食品饮料行业周报：财报窗口期，关注业绩催化

Investment Rating - The industry rating is "Overweight" [2][5] Core Views - The food and beverage industry experienced a decline of 0.56% from March 25 to March 29, underperforming the CSI 300 index by 0.35 percentage points [3][7] - The beer market is entering its traditional consumption peak with increasing demand driven by social gatherings and leisure activities, supported by a reduction in costs due to the cancellation of anti-dumping measures on Australian barley [4][12] - The pork prices have shown an upward trend due to capacity reduction and increased short-term fattening practices among farmers, leading to a more balanced supply-demand situation [4][32] Summary by Sections Industry Performance - The food and beverage sector's relative performance was ranked 15 out of 31, with snack foods, health products, and soft drinks showing positive growth [3][7] - The average price of live pigs and pork has increased, with the average price for live pigs at 15.04 yuan per kilogram and pork at 24.98 yuan per kilogram as of March 21 [32] Beer Market Insights - The beer industry is witnessing a trend towards premiumization, with consumers increasingly favoring high-quality products, which is expected to enhance sales of premium beer [4][12] - The overall consumption environment is improving, suggesting a potential for simultaneous increases in both volume and price for the beer sector [4][12] Investment Recommendations - Focus on performance during the earnings disclosure period, with expectations for stable first-quarter results and attention to catalysts for growth [5][45] - In the white liquor sector, there is a noticeable trend of concentration and differentiation, with recommendations to pay attention to high-end and regional leading companies [5][45] - The overall consumption recovery trend is clear, with snack foods, soft drinks, and beer maintaining high levels of market sentiment and improving profit margins [5][45]