五问保健品行业发展：1）如何看待东西方膳食营养补充剂的异同？欧美日等市场，膳食营养补充剂零售价格不高，但产品销量确实很大，内在本质是食品，频次低单价；但国内对保健品的认知发展仍未到成熟阶段，把其本质理解为保健药品，是高单价低频次的消费模式。我们相信，随者消费者市场的成熟，原本用于消费者教育的高额渠道毛利，会逐步下降，市场零售价也相应下降，但需求量应该还会增长；2）格局如何演变？短期看份额朝头部集中，长期看不确定因素。短期监管门槛的提高导致经营不规范的企业出清，经营规范的龙头公司受益。譬如药店渠道中准入门槛及监管门槛提高，预计蓝帽子数量占优、渠道关系良好且经营规范的龙头公司集中度提升；长期来看，若食品公及药品公司进入保健食品或功能性食品领域，行业格局有趋于分散的可能性；3）怎么看利润率演变？成熟品类利润率下降，逐步向快消化发展；专业性较强品类或仍能维持高盈利水平，产品力及服务力是关键；4）线上占比如何演变？在疫情冲击下，线下渠道销售受到影响，预计全年行业线上占比仍会提升。长周期看，我们认为线上占比到一定程度后会维持平稳水平，主要系线上获客成本逐步提高、线上竞争加剧拉低利润水平导致吸引力降低、对于专业化较高的产品仍需专业化渠道进行互动；5）行业近期销售如何？线上销售高增，直销渠道恢复，药店渠道动销预计在Q3 恢复正常。

事件：5 月阿里线上电商数据披露，我们重点对白酒、乳制品、调味品、保健食品、休闲食品及奶粉等子行业线上销售情况进行分析。4 月起疫情开始得到控制，实体经济逐渐恢复，行业增速回温，从线上渠道来看，多数子行业保持良好增长，主要品牌销售增长更为确定。

白酒：单月整体销售额同比上升157.2%。2020 年5 月白酒的淘系平台线上销售额同比上升157.2%至5.27 亿元，其中销售量同比提升100.4%至252.84 万件，销售均价同比提升28.3%至208.5 元/件。整体来看，2020 年5 月白酒呈现出量价齐升的态势。市占率角度来看，高端白酒品牌茅台市占率领先。

下半年餐饮渠道企稳复苏，餐饮通路动销加快回归正常区间，餐饮占比较高的海天和中炬有望在H2 恢复两位数增长。Q1 调味品家庭端收入增速达30%以上，明显提速，且后疫情时期家庭做饭等习惯可能延续，预期家庭消费增长仍可保持较快速度，将成为今年调味品行业增长的主要驱动力。

2020 年5 月，各行业延续线上靓丽表现，膳食营养补充剂、休闲食品、乳制品、酒类销售均实现双位数以上强势增长，各行业龙头表现分化。疫情影响下居民部分消费转为线上，驱动线上各行业整体高速增长。

行情回顾：板块H1 表现亮眼，内部子板块出现分化，防御性凸显获资金青睐。截至5 月29 日，申万食品饮料指数自年初上涨14%，跑赢沪深300 19pct，位居申万28 个一级行业第2 位。食品综合、肉制品、调味发酵品子板块自疫情爆发初期显著跑赢大盘，啤酒、白酒自3 月底-4 月初反弹。外资食饮板块话语权较大，且食饮板块持仓比例也居首位。

受宽松经济环境、消费刺激政策下餐饮渠道消费场景恢复等因素影响，近期白酒终端消费需求加速回升，其中高端名优白酒动销表现积极，整体价格水平坚挺向上，茅台批价上涨至2350-2400 元，普五批价920 元左右，后续价格带势能打开，近期老窖、汾酒、酒鬼酒、西凤酒、剑南春纷纷提价动作或计划，名优酒企在渠道库存消化较好的基础上、淡季通过提价站稳次高端价格定位，抬升品牌形象利于承接对应消费需求，也将支撑渠道销售信心、加快打款进货节奏，为端午节及其后节庆消费形成支撑。郎酒披露招股说明书，作为两大酱香白酒之一，通过重点发展青花郎成功站稳高端及次高端市场，募资项目将继续强化长期竞争力。

From ancient times, there has been a requirement for kitchens to eliminate the smoke, dust, and oil from the cooking areas. While people were using traditional brick range hoods to eliminate the smoke, changes in the construction of buildings led to the use of exhaust and ventilation fans. These fans are smaller in size and are installed to draw the smoke out of the kitchens. Even now, these fans are widely used across households of low-income earners. In the modern world, there have been numerous advancements in the kitchen layout. With the rising disposable income and increased demand for convenience goods, the carpenter-made kitchens have been replaced by modular kitchens. They are also referred to as ready-to-install cabinets that can be customized to a certain extent according to consumer preference. The modular kitchens come in various types like U-shaped, L-shaped, Parallel, Island, Straight, and Peninsula.

With the increasing technological advancements, many companies are emphasizing on the implementation of quality management systems in the restaurant industry. The restaurant owners and the chefs are being made aware of the latest culinary technologies, thereby propelling the sales of sous vide in the market. Sous vide technique of cooking food has proven to be useful for the foodservice segment. Various operational and nutritional benefits offered by sous vide is expected to increase its prominence among the residential, industrial, and commercial users. With increasing health consciousness among consumers for affordable, convenient, and processed food, the usage of high-end technology such as sous vide in restaurants and hotels is expected to increase in application. The food prepared with this technology retains all the nutritional value along with the natural sensory qualities. Besides this, the equipment acts as one of the significant sources for the foodservice operator for the meal provision, but at a cost of much higher standard in terms of quality management to overcome the microbiological risks. Factors such as shifting preferences towards the adoption of innovative food processing methods are expected to open avenues for the overall sous vide machine demand in the market.