奶业上游正在加速去产能，预计 2H16 奶价将逐步触底，但拐点仍有待时日。奶价低迷将使下游企业继续在成本端受益，考虑下游液体乳龙头业绩增长的确定性、资金对必选消费的偏好、以及乳品板块仍具提升空间的估值水平，继续推荐伊利股份与光明乳业。

本报告是我们景气行业系列之四，也是生活方式系列第二篇，基于消费趋势判断和实际景气情况，我们此前已战略看多牛肉和优质海水产产业，看好烘焙行业（参考报告《生活方式系列：烘焙大行业，桃李好公司》）。我们认为消费升级和西化生活方式渗透普及是奶酪乃至黄油消费不断增长的最核心两大原因。

价值回归是上半年重要主线：a.索菲亚、中顺洁柔、天润乳业等是今年最早启动的品种，其共性是高速增长、启动时估值明显偏低；b.白酒基于其低估值、补库需求带来业绩反转，成为3 月份以来耀眼的明星；c.行情继续蔓延，6 月份以来医药股中的片仔癀、东阿阿胶出现了一波30%左右的上涨;d近期包括长江电力、鲁泰A 低估值、高分红均出现了一波涨幅；本周海澜之家、森马服饰、奥瑞金也在本周调整中出现一定上涨。

The global packaged foods market was valued at $2.6 trillion. Rising product and packaging innovations characterize this market. Changing lifestyles globally have increased the sales of packaged food products. Packaged foods are quick and convenient to prepare. Certain packaged foods such as sauces and pickles serve as accompaniments to home-cooked meals.

Frozen foods are an essential part of the meals prepared and served in both homes and restaurants. The variety of frozen foods in the global market reflects the extensive use of frozen foods in households: ethnic, vegetarian, fast, gourmet, and dietary foods. The consumption of convenience foods has gained momentum during the last few years because consumers have increasingly hectic lifestyles and prefer ready-to-eat meals, driving market growth.

The global mayonnaise market has registered steady growth over the past few years. The rising demand for convenience foods has led to a greater interest in readymade sauces and dressings, in turn resulting in increased demand for mayonnaise. Also, increased interest in varied cuisines has also necessitated the usage of different sauces and dressings.

A dietary supplement is a product that is intended for ingestion and contains dietary ingredients that add nutritional value. A dietary supplement is available in one or in combination of substances such as minerals, amino acids, vitamins, and herbs. It may be available in various forms such as powders, pills, tablets, liquids, and gel capsules. Dietary supplements are taken basically for their nutritional value, and few supplements may also help in reducing the risk of diseases by providing essential nutrients. Prenatal vitamin supplements are a part of dietary supplements that are intended to be used before and during pregnancy.