Brazil nuts are a type of nuts native to the Amazon rainforest that spans across Brazil, Bolivia, and Peru. Being energy-dense and highly nutritious, these nuts are one of the most concentrated dietary sources of selenium, an essential trace mineral.

Breakfast food refers to the types of food typically consumed in the morning as the first meal of the day. The global breakfast food market encompasses the production, distribution, and consumption of food products specifically designed for consumption during breakfast meals.

2025 年 2 月，食品饮料板块上涨 4.5%。除软饮料外，子板块均收涨。其中， 白酒、其它酒和乳品涨幅较大，分别上涨 5.72%、4.43%和 5.47%。同期，沪深 300 上涨 2.5%，食品饮料板块跑赢大盘。尽管跑赢沪深指数，我们认为食饮行 情仍是市场整体行情的一部分。2025 年 2 月，31 个一级行业中仅 6 个下跌， 其余 25 个行业均上涨。上涨行业主要集中在消费和科技领域。

基础设施尚未完善，电商仍处萌芽期。21世纪初期，我国互联网电商仍处于萌芽阶段，2003年淘宝网成立，标志着我国电商行业正式起步。虽然 该阶段互联网用户数较快增长，但整体基数较低，叠加网络支付与物流体系不成熟，消费者线上购物习惯尚未形成。据CNNIC数据，中国互联网 用户从1999年的890万提升到2004年的9400万，过去一年有过网购行为的用户占比从1999年的8.79%提升到2004年的40.40%，但整体基数仍偏低。

2 月我们重点跟踪的 8 个行业中仅 3 个保持正增长，5 个负增长。个位数增长的行业包括餐饮（+3.9%）、啤酒（+2.8%）和软饮料（+1.5%）；个位数下降的行业包括次高端及以上白酒（-7.2%）、速冻食品（-4.5%）、调味品（-3.8%）和乳制品（-2.5%）；大众及以下白酒（-13.5%）出现双位数下降。与上月相比，6 个行业增速下滑，2 个增速改善。今年 2 月同比基数较高，加之去年下半年以来的惯性因素，所以数据低迷。1-2 月累计同比看，除白酒行业外数据较为平稳。

食品饮料作为刚需品类，是居民消费的核心，24年Q1食品烟酒类消费人均消费占比达到32.2%，同比增长10.6%，市场整体呈现稳定增长趋势。线下仍是食品饮料的核心销售渠道，但线下各细分渠道增速趋缓，大型超市、大卖场渠道销售下滑明显。反观线上渠道，虽然规模占比相对较小，但线上整体增速达14.0%，内容电商以75.0%的增速带动线上市场持续增长。

A cooking grill is a piece of equipment designed for cooking food using direct heat. The cooking surface typically consists of an open rack or grate with a heat source located underneath. The high heat from the cooking grill sears the food, creating a distinctive flavor and grill marks.

Wet pet food refers to a type of pet food that has a high moisture content and is typically sold in cans or pouches. It is formulated to provide a complete and balanced diet for dogs and cats and may come in various flavors and formulations to meet different dietary needs and preferences. The global wet pet food market includes both commercial products sold by pet food manufacturers as well as homemade or artisanal options prepared by pet owners. It is an important segment within the overall pet food industry, which also includes dry pet food, treats, and other pet food products.

Ultra processed food refers to a category of food products that undergo extensive processing and contain a high proportion of industrialized ingredients. Ultra processed food often contains additives, preservatives, sweeteners, colorings, flavorings, emulsifiers, and other substances that are not commonly used in traditional home cooking.

Twinkies are a popular snack cake known for its soft sponge cake filled with a sweet cream filling. It is a type of confectionery and has been an iconic American treat since its creation.