商超数据显示2021年14月液态奶/酸奶/奶粉销售额同比+4%/-15%/-8%;液态奶行业及伊利/蒙牛液态奶产品累计ASP均同比提升，显示出液态奶竞争趋缓态势。疫情后期高端白奶需求旺盛，同时2021年奶牛养殖成本上涨、原奶供给端仍处偏紧状态，因此我们预计2021年奶价将继续处于高位。今年各大乳企继续加速布局低温乳品，我们建议关注低温产品崛起趋势。

中高端白酒市场稳健发展，未来仍具有较大的提升空间。近几年，我国中高端白酒市场发展态势良好，营收占比持续增加。但与发达国家相比仍存在一定差距，未来具有较大发展潜力。在经历行业调整期后，白酒消费结构从以政务消费为主转向以大众消费为主。在消费结构转变的同时，居民收入水平不断提高，中产阶级队伍不断壮大。在消费水平提高与消费结构升级的市场环境下，我国中高端白酒市场存在确定性发展机遇，市场份额有望进一步向龙头企业靠拢。

filled milk powders are a range of skimmed milk powders that are enriched with vegetable fat before dehydration. Fat filled milk powder is obtained by blending high quality skimmed milk powder with vegetable fat. Powder is atomized (spray drying) in order to easily reconstitute the product. Fat filled milk powder is a total or partial whole milk substitute. This substitute has the same physical, chemical and organoleptic properties as a dairy product. It helps reducing formulation costs for a product without any impact on its quality. In fat filled milk powders, proteins come indeed from non-fat milk solids, whereas fat is of vegetable origin.

The report covers the detailed analysis of the trends, future estimations, and a thorough study of the global market based on type, channel, and region. It analyses government regulations, and policies, to provide information on the current market trends in different regions and suggests the future growth opportunities. The report covers the overall net value of different products of duty-free liquor consumed by various consumers across the globe. The study highlights Porter’s five forces analysis to determine the factors affecting the market growth. These factors include raw material prices, intense competition, end users, manufacturers, and suppliers. To understand the market, drivers, restraints, and opportunities are explained in the report.

当前行业高景气不减，整体基本面强劲。2季度高端与次高端白酒回款、价格等销售表现均不错，整体呈现淡季不淡的特点。短期看，年初高端白酒的景气奠定了全年高景气的基调，2季度白酒公司业绩有较强保障，高端白酒表现平稳，次高端酒企消费回补和价格提升明显，业绩有望继续高增，部分表现或超预期。中长期看，宏观经济企稳、消费需求复苏和消费升级延续的大背景下，未来2年行业有望持续保持景气度，为白酒企业创造了良好的外部环境，尤其次高端白酒有望持续受益渠道补库存的需求，助力其全国化道路稳步推进。

白酒延续高景气，但下半年基数压力逐步体现，建议更多关注全年增速以及企业的基本面趋势，以时间换空间，推荐基本面强势及改善趋势明确的龙头品种。大众品中期面临高基数、成本上行和费用增加的三重考验，下半年等待成本和费用压力趋缓带来的经营拐点，以及估值继续消化后出现的合适买点，把握新品类领域的成长机会和传统领域的盈利改善机会。

我们继续看好白酒板块后续表现，当下重点推荐区域酒和高端，此类标的预期不高、估值合理，考虑到估值切换有确定性收益，如今世缘、古井贡酒、茅台、五粮液、老窖。次高端标的，看好其业绩高弹性，首推山西汾酒，对舍得、酒鬼、水井等标的建议在股价回调后重点布局，对于洋河股份我们建议持续跟踪销售政策的变化，以长线思维逢低布局。

消费对经济形成支撑，疫情后消费品市场持续好转，下游餐饮消费持续恢复 一季度，最终消费支出对经济增长贡献率为63.4%，拉动GDP 增长11.6个百分点，两年平均拉动GDP 增长2.5PCT，是拉动经济增长的主引擎。一季度，全国居民人均消费支出同比实际增长17.6%，两年平均实际增长1.4%，其中，人均食品烟酒支出两年平均增长9.0%。下游消费方面，4 月份，餐饮收入同比增长46.4%，增速比3 月份回落45.2 个百分点，主要是同期基数变化影响。与疫情前2019 年同期相比，4 月份餐饮收入增长0.8%，而一季度餐饮收入下降2%。总体来看，餐饮消费持续恢复。

The ongoing health crisis has pushed consumers to adapt to new methods of shopping, most of which have shifted online. Restaurants were forced to shut in many places, pushing people to cook at home (this led ingredient purchases instead of finished products). With meat factory virus breakouts, consumers had to make shifts in product choices. Overall, consumption patterns and channels have been severely impacted.