Fish sauce is a liquid condiment made from fish that have been coated in salt and fermented. Fish sauce that is naturally fermented has no sediment but may contain a small quantity of salt crystals and be reddish-brown in color. Fish sauce imparts a savory umami flavor to dishes. Fish sauce is a rich source of vitamins and minerals such as amino acids, lysine, and vitamin B12.

The global emergency food market can be defined as the subset of the global food industry that caters to the demand for essential food products during emergencies or crisis situations. These crisis situations can include natural disasters, war, famine, pandemics, or any event that disrupts the normal food supply chain and leaves people without access to regular food sources. Emergency foods are typically non-perishable, have a long shelf life, and can be easily stored and transported. They are specifically designed to provide sustenance and nutrition to individuals or communities during times of emergency when fresh or perishable food options are unavailable or limited.

Food display cabinets refer to food service equipment used for the storing and display of food items. They are used to keep food items at optimal temperatures.

Various concentrations of whole milk or skim milk are used to make dairy desserts. These products are available in a ready-to-eat (RTE) format and must be stored at the prescribed temperatures. The global dairy desserts market consists of yogurt, Ice cream, and others.

In food service organizations, commercial food scales are instruments, which assist in measuring the weight of foodstuffs. These scales are designed with features that meet the requirements of commercial kitchens, including higher weight capacities, precision measurements, and durable construction.

春节错期导致各品类销售口径同比负增，马上赢数据显示 1 月调味品销售额同比较其他品类表现更好，销售额同比-36%，环比+5%，重点公司海天、中炬、千禾、天味销售额同比均有下滑，但海天、中炬、千禾环比延续改善，其中海天改善尤为明显。零食销售额同样呈现同比下滑但环比回升的趋势，1 月零食销售额同比-48%、环比+9%，主因春节错期影响，而随着逐步进入年节备货旺季，环比增速延续提升、预计 2 月同比有望实现高增。

通过复盘比较本轮（2020-2023 年）及上一轮行业周期（2015-2018 年），我们发现一方面国 内调味品行业周期底部主要来自餐饮需求阶段性降速，而在经历需求筑底后，餐饮的稳定修复又为调味品企业消化库存提供了良好的动能。另一方面，成本端的扰动对行业盈利能力的短期影响较为突出，在成本压力下，头部企业的提价能力较强，行业腰部企业的跟随也较为紧密。调味品工业化加速时代下，龙头企业在面对餐饮消费增速下行和成本波动时呈现出更强的抗风险和快速修复能力。从本质上看，上一轮调味品行业格局优化实质上是调味品工业化时代下，大型企业在面对餐饮消费规模增速下行和成本波动时呈现出更强的抗风险和快速修复能力，初步实现了对中小微企业市场份额的侵蚀，行业市占率趋向集中，而本轮来看，随着行业需求筑底，库存去化，行业有望迎来新一轮发展机遇，进入调味品发展的下半场。

变中求进，“品价比”需求下的餐饮供应链新趋势解读 24 年在居民消费力改善节奏偏稳的合理预期下，我们认为“品价比”（单位价格能够获得的产品品质）为消费者在决策时的主要考量因素。在多维度的竞争压力影响下，餐饮业更新换代的速度加快，客单价下滑进一步挤压餐饮企业的利润空间，其降本增效的诉求持续强化，倒逼餐饮供应链的不断整合与加速发展。我们认为，强化成本管控能力、完善研发团队、持续深化客户合作、扩大收入规模是供应链企业当前需要关注的重点。消费者的“品价比”需求自下而上逐步传导，餐饮业变局之下供应链能者辈出，行业竞争格局稳态尚未形成，我们站在当前视角，解读餐饮供应链行业的新趋势。

液奶春节动销旺盛，龙头销售策略分化：1）堆头陈列：龙头重点布局礼赠品类，积极抢占货架堆头，伊利产品陈列中金典和安慕希占比相当，蒙牛陈列重心则在特仑苏。2）促销力度：伊利不同产品均有促销，金典促销力度较大，蒙牛价盘同比提升，促销政策收紧，龙头促销力度分化主因销售策略分化，伊利销售人员直接监督经销商费用使用和终端活动开展，终端直接减促力度较大，蒙牛则侧重于修复特仑苏渠道利润和价格体系，在经销商层面给予更多补贴和费用。3）渠道操作：除传统买赠促销外，春节期间乳企还进行了室外大棚陈列、千箱堆、抽奖等促销活动，减促活动更贴近消费者。

春节期间，我们团队成员返乡，记录了全国六省七市春节的观察和感受，分别为浙江湖州、四川成都、河北唐山、河南商丘睢县、山东菏泽、山东泰安新泰、新疆乌鲁木齐，样本以北方城市、三四五线城市居多，通过我们的回乡观察，希望给投资者提供更全面更真实的视角。我们从收入及预期、渠道变迁、送礼趋势、商超调研等维度记录了多省的变化，并总结为宏观、微观两篇报告。