Packaged croissants, also known as croissants, are a type of pre-packaged French pastry typically found in grocery stores and convenience stores. These pre-packaged croissants are characterized by their buttery and flaky texture and crescent shape and are typically produced on a large scale. They are packaged in protective materials to maintain their freshness and extend their shelf life and are intended for easy consumption, providing a convenient and ready-to-eat option for consumers around the world.

Anhydrous milk fat (butter oil) is a dairy product made from butter that has been drained of its moisture content and non-fat particles to reveal a concentrated, pure form of milk fat. Given its rich, creamy texture and buttery flavor, it is frequently utilized in the food industry. Applications include giving a unique taste and texture to dairy, confectionery, and baked goods. Due to its emollient and moisturizing qualities, it is also used in cosmetics and personal hygiene products.

Bouillon is a clear, rich broth that is obtained by simmering meat, bone marrow, or vegetables in water. Bouillon is commonly used as a foundation for soups, sauces, or goulash or consumed as a hot drink. Its flavor is enhanced by the addition of salt, herbs, and spices.

23年多重压力之下，板块整体略显疲软。2023年年初至今（12月23日）食品饮料板块下跌17.2%，板块经历了多段回调：年初受益于春节旺季催化与疫后消费复苏的强预期，板块涨幅较多；随后行业弱复苏背景下板块出现整体性回落；7月中旬起扩内需促消费系列政策陆续出台，宏观经济展望乐观，板块强势反弹；但8月起市场情绪较为悲观，叠加三季报业绩较平淡，板块重回下行态势；10月中下旬中央增发1万亿特别国债，同时茅台提价释放利好信号，板块回暖明显；12月起行业再次经历整体性回调。

投资建议：白酒板块：建议紧握龙头积极寻找α，推荐贵州茅台，泸州老窖，五粮 液，珍酒李渡，迎驾贡酒等。大众品板块：建议重点关注：（1）本身基本面强劲， 长期收入成长逻辑顺畅，利润增速较高， Q4 及春节提前备货下动销有望表现较好 的标的，如：劲仔食品、盐津铺子、甘源食品、安井食品、东鹏饮料；（2）低估值 龙头，如啤酒（青岛啤酒、华润啤酒等）、乳制品（伊利股份）；（3）外需稳定且有 增长的出口产业，如百龙创园。

2023 年11 月，食品饮料板块结束下跌，录得反弹，本期的板块上涨主要由 市场整体行情带动。2023 年1 至11 月，食品饮料板块下跌5.59%，除软饮料 和肉制品上涨外，各子板块均下跌：其中，啤酒、休闲食品、预制菜、调味 品等板块跌幅较大。

食品饮料行业今年以来跑输沪深300指数。2023年1-11月份（截至 2023年11月30日），SW食品饮料行业指数整体下跌10.45%，涨幅在所 有申万一级行业指数中居第二十位，跑输同期沪深300指数约0.76个 百分点。细分板块中，多数细分板块跑输同期沪深300指数。

11 月四大电商平台（淘系、京东、拼多多、抖音）线上销售 数据公布，大众食品不同品类线上销售情况出现分化。从细分品类来看，休闲零食线上销售同比跌幅收窄，冲饮线上销售额同比大幅增长，调味品线上销售同比跌幅收窄，分别同比8.26%/+20.31%/-11.14%。从线上渠道对比来看，休闲零食在淘系/京东/拼多多/抖音的销售占比分别为 51.36%/14.24%/7.10%/27.30%，冲饮在淘系/京东/拼多多/抖音的销售占比分别为 51.14%/31.10%/3.89%/13.87%，调味品在淘系/京东/拼多多/抖音的销售占比分别为 60.03%/20.05%/7.62%/12.29%。三大细分品类在淘系销售占比均较上月有所回升。

老龄化+健康消费年轻化，健康消费进入“精养时代”，需求端持续扩容。性价比已成为我国消费者首要考虑因素，折扣业态兴起，参考美日市场，消费或回归理性，进入硬折扣时代。需求迭代重塑渠道格局，线上深耕，线下细分：（1）线下门店拥抱垂类连锁，零食迎来新渠道红利。（2）O2O 串联线上线下，更快更近提振乳制品等高频需求。（3）会员店瞄准高线中产优质客群，以烘焙为代表的爆品拉动半成品供应链增长。