食品饮料行业双周报（2025、03、14-2025、03、27）：春糖反馈平淡，期待需求改善-2025-03-28

Investment Rating - The report maintains an "Overweight" rating for the food and beverage industry, expecting the industry index to outperform the market index by more than 10% in the next six months [56]. Core Viewpoints - The feedback from the Spring Sugar Conference was tepid, with expectations for demand improvement. The government has proposed measures to boost consumption and expand domestic demand, which may lead to stronger consumer policies in the future [51][53]. - The food and beverage industry index rose by 2.22% from March 14 to March 27, 2025, outperforming the CSI 300 index by approximately 1.69 percentage points [10][12]. - Approximately 63% of stocks in the industry recorded positive returns during the same period, with notable gainers including Miaokelando (+24.39%) and Beiyinmei (+22.62%) [14]. Summary by Sections Market Review - The SW food and beverage industry index outperformed the CSI 300 index, with a rise of 2.22% from March 14 to March 27, 2025, ranking fourth among Shenwan's primary industries [10]. - Most sub-sectors outperformed the CSI 300 index, with the soft drink sector leading with a 7.33% increase, while other alcoholic beverages saw a decline of 2.99% [12][14]. Industry Data Tracking 1. Liquor Sector - Prices for Feitian and Guojiao 1573 have decreased, while the price for Pu Wu remains stable. As of March 27, 2025, Feitian's price was 2160 RMB per bottle, down 55 RMB from March 13 [18]. 2. Seasoning Sector - The price of soybean meal has decreased, while white sugar and glass prices have increased. As of March 27, 2025, the market price for white sugar was 6150 RMB per ton, up 90 RMB from March 13 [23]. 3. Beer Sector - The average price of barley increased to 2235 RMB per ton, while aluminum ingot prices decreased to 20790 RMB per ton as of March 27, 2025 [28]. 4. Dairy Sector - The average price of fresh milk rose to 3.09 RMB per kilogram as of March 21, 2025, reflecting a slight increase [32]. 5. Meat Products Sector - The average wholesale price of pork was 20.74 RMB per kilogram as of March 27, 2025, down 0.12 RMB from March 13 [34]. Important News - The government has launched a national food safety reporting system to enhance food safety oversight [36]. - In the first two months of 2025, the production of liquor in Sichuan decreased by 10% year-on-year [37]. Company Announcements - Guizhou Moutai is recommended due to its strong revenue targets and plans for product and channel optimization [52]. - Hai Tian Wei Ye is highlighted for its stable performance and positive outlook in the seasoning sector [52].