Pretzels are crisp, brittle, and salted baked snack foods made of flour dough. These are available in various shapes and have shiny outer surfaces. Raw materials that are used to produce pretzels are flour, yeast, leavening agents, and shortenings. Different varieties of pretzels are available in the market in terms of shape and flavor. Companies sell pretzels as on-the-go snacks in packages, and some sell freshly made pretzels at foodservice outlets. The modern production process of pretzels is completely automated. It involves multiple steps, such as mixing the dough, forming pretzels, dipping, and salting, cooking, and packaging. These steps vary depending on the type of pretzel.

During FY2022 the Top 100 luxury goods companies generated composite sales of US$347 billion, up from the US$305 billion registered in FY2021. This sharp increase in luxury goods sales signals the good state of the luxury industry after the COVID-19 pandemic years. Luxury goods companies continue their process of moving toward an environmentally responsible, circular economy business model, pushed by customer demand and increasing regulations. In this phase of change, technology can help accelerate the green transition while improving the relationship between companies and their customers. Several recent developments in digital technology, including artificial intelligence (AI), machine learning, and the Internet of Things (IoT), may change the luxury market forever.

Electrodeless gas discharge lamps, such as plasma lamps, are powered by radio frequency energy. Radiofrequency (RF) power is used to excite plasma inside a sealed, transparent burner or bulb to produce light in the form of plasma lamps. Plasma lamps use noble gases and additional materials such as metal halides, sodium, mercury, or sulfur to produce light in several colors.

People counting systems are comprised of individual counter systems that measure the number and direction of people traversing any entry or channel per unit of time. This gadget is commonly used at building entrances to track the overall number of tourists. People counting methods are used in a variety of industries, such as BFSI, transportation, and healthcare.

Plant-based water products are healthier alternatives to conventional sweetened and carbonated beverages, as they are derived from plant-based natural sources and contain fewer chemicals and pollutants. Plant-based water can be used for drinking and cooking as it is free of preservatives, artificial colors, and other additives. Plant-based water is typically obtained from natural sources like spring water, coconut water, or artesian wells and can also contain beneficial minerals and electrolytes, as well as vitamins and antioxidants.

Beyond Meat, Archer Daniel’s Midland, and Kellogg’s Morningstar Farms are Market Share of Top 4 Companies in Global Plant-based Food, 2021 industry titans leading from the forefront. More conventional and established rivals, such as Nestlé, is attempting to gain a competitive advantage by expanding their plant-based product portfolios, strengthening their distribution networks, and launching various advertisements.

Pianos are musical instruments that have strings, which produce sounds when struck by the felt-covered hammers on their keyboards. They are purchased by retail stores, such as small businesses, showrooms, exclusive brand stores, and multi-brand stores, for reselling as well as by individual users for personal and professional use.

被动元件：国内 MLCC 大厂 Q2 利润同环比增长明显，三环 24H1 业绩预告归母净利润中值对应同比增速为 44%，环比增速为 36%，风华 24H1 业绩预告归母净利润中值对应同比增速为 412%，环比增速为 88%，同环比业绩高增长。中国台湾被动大厂国巨、华新科看好库存回归健康水位、AI 客户拉货动能稳健带动下半年旺季稼动率提升营运向上。AI 端侧、云侧发展带动被动元件用量提升，同时高容量 MLCC、耐大电流低损耗一体成型功率电感等高端产品需求显著提升。

24Q2中信食饮板块公募基金持仓比环比-3.7pct至9.5%，超配比环比-2.9pct 至 2.8%；仓位回落主要系消费弱复苏延续，多数子板块处春节后消费淡季、业绩有所承压；此外，资金流向红利资产行业、北向资金流出亦是重要因素。分板块看，24Q2 白酒/啤酒/乳制品/调味品/速冻食品持仓比环比-3.08/-0.20/ -0.32/-0.11/+0.05pct，白酒持仓回落但高端酒仍居持仓前列；啤酒减配系高基数/雨水天气扰动；乳制品减配系 Q2 淡季龙头乳企控货调整，业绩或有波 动；调味品小幅减仓；速冻龙头估值渐回性价比区间，带动板块持仓小幅回升。当前食饮板块正处低估值/低预期，建议把握结构分化和低位配置机会。

食品饮料新周期：收缩经营，回归 PB-ROE 框架。（1）宏观层面：经济走向高质量发展，期待需求回暖。根据广发宏观，2023 年以来短期总需求不足，长期看实际 GDP 增长中枢在 5%左右。（2）行业层面：我国食品饮 料行业走向量减价增，其中白酒行业产量经历3年出清后平稳，价格长期与PPI同步；大众品行业类似美国1980s 和日本 1990s，走向量减价增。量减价增背景下，食品饮料行业顺势收缩经营——去杠杆、去产能、减少筹资、自由现金流持续增长。（3）食品饮料新周期，市场有望回归 PB-ROE 框架。2022 年以来 ROE 分子端 EPS 预期较弱，导致市场更多关注分母端——指向高股息。未来在我国需求回暖、EPS 预期修正后，市场风格有望回归至持续的高 ROE，食品饮料板块龙头价值有望凸显。