食品饮料行业周报：政策提振，市场预期回暖

Investment Rating - The industry investment rating is maintained as "Buy" [3] Core Views - The food and beverage industry has shown a positive performance with a 2.34% increase from February 10 to February 14, 2025, outperforming the CSI 300 index by 1.15 percentage points [5][11] - The government is emphasizing consumption recovery as a key measure to boost domestic demand, which is expected to benefit leading liquor companies and high-end products [7][14] - The overall consumption market is showing signs of recovery, driven by policy support and economic improvement, with a focus on the recovery opportunities in the restaurant chain sector [8][41] Summary by Sections Industry Performance - The food and beverage sector outperformed the broader market indices, with specific segments like pre-processed foods, liquor, and beer showing notable increases of 3.40%, 3.13%, and 1.55% respectively [5][11] - The average price of live pigs and pork has seen a decline, with live pig prices at 16.64 yuan/kg and pork at 28.24 yuan/kg as of February 6, 2025 [6][31] Policy Impact - The government is implementing measures to support consumer income and optimize the consumption environment, which is expected to stimulate market recovery [7][14] - The liquor industry is experiencing a trend of inventory control and price stabilization, with major brands like Fenjiu halting supply of key products to enhance market pricing [7][14] Investment Suggestions - The report suggests focusing on sectors with high valuation elasticity such as condiments, dairy products, beer, and liquor, as well as sectors with high growth potential like snacks and soft drinks [8][41] - The food and beverage industry is viewed as a cyclical sector that is likely to experience valuation recovery [8][41] Key Data Tracking - As of February 18, 2025, the reference wholesale price for Feitian Moutai is 2235 yuan/bottle, reflecting a decrease of 1.97% from the previous week [24] - The average price of fresh milk in major production areas is 3.12 yuan/kg, down 8.72% year-on-year [29]