Manufacture of fresh liquid milk, pasteurized, sterilized, homogenized and/or ultra heat treated Manufacture of milk-based drinks Manufacture of cream from fresh liquid milk, pasteurized, sterilized, homogenized Manufacture of dried or concentrated milk whether or not sweetened Manufacture of milk or cream in solid form Manufacture of butter

Manufacture of bread and rolls Manufacture of fresh pastry, cakes, pies, tarts etc. Manufacture of rusks, biscuits and other "dry" bakery products Manufacture of preserved pastry goods and cakes Manufacture of snack products (cookies, crackers, pretzels etc.), whether sweet or salted Manufacture of tortillas Manufacture of frozen bakery products: pancakes, waffles, rolls etc.

Manufacture of cocoa, cocoa butter, cocoa fat, cocoa oil Manufacture of chocolate and chocolate confectionery Manufacture of sugar confectionery: caramels, cachous, nougats, fondant, white chocolate Manufacture of chewing gum Preserving in sugar of fruit, nuts, fruit peels and other parts of plants Manufacture of confectionery lozenges and pastilles

经历了2021 年的市场主动补库存，白酒2022 年的销售增长自然回落，但是依然保持强劲，预计增长放缓将持续至四季度。尽管白酒的增长中枢下沉，房地产政策转向以及基建项目实施对于白酒消费的繁荣仍具有中期积极意义。整体来看，在动销放缓及高档消费偏弱的情况下，白酒的盈利并没有大幅下滑。20221Q，白酒盈利向上急速修复；20222Q，由于疫情防控扩大化，白酒盈利再次下行。相比2021 年，2022 年白酒上市公司的库存压力相对较小，市场环境一旦转暖，上市公司的反应将更加灵活，盈利有望很快上行。