2020 年1-8 月食品饮料板块股价涨幅跑赢市场。2020Q2 基金持仓食品饮料比例回升，其中白酒持仓比例回升，大众品配置比例略有回落，也侧面反映出疫情复苏环境下市场更青睐于具有边际改善的公司。随着国内疫情逐渐得到控制，餐饮缓慢复苏，带动整体消费回暖。往2020 年展望，食品饮料基本面的稳定性与业绩确定性较高，估计三季度基金持仓比例可能持续回升。我们长周期看好白酒板块，建议持有贵州茅台、五粮液、山西汾酒，同时关注洋河股份的改善机会。乳制品中伊利股份仍有配置价值，大众品中优先推荐嘉必优与煌上煌。

上证综指上涨0.68%，申万食品饮料指数上涨7.73%，跑赢上证综指7.05 个百分点，在申万28 个一级子行业中排名第1。各子板块涨幅前三为乳品（+13.06%）、肉制品（+8.61%）、白酒（+8.32%）。

The National Institute of Allergy and Infectious Diseases reveals that 90% of food allergies are caused by eggs, milk, fish, red meat, and nuts. Due to animal protein allergies, most of the meat consumers are inclined toward meat substitutes made of vegan protein, which ultimately drives the global soy protein ingredients market. In fact, according to a reference list of allergen data emperically observed, it was found that the allergen from chicken meat ranges from 0.5%-5% in Southern Europe. According to the United States Center for Disease Control and Prevention, 12.2 million people are suffering from food allergy, of which two-thirds are associated with egg allergy. Consumers are, therefore, switching to protein alternatives, which are plant derived, such as soy, pea, and wheat. This, in turn, is driving the global soy protein ingredients market. According to the Health Focus data, nearly 17% of US consumers, aged between 15-70 years, are predominantly eating plant-based diet, with 60% of the population cutting back on meat-based products.

Seafood comprises a wide variety of fishes, which are suitable for human consumption. The report encompasses a detailed study of the seafood market based on three segments, which are type, application, and region. For the purpose of analysis, revenue generated by various types of seafood such as fish, crustaceans, Mollusca, and others (roe, marine mammals, and medusozoa). In addition, the applications covered in the study include retail, institutions, and food service. Furthermore, the report highlights the revenue garnered from the sale of seafood across various regions such as North America, Europe, Asia-Pacific, and LAMEA.

上周食品饮料行业整体上涨3.40%，在28 个子行业中排名第1 位，周表现非常亮眼，跑赢上证综指2.79pct、跑赢创业板4.76pct。子板块中，啤酒、肉制品、葡萄酒涨幅超过10%，分别上涨10.82%、10.72%、10.26%；调味品和食品综合分别上涨9.03%和8.34%，表现突出；其他酒类和软饮料分别上涨4.86%和4.61%；白酒和乳品表现相对靠后，分别上涨1.77%和0.23%。食品饮料大涨，中报业绩超预期和子板块补涨是主因。

8 月模拟组合：泸州老窖（25%）、今世缘（25%）、燕京啤酒（25%）、伊利股份（25%）。本周民生食饮模拟组合综合收益率为+1.47%，跑赢上证指数（+0.61%）及沪深300 指数（+0.30%），跑输中信食品饮料指数（+3.36%）。8 月至今，我们的模拟组合综合收益率为+2.34%，跑赢上证指数（+2.14%）及沪深300 指数（+0.51%），跑输中信食品饮料指数（+2.50%）。

Rice bran oil, also known as heart oil in Japan and other countries, has been found to be one of the most ideal edible oils due to its balanced fat composition as per the latest WHO & NIN recommendations. Additionally, consumers are increasingly realizing its benefits as it is high in oryzanol, high in phytosterols, naturally rich in vitamin E, light in taste and aroma, high in monounsaturated fatty acid (MUFA), contains 0-gram trans fat per serving, and has a high smoke point (250⁰C). Rice Bran Oil is also hypoallergenic and a naturally-occurring source of many antioxidants, such as Tocopherols, Tocotrienols, Gamma Oryzanol, Phytosterols, Polyphenols, and Squalene. The components of rice bran oil also provide it a larger shelf life. In fact, a recent study conducted by the Department of Pharmacology, PGI, Chandigarh confirmed that rice bran oil reduces cholesterol better than even extra virgin olive oil, thereby posing the opportunity of offering rice bran oil as a cheaper substitute to olive oil.

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%。