Food & Beverage Surges # Consistent with Our H2 Investment View, Welcome to Register # This Week's Hangzhou Consumption Forum

English summary

Recently, food & beverage has shown significant outperformance, consistent with our judgment in the "2026 H2 Investment Strategy Report" dated 5.22 that outperformance would appear in July. Views are as follows: 1. We judge that the food & beverage industry is at a strategic turning point where macro and micro factors resonate. Moutai, Haitian, Nongfu Spring, Anjoy, etc., have shown clear bottom or right-side signals. 2. Over the past two decades, F&B outperformance has always occurred after PPI turned positive, resonating with consumption upgrades. At present, it is in a market share gain phase (starting 2025H2), lasting 1-2 years, gradually transitioning to demand logic. 3. In terms of investment pace, we judge that the first trading opportunity may appear from mid-June to mid-August. During this period, A-shares may see the first valuation switch. Additionally, the industry enters a low base, and liquor/catering will turn positive YoY. PS: MoM is to be verified. For reports/models, contact the Guoxin Food & Beverage team.