中国必需消费品：5月检查及消费品公司日总结：政策波动与通缩下渠道转变的崎岖之路

We hosted multiple staple companies at our Consumer & Leisure Corporate Day and performed channel checks in the past weeks. We are seeing a bumpy road of demand recovery and still largely slow 2Q-to-date run-rates across staples sub-sectors, esp. for spirits, beer, and dairy. Recent policy tightening in alcohol consumption by government officers and civil servants amid upcoming peak season are a key downside risk and will likely impact on-trade consumption sentiment (e.g., high-end catering/spirits) in next few months. Meanwhile, visibility on resilience in profitability from continued cost deflation and agile investment remains solid. YTD the emerging channel shifts across instant shopping, discounter channels etc. have been in highlight due to the strong growth yoy, though the absolute topline contribution is still very small in for the Staples universe in our view. QTD run-rate - Still lackluster demand recovery in 2Q to date: Overall, we observed unexciting retail performance in 2Q t