食品饮料行业周报：育儿补贴政策催化，关注乳品估值修复

Investment Rating - The industry investment rating is "Recommended" (maintained) [2][29]. Core Viewpoints - The food and beverage sector is expected to improve under the positive policy direction aimed at expanding domestic demand and boosting consumption, as highlighted in the government work report and the "Consumption Promotion Special Action Plan" [3][29]. - The white liquor sector has seen a significant rebound, with prices stabilizing and a favorable outlook for recovery as consumer spending increases [4][29]. - The introduction of substantial childcare subsidies is anticipated to positively impact the dairy sector, leading to improved demand for infant formula and a more balanced supply-demand situation [30][29]. Summary by Relevant Sections Recent Market Performance - From March 3 to March 14, 2025, the Shenwan food and beverage index rose by 6.98%, outperforming the Shanghai Composite Index by 4.01 percentage points, ranking sixth among 31 Shenwan primary industries [3][11]. - The white liquor sector increased by 8.29%, with stable pricing for premium brands like Moutai [4][29]. Dairy Sector Insights - A new childcare subsidy policy in Hohhot provides significant financial support for families, which is expected to slow the decline in birth rates and improve demand for dairy products [30][29]. - On March 14, the dairy sector experienced a notable increase of 9.30% in stock prices, with several stocks hitting the daily limit [30][29]. Key Company Highlights - Eastroc Beverage reported a revenue of 15.839 billion yuan for 2024, a year-on-year increase of 40.63%, with net profit rising by 63.09% [27][30]. - The report suggests focusing on companies like New Dairy and Yili Group in the dairy sector, and Eastroc Beverage in the soft drink sector due to their strong performance and growth potential [30][29]. Price Trends - As of March 14, 2025, the price of Moutai (bulk) was 2,200 yuan per bottle, while the original Moutai was priced at 2,225 yuan per bottle, indicating stable pricing in the white liquor market [16][29]. - The average price of fresh milk was reported at 3.08 yuan per kilogram, reflecting a year-on-year decrease of 13.50% [16][29].