板块持仓分析：白酒加仓，食品减仓，板块整体持仓回落。截止2020年二季度末，食品饮料板块的基金持仓比例为13.64%，环比下降0.58pct，自19Q2 以来连续四个季度回落，板块超配比例也从10.64%降至9.74%。分板块来看，20Q2 白酒板块基金持仓比例为10.46%，环比回升0.65pct，大众品板块仓位则有所回落，其中乳制品、调味品、食品综合持仓比例分别环比下降0.55/0.31/0.35pct。总结而言，白酒和大众品配置继续明显分化，且与Q1 配置方向恰恰相反，主要是Q2 疫情明显改善，白酒消费场景复苏，动销逐月回暖，而大众品刚需优势相对减弱，因此资金配置呈现出可选回升、必选回落的趋势。

The global gluten-free products market encompasses various types of gluten-free products. Some of the major types include gluten-free baby food, gluten-free pasta, and gluten-free ready meals. By region, the gluten-free products market is studied across North America, Europe, Asia-Pacific, and LAMEA. Further, the report also covers the strategies adopted by the key market players to sustain competitive environment and increase their market share. ConAgra food Inc., Hain Celestial Group, Inc., General Mills, Inc., Kellogg Company, The Kraft Heinz Company, Freedom Foods Group Limited, Mondelez International Inc., Koninklijke Wessanen N.V, Quinoa Corporation, and Valeo Foods Group Limited are some of the major players discussed in the report, which cater to the gluten-free products market. In the coming years, there would be increase in prevalence of celiac disease patients, and food manufacturing companies are expected to invest in gluten-free products industry. Drivers, restraints, and opportunities are explained in the report to understand the market movement. Further, the key strategies adopted by potential market leaders to facilitate effective planning have also been discussed under the scope of the report.

Growing consumption of the packaged food and beverage, along with rising health awareness, is anticipated to drive the market studied. Furthermore, increasing utilization of fruit powders across manufacturing of the flavored beverages may further drive the growth of the market studied. The functional beverage and ready-to-drink sectors are providing significant opportunities for the market’s growth. Fruit powders are being used in the beverage and tea industries for juices, fruit juice beverages, nectars, ice tea, and as additive in alcoholic drinks. The functional beverage is an important segment within the industry, and the developing markets have a growth potential for these beverages. Within the functional beverage segment, enhanced water and ready-to-drink beverages are witnessing an increased consumer demand. Fruit powders are poised to witness increased utilization in the foreseeable future. Fruit mixes are gaining popularity among consumers as a result of their unique flavor. Also, rising demand for convenience food and ready-to-drink products is expected to positively impact the market over the forecast period. Some current trends in the beverage market are stick packs with real fruit and vegetable powders, smoothie mixes with multiple berry and fruit blends, and powdered fruit mixes with protein, fiber, tea, and other naturally healthy components. The trend of fruit powders can also be witnessed in the retail market, with the innovations of leading beverage companies like Pepsi Co., which launched Tropicana Fruit Powders in Mixed Fruit (containing juice of 7 fruits), Juicy Orange, and Refreshing Lemon flavors.

Frozen food is defined as food products that are preserved under low temperature and used over a long period. The frozen food market comprises various food products, including ready meals, vegetables & fruits, potatoes, meat & poultry, seafood, and soup. Frozen ready meals further include packaged ready-to-eat foods, bakery, snacks, and desserts. Business buyers such as hotels, caterers, restaurants, and fast food chains are among major users of frozen food products that include vegetables & fruits, seafood, meat, and frozen potatoes. The frozen food market is analyzed on the basis of its prospect and future growth rate. The report highlights numerous factors that influence the growth of the frozen food market. These include market forecast, drivers, restraints, opportunities, and role of different key players operating in the market. For the purpose of analysis, the report covers various segments, including product type and user. Furthermore, it includes the revenue generated across North America, Asia Pacific, Europe, and LAMEA.

The global fast food market encompasses fast food product types namely burgers/sandwich, pizza/pasta, chicken, Asian/Latin America food, seafood, and others. Based on end user, the market is segmented into fullservice restaurants, quick service restaurants, caterings, and others. Region wise, it is segmented into North America, Europe, Asia-Pacific, and LAMEA. Further, the report also covers the strategies adopted by the key market players to sustain the competitive environment and increase their market share. McDonalds, YUM, Subway, Wendy’s, Domino’s Pizza, Burger King, and Jack in the Box are some of the major players discussed in the report, which cater to the fast food market. Increase in number of restaurants has fueled the growth of the global fast food market. However, the introduction of fast casual food is posing a threat to the fast food market. To understand the market drivers, restraints, and opportunities are explained in the report. Further, the key strategies adopted by the potential market leaders to facilitate the effective planning have been also discussed under the scope of the report.

2018年中国羊奶粉销售额为80亿元，在中国婴幼儿配方奶粉中占比4.9%。主要原因是羊奶粉产量羊奶粉原料羊奶和羊乳清蛋白产量的短缺和奶山羊规模化养殖企业数量较少。

我们认为下半年酒企股价走势将出现分化。股价涨幅方面，上半年白酒股价韧性较强，其中一季度主要由业绩驱动，基本面较好的酒企涨幅居前，预计下半年在业绩改善驱动下，优质酒企股价总体仍将呈波动上升态势，其中五粮液将量价超预期，或将取得较为客观的绝对收益，我们对于优质酒企的股价走势较同行更乐观态度。

宏观视角下的白酒消费具备二元属性：周期性与一般性并存。白酒需求由经济变量、政策变量及消费者变量共同决定，根据传导逻辑，可将白酒消费划分为“周期性消费”和“一般消费”：假定（财政、货币等）政策变量外生，地产、基建投资及流动性宽松会起到枢纽作用，通过经济变量（人均收入提升、财富效应等）创造白酒需求，该逻辑下白酒消费呈现明显周期性；而消费者变量（消费者消费偏好等）则主要决定白酒需求中相对稳定之部分，该逻辑下白酒消费更多呈现食品饮料的共性。

食品饮料板块：超配比例继续回落。2020H1，食品饮料板块（主动型）重仓占比15.35%，环比提升0.2pct，板块2020H1 超配比例为6.4%，环比下降0.94pct, 连续三个季度回落，但仍高于2009 年以来超配比例的均值（5.77%）