6 月我国官方制造业PMI 50.9%，比上月上升0.3 个百分点。构成制造业PMI 的五大分类指标中，生产指数、新订单指数和供应商配送时间指数均高于临界点，原材料库存指数和从业人员指数均低于临界点。

短期估值推动股价，个股屡创新高：从2 月3 日至今，SW 食品饮料板块涨幅27.51%，其中饮料制造板块涨幅8.84%，食品加工板块涨幅41.60%，食品加工板块超额收益明显。分区间来看，一季度业绩推动食品加工板块跑赢大盘；而从5 月份以来，二季度业绩尚未完全明朗，食品饮料板块整体涨幅达到13.61%，主要受益于估值修复。其中饮料制造板块实现14.51%的增幅，食品加工板块继续延续强势，5 月份以来期间上涨幅度达到11.38%。这期间共有24 只个股创历史新高，其中白酒6 只、啤酒1 只、乳制品1 只、肉制品1 只、调味品6 只、食品综合9 只。其中食品综合板块里，创新高个股皆为必选宅产品，受益于疫情宅家的趋势，均实现较好的动销。

白酒板块：白酒整体已恢复至6成以上，低线级城市恢复明显好于一二线城市，两头好于中间，高端强品牌增长坚挺，区域龙头发展弹性充足，行业高质量集中化发展趋势加速。建议增持：贵州茅台、五粮液、山西汾酒、今世缘、顺鑫农业、泸州老窖、古井贡酒等，黑马股建议增持：迎驾贡酒、酒鬼酒。

海外疫情对进口奶粉市场冲击。2019年进口奶粉约占国内婴幼儿奶粉消费市场的51%，主要进口来源国为欧盟、新西兰及澳大利亚，这些国家均爆发了较为严重的新冠疫情。海外疫情对进口奶粉市场的影响包括物流缓滞、供给紧缺、拖累部分奶粉新品上市进度、消费者对进口奶粉安全担忧等。疫情以来婴配奶粉外资品牌的整体销售不佳，多数品牌出现明显的同比下滑。以飞鹤为代表的国产品牌乘势抢占市场份额，并且这一进口替代趋势有望随着疫情在海外持续蔓延而进一步加速。

The food and beverage industry is going through enormous changes due to factors, such as changing consumer preferences, which prompt the FMCG companies to adopt new technologies and measures to offer packaging on-par with the changing trends. Modern packaging technology is being adopted by packaging vendors in order to improve the quality of packaging to serve a more extensive range of customers (FMCG companies) and to enable them to achieve product differentiation. With the rising demand for nutritional foods among consumers, the FMCG packaging companies are innovating their packaging in order to preserve the nutritional value of the products that are being packed. The transpor tation of packed goods and consumables can have adverse effects and can also lead to a reduction of the nutritional value of the packaged contents. In combination with consumers' desire to have information about the origin of the food products, more and more hyperlocal supply chains are emerging. With the recent trend of private labels, big retailers are ramping up their packaging in order to attract customers. More than half of consumers are loyal to a specific store due to its private-label brands, according to a survey conducted by Daymon.