婴儿辅助食品，又称婴儿补充食品或婴儿断奶期（转奶期)食品，主要包括婴儿营养米粉、 婴儿面条、婴儿饼干、 泥状辅食等等。随着婴儿的长大和消化功能的增强， 单纯喂食奶类食物无法满足其正常生长发育的需要，需逐步添加各种婴儿辅助食品以保证婴儿的正常生长。添加上述辅助食品可以为婴儿补充热量、矿物质、维生素等，预防贫血、佝偻病、坏血病、干眼症等疾病的发生，锻炼孩子的咀嚼和消化功能，培养孩子摄取多种食物的习惯，避免偏、挑食出现。

The dairy free is a leading category in the global marketplace, followed by others, that include products devoid from artificial colors, artificial flavor, preservatives, starch, MSG – mono sodium glutamate, and caffeine. The dairy-free products market is driven by the growing trend of veganism, popularity of plant- based ingredients, increase prevalence of lactose intolerance, and value-addition, in terms of micronutrients for such specialized dairy-free products. Consumers are increasingly choosing dairy-free products, due to the shift in perception, making them believe that the dairy free is better for them. The non-dairy beverages are gaining immense popularity among millennial and the Generation-Z consumers, who are increasingly opting for almonds, peas, oats, and hemp-based drink substitutes. The trend has prompted dairy companies to move into the space of dairy-free products. For instance, in 2017, Danone acquired WhiteWave, a leading company in dairy alternatives. The gluten-free food products market is driven majorly by free-from consumers, who are choosing to cut certain ingredients from their diet for health, diet, or lifestyle reasons. The innovation and portfolio expansion in the gluten-free space is retaining its growth.

近期我们走访了江苏省部分烟酒店终端和经销商，整体来看，流通单品复苏较快，洋河省内调整基本结束，梦6+运作初见成效；今世缘疫情后积极作为，国缘四开进入大流通，V 系列补足高端产品线。

Clean label is not only the natural and organic product category, but the food in which ingredients are very few are also considered as clean label. Consumers with increased disposable income are moving toward a vegan lifestyle that mainly includes clean label products; therefore, manufacturers are also adopting new trends in the manufacturing of food and beverages. The food industry has been focusing on innovations in food and beverages according to the demand from the consumers. Manufacturers are focusing on key innovations that cater to the requirements of their target consumers. Rise in awareness toward health and wellness has resulted in increased demand for various types of special clean label ingredients made using organic products. Thus, clean label ingredients are gaining increased traction among food & beverage manufacturers.

为了适应食品工业不断发展变化的生产特点，全方位监管各个生产领域，保障国民食品安全，2019 年食品安全监管架构体系的改革在制度和实施运行层面出台了相关监管政策，以“四个最严”打击食品生产经营违法违规，多措并举加强食品监管，共筑食品安全防线，同时，引领奶业高质量发展，增强奶业竞争力，促进我国奶业全面振兴。作为食品制造业的上游行业，2019 年，我国农业运行总体平稳，粮食生产再获好收成，虽然受猪肉市场供给持续偏紧，价格涨幅较大，但主要畜禽生产基本稳定，在一定程度上填补猪肉供应缺口。

展望Q2及下半年，在政府支持下餐饮消费场景正在加速复苏， Q1受疫情影响较大的子板块环比有望得到明显改善，预计白酒、啤酒、 餐饮端调味品等需求随着餐饮场景的恢复将快速回暖，而必需消费品的 基本面全年确定性较高。白酒方面建议长期持有业绩稳健且确定性更高 的高端品牌茅五泸，关注山西汾酒、洋河股份、今世缘、古井贡酒、水 井坊。大众食品方面，调味品长期成长逻辑不变，关注海天味业、中炬 高新、千禾味业、涪陵榨菜；肉制品下半年有望享受提价的长尾效应带 来盈利能力提升，关注龙头双汇发展；休闲食品成长空间大，关注绝味 食品、洽洽食品；乳品短期承压较大，负面消化后关注龙头伊利股份。

从历史发展进程与对标国外两个角度看，我国休闲食品行业目前处于高速增长期，居民人均消费水平的提升和产品、渠道、 消费、技术的升级对行业发展提供有力支撑，需求端引导的行业爆发初露端倪。

商超数据显示3 月乳制品终端消费较2 月出现明显复苏，1Q20 液态奶/酸奶/奶粉销售额同比+5.8%/-2.4%/-4.7%，在经历了1Q20 库存消化、乳品新鲜度调整后，我们预计2Q20 乳制品终端需求将继续恢复。根据我们的草根调研，4-5 月主要下游企业产品动销较1Q 进一步改善，部分明星产品恢复双位数增长，渠道库存逐步接近正常水平，促销力度较3 月逐步减弱，待3Q 双节旺季到来，我们认为龙头企业将运用多种营销手段追回部分上半年损失。一季报后市场对主要下游企业全年营收与利润增速已经下调，我们预计主要公司2H 增速有望较1H 改善，龙头企业中长期逻辑不变，建议积极关注基本面有望逐季改善的乳制品龙头。