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.

Consumers’ interest in food safety and quality is growing across the world. Food and beverage products can be contaminated by a variety of pathogen and spoilage microbiota, the former causing foodborne diseases and the latter causing significant economic losses for the food industry, due to undesirable effects on the food properties. It has been estimated that approximately 25% of all the food produced is lost after harvest due to microbial activity. The growth of spoilage microbiota in food products has negative impact on the shelf-life, textural characteristics, and overall quality of the finished products, thus affecting the consumer choices and resulting in significant commercial losses. This highlights the urgency and attention with which the food spoilage issues should be addressed. Antimicrobial food additives play an important role in the prevention and inhibition of microbial growth in food products.

The cannabis plant is sometimes also known as hemp, but this term is used primarily to refer only the varieties of Cannabis that are cultivated for non-drug use. It has long been to make hemp seeds, oil, hemp fiber, and hemp leaves for use as vegetables and juice, or even in medicinal purposes as a recreational drug. There are more than 100 different types of cannabinoids among which tetrahydrocannabinol (THC) and cannabidiol (CBD) are the most popular. The cannabis food & beverages market has been segmented based on product type, distribution channel , and region. By product type, the market is divided into bakery products, chocolate, cereal bars, candy, beverages, ice cream, and others. By distribution channel, it is categorized into mass merchandisers, specialty store, online stores, and others. By region, the cannabis food and beverages market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Canned foods are the food products that are preserved by sterilizing and sealing them in airtight containers. Canning of food products is done to extend their shelf life, coupled with high quality and high nutritional value. The report segments the canned food market on the basis of product type, distribution channel, type, and region. By product type, it is categorized into canned meat & seafood, canned fruit & vegetables, canned ready meals, and others. By distribution channel, it is divided into supermarket/hypermarket, convenience stores, e-commerce, and others. By type, it is bifurcated into organic and conventional. Region wise, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, the UK, Italy, Spain, and Rest of Europe), Asia-Pacific (China, Japan, Australia, South Korea, and Rest of Asia-Pacific), and LAMEA ( Latin America, the Middle East, and Africa).