The sports-nutrition industry is rapidly becoming mainstream, which is pushing the market for dairy ingredients, such as whey protein, casein, and milk proteins, among others. Dairy ingredients render desired nutritional value to the sports food products, thus, contributing toward their increasing usage in various supplements. Dairy ingredients are important sources of protein. For example, whey is well known for its high quality, high absorption, and superior content of amino acids, essential for muscle growth. This factor makes it a popular sports-nutrition ingredient. The use of whey and lactose ingredients, both in the processed food and nutritional sectors, has helped the market grow. Research suggests that dairy proteins, such as whey proteins and milk proteins, can also act as anti-aging agents. Moreover, these proteins might help decrease stress and reduce the cortisol concentration levels. Awareness among the masses, to become fit, remain in shape, and enhance immunity, has led to a significant growth in the demand for dairy proteins in the urban areas.

The modern generation of consumers is inclined to pursue a healthy lifestyle with a rising focus on how healthier produce is manufactured, how raw materials are sourced, and what is the impact of the production and consumption of these foods and beverages on environmental sustainability, workplace conditions, and worker sustenance. Apart from this, there is a visible shift among consumers to non- conventional foods that are becoming alternatives to traditional meat and dairy. Although conventional food and beverages, including meat and dairy products, are favored in terms of price and flavor, the changing consumption habits and lifestyle choices are driving the growth of products with ethical labels in recent years.

我们坚定认为，疫情不改本轮白酒结构性景气趋势，在不发生全球疫情失控、严重影响中国经济的黑天鹅下，消费升级延续加上基建投资加速，白酒景气将延续。短期需求暂时空缺、行业动销受挫，致板块估值调整到底部位置，随着消费启动预计将带动估值修复。看全年及未来，行业竞争加剧、企业表现分化：①高端酒竞争领先、格局清晰，茅台具备核心资产价值，抗跌属性强，随着批价管控合理，未来提价确定性更高。五粮液&老窖疫情中以价为先、战略坚定，向上趋势不改，当下估值较低、未来空间较大。②光瓶酒龙头顺鑫&次高端龙头汾酒，品牌力势能强、全国化扩张节奏不会被疫情打乱，看好发展趋势高确定性。③其他低估值地产龙头，今世缘、古井贡酒、口子窖、洋河股份，疫情影响致竞争加剧，积极应对可看长远，关注估值修复机会。

1） 白酒：茅五批价短期承压，酒厂积极应对布局长远。

2） 大众食品：1-2 月必需品增速降幅有限，板块业绩仍具较好确定性。

3） 农林牧渔：需求疲软，猪价仍承压。

4） 商贸零售：疫情重挫消费，一季度社零下滑压力较大。

在复合调味品系列报告之行业篇《C 端B 端共促行业快增，跑马圈地龙头初显》中，我们认为从需求端来看，C 端与B 端共促复合调味品行业发展；从供给端来看，竞争激烈各企业跑马圈地，看好火锅底料与川菜调料赛道；从企业端来看，具有产品粘性、资金优势和优秀管理团队的企业将成为市场主要整合力量。天味和颐海都有望在行业红利与龙头优势下加速快跑，此次疫情更是一把助力。本篇公司专题我们将分述天味与颐海核心竞争力与未来增长点，并从财务角度将二者结合调味品龙头海天进行对比。

基本面：短期仍在磨底阶段，但最艰难时刻或已过去。新冠疫情对于白酒行业的影响本质上是短期库存的扰动，不同于一般的消费品，由于没有保质期的限制以及高端白酒的储存升值能力，白酒经销商的蓄水能力更强。经销商的蓄水能力有望发挥缓冲器效应，给酒企更为充分的准备帮助经销商消化库存。当前基本面仍在磨底阶段，消费场景完全恢复仍需时日，高端白酒批价表现震荡，但是以茅台为代表的高端白酒率先开启节后打款政策，彰显经营底气。同时，相对靠后的端午节假期给酒企消化经销商库存提供更为有利的条件，基本面中期向上趋势确立。

上ar周y]部 分食饮企业发布年报。中炬高新 2019 年实现营业收入46.75 亿元，同增12.20%；实现归母净利7.18 亿元，同增18.19%。涪陵榨菜2019 年实现营业收入19.9 亿元，同比增长3.93%；实现归母净利6.05 亿元，同比下降8.55%。白酒已进入低估值区间，具有较高性价比。餐饮逐步复苏，市场对餐饮占比高公司的业绩关注度进一步提升。部分调味品公司陆续增加活动费用，向渠道加码。

消费升级引导“原始调味品-半复合调味品-复合调味品”的演变路径，产品趋向复合化。随着消费者对食品便利性诉求的提升，复合调味品快速增长，2013-2018 年CAGR 为14.4%，高于调味品行业整体8.1%。

Fish protein is a rich source of protein, which is a colorless and tasteless powder obtained from whole fish. Fish protein is extracted majorly from fishes such as Yellowtail amberjack, Tuna, Anchovy, Coho Salmon, Trout, Snapper, Tilapia, Bluefish, Pollock, Grouper, Sardines, Mackerel, Cod, Haddock, Flounder, Perch, and Halibut. Three types of fish protein are available in the market, which include concentrate, hydrolysate, and isolate. There are various types of fish from which fish protein is predominantly used in animal feed, pharmaceuticals, and cosmetics. The global fish protein market is segmented into type, application, and region. On the basis of type, the market is divided into fish protein concentrate (FPC), fish protein hydrolysate (FPH), and fish protein isolate (FPI). The applications covered in the study include animal feed, pharmaceuticals, and cosmetic. Region wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.