前期板块整体涨幅较大，龙头估值已达到或超过历史高位，受北向资金流出及市场悲观情绪影响，近期消费板块有所回调，板块内部龙头及中小企业的表现也有所分化，我们认为在该阶段下，应重视兼具业绩确定性及中长期成长稳定性的行业龙头，若资金面表现反复、市场风格切换调整下，适合从更长远的视角精选行业优质标的进行配置。

8 月份食品饮料行业除零食外各子板块阿里渠道销售额均实现同比增长，但增长势头出现分化：啤酒、保健品加速增长，白酒、乳制品、调味品增速环比收窄。高端白酒在消费回暖催化下，社交刚需凸显，供需关系稳定，成交均价持续走高，名酒加码线上渠道，业绩表现确定性较强；啤酒旺季基础上叠加补偿性需求释放，实现量价齐升，进口啤酒需求旺盛，印证消费升级逻辑；调味品线上销售额持续稳健增长，关注复合调味品放量；疫情后健康意识提升趋势明显，中长期内保健品线上销售有望获得持续增长。我们看好各板块头部品牌线上增长，建议关注顺应渠道融合大趋势，发力布局线上渠道，紧握潮流趋势的细分板块龙头。

2020 年以来A 股指数整体呈上涨趋势，食品饮料指数跑赢整个大盘，截止至9 月4 日，上证综指上涨14.75%，沪深300 上涨23.96%，SW 食品饮料上涨58.71%。业绩方面，2020 年上半年食品饮料板块整体表现处于市场前列。

市场调整，食品板块回调显著：上周大盘调整，上证综指下跌2.83pct。一级行业全部下跌，其中食品饮料下跌3.75%，跑输上证综指0.92 个百分点。各细分行业中白酒板块跌幅最小，下跌2.06%，软饮料跌幅最大，下跌11.48%。

Europe is one of the largest regions in the global industrial starches market, producing over 600 products, from native starches to physically or chemically modified starches, through to liquid and solid sweeteners. According to the European Starch Industry Association, in 2018, the total starch production in Europe from EU wheat, maize, and potatoes stood at 10.7 million metric ton in comparison to the 8.7 million metric ton in 2004. The European Starch Industry Association is the trade association and its membership comprises 28 EU starch producing companies, together representing more than 95% of the EU starch industry. Wheat is the primary feedstock for starch production, followed by corn and potato. Specialties, like green pea, rice, or chickpea, are still minimal and only account for less than 0.5% in the European market. More importantly, growing number of starch manufacturers are investing in the starch and sweeteners market in Europe to support the local economy and local community, while positioning the business for long-term growth.

华创食饮团队于9 月8 日，携手白酒、啤酒、乳业、保健品等行业专家，举办行业论坛，结合产业发展趋势，共同探讨资本市场热点与投资机会，本文是论坛内容精选。产业端看，白酒价格带加速换挡，区域龙头出省开启新阶段，啤酒行业高端化提速，乳业新国标或开启行业新赛道，功能食品休闲化趋势渐显。

中报回顾看，白酒板块整体企稳，Q2改善明显，高端表现最靓丽。大众品板块，部分疫情受益股Q2延续高增长，疫情受损公司环比改善，其中乳制品以及餐饮相关的调味品、啤酒板块恢复更快。9月中秋序幕逐渐拉开，白酒环比改善明显，且估值性价比最高，继续加大推荐白酒板块，同时推荐疫情受损恢复弹性大的啤酒及乳业板块，关注调味品回落中的布局机会。