食品饮料行业双周报、月报：政策加码，消费基础持续夯实

Investment Rating - The report maintains a "Recommended" rating for the food and beverage industry, indicating that the industry index is expected to outperform the benchmark index by more than 10% [6]. Core Insights - The food and beverage industry in A-shares saw a 2.43% increase over the past two weeks, outperforming the Shanghai Composite Index by 0.15 percentage points but underperforming the Shenzhen Component Index by 1.50 percentage points [11]. - Key segments such as other alcoholic beverages (+4.40%), liquor (+2.76%), and dairy products (+2.01%) showed strong performance, while soft drinks (-1.34%), snacks (-1.08%), and fermented seasoning products (-0.89%) experienced declines [11]. - Notable individual stock performances included Rock Shares (+25.86%), Zhuangyuan Pasture (+14.12%), and Jiahe Foods (+11.40%), while brands like Good Products Store (-8.86%), Ganyuan Foods (-8.79%), and Three Squirrels (-7.67%) faced significant drops [11]. Summary by Sections Market Review - The A-share food and beverage industry rose by 2.43% from February 10 to February 21, 2025, while year-to-date, it has decreased by 4.67% [11]. - The report highlights the performance of various sub-sectors and individual stocks within the food and beverage industry [11]. Key Data Tracking - The report provides critical pricing data for various products, including: - The price of Feitian Moutai was reported at 2,240 RMB for original boxes and 2,190 RMB for loose packaging, reflecting a decrease of 45 RMB and 40 RMB respectively compared to two weeks prior [25]. - The average price of fresh milk in major production areas was 3.11 RMB/kg, down 14.1% year-on-year [34]. - The national market price for pork was 27.58 RMB/kg, up 6.7% year-on-year [38]. Policy and News Tracking - A joint announcement from five departments emphasized boosting consumption through a three-year action plan (2025-2027) focusing on quality and brand building in various sectors, including food [51]. - The report notes that the revenue from the sauce liquor industry is projected to reach 240 billion RMB in 2024, with a year-on-year growth of 4% [51]. - The Ministry of Agriculture and Rural Affairs is guiding adjustments in livestock production to stabilize capacity and promote balance between supply and demand [51]. Investment Recommendations - For the liquor sector, despite being in a period of inventory digestion, the report suggests focusing on high-end liquor companies like Kweichow Moutai, Wuliangye, and Luzhou Laojiao, as they have gained valuable experience from previous cycles [54]. - In the consumer goods sector, the report emphasizes the importance of essential consumption and recommends companies such as Yili, New Dairy, Dongpeng Beverage, and Haitian Flavoring [54].