Coconut milk is the oil-protein-water mixture, which is produced from fresh grated coconut kernels. The diluted form is called coconut milk while the concentrated form of mixture is called coconut cream. Coconut cream/milk is used to make various recipes such as fish & meat dishes and curries. It is also used in the preparation of bakery products, desserts, sweets, and for coconut milk flavoring. Skimmed coconut milk is also used as a protein supplement. Coconut milk/cream is also used in beverages, cocktails, and alcoholic drinks. Coconut milk/cream also has moisturizing and nourishing properties making it useful for skin care.

白酒：中报业绩超预期有望成为催化，下半年中秋旺季为观察渠道动销的重要窗口期。啤酒进入高端化竞争，推荐华润啤酒 (H) 、重庆啤酒、青岛啤酒。调味品板块推荐海天味业、千禾味业，建议关注颐海国际(H)。

站在当下时点，食品饮料板块重点推荐：1）白酒板块，攻守兼备推荐贵州茅台、五粮液；高成长推荐山西汾酒，关注舍得酒业。2）啤酒板块，推荐华润啤酒，具备估值性价比、且高端化持续落地望形成系列催化。3）卤制品板块，推荐绝味食品，主业持续快速开店&泛卤味成效逐步兑现。4）乳制品板块，推荐蒙牛乳业，景气延续，预计2021 有能力应对成本压力，后进入业绩弹性兑现期。

2021H2白酒降速但景气度仍持续，茅台继续锚定板块估值，更多关注边际变化。 展望下半年，除茅台20Q3降速之外板块整体的基数逐步提高，业绩同比基数压力会逐步体现， 但我们认为，在上半年完成较好全年业绩有一定确定性的情况下，下半年板块业绩为可预期的 合理降速，市场演绎逻辑将更多聚焦基本面的边际变化。投资建议：优选高端酒及边际改善品种。

食品板块普遍面临中报高基数及成本压力，预计Q2 板块业绩触底，下半年起逐步回升，当下不少标的估值安全边际充分，迎来布局良机。乳业伊利拟发定增压制市场情绪，当前22 年PE仅21 倍，安全边际十足，预计Q3 起业绩逐季改善，市场情绪随定增锁价落地，正面催化逐步展开，重申“强推”评级。酵母安琪Q2 有望平稳过渡，当下22 年PE 25 倍，收益空间再次打开。仙乐受益赛道高景气，预计H2 短期压制因素消失，来年提速至30%，当下22 年PE 23 倍，估值性价比凸显。桃李当下22 年PE 为25 倍，建议把握布局时机。安井成长路径坚实清晰，重申500亿以内市值值得中长线资金买入。另外建议关注低估值标的飞鹤、香飘飘。