行情回顾：板块H1 表现亮眼，内部子板块出现分化，防御性凸显获资金青睐。截至5 月29 日，申万食品饮料指数自年初上涨14%，跑赢沪深300 19pct，位居申万28 个一级行业第2 位。食品综合、肉制品、调味发酵品子板块自疫情爆发初期显著跑赢大盘，啤酒、白酒自3 月底-4 月初反弹。外资食饮板块话语权较大，且食饮板块持仓比例也居首位。

受宽松经济环境、消费刺激政策下餐饮渠道消费场景恢复等因素影响，近期白酒终端消费需求加速回升，其中高端名优白酒动销表现积极，整体价格水平坚挺向上，茅台批价上涨至2350-2400 元，普五批价920 元左右，后续价格带势能打开，近期老窖、汾酒、酒鬼酒、西凤酒、剑南春纷纷提价动作或计划，名优酒企在渠道库存消化较好的基础上、淡季通过提价站稳次高端价格定位，抬升品牌形象利于承接对应消费需求，也将支撑渠道销售信心、加快打款进货节奏，为端午节及其后节庆消费形成支撑。郎酒披露招股说明书，作为两大酱香白酒之一，通过重点发展青花郎成功站稳高端及次高端市场，募资项目将继续强化长期竞争力。

The world’s wine consuming population is surging every day. The world relies and depends on the stuff and quality of the wine irrespective of the flavor, red, or white. Wine is being increasingly consumed at celebrations, special occasions, used as a cooking ingredient, and as winter warmer. The storage pattern is the crucial factor determining the preservation of quality, especially when it comes to wine consumption. Since wines cannot withstand in the open atmosphere for so long once it's opened, it should be stored in the specific temperature based on the type and quantity. It can also be more prone to yeast formation and microbial growth when it is not stored properly. Subsequently, it has given rise to the growth of wine coolers in the past decade.

2H20 至2021 年，我们依然看好食品饮料作为“纯内需”板块的基本面走势，我们认为疫情影响相对短期，2Q 起多数行业需求端有望逐步恢复，全年或呈现前低后高的基本面走向。综合考虑估值因素，2H 我们自上而下提示部分前期涨幅较大板块的估值偏高风险，并自下而上筛选未来三年成长逻辑清晰、估值仍位于合理区间的个股，同时建议关注白酒、乳制品、啤酒等前期受疫情影响相对较大，2H 基本面有望改善的板块，中长期我们认为白马龙头行情仍将延续。

5 月数据显示，高端白酒批价环比基本持平，成本环境整体良好。其中，一线高端白酒一批价在高位震荡，茅台一批价维持在2380 元一线。啤酒及葡萄酒价格未有明显波动出现，啤酒产销情况基本已恢复至去年同期水平。成本环境方面，猪肉价格继续高位回落，生鲜乳价格则小幅反弹，农产品价格则涨跌不一，包装材料价格继续大幅下降，目前来看成本环境整体良好。

4 月白酒产量同比微降，京东名酒终端价稳中有升。全国2020 年4 月白酒产量60.4 万千升，同比下滑2.4%；1-4 月白酒累计产量231.3 万千升，累计同比下降11.9%。京东部分名优白酒2020 年5 月29 日价格环比2020 年4 月24 日价格：京东52 度五粮液上升6 元至1,265 元/瓶；52 度剑南春维持438元/瓶；52 度水井坊上升5 元至519 元/瓶。

2020 年5 月18 日，商务部裁定原产于澳大利亚的进口大麦存在倾销和补贴，将自2020 年5 月19 日起对上述产品征收反倾销税和反补贴税，反倾销税率为73.6%，反补贴税率为6.9%，征收期限为5 年。澳麦进口交易成本增加的影响，实际上最终会由供需双方共同承担税额的增加，也就是说澳麦供应商预计也会通过一定程度的降价来提高市场竞争力，以求稳定中国的进口需求。

近期我们走访了江苏省部分烟酒店终端和经销商，整体来看，流通单品复苏较快，洋河省内调整基本结束，梦6+运作初见成效；今世缘疫情后积极作为，国缘四开进入大流通，V 系列补足高端产品线。

Clean label is not only the natural and organic product category, but the food in which ingredients are very few are also considered as clean label. Consumers with increased disposable income are moving toward a vegan lifestyle that mainly includes clean label products; therefore, manufacturers are also adopting new trends in the manufacturing of food and beverages. The food industry has been focusing on innovations in food and beverages according to the demand from the consumers. Manufacturers are focusing on key innovations that cater to the requirements of their target consumers. Rise in awareness toward health and wellness has resulted in increased demand for various types of special clean label ingredients made using organic products. Thus, clean label ingredients are gaining increased traction among food & beverage manufacturers.