投资评级：看好（维持） 行业走势图 食品饮料 2026 年 03 月 15 日 数据来源：聚源 -19% -10% 0% 10% 19% 29% 2025-03 2025-07 2025-11 食品饮料 沪深300 相关研究报告 《两会政策红利释放，行业复苏确定 性提升—行业周报》-2026.3.8 《节后需求稳健格局优化，健康功能 饮品长期向好—行业周报》-2026.3.1 《春节动销趋势向好，聚焦龙头布局 景气赛道—行业周报》-2026.2.23 餐饮修复叠加通胀预期，调味品板块值得重视 ——行业周报 张宇光（分析师） 张思敏（分析师） zhangyuguang@kysec.cn 证书编号：S0790520030003 zhangsimin@kysec.cn 证书编号：S0790525080001 核心观点：餐饮复苏明显，通胀侧重机会，调味品将持续受益 3 月 9 日-3 月 13 日，食品饮料指数涨幅为 0.3%，一级子行业排名第 9，跑赢沪 深 300 约 0.1pct，子行业中肉制品（+2.3%）、啤酒（+1.2%）、乳品（+1.0%） 表现相对领先。近期地缘政治因素推动全球能源价格持续上涨，如果持 ...

——行业周报 食品饮料 2026 年 03 月 15 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -19% -10% 0% 10% 19% 29% 2025-03 2025-07 2025-11 食品饮料 沪深300 相关研究报告 《两会政策红利释放，行业复苏确定 性提升—行业周报》-2026.3.8 《节后需求稳健格局优化，健康功能 饮品长期向好—行业周报》-2026.3.1 《春节动销趋势向好，聚焦龙头布局 景气赛道—行业周报》-2026.2.23 餐饮修复叠加通胀预期，调味品板块值得重视 （1）贵州茅台：在白酒需求下移背景下，公司进行市场化改革，以更加务实的 姿态，强调未来可持续发展。公司分红率持续高位，此轮周期后茅台可看得更为 长远。（2）山西汾酒：汾酒短期面临需求压力，但中期成长确定性较高。汾牌 产品结构升级同时杏花村、竹叶青同时发力，全国化进程加快。（3）西麦食品： 燕麦主业稳健增长，线下基本盘稳固，新渠道开拓快速推进。原材料成本迎来改 善，预计营收保持较快增长，盈利能力有望持续提升。（4）海天味业：调味品 行业迎来需求复苏，公司品牌渠道优势显著，同时有提价预期，预计中长期收入 利润增 ...

Investment Rating - The industry investment rating is "stronger than the market," indicating an expected performance that exceeds the market by more than 5% within the next six months [21]. Core Insights - The government work report emphasizes stimulating domestic consumption and implementing policies to promote sustained growth in consumer spending, which is expected to lead to a recovery in consumption [3][7]. - The overall market experienced a pullback, with most segments of the consumer sector underperforming the broader market during the week of March 2 to March 8, 2026 [3][6]. Summary by Relevant Sections Social Services - The tourism sector is expected to continue its recovery, with leading companies responding quickly to changes in consumer demand. The retail tourism industry is stabilizing, supported by policies that may boost sales [4]. - The beauty industry is experiencing steady growth, with a focus on companies that can quickly adapt to market dynamics and integrate products, brands, and channels [4]. - In the food and beverage sector, the at-home dining market shows significant potential, with companies like Guoquan building barriers through their products, channels, and supply chains [4]. - The dairy industry is seeing an improvement in supply-demand relationships, with leading companies likely entering a profit recovery phase [4]. Media - Companies in the media sector are encouraged to focus on consumer sentiment and emotional fluctuations, which may present opportunities for growth [4]. Food and Beverage - Mass Market - The market for at-home dining is expanding, with companies like Guoquan showing positive trends in store recovery and expansion [4]. - The dairy sector is improving, with leading companies expected to recover profitability [4]. - The restaurant supply chain is stabilizing, with sectors like condiments and frozen foods emerging from a downturn [4]. Food and Beverage - Alcohol - Many liquor companies are experiencing deeper declines in net profits, but leading firms are expected to maintain or increase market share due to superior brand management [4]. - The report highlights three main investment lines: high-end liquor with stable demand, mid-range liquor with national expansion, and local market-focused products [4]. Key Company Announcements - Up-and-coming companies like Shangmei are projected to see significant revenue growth, with expected revenues of approximately 9.1 to 9.2 billion yuan, reflecting a year-on-year increase of 34% to 35.4% [8]. - Bilibili reported a net revenue of 8.32 billion yuan for Q4 2025, marking an 8% year-on-year increase, driven primarily by a 27% increase in advertising revenue [9][10].