The National Institute of Allergy and Infectious Diseases reveals that 90% of food allergies are caused by eggs, milk, fish, red meat, and nuts. Due to animal protein allergies, most of the meat consumers are inclined toward meat substitutes made of vegan protein, which ultimately drives the global soy protein ingredients market. In fact, according to a reference list of allergen data emperically observed, it was found that the allergen from chicken meat ranges from 0.5%-5% in Southern Europe. According to the United States Center for Disease Control and Prevention, 12.2 million people are suffering from food allergy, of which two-thirds are associated with egg allergy. Consumers are, therefore, switching to protein alternatives, which are plant derived, such as soy, pea, and wheat. This, in turn, is driving the global soy protein ingredients market. According to the Health Focus data, nearly 17% of US consumers, aged between 15-70 years, are predominantly eating plant-based diet, with 60% of the population cutting back on meat-based products.

Seafood comprises a wide variety of fishes, which are suitable for human consumption. The report encompasses a detailed study of the seafood market based on three segments, which are type, application, and region. For the purpose of analysis, revenue generated by various types of seafood such as fish, crustaceans, Mollusca, and others (roe, marine mammals, and medusozoa). In addition, the applications covered in the study include retail, institutions, and food service. Furthermore, the report highlights the revenue garnered from the sale of seafood across various regions such as North America, Europe, Asia-Pacific, and LAMEA.

复合调味料应用场景多元，火锅调味料占比约20%。所谓复合调味料是相对于单一调味料（酱油、醋、盐等基础调味料）而言，是指用两种或两种以上的调味品经过特殊加工而制成的调味料。从整体的复合调味料的结构来看，鸡精仍为我国复合调味料的最大组成部分，其次为火锅调味料（占比约20%），中式复合调味料占比约17%。相较于日本调味品消费结构，我国复合调味料品类仍有较大的扩充空间。

上证综指上涨0.68%，申万食品饮料指数上涨7.73%，跑赢上证综指7.05 个百分点，在申万28 个一级子行业中排名第1。各子板块涨幅前三为乳品（+13.06%）、肉制品（+8.61%）、白酒（+8.32%）。

乳制品方面，生鲜乳价格继续小幅回升。截至2020 年8 月26 日，主产区生鲜乳平均价为3.78 元/公斤，环比上涨1.10%，同比上涨2.70%。肉制品方面，仔猪、生猪、猪肉价格2018 年年初开始下跌，至2019 年5 月份跌至相对低点，随后开始探底回升并且延续涨价趋势，近期维持相对高位。截至今年8 月28 日，全国22 省仔猪、生猪、猪肉价格分别达到125.29 元/千克、37.43 元/千克、53.50 元/千克，分别同比变动88.66%、34.25%、38.78%，中期来看猪价整体有待观察。

2020 年1-8 月食品饮料板块股价涨幅跑赢市场。2020Q2 基金持仓食品饮料比例回升，其中白酒持仓比例回升，大众品配置比例略有回落，也侧面反映出疫情复苏环境下市场更青睐于具有边际改善的公司。随着国内疫情逐渐得到控制，餐饮缓慢复苏，带动整体消费回暖。往2020 年展望，食品饮料基本面的稳定性与业绩确定性较高，估计三季度基金持仓比例可能持续回升。我们长周期看好白酒板块，建议持有贵州茅台、五粮液、山西汾酒，同时关注洋河股份的改善机会。乳制品中伊利股份仍有配置价值，大众品中优先推荐嘉必优与煌上煌。

市场行情：1）本周恒生指数周内上涨1.23%，必需性消费品上涨3.79%，非必需性消费品上涨2.73%。2）食品添加剂涨幅最高，是因为颐海国际（+19.2%）涨幅较大，颐海国际期中业绩优于市场预期，主要得益于方便速食疫情经济下供不应求。非酒精饮料涨幅较高，主要由于康师傅控股中报超预期、涨幅（+13.9%）较大。乳制品表现优秀，主要由于蒙牛乳业中报超预期、涨幅（+14.1%）较高。本周港股食饮港股通增减持情况，持仓占比增幅较大的为中粮肉食（+1.94pct）、青岛啤酒（+0.55pct）、周黑鸭（+0.37pct），而H&H 国际控股（-0.14pct）和中国飞鹤（-0.14pct）被减持。