Absinthe is a green or often colorless processed liquor with a very high alcoholic content, flavored with anise, wormwood, and some other aromatic, medicinal, and culinary herbs such as flowers and leaves of Artemisia absinthium. Its alcohol content is around 45 to 76% of total liquid alcohol. When Absinthe does not contain any added sugar in it, it is called spirit. Absinthe is bottled at a very high level of alcohol by volume, but at the time of consumption it is diluted with water. It is conventionally prepared from purification of neutral alcohol, spices, herbs, and water. While traditional absinthes are redistilled from white grape spirit, lesser absinthes were commonly made by alcohol processed from grain, potatoes, or beets. Different kind of herbs may be used in the preparation of absinthe such as angelica, petite wormwood hyssop, Melissa, coriander, star anise, peppermint, and veronica. In past times, when Absinthe was very little known, it had often been popularly portrayed as an addictive psychoactive drug, which causes hallucinogen. Although Absinthe was known as a drug causing hallucinogen, the twenty-first century has seen various types of absinthe, including a range of frozen preparations, which have become increasingly popular. Some of the popular types of absinthe are Blanche absinthe, Verte absinthe, Absenta, Hausgemacht, and Bohemian-style absinthe.

Milk products that are prepared by lactic acid fermentation or combination of lactic acid and yeast fermentation are called fermented or cultured milk products. Fermented milk is the collective name for products such as yoghurt, kefir, ymer, filmjölk, cultured buttermilk, koumiss, and cultured cream. The microorganisms used in the production of kefir and koumiss also produce ethyl alcohol. Milk turns sour and coagulated under the influence of certain microorganisms. There are variety of types of cultured milk products that can be found around the globe including milk, yogurt, cheese, and other cultured dairy foods. To achieve high quality products, milk must have high bacteriological quality, which includes low content of bacteria and substances that may prevent the development of yoghurt culture. It is necessary for a dairy to obtain milk for yoghurt production from selected and approved producers and carefully analyze the same.

Champagne is a sparkling wine produced from specific types of grapes with specific vineyard practices and is produced in the Champagne region in France. For the purpose of analysis, the global champagne market is segmented into price point, distribution channel, and region. The report includes the details about the price points, such as economy, mid-range, and luxury. In addition, the report covers the study of the champagne market, focusing on various distribution channels, including supermarket/hypermarket, specialty stores, on trade, and others. The report covers the revenue generated from the sales of champagne offered in regions such as North America (U.S., Canada, and Mexico), Europe (Germany, France, the UK, Italy, Belgium, and rest of Europe), Asia-Pacific (China, Japan, Australia, South Korea, and rest of Asia-Pacific), and LAMEA (Middle East, Latin America, and Africa).

酒类受疫情冲击较大，食品稳健增长可期。白酒方面，1 季度需求受冲击较大，上市公司渠道腾挪空间较大，报表可能 没完全体现疫情影响。其它酒方面，渠道的腾挪空间小于白酒，1 季度业绩 可能明显下滑。食品方面，疫情对食品的影响较小，我们判断主流公司 1 季 度销售可持平或实现增长。

板块基金持仓概述：Q1 板块持仓降至第二，白酒仓位继续下行，小食品加仓明显。 食品饮料板块持仓比例降至第二位，仅次于医药生物行业。受疫情影响，2020Q1 基 金食品饮料整体持仓略降，持仓比例 13.29%，环比下降 0.99pct，超配幅度由 2019Q4 的 8.06%下降至 2020Q1 的 6.90%，环比下降 1.16pct，主要系白酒仓位继续下行， 持仓比例环比下降 1.74pct，至 9.56%。

2020Q1 食品饮料基金重仓持股比例 6.9%，环比回落 0.9pct，已连续三个季度回落。 分子行业来看，白酒配置比例由 2019Q4 的 5.8%回落至 2020Q1 的 4.9%水平，多数 白酒公司的持有基金数增加。贵州茅台、五粮液等获基金增持、泸州老窖、古井贡 酒等被减持。非白酒配置比例回升 0.17pct，啤酒与乳制品被基金减持，考虑到食品饮料需求刚性，消 费复苏期间板块可能更获青睐，我们预计 2020Q2 基金持仓食品饮料比例可能回升。

大消费板块整体表现强势，农林牧渔领涨。周三沪深300 指数低开高走，收盘时上涨0.82%。大消费板块整体表现强势，除纺织服装行业外，其他消费板块均跑赢沪深300 指数，其中农林牧渔涨幅达到4.08%，涨幅居首，其中种业股迎来涨停潮。食品饮料涨幅仅次于农林牧渔，贵州茅台盘中创历史新高。休闲服务、商业贸易、家用电器和医药生物涨幅均超过1%。

鲜奶市场增长靓丽，根据欧睿口径，15-19 年鲜奶销售额同比增长分别为 6.13%、8.22%、9.71%、10.67%、11.56%，连续 5 年持续增长并迈入双 位数增长阶段，欧睿预测鲜奶市场销售额 2019-2024 年 CAGR 为 6.56%， 2024 年或达 472 亿元，是乳业新的结构增长点。我们预计，鲜奶将是拉 动液态奶市场增长的主要力量，也将是乳企盈利的重点支撑品类之一， 有望孕育两个 500 亿以上市值的企业。

1）从经销商的 五一订单数据上看，同比增长明显，需求 60-70%来自宴席、婚庆需求， 20-30%企业需求。同时基建带来的白酒需求有起色。2）中小酒厂这次 受疫情影响比较大，小企业现金流紧张，产品动销差，成本高，加速 退出市场。区域龙头率先复苏，以武汉市场为例，白云边复苏势头明 显强于稻花香和黄鹤楼。3）餐饮的影响主要是消费场景，目前武汉餐 饮 30%开业，外部区域餐饮开业率在 70%以上。

20Q1 白酒重仓比例回落，大众品重仓比例有所上升。20Q1 食品 饮料行业重仓比例位居 SW 一级行业第二，白酒在 SW 三级子行业中重仓比 例继续稳居首位，Q1 重仓比例小幅回落至 4.90%，环降 0.81pct，重仓比例降 幅位居第三。

我国休闲零食市场规模破万亿，人均消费量对比海外发达国家仍 处于低位，目前处于消费升级及渠道融合阶段，未来行业仍有扩 容空间。行业整体较为分散，看好未来市场集中度上升。消费者 需求升级推动行业产品品质化、健康化、个性化发展，渠道线下 线上融合发展。行业痛点仍为产品具有一定的同质化特征以及进 入门槛较低等。我们认为，产品研发能力强，有能力把握消费者 口味需求及产品发展趋势，品牌建设能力强，线上线下全渠道布 局的休闲食品龙头有望依托其自身模式优势抢占市场份额。