritize leading brands such as Guizhou Moutai, Wuliangye, and Shanxi Fenjiu for mid-term investments [16][29]. - Recent policies regarding public receptions may impact white liquor consumption, but the overall effect is expected to be limited due to a shift from government to business consumption since 2016 [7][16]. - The report notes that the white liquor sector is still in a bottoming phase, with opportunities for mid-term positioning in leading brands [4][16]. Consumer Goods Sector - The consumer goods sector shows a continuation of the new consumption trend, with a focus on potential catalysts in food categories, new retail channels, and health products [2][29]. - Recommended stocks in this sector include Jin Zai Foods, New Dairy, Anji Foods, and others, with a focus on companies that can leverage new retail opportunities [2][29]. Market Performance - From May 26 to May 30, the Shanghai Composite Index fell by 1.08%, while non-dairy beverages and other liquor categories saw gains of 8.96% and 7.93%, respectively, with white liquor declining by 2.80% [2][35]. - Specific stocks such as Tianyoude Liquor and Huazhi Liquor showed positive performance, while others like Luzhou Laojiao and Shanxi Fenjiu experienced declines [3][39]. Price Trends - The report provides insights into the pricing trends of key white liquor brands, indicating stable prices for Guizhou Moutai and Wuliangye, with slight fluctuations noted [15][55].

5月20日，山西证监局、山西省上市公司协会等联合举办"山西辖区上市公司2025年投资者网上集体接待 日暨年报业绩说明会"。 在山西汾酒的年报业绩说明会中，《每日经济新闻·将进酒》记者以投资者身份，向公司提问2025年业 绩增长目标、行业发展潜力等问题，公司均作出回应。 谈业绩增长：青花汾酒系列占比提升，带动整体结构优化 财报显示，2024年山西汾酒实现营业收入约360.11亿元，同比增长12.79％；归属于上市公司股东的净利 润约122.43亿元，同比增长17.29%，成功跻身A股白酒股TOP3。 其中，以青花汾酒、巴拿马汾酒、老白汾酒等系列为主要代表的中高价酒类产品，为公司贡献了超七成 收入。 数据显示，2024年公司中高价酒类产品实现营收约265.32亿元，同比增长14.35%，毛利率为84.45%，较 2023年同期提升0.36个百分点。而以普通汾酒、普通竹叶青、杏花村酒等系列为代表的其他酒类营收约 93.42亿元，同比增长9.4%，毛利率为53.13%，较2023年同期增加1.5个百分点。 面对中高价酒类营收的大幅增长，山西汾酒董事会秘书许志峰回应称，主要是因为青花汾酒系列占比提 升，带动整体结构优化 ...