Pork meat, commonly known as pork, is the meat obtained from domestic pigs. It is a popular source of animal protein worldwide. Pork comes in various cuts and forms, such as pork chops, bacon, ham, and ground pork. It is known for its versatility in cooking, with a range of flavors and textures, making it a staple in many culinary traditions across the globe.

A pancake mix is a type of baking mix that contains flour and other ingredients used for making pancakes. Pancake mix is prepared by mixing sugar, baking powder, milk, and eggs in a specific proportion. The pancake mix is used to prepare pancakes, waffles, and biscuits.

Packaged croissants, also known as croissants, are a type of pre-packaged French pastry typically found in grocery stores and convenience stores. These pre-packaged croissants are characterized by their buttery and flaky texture and crescent shape and are typically produced on a large scale. They are packaged in protective materials to maintain their freshness and extend their shelf life and are intended for easy consumption, providing a convenient and ready-to-eat option for consumers around the world.

Anhydrous milk fat (butter oil) is a dairy product made from butter that has been drained of its moisture content and non-fat particles to reveal a concentrated, pure form of milk fat. Given its rich, creamy texture and buttery flavor, it is frequently utilized in the food industry. Applications include giving a unique taste and texture to dairy, confectionery, and baked goods. Due to its emollient and moisturizing qualities, it is also used in cosmetics and personal hygiene products.

Bouillon is a clear, rich broth that is obtained by simmering meat, bone marrow, or vegetables in water. Bouillon is commonly used as a foundation for soups, sauces, or goulash or consumed as a hot drink. Its flavor is enhanced by the addition of salt, herbs, and spices.

23年多重压力之下，板块整体略显疲软。2023年年初至今（12月23日）食品饮料板块下跌17.2%，板块经历了多段回调：年初受益于春节旺季催化与疫后消费复苏的强预期，板块涨幅较多；随后行业弱复苏背景下板块出现整体性回落；7月中旬起扩内需促消费系列政策陆续出台，宏观经济展望乐观，板块强势反弹；但8月起市场情绪较为悲观，叠加三季报业绩较平淡，板块重回下行态势；10月中下旬中央增发1万亿特别国债，同时茅台提价释放利好信号，板块回暖明显；12月起行业再次经历整体性回调。

投资建议：白酒板块：建议紧握龙头积极寻找α，推荐贵州茅台，泸州老窖，五粮 液，珍酒李渡，迎驾贡酒等。大众品板块：建议重点关注：（1）本身基本面强劲， 长期收入成长逻辑顺畅，利润增速较高， Q4 及春节提前备货下动销有望表现较好 的标的，如：劲仔食品、盐津铺子、甘源食品、安井食品、东鹏饮料；（2）低估值 龙头，如啤酒（青岛啤酒、华润啤酒等）、乳制品（伊利股份）；（3）外需稳定且有 增长的出口产业，如百龙创园。

2023 年11 月，食品饮料板块结束下跌，录得反弹，本期的板块上涨主要由 市场整体行情带动。2023 年1 至11 月，食品饮料板块下跌5.59%，除软饮料 和肉制品上涨外，各子板块均下跌：其中，啤酒、休闲食品、预制菜、调味 品等板块跌幅较大。

食品饮料行业今年以来跑输沪深300指数。2023年1-11月份（截至 2023年11月30日），SW食品饮料行业指数整体下跌10.45%，涨幅在所 有申万一级行业指数中居第二十位，跑输同期沪深300指数约0.76个 百分点。细分板块中，多数细分板块跑输同期沪深300指数。