食品饮料行业周报：糖酒会圆满闭幕，把握细分赛道发展机遇

Investment Rating - The report maintains an "Accumulate" rating for the food and beverage industry [6]. Core Insights - The 110th National Sugar and Wine Fair was held from March 20 to 22, 2024, in Chengdu, with a record exhibition area of 325,000 square meters, aimed at boosting consumption and economic vitality in the food and beverage sector [6][45]. - The liquor, beverage, and refined tea manufacturing industry grew by 8.1% in January-February 2024, indicating strong performance within the sector [6][45]. - New product launches from major brands like Moutai and Luzhou Laojiao highlight the ongoing innovation and market expansion efforts in the liquor segment [6][45][47]. - The fruit wine market is projected to grow significantly, with the market size expected to exceed 200 billion yuan by 2025 [9][48]. Summary by Sections Industry News - The 110th National Sugar and Wine Fair showcased a transformation in format, promoting a global benchmark for consumer festivals [6][45]. - The 20th China International Wine Expo took place in Luzhou, focusing on international collaboration and brand promotion [6][45]. - Moutai launched new products, including blueberry sparkling wine, reflecting a trend towards diversification in product offerings [6][9][48]. Performance Metrics - The SW Food and Beverage Index decreased by 0.85% this week, underperforming compared to the CSI 300 Index [52]. - The liquor manufacturing sector showed robust growth, with a reported increase of 8.1% in early 2024 [6][45]. Investment Recommendations - For liquor, focus on companies like Luzhou Laojiao and Moutai, which are positioned to benefit from both high-end and mass-market demand [12][51]. - In the beer segment, companies such as China Resources Beer and Qingdao Beer are recommended due to their product optimization and market expansion strategies [12][51]. - The report suggests monitoring the frozen food sector, particularly companies like Anjui Foods, which are expected to benefit from the growing demand for pre-prepared meals [12][51].