Humans are hugely dependent on animals for resources, specifically food. Since time immemorial, the most consumed meat for humans has been derived from animals. One of the many objectives behind humans rearing livestock & continuing to do so is to derive food out of animal meat. As a protein-rich food source, meat is usually preferred by humans to include in their diet. However, with the current global population sky-rocketing every year, it is evident that animals alone would not be able to meet the insatiable urge of humans to be fed. Moreover, it has been a growing concern for an adequate lot of humans being allergic and intolerant toward animal meat. The reasons for this can be variable.

Amid the tragic consequences of COVID-19, life sciences and medtech companies emerged as lights in the darkness. Decades of scientific work and investment seemed to be overnight successes. The heroic dedication of health care providers was met by the fastest novel vaccine development in history. Traditional competitors partnered to accelerate research and manufacturing. When one company failed, it joined the other to accelerate the development and manufacture of a successful vaccine. Governments, retail pharmacies, health systems, payers, and nonprofits are working together to provide widespread distribution and administration.

本周观点：本周市场情绪波动导致多数行业承压，食饮板块表现偏理性。3 月爆发的大规模疫情对社会消费尤其是餐饮行业有较大冲击。国家统计局数 据显示，3 月社会消费品零售总额34233 亿元，同比下降3.5%。其中餐饮 收入2935 亿元，同比下降16.4%。接近4 月尾声，全国疫情仍未见拐点， 管控措施普遍趋严，市场担忧仍存。本周我们梳理近期渠道调研情况，持续 跟踪公司基本面的改善情况，并对疫情后的投资机会进行展望。

食品饮料整体持仓延续回落，白酒持仓下降，食品持仓现分化。22Q1 基金食品饮 料板块（A 股）配臵比例为7.01%，较Q4 下降0.53pct。基金在21Q1-22Q1 的食 品饮料持仓分别为9.81%、9.21%、8.12%、7.54%、7.01%，自21Q1 起呈逐步回 落趋势。白酒股持仓下降，超配幅度加大。22Q1 白酒持仓（A 股）比例5.98%，白 酒市值占 A 股（剔除银行石油石化）市值比重为5.30%，超配幅度为0.68pct.，超 配幅度增大（21Q4 超配幅度为0.65pct）。食品股持仓现分化。22Q1 乳品、食品综 合、调味发酵品、肉制品持仓0.54%、0.16%、0.07%、0.05%，环比变动0.03pct、 -0.02pct、-0.01pct、0.03pct。根据基金重仓股中食品饮料持股比例口径，22Q1 白 酒持股总市值占基金重仓股总市值的比例为11.25%，环比减少1.12pct；食品饮料 持股总市值占基金重仓股总市值的比例为13.45%，环比下降1.32pct。虽然重仓比 例下降，但食品饮料重仓比例仍继续保持板块第一。

H1 底部加速拿店，板块超额明显。（1）市场表现：2020 年8 月前卤味企业相对收益突出， 绝味/ 周黑鸭/ 煌上煌涨幅分别为138%/130%/98%，同期食品饮料（中信）涨幅 73%，沪深 300 涨幅 21%。其中4 月8 日湖北解封后为超额收益的核心来源。（2）驱动力：从股价核心驱动力看，逆势开店节奏超市场预期且为二三季度销售旺季的修复弹性提供支撑；（3）业绩表现：以绝味为例，2020Q1 收入端仅个位数下滑，加盟商补贴等费用前置，2020Q2-3 迎来成本及费用端修复弹性，二季度基本完成收入和利润端增速摆正，三季度迎来利润端的加速改善。

复盘2020：“宅经济”催生板块性机遇，复工复产后表现分化。市场表现：严控期间休闲食品超额收益突出。以4 月8 日为分界点，休闲零食前半程演绎“宅经济”的主题性投资，后半程演绎“补库景气”，板块内部表现分化。

根据魔镜数据，2022 年3 月京东食品饮料行业线上销售额为43.0 亿元，同比减13.5%；其中销量同比减少13.8%至0.8 亿件，商品均价同比增0.4%至56.4 元。销售额减少主要由销量下降导致。

本周三国务院常务会议部署促进消费的政策举措引爆食品饮料板块得投资 热情，本周食品饮料板块涨幅5.8%，在31 个行业中排名中第二。我们认为食品 饮料情绪恢复，一方面是政策利好对消费有直接的促进，另一方面也是疫情取 得阶段性胜利，市场对消费复苏信心增强。从短期来看我们认为疫情取得阶段 性胜利给消费带来复苏希望，从长期来看行业竞争格局未发生明显变化、长期 增长动能没有发生逆转，优选竞争格局被强化、估值有优势的企业。