乳制品方面，生鲜乳价格继续小幅回升。截至 2020 年 8 月 19 日，主产区生 鲜乳平均价为 3.74 元/公斤，环比上涨 0.80%，同比上涨 2.50%。

本周多家食品企业公布中报，业绩普遍向好。主流调味品企业中天味食品、千禾味业、中炬高新、涪陵榨菜均实现营收与利润高速增长。普遍原因一是疫情部分消费转移至二季度；二是公司有补库存因素；三是仍有空白市场覆盖。背后隐含的逻辑是调味品行业景气度持续，龙头企业强者恒强。

板块周度表现：本周沪深300 上涨0.30%，创业板指下跌1.36%，食品饮料（中信）指数上涨3.36%，较沪深300 的相对收益为3.06%，在中信29个子行业中排名第1 位。其中分子板块来看，肉制品板块本周上涨10.96%，调味品板块本周上涨9.87%，休闲食品板块本周上涨5.68%，速冻食品板块本周上涨18.36%，其他食品板块本周上涨3.35%。

截止2020年5月底，我国食品行业规模以上企业数量达到7945家。其中，亏损企业数量1882家，亏损面29.05%，亏损面环比缩小3.95个百分点。此外，1-5月食品行业亏损总额67.6亿元，累计增长21.1%。

Foodservice equipment are used for preparation and storage of food products for commercial purpose. These equipment are used in restaurants, hotels, and other commercial kitchens. These include cooking equipment, storage & handling equipment, warewashing equipment, food preparation equipment, and serving. The revenue source for the foodservice equipment market is based on the sales, after service, and replacement of foodservice equipment. The food service equipment market is segmented into product, end use, and region. By product, the market is divided into cooking equipment, storage & handling equipment, warewashing equipment, and serving equipment. By end use, it is classified into Full-service Restaurant & Hotel, quick service restaurants, and catering. By region, it is studied across North America, Europe, Asia-Pacific, and LAMEA.

Phosphoric acid serves as a popular ingredient in sodas, precisely in cola drinks. Along with its aptitude to preserve the integrity of the soda's recipe blend, the ingredient drastically reduces the bacterial growth while infusing the exceptional tangy taste to the cola soft drinks, fostering its desirability amongst food manufacturers. Despite rising concern against the detrimental attributes of soft drinks, the sector lays vast scope for the niche ingredients like phosphoric acid, pertaining to robust consumption share of cola-drinks in the overall soft drink industry. According to the Beverage Digest, the companies PepsiCo and Coca Cola together constituted about 68% of total carbonated soft drink market share, in the United States, in 2018. Since the companies primarily offer cola based soft drinks, the statistic portrays promising application of phosphoric acids in the end-product. Moreover, companies in order to promote their products and supplement their sales are constantly emphasizing on the fact that phosphorus acid when taken in small quantities causes no harm. For instance, Pepsi, in response to several epidemiological studies, stated a research finding about health-effectiveness of phosphoric acids. Additionally, companies like Coca-Cola are even comparing the incorporated phosphorus content with food products, including milk, rice, chicken, to gain consumer ’s confidence.

根据淘数据显示， 2020 年7 月白酒淘系平台销售额为4.59 亿元，同比上升113.70%，销量同比上升19.33%，销售均价同比上升78.23%。2020 年7 月淘数据平台茅台销售额1.11 亿元，同比增长325.35%，环比增长（-69.09%）；五粮液、泸州老窖、郎酒、洋河、汾酒、西凤销售额分别为0.28、0.19、0.20、0.16 、0.16、0.05 亿元。

近五个交易日沪深300 指数上涨2.00%，食品饮料板块上涨5.74%，行业跑赢市场3.74 个百分点，位列中信30 个一级行业第一。其中，酒类上涨6.07%，饮料上涨0.23%，食品上涨7.55%。

【本周推荐】维持行业“推荐”评级，8 月组合：今世缘/洋河股份/泸州老窖/山西汾酒/青岛啤酒/贵州茅台/五粮液/伊利股份/涪陵榨菜/绝味食品/双汇发展/桃李面包。

食品板块关注度提升，白酒静待业绩公布节奏。本周食品饮料行业涨幅-2.14%，在全行业板块中排名靠后。从细分板块来看，市值占比较高的白酒、调味品跌幅靠前，而黄酒、休闲食品等表现相对较好。从中报业绩公布节奏来看，上周茅台双位数增长给予高端白酒稳健增长的市场预期，行业酱酒热关注度较高。本周盐津铺子等公司发布中报，食品板块在疫情影响下的高成长性凸显，休闲零食的关注度提升。