板块周度表现：本周沪深300 下跌 1.53%，创业板指下跌4.54%，食品饮料（中信）指数下跌0.6%（较沪深300 的相对收益为0.93 %），在中信29 个子行业中排名第4 位。其中分子板块来看，肉制品板块本周下跌8.61%，调味品板块本周下跌3.55%，休闲食品板块本周下跌3.49%，速冻食品板块本周下跌7.79%，其他食品板块本周下跌4.79%。

板块周度表现：本周沪深300 下跌 1.53%，创业板指下跌4.54%，食品饮料（中信）指数下跌0.6%（较沪深300 的相对收益为0.93 %），在中信29 个子行业中排名第4 位。其中分子板块来看，肉制品板块本周下跌8.61%，调味品板块本周下跌3.55%，休闲食品板块本周下跌3.49%，速冻食品板块本周下跌7.79%，其他食品板块本周下跌4.79%。

【本周推荐】维持行业“推荐”评级，10 月组合：五粮液/今世缘/洋河股份/泸州老窖/伊利股份/山西汾酒/贵州茅台/双汇发展/桃李面包。

2020年行情回顾：食品饮料板块年初至今涨幅为56.03%，在申万28个行业板块中涨幅排名第3，同期沪深300指数涨幅为17.01%。细分板块中调味发酵品、其他酒类、食品综合板块涨幅最大。行业估值加速提升，在所有申万一级行业中排第6位。

双节催化和补偿性消费促使白酒9 月大幅增长。根据淘数据显示，2020 年9 月淘数据平台白酒销售额同比上升120.43%至11.39 亿元，销量同比上升16.51%，销售均价同比上升89.21%。2020 年9月淘数据平台白酒销售额环比上升111.85%，销量环比上升54.48%，销售均价环比上升37.14%。

白酒板块，中秋国庆婚宴等宴席需求反弹，带动中秋国庆期间白酒动销情况好于预期。古井三季度打款进度已达85%，预计三季度收入端增速为10-15%左右。乳制品板块，原奶价格持续上涨，乳制品企业整体促销活动力度环比减弱。三季度常温白奶普遍延续二季度高增态势，低温巴氏奶环比提速，酸奶消费逐步恢复，预计伊利三季度收入端增速为15-20%，光明三季度收入端增速为10-15%。食品板块，绝味食品目前门店数量接近12000 家，整体单店收入下滑幅度收窄，预计三季度绝味食品收入增速为7-9%。涪陵榨菜去年开始渠道精细化改革耕耘县级空白市场，目前已逐渐开始放量，叠加Q3 公司缩减包装规格间接提价，量价齐升三季度收入端增速预计在20%左右。

9 月份食品饮料行业多板块进入传统销售旺季，增长情况良好。白酒进入“金九银十”的传统销售旺季，叠加应对双节宴请的集中备货，需求旺盛。高端白酒需求强劲，线上渠道放量，成交均价走高，今年业绩表现确定性较强。

白酒板块，中秋国庆婚宴等宴席需求反弹，带动中秋国庆期间白酒动销情况好于预期。古井三季度打款进度已达85%，预计三季度收入端增速为10-15%左右。乳制品板块，原奶价格持续上涨，乳制品企业整体促销活动力度环比减弱。三季度常温白奶普遍延续二季度高增态势，低温巴氏奶环比提速，酸奶消费逐步恢复，预计伊利三季度收入端增速为15-20%，光明三季度收入端增速为10-15%。

The global functional food market is segmented on the basis of ingredient, product, application, and region. By Ingredient, it is categorized into probiotics, minerals, proteins & amino acids, prebiotics & dietary fibers, and others. By product, it is divided into bakery & cereals, dairy products, meat, fish & eggs, soy products, fats & oils and others. By Application, it is categorized into sports nutrition, weight management, clinical nutrition, cardio health, others. Region wise, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, the UK, France, Russia, Italy, Spain, Rest Of Europe), Asia-Pacific (China, India, Japan, Australia, South Korea, Rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa). Further, the report also covers strategies adopted by key market players to sustain the competitive environment and increase their market share. Unilever, Sanitarium Health & Wellbeing Company, Royal Friesland Campina, Raisio Group, Standard Functional Foods Group, Inc., Nestle S.A., Murray Goulburn, Meiji Group, Glanbia Plc., and Kraft Foods Inc. are some of the major players discussed in the report, which cater to the functional Food market.

The disruption of lactose-free dairy products has brought about a high product diversity in this category of dairy products. One of the most upcoming products is the lactose-free ice-cream product category. This product is still at a very nascent stage. Most of the lactose intolerant population is still adapting to the basic dairy products, such as lactose-free milk, lactose-free yogurt, among others. The addition of lactose-free ice creams to the overall lactose-free dairy product portfolio has come as a breakthrough for those with acute lactose intolerance, removing their dependence on traditional dairy products. Although, very limited players in the market offer lactose-free ice-creams, many established players are gradually exploring opportunities in this category. Key players that offer lactose-free ice-creams are Breyers (U.S.), Arctic Zero (U.S.), Beckon Ice Cream (U.S.), Arla Foods (Denmark), Lactaid (U.S.), Natrel (Canada), and Peter's Ice Cream (Australia), among others.