Pet humanization is a result of changes in people’s lifestyles, changing demographic patterns, and consumer preferences. Furthermore, the rising income, growing pet humanization, and people’s affection for pet strengthen the market studied. The shift in pet ‘ownership’ to ‘parenting’ has been a very crucial trend in the market studied, particularly in the developed countries. Over one-third of the households in the developed countries own a pet. However, consumers are now becoming aware that pet food and home-made food consist of separate nutritional elements and that pets need to be fed a diverse range of food, as part of providing an adequate diet. Hence, the demand for high-quality pet food is increasing, supported by the rise in pet ownership.

The shrimp industry is witnessing significant growth as domestic shrimp production is increasing in areas that use fresh water and focus on the use of certified organic shrimp production in countries, such as China and Thailand, closely followed by Vietnam, Indonesia, and India. These factors are expected to contribute to the shrimp market's growth over the forecast period.

This report on the global ethnic food market (henceforth, referred to as the market studied) offers key insights into the latest developments. It analyzes the recent trends, drivers, and challenges affecting the global market space for ethnic food. • The report takes into consideration the market value of all the ethnic food products available through the retail channels. These include ethnic food products, such as ready meals, frozen products, sauces and seasonings, pastas and noodles, bakery products, meat products, tacos, and taquitos, among others. The market studied expands as per the changing demographics across the world, and the shift in consumer demand to try new and different cuisines, like Caribbean and African cuisines, the cuisines of Mediterranean countries beyond Italy, and kosher and halal foods. Various cuisines are attracting the consumers to explore beyond the core markets.

3Q19食品饮料基金重仓持股比例 8.5%，环比略有回落，仍处 2013 年以来高位。分子行业来看，白酒配置比例由 2Q19 的 6.7%回升至 3Q19 的 6.9%水平，但结构出现分化，多数白酒公司被基金减持，只有茅台、顺鑫、汾酒、今世缘、迎驾贡酒被增持。

2019Q3 食品饮料板块重仓配比较 19Q2 环比下降 1.56pct, 尽管有所回落，板块重仓配比仍处于过去三年来的相对高位。板块期末超配比例为 10.28%，环比回落 1.84pct，超配比例有所收窄。 

在婴幼儿配方奶粉行业增速放缓背景下，我们看好行业产品结构提升、渠道结构分化趋势带来的细分成长机会，当前行业竞争格局在国家政策引导、行业高端化趋势力下仍有整合空间。我们判断国内品牌力强、产品具备差异化、渠道管理能力强的婴幼儿配方奶粉企业有望进一步获取市场份额，亦看好内资企业凭借渠道下沉、网点精细化管理、本土化消费者沟通和产品高端化重回市场主导地位的机会。

2019Q3 基金食品饮料板块持仓为8.43%(环比 Q2 减少 0.53pct.)，但仍维持在 8%以上，属历史高水平。2018Q3-2019Q3基金的白酒持仓分别为 4.89%、3.37%、4.98%、6.70%、6.88%，Q3 基金白酒持仓环比增加 0.18pct.，在 Q2 历史最高基础上再创历史新高。2019Q3 白酒持仓比例6.88%，白酒市值占 A 股（剔除银行石油石化）市值比重为 5.44%，超配幅度为1.44pct.。

截止 2019年三季度末，食品饮料板块的基金持仓比例为 18.09%，环比下降1.54pct，板块持仓略有回落，但仍处于历史高位。受此影响，食品饮料板块的超配比例回落至 11.03%，环比下降 1.94pct，同样维持历史高位。

茅台三季度酒价经历火箭式上升之后，在中秋国庆节后批价开始理性回归，本次秋糖期间对高端酒价格关注度依旧颇高，我们认为，供应增长、需求放缓及资金收益率下降将导致价格再上行的动力减弱。从基酒产量角度来看，明年茅台的可供应量预计可度过 2019 困难期，继续增长 3000 吨以上。

基金 2019 年三季报披露完毕，食品饮料板块持仓比例略降，占比仍居各行业之首。由于市场风险偏好的上升，2019Q3 基金食品饮料整体持仓略降，持仓比例 16.29%，环比下降 1.29pct，超配幅度由 2019Q2的 11.35%下降至 2019Q3的 9.75%。

2019 年 10 月 28 日，公募基金 19 年 3 季报披露完毕。根据我们测算，3Q19基金重仓食品饮料股票市值占比 8.7%，环比降 0.3pct，同比升 1.4pct，基金重仓白酒股票市值占比 7.0%，环比增 0.3pct，同比升 2.0pct；根据我们估算，3Q19 基金全仓食品饮料股票市值占比 12.8%，基金全仓白酒股票市值占比 9.6%。