白酒板块，全年来看，高端白酒及次高端白酒消费升级趋势明显，扩容提速，相关 酒企动销进度远好于去年同期。啤酒板块，2021Q1 全国啤酒总产量 821.99 万千升，同比增长 50.66%。乳制品板块，上游奶源供给偏紧价格持续上行，带动下游竞争趋缓，同时一季度同 比均呈现明显改善。卤制品板块，持续看好卤味龙头绝味食品。调味品板块，建议关注低估值存在预期差企业。

Dairy proteins are derived from milk and are consumed widely in food & beverages, personal care applications, and various nutrition products. The report scope includes various types of dairy protein including whey protein, casein & derivatives, and milk protein concentrates. In addition, the report also provides the market categorization based on form into solid and liquid. The applications of dairy protein considered in the scope of the study include food & beverages, nutrition, personal care & cosmetics, feed, and others.

整体观感：下半场的变局与机会。年内节奏看，市场主线仍是业绩兑现支撑估值，需求复苏和成本传导走向下半场，一是需求由反弹式高增走向平稳式增长，二是上游提价逐步传导，下游成本抬升和提价概率提高。同时产业新趋势和新机会显现，一是新的景气赛道出现，如预制菜等，二是集中成为传统赛道新主题，如啤酒企业布局果酒领域。

受去年同期低基数影响，2021Q1 食品饮料板块收入、利润增速相比同期显著加快。Q1 食品饮料板块实现收入2480 亿元，同比增长24%，相较2019 年Q1 提升7.8pct；归属股东净利润514 亿元，同比增长26.9%，相较2019Q1 提升2.54pct，整体改善明显。

3 月白酒产量同比提升，名酒终端价稳中有升。全国2021 年3 月白酒产量79.2 万千升，同比上升24.7%。京东部分名优白酒4 月30 日价格相较21年3 月26 日价格：京东52 度五粮液维持1,389 元/瓶；52 度剑南春涨至459 元/瓶；52 度水井坊上涨10 元至519 元/瓶。

（1）逐步布局合理估值板块，迎接基本面改善：布局乳制品伊利，蒙牛，飞鹤，澳优，现代牧业，中炬高新，天味食品，颐海国际，华润啤酒，绝味食品等；（2）紧握高成长型标的，赚取成长的钱：酒鬼，山西汾酒，妙可蓝多，重庆啤酒，盐津铺子；（3）继续持有高估值大白马，时间换空间：茅台、五粮液，古井，海天，安井等；

2020 年，食品饮料（中信）板块共实现营业收入7939.52 亿元，同比增长7.27%，实现归母净利润1403.18 亿元，同比增长15.93%，行业整体增长符合预期。从近三年数据来看，受到疫情影响营收增速有所放缓，但归母净利润仍然呈现了较好的增长趋势。

Milk protein concentrate (MPC) is a milk extract that contains high level of encapsulated bioavailable calcium. It contains high concentration of protein and has a wide range of applications in food & beverages. Although majorly used in the preparation of packaged dairy products, but has application in protein supplements. For the purpose of analysis, the report segments the milk protein concentrate market based on application and concentration. The report outlines the details about the applicable use of milk protein concentrate in the market such as packaged products, nutritional products, infant formula, and others (ice cream and desserts). In addition, it summarizes the information about the different concentration of milk protein concentrate available in the market such as low concentration, medium concentration, and high concentration.

根据魔镜数据，2021 年4 月京东食品饮料行业线上销售额为38.3 亿元，同比下降6.9%；其中销量同比减少24.0%至6884 万件，商品均价同比增22.6%至55.6元。销售额下滑主要受销量下降幅度较大影响。分行业看，食品礼券、饮料冲调、茗茶行业线上销售额增速较快，分别同比增加1582.9%、14.2%、13.2%。其余子行业：地方特产、进口食品、休闲食品、粮油调味，同比分别6.2%、-21.0%、-21.6%、-34.3%。2021 年4 月休闲食品行业线上销售额占比较大，达33.7%。