食品饮料行业周报：政策刺激提振信心，板块情绪回暖，关注低估值下的配置机会-2025-03-17

Investment Rating - The report rates the food and beverage industry as "Outperforming the Market" [1] Core Viewpoints - Policy stimulus is boosting confidence in the food and beverage sector, leading to a recovery in market sentiment and highlighting investment opportunities in undervalued segments [1][5] - The food and beverage sector saw a weekly increase of 6.2%, ranking second among the Shenwan primary industries, with other alcoholic beverages leading the gains [2][8] - The introduction of substantial childcare subsidies in Hohhot is expected to benefit the dairy sector significantly, contributing to a notable year-to-date increase in stock prices [5][50] Market Review - The food and beverage sector's weekly performance was +6.2%, outperforming the CSI 300 index, which was +1.6% [2][8] - Sub-sectors such as other alcoholic beverages and pre-processed foods showed strong weekly gains of +8.4% and +7.8%, respectively, while seasoning and fermented products lagged behind with +2.6% and +1.5% [2][8] - As of March 14, the valuation of the liquor sector (PE-TTM) was 21.2X, while the overall food and beverage sector was at 22.1X [19] Industry Data - The average price of fresh milk in China was 3.08 CNY/kg as of March 7, reflecting a month-on-month decrease of 0.3% and a year-on-year decrease of 13.5% [38] - The price of live pigs was reported at 7.42 CNY/jin as of March 14, with a week-on-week increase of 0.8% and a year-on-year increase of 0.3% [42] - The report highlights the significant impact of government policies aimed at boosting birth rates and consumer spending, which are expected to positively influence the food and beverage sector's fundamentals [5][50] Recommendations - The report suggests focusing on leading brands in the liquor sector, such as Kweichow Moutai and Luzhou Laojiao, which are expected to benefit from valuation recovery and high dividend yields [5] - In the dairy segment, it recommends attention to leading companies like Yili and China Feihe, which are poised to gain from favorable demographic and consumption policies [5] - The report also notes potential recovery opportunities for beer leaders like Tsingtao Brewery, given the low base effect [5]