国元证券晨会纪要-20250411

Group 1: Core Insights - The essential consumption sector shows resilience against tariff disruptions, supported by policy initiatives and a strong demand characteristic [1] - In March 2025, the Hang Seng Index rose by 0.78%, while the essential consumption sector outperformed with a 6.99% increase, exceeding the index by 6.21 percentage points [1] - As of March 31, 2025, the valuation of the Hong Kong essential consumption sector remained at 18.6 times PE (TTM) and 2.26 times PB (LF) [1] Group 2: Industry Performance - The snack industry led the gains in March, primarily driven by the performance of brands like Wei Long, while the liquor and dining sectors lagged behind [1] - The essential food and beverage sector, characterized by its necessity, is less affected by tariff policies, benefiting from national policies aimed at expanding domestic demand [1] - Companies heavily reliant on imported raw materials may face rising costs due to tariff impacts [1]