板块刚需属性叠加政策支持，无惧关税扰动

Investment Rating - The report suggests a focus on defensive high-dividend stocks and industry leaders with clear performance improvement trends, indicating a positive investment outlook for the essential consumer sector [4][5]. Core Insights - The essential consumer sector has shown resilience against tariff disruptions, supported by government policies aimed at expanding domestic demand. Companies heavily reliant on imported raw materials may face rising costs [5]. - The Hang Seng Index rose by 0.78% in March 2025, while the essential consumer sector outperformed with a 6.99% increase, indicating strong market performance [6][9]. - The report highlights significant monthly stock performance variations, with notable gains in companies like Wei Long (up 57.2%) and Gu Ming (up 44.2%), while others like Nayuki's Tea faced substantial declines (down 50.5%) [9][10]. Monthly Market Performance - The essential consumer sector maintained a valuation of 18.6x PE (TTM) and 2.26x PB (LF) as of March 31, 2025, reflecting stable valuation levels [6][7]. - The snack industry led the sector's performance in March, primarily driven by Wei Long's strong sales, while the liquor and dining sectors lagged [6][9]. Key Industry Data Pork Farming and Meat Products - As of March 31, 2025, the national price for external three-way crossbred pigs was 14.7 CNY/kg, down 3.3% year-on-year, with self-breeding profits at 51.83 CNY/head and losses of 27.13 CNY/head for purchased piglets [11]. Beer and Soft Drinks - In January-February 2025, beer production from large-scale enterprises was 5.261 million kiloliters, down 4.9% year-on-year. The soft drink sector, however, saw a 3.8% increase in production to 26.847 million tons, benefiting from strong travel demand and innovative market dynamics [14][15]. Dairy Products - Dairy production in January-February 2025 was 454,500 tons, down 6.3% year-on-year. The average price of fresh milk was 3.08 CNY/kg, with expectations for stabilization in raw milk prices in the second half of the year [16][25]. Cost Environment - Key agricultural product prices showed mixed trends, with barley averaging 251.1 USD/ton (down 1.4% month-on-month) and corn at 2,269.4 CNY/ton (up 1.8% month-on-month) as of early April 2025 [28][29].