食品饮料行业周报：促消费政策积极，关注需求修复边际改善-20250319

Investment Rating - The report maintains an investment rating of "Recommended" for the food and beverage industry [2][22]. Core Viewpoints - The food and beverage sector is expected to benefit from proactive consumption policies aimed at boosting demand recovery, with a focus on enhancing consumer spending and exploring consumption potential [4][22]. - The recent performance of the food and beverage sector, which saw a 2.34% increase, outperformed the Shanghai Composite Index by 1.04 percentage points, ranking eighth among 31 primary industries [4][22]. Summary by Relevant Sections Recent Market Performance - From February 10 to February 14, 2025, the food and beverage index rose by 2.34%, with the sub-sectors showing varied performance: pre-processed foods (+3.40%), liquor (+3.13%), and beer (+1.55%) [9][22]. - Notable individual stock performances included Rock Shares (+25.75%) and Yiming Foods (+12.67%) [9]. Key Industry Developments - The State Council emphasized the importance of boosting consumption, particularly in sectors with strong growth potential, which is expected to positively impact the food and beverage sector [4][22]. - The liquor segment, particularly high-end brands like Moutai, is anticipated to recover as consumer spending increases, with current valuations at historically low levels [23][24]. Company Recommendations - The report suggests focusing on specific companies within the liquor sector, including Kweichow Moutai (600519.SH), Wuliangye (000858.SZ), and Shanxi Fenjiu (600809.SH), as they are expected to benefit from the anticipated recovery in consumer demand [23][24]. - In the snack and frozen food segments, companies like Haitian Flavoring (603288.SH) and Anjuke Foods (603345.SH) are recommended due to expected improvements from the recovery of the restaurant industry [24]. Price Trends - Recent price fluctuations for Moutai show a range between 2230 CNY and 2250 CNY per bottle, indicating market volatility but also a stable demand outlook [13][23]. - The average price of fresh milk as of February 7, 2025, was reported at 3.12 CNY per kilogram, reflecting a 14% year-on-year decrease, which may lead to improved margins for dairy companies [24].